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<SEC-DOCUMENT>0000004962-09-000012.txt : 20090423
<SEC-HEADER>0000004962-09-000012.hdr.sgml : 20090423
<ACCEPTANCE-DATETIME>20090423162623
ACCESSION NUMBER:		0000004962-09-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090423
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20090423
DATE AS OF CHANGE:		20090423

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:		09766926

	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>wraperfirstq09.txt
<DESCRIPTION>AXP 8-K EARNINGS
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

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


        Date of Report (Date of earliest event reported): April 23, 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 April 23, 2009, American Express Company issued a press release
announcing its financial results for the first quarter of 2009. 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 2009 first quarter financial
results and a 2009 First Quarter Earnings Supplement. Such additional financial
information and the 2009 First Quarter Earnings Supplement are attached to this
report as Exhibits 99.2 and 99.3, respectively, and each is hereby incorporated
by reference.



EXHIBIT

99.1   Press Release, dated April 23, 2009, of American Express Company
       announcing its financial results for the first quarter of 2009.

99.2   Additional financial information relating to the financial results of
       American Express Company for the first quarter of 2009.

99.3   2009 First Quarter Earnings Supplement of American Express
       Company.















                                       -1-
<PAGE>



                                   SIGNATURE

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

                                        AMERICAN EXPRESS COMPANY
                                        (REGISTRANT)



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

DATE:   April 23, 2009















                                       -2-
<PAGE>


                                 EXHIBIT INDEX


Exhibit
No.      Description
- -----     -----------
99.1     Press Release, dated April 23, 2009, of American Express Company
         announcing its financial results for the first quarter of 2009.

99.2     Additional financial information relating to the financial results of
         American Express Company for the first quarter of 2009.

99.3     2009 First Quarter Earnings Supplement of American Express
         Company.














                                       -3-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99_1pressrel.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                   EXHIBIT 99.1

NEWS RELEASE    NEWS RELEASE    NEWS RELEASE    NEWS RELEASE    NEWS RELEASE


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

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

- --------------------------------------------------------------------------------
<Table>
<Caption>
       AMERICAN EXPRESS REPORTS FIRST QUARTER EARNINGS OF $443 MILLION,
      OR $0.32 PER SHARE; REVENUES DECLINE ON LOWER CARDMEMBER SPENDING;
                  EXPENSES REDUCED BY REENGINEERING RESULTS

(Millions, except per share amounts)

                                                                             Quarters Ended    Percentage
                                                                                March 31,      Inc/(Dec)
                                                                            ----------------   ----------
                                                                             2009      2008
                                                                            ------    ------
   <S>                                                                      <C>       <C>         <C>

   Total Revenues Net of Interest Expense                                   $5,926    $7,240      (18)%

   Income From Continuing Operations                                        $  443    $1,044      (58)%
   Loss From Discontinued Operations                                        $   (6)   $  (53)     (89)%
   Net Income                                                               $  437    $  991      (56)%
   Income From Continuing Operations
        Attributable to Common Shareholders(Footnote 1)                     $  367    $1,038      (65)%

   Net Income Attributable to Common Shareholders(Footnote 1)               $  361    $  985      (63)%

   Earnings Per Common Share - Basic:
      Income From Continuing Operations Attributable to Common Shareholders $ 0.32    $ 0.90      (64)%
      Loss From Discontinued Operations                                     $(0.01)   $(0.05)     (80)%
      Net Income Attributable to Common Shareholders                        $ 0.31    $ 0.85      (64)%

   Earnings Per Common Share - Diluted:
      Income From Continuing Operations Attributable to Common Shareholders $ 0.32    $ 0.89      (64)%
      Loss From Discontinued Operations                                     $(0.01)   $(0.04)     (75)%
      Net Income Attributable to Common Shareholders                        $ 0.31    $ 0.85      (64)%

   Average Common Shares Outstanding

      Basic                                                                  1,156     1,153        -%
      Diluted                                                                1,156     1,163       (1)%

   Return on Average Equity                                                   16.3%     35.9%
   Return on Average Common Equity                                            16.7%     35.7%
- ---------------------------------------------------------------------------------------------------------
</Table>
   ---------
   (Footnote 1) Represents income from continuing operations or net income, as
       applicable, less (i) preferred shares dividends and related
       accretion of $72 million for the quarter ended March 31, 2009, and
       (ii) other adjustments of $4 million and $6 million for the quarters
       ended March 31, 2009 and 2008, respectively.


<PAGE>
New York - April 23, 2009 - AMERICAN EXPRESS COMPANY (NYSE: AXP) today
reported first-quarter income from continuing operations of $443 million, down
58 percent from $1.0 billion a year ago. Diluted earnings per share from
continuing operations were $0.32, down 64 percent from $0.89 a year ago.

Net income totaled $437 million for the quarter, down 56 percent from a year
ago. On a per-share basis, net income was $0.31, down 64 percent from $0.85 a
year ago.

Consolidated total revenues net of interest expense declined 18 percent to
$5.9 billion, down from $7.2 billion a year ago.

Consolidated provisions totaled $1.8 billion compared to $1.2 billion in the
year-ago period, primarily reflecting additions to the lending credit reserves
in view of increased write-offs and past due loans.

Consolidated expenses totaled $3.6 billion, down 22 percent from $4.6 billion
a year ago, reflecting in part the results of the company's reengineering
initiatives.

At the end of the quarter, the company's tier-one risk based capital ratio was
14.8 percent. Its tangible common equity(Footnote 2) to risk weighted assets
of 10.1 percent was relatively high compared to most bank holding companies.

The company's return on average equity (ROE) was 16.3 percent, down from 35.9
percent a year ago. Return on average common equity (ROCE), which excludes the
impact of preferred shares and other adjustments, was 16.7 percent, down from
35.7 percent a year ago.

"We made very good progress this quarter on each of our key priorities - to
stay liquid, to stay profitable, and to selectively invest for growth," said
Kenneth I. Chenault, chairman and chief executive officer.

"At a time when some parts of the card industry were incurring substantial
losses, we remained solidly profitable thanks, in part, to our flexibility in
adapting to a very difficult economic environment and the diversity of our
business model. Strong contributions from merchant services and bank card
processing on our network continued to provide us with a competitive
advantage.

"We generated earnings of $443 million, despite substantial additions to our
lending reserves and slower cardmember spending this quarter. Spending levels
reflected the severe recessionary environment, but remained fairly consistent
throughout the quarter.

- --------------
(Footnote 2)
At March 31, 2009, tangible common equity ("TCE") was $9.4 billion,
representing common shareholders' equity (i.e., shareholders' equity less
preferred shares) of $12.4 billion less goodwill and other intangibles of $3.0
billion. TCE is, in management's view, a useful measure of the company's
capital.

                                     -2-
<PAGE>

"We authorized more than $63 billion in U.S. charge card spending, and, at the
end of the quarter, had $207 billion of open credit lines available to consumer
and small businesses in the U.S.

"During the quarter, we again sought to balance near term performance against
longer-term growth by investing in our recently expanded partnership with
Delta Airlines and in global business-to-business initiatives.

"We diversified our funding activities by raising $3.5 billion of new deposits
and ended the quarter with $25 billion of excess cash and marketable
securities on hand. Based on current market conditions and the success of this
program, we plan to continue funding our 2009 activities primarily through
deposits.

"While we did see some recent improvement in early delinquency rates, overall
credit indicators reflected rising unemployment levels and the broad-scale
weakness in the economy. Based on current indicators, we expect second quarter
U.S. lending write-off rates on a managed basis to rise between 200 and 250
basis points over the first quarter levels. We expect an additional increase
of 50 basis points or less in the third quarter, before leveling off during
the fourth quarter(Footnote 3). We continue to be very cautious about the
economic outlook and plan to initiate additional reengineering efforts in the
second quarter to help further reduce our operating costs. Our goal is to remain
in a position to generate profits in excess of our dividend and be able to take
competitive advantage of opportunities as the economy begins to rebound.

"Also, if permitted by our supervisors and if supported by the results of the
stress assessment, we intend to repay the government investment of preferred
shares and warrants."

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

The lower tax provision for the quarter reflected lower pretax income and the
impact of recurring permanent benefits.

DISCONTINUED OPERATIONS

Discontinued operations for the first quarter generated a loss of $6 million
compared with a loss of $53 million during the year-ago period.

- --------------------------
(Footnote 3)
The estimate for the fourth quarter assumes the U.S. unemployment rate reaches
9.7 percent in December 2009. 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.
The Company is not presenting estimates of owned net write-off rates comparable
to the managed data above because the owned write-off rates are not determinable
at this time. The company does not believe such estimated net write-off rates
on an owned and managed basis would be materially different.

                                     -3-
<PAGE>
SEGMENT RESULTS

U.S. CARD SERVICES reported a first-quarter loss of $25 million, compared to a
net income of $523 million a year ago.

Total revenues net of interest expense for the first quarter decreased 17
percent to $3.1 billion, driven by reduced cardmember spending and lower
securitization income, net.

Provisions for losses totaled $1.4 billion, an increase of 57 percent or $502
million from a year ago. The increase reflected higher write-offs and past due
loans. On a managed basis(4), the net loan write-off rate was 8.5%, up from
6.7% in the fourth quarter and 4.3% a year ago. Owned net write-offs were 8.5%
in the quarter, up from 7.0% in the fourth quarter and 4.5% a year ago.

Total expenses decreased 15 percent. Marketing, promotion, rewards and
cardmember services expenses decreased 22 percent from the year-ago period,
reflecting lower volume-related rewards costs and reduced investments in
marketing and promotion. Salaries and employee benefits and other operating
expenses decreased 6 percent from year-ago levels, reflecting primarily the
benefits from the company's ongoing reengineering initiatives and a favorable
impact related to fair value hedge ineffectiveness.

INTERNATIONAL CARD SERVICES reported first-quarter net income of $39 million,
compared to $133 million a year ago.

Total revenues net of interest expense decreased 14 percent to $1.0 billion,
primarily driven by reduced cardmember spending.

Provisions for losses totaled $335 million, an increase of 46 percent or $106
million from a year ago. The increase reflected higher write-offs and past due
loans.

Total expenses decreased 20 percent. Marketing, promotion, rewards and
cardmember services expenses decreased 28 percent from year-ago levels,
reflecting reduced marketing investments and lower volume-related rewards
costs. Salaries and employee benefits and other operating expenses decreased
14 percent from year-ago levels, primarily due to the benefit from the
company's ongoing reengineering initiatives.

GLOBAL COMMERCIAL SERVICES reported a first-quarter net income of $86 million,
compared to $151 million a year ago.

Total revenues net of interest expense decreased 17 percent to $944 million,
reflecting reduced spending by corporate cardmembers and lower travel
commissions and fees.

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

(4) Please refer to the information set forth on Exhibit I for further
discussion of the owned and managed basis presentations.

                                     -4-
<PAGE>
Total expenses decreased 11 percent. Marketing, promotion, rewards and
cardmember services expenses decreased 8 percent from the year-ago period.
Salaries and employee benefits and other operating expenses decreased 11
percent from the year-ago period, reflecting in part the benefit from the
company's ongoing reengineering initiatives.

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

GLOBAL NETWORK & MERCHANT SERVICES reported first-quarter net income of $237
million, up 6 percent from $223 million a year ago.

First-quarter total revenues net of interest expense decreased 17 percent to
$836 million. The decrease reflected lower merchant-related revenues driven by
a decrease in global card billed business.

Total expenses decreased 32 percent, reflecting lower brand advertising and
reduced investment spending in merchant services. Salaries and employee
benefits and other operating expenses decreased 26 percent, due to reduced
legal costs and the benefit from the company's ongoing reengineering
initiatives.

CORPORATE AND OTHER reported a first-quarter net income of $106 million,
compared with net income of $14 million a year ago. The first quarter 2009
reflects the recognition of $220 million ($136 million after-tax) for the
previously announced MasterCard and Visa settlements compared to $70 million
($43 million after-tax) in the year-ago period related to Visa.

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

                                      ***

The 2009 First Quarter Earnings Supplement will be available today on the
American Express web site at HTTP://IR.AMERICANEXPRESS.COM. An investor
conference call will be held at 5:00 p.m. (ET) today to discuss first-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.

                                     -5-
<PAGE>
EXHIBIT 1

                           AMERICAN EXPRESS COMPANY
                              U.S. CARD SERVICES
<TABLE>
<CAPTION>
(BILLIONS, EXCEPT PERCENTAGES)

                                         Quarter Ended       Quarter Ended      Quarter Ended
                                         March 31, 2009      December 31, 2008  March 31, 2008
<S>                                         <C>               <C>                 <C>
Cardmember lending - owned basis (A):
Average Loans                              $30.2                 $33.2            $39.6
Net write-off rate                           8.5%                 7.0%              4.5%

Cardmember lending - managed basis (B):
Average Loans (B)                          $59.1                 $63.0            $64.5
Net write-off rate                           8.5%                  6.7%             4.3%
</TABLE>




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

(B) 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 comprehensive portrayal 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: 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 (i) 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, (ii) the effectiveness
of the company's credit models and (iii) the ultimate outcome of certain
proposed legislative initiatives affecting the credit card business; 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 and the perception of the company's services, products and brands;
the company's near-term write-off rates, including those for the second, third
and fourth quarters of 2009, which will depend in part on changes in the level
of the company's loan balances, delinquency rates of cardmembers and
unemployment and bankruptcy rates; differences between owned (i.e. GAAP) and
managed write-off rates, which can be impacted by factors such as the various
types of customer accounts in the portfolios of the company and the lending
securitization trust; 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 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 long-term on
average and over time financial targets; the actual amount to be spent by the
company on marketing, promotion, rewards and cardmember services based on
management's assessment of competitive opportunities and other factors affecting
its judgment; the ability to control and manage operating, infrastructure,
advertising and promotion expenses as business expands or changes, including the
ability to accurately estimate the provision for the cost of the Membership
Rewards program; fluctuations in foreign currency exchange rates; the company's
ability to grow its business and generate excess capital and earnings in a
manner and at levels that will allow the company to return a portion of capital
to shareholders, which will depend on the company's ability to manage its
capital needs, and the effect of business mix, acquisitions and rating agency
and regulatory requirements, including those arising from the company's status
as a bank holding company; the ability of the company to meet its objectives
with respect to the growth of its brokered retail CD program and brokerage sweep
account program and the implementation of its direct deposit initiative; the
success of the Global Network Services business in partnering with banks in the
United States, which will depend in part on the extent to which such business
further enhances the company'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 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 Air
Lines/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

                                     -7-
<PAGE>
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; 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 and the ability of our charge card and lending trusts to
maintain excess spreads at levels sufficient to avoid material set-asides or
early amortization of our charge card and lending securitizations, which will
depend on various factors such as income derived from the relevant portfolios
and their respective credit performances; the company's ability to avoid
material losses on its investment portfolio, including its investments in state
and municipal obligations, the issuers of which could be adversely affected by
the challenging economic environment; the company's ability to invest in
technology advances across all areas of its business to stay on the leading edge
of technologies applicable to the payment industry; the company's ability to
attract and retain executive management and other key employees in light of the
limitations on compensation imposed on participants in the U.S. Department of
the Treasury's Capital Purchase Program in which the company is a participant;
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 recently adopted by
federal bank regulators relating to certain credit and charge card practices,
including, among others, the imposition by card issuers of interest rate
increases on outstanding balances and the allocation of payments in respect of
outstanding balances with different interest rates, which could have an adverse
impact on the company'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, 2008, and
the company's other reports filed with the SEC.

                                     -8-
<PAGE>
All information in the following tables is presented on a basis prepared in
accordance with U.S. generally accepted accounting principles (GAAP), unless
otherwise indicated.

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>          <C>
Revenues
Non-interest revenues
  Discount revenue                                                          $3,066    $3,718       (18)%
  Net card fees                                                                532       531         -
  Travel commissions and fees                                                  365       494       (26)
  Other commissions and fees                                                   453       622       (27)
  Securitization income, net                                                   141       444       (68)
  Other                                                                        450       460        (2)
                                                                            ------    ------
     Total non-interest revenues                                             5,007     6,269       (20)
                                                                            ------    ------
Interest income
  Interest and fees on loans                                                 1,292     1,671       (23)
  Interest and dividends on investment securities                              154       186       (17)
  Deposits with banks and other                                                 28        85       (67)
                                                                            ------    ------
    Total interest income                                                    1,474     1,942       (24)
                                                                            ------    ------
Interest expense
  Deposits                                                                      85       149*      (43)
  Short-term borrowings                                                         27       161*      (83)
  Long-term debt                                                               434       650*      (33)
  Other                                                                          9        11*      (18)
                                                                            ------    ------
    Total interest expense                                                     555       971       (43)
                                                                            ------    ------
    Net interest income                                                        919       971        (5)
                                                                            ------    ------
Total revenues net of interest expense                                       5,926     7,240       (18)
                                                                            ------    ------
Provisions for losses
  Charge card                                                                  336       345        (3)
  Cardmember lending                                                         1,414       809        75
  Other                                                                         53        57        (7)
                                                                            ------    ------
     Total provisions for losses                                             1,803     1,211        49
                                                                            ------    ------
Total revenues net of interest expense after provisions for losses           4,123     6,029       (32)
                                                                            ------    ------

Expenses
  Marketing and promotion                                                      345       594       (42)
  Cardmember rewards                                                           846     1,040       (19)
  Cardmember services                                                          111       122        (9)
  Salaries and employee benefits                                             1,253     1,470       (15)
  Professional services                                                        519       550        (6)
  Occupancy and equipment                                                      358       375        (5)
  Communications                                                               104       115       (10)
  Other, net                                                                    43       302       (86)
                                                                            ------    ------
     Total                                                                   3,579     4,568       (22)
                                                                            ------    ------
Pretax income from continuing operations                                       544     1,461       (63)
Income tax provision                                                           101       417       (76)
                                                                            ------    ------
Income from continuing operations                                              443     1,044       (58)
Loss from discontinued operations, net of tax                                   (6)      (53)      (89)
                                                                            ------    ------
Net income                                                                  $  437    $  991       (56)
                                                                            ======    ======
Income from continuing operations attributable to common shareholders (A)   $  367    $1,038       (65)
                                                                            ======    ======
Net income attributable to common shareholders (A)                          $  361    $  985       (63)
                                                                            ======    ======
</Table>

# - Denotes a variance of more than 100%.

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

(A) Represents income from continuing operations or net income, as applicable,
less (i) preferred shares dividends and related accretion of $72 million for
the quarter ended March 31, 2009, and (ii) earnings allocated to participating
share awards of $4 million and $6 million for the quarters ended March 31,
2009 and 2008, respectively.

                                       -9-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                     CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                 March 31,  December 31,
                                                   2009         2008
                                                 ---------  ------------
<S>                                                <C>          <C>
Assets
  Cash                                             $ 21         $ 21
  Accounts receivable                                32           37
  Investment securities                              18           13
  Loans                                              34           41
  Other assets                                       16           14
                                                   ----         ----
    Total assets                                   $121         $126
                                                   ====         ====

Liabilities and Shareholders' Equity
  Customer deposits                                $ 18         $ 15
  Short-term borrowings                               3            9
  Long-term debt                                     58           60
  Other liabilities                                  26           30
                                                   ----         ----
    Total liabilities                               105          114
                                                   ----         ----

  Shareholders' equity                               16           12
                                                   ----         ----
    Total liabilities and shareholders' equity     $121         $126
                                                   ====         ====
</Table>

                                      -10-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>          <C>
TOTAL REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                                                        $3,074    $3,722       (17)%
  International Card Services                                                1,023     1,195       (14)
  Global Commercial Services                                                   944     1,144       (17)
  Global Network & Merchant Services                                           836     1,003       (17)
                                                                            ------    ------
                                                                             5,877     7,064       (17)
  Corporate & Other,
    including adjustments and eliminations                                      49       176       (72)
                                                                            ------    ------

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE                         $5,926    $7,240       (18)
                                                                            ======    ======

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                                        $  (50)   $  791         #
  International Card Services                                                    8       117       (93)
  Global Commercial Services                                                   128       218       (41)
  Global Network & Merchant Services                                           365       335         9
                                                                            ------    ------
                                                                               451     1,461       (69)
  Corporate & Other                                                             93         -         #
                                                                            ------    ------

PRETAX INCOME FROM CONTINUING OPERATIONS                                    $  544    $1,461       (63)
                                                                            ======    ======

NET INCOME (LOSS)
  U.S. Card Services                                                        $  (25)   $  523         #
  International Card Services                                                   39       133       (71)
  Global Commercial Services                                                    86       151       (43)
  Global Network & Merchant Services                                           237       223         6
                                                                            ------    ------
                                                                               337     1,030       (67)

  Corporate & Other                                                            106        14         #
                                                                            ------    ------
  Income from continuing operations                                            443     1,044       (58)
  Loss from discontinued operations, net of tax                                 (6)      (53)      (89)
                                                                            ------    ------

NET INCOME                                                                  $  437    $  991       (56)
                                                                            ======    ======
</Table>

# - Denotes a variance of more than 100%.

                                      -11-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                                            Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>          <C>
EARNINGS PER COMMON SHARE (A)

BASIC
      Income from continuing operations attributable to common
        shareholders                                                        $ 0.32    $ 0.90       (64)%
      Loss from discontinued operations                                      (0.01)    (0.05)      (80)
                                                                            ------    ------
      Net income attributable to common shareholders                        $ 0.31    $ 0.85       (64)%
                                                                            ======    ======

      Average common shares outstanding (millions)                           1,156     1,153         -%
                                                                            ======    ======

DILUTED
      Income from continuing operations attributable to common
        shareholders                                                        $ 0.32    $ 0.89       (64)%
      Loss from discontinued operations                                      (0.01)    (0.04)      (75)
                                                                            ------    ------
      Net income attributable to common shareholders                        $ 0.31    $ 0.85       (64)%
                                                                            ======    ======

      Average common shares outstanding (millions)                           1,156     1,163        (1)%
                                                                            ======    ======

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

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                                             Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>           <C>
Return on average equity (B)                                                  16.3%     35.9%
Return on average common equity (B)                                           16.7%     35.7%
Return on average tangible common equity (B)                                  21.6%     42.5%
Common shares outstanding (millions)                                         1,168     1,158         1%
Book value per common share                                                 $10.61    $ 9.94         7%
Shareholders' equity (billions)                                             $ 15.8    $ 11.5        37%

</Table>

# - Denotes a variance of more than 100%.

(A) Effective January 1, 2009, FSP No. EITF 03-6-1, "Determining Whether
Instruments Granted in Share - Based Payment Transactions are Participating
Securities" requires that Restricted Stock Awards be included in the
computation of basic and diluted earnings per share pursuant to the two -
class method. In accordance with this FSP, the Company has retrospectively
adjusted EPS for all periods presented.

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

                                      -12-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99_2fin.txt
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
All information in the following tables is presented on a basis prepared in
accordance with U.S. generally accepted accounting principles (GAAP), unless
otherwise indicated.

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>          <C>
Revenues
Non-interest revenues
  Discount revenue                                                          $3,066    $3,718       (18)%
  Net card fees                                                                532       531         -
  Travel commissions and fees                                                  365       494       (26)
  Other commissions and fees                                                   453       622       (27)
  Securitization income, net                                                   141       444       (68)
  Other                                                                        450       460        (2)
                                                                            ------    ------
     Total non-interest revenues                                             5,007     6,269       (20)
                                                                            ------    ------
Interest income
  Interest and fees on loans                                                 1,292     1,671       (23)
  Interest and dividends on investment securities                              154       186       (17)
  Deposits with banks and other                                                 28        85       (67)
                                                                            ------    ------
    Total interest income                                                    1,474     1,942       (24)
                                                                            ------    ------
Interest expense
  Deposits                                                                      85       149*      (43)
  Short-term borrowings                                                         27       161*      (83)
  Long-term debt                                                               434       650*      (33)
  Other                                                                          9        11*      (18)
                                                                            ------    ------
    Total interest expense                                                     555       971       (43)
                                                                            ------    ------
    Net interest income                                                        919       971        (5)
                                                                            ------    ------
Total revenues net of interest expense                                       5,926     7,240       (18)
                                                                            ------    ------
Provisions for losses
  Charge card                                                                  336       345        (3)
  Cardmember lending                                                         1,414       809        75
  Other                                                                         53        57        (7)
                                                                            ------    ------
     Total provisions for losses                                             1,803     1,211        49
                                                                            ------    ------
Total revenues net of interest expense after provisions for losses           4,123     6,029       (32)
                                                                            ------    ------

Expenses
  Marketing and promotion                                                      345       594       (42)
  Cardmember rewards                                                           846     1,040       (19)
  Cardmember services                                                          111       122        (9)
  Salaries and employee benefits                                             1,253     1,470       (15)
  Professional services                                                        519       550        (6)
  Occupancy and equipment                                                      358       375        (5)
  Communications                                                               104       115       (10)
  Other, net                                                                    43       302       (86)
                                                                            ------    ------
     Total                                                                   3,579     4,568       (22)
                                                                            ------    ------
Pretax income from continuing operations                                       544     1,461       (63)
Income tax provision                                                           101       417       (76)
                                                                            ------    ------
Income from continuing operations                                              443     1,044       (58)
Loss from discontinued operations, net of tax                                   (6)      (53)      (89)
                                                                            ------    ------
Net income                                                                  $  437    $  991       (56)
                                                                            ======    ======
Income from continuing operations attributable to common shareholders (A)   $  367    $1,038       (65)
                                                                            ======    ======
Net income attributable to common shareholders (A)                          $  361    $  985       (63)
                                                                            ======    ======
</Table>

# - Denotes a variance of more than 100%.

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

(A) Represents income from continuing operations or net income, as applicable,
less (i) preferred shares dividends and related accretion of $72 million for
the quarter ended March 31, 2009, and (ii) earnings allocated to participating
share awards of $4 million and $6 million for the quarters ended March 31,
2009 and 2008, respectively.

                                       -1-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                     CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                 March 31,  December 31,
                                                   2009         2008
                                                 ---------  ------------
<S>                                                <C>          <C>
Assets
  Cash                                             $ 21         $ 21
  Accounts receivable                                32           37
  Investment securities                              18           13
  Loans                                              34           41
  Other assets                                       16           14
                                                   ----         ----
    Total assets                                   $121         $126
                                                   ====         ====

Liabilities and Shareholders' Equity
  Customer deposits                                $ 18         $ 15
  Short-term borrowings                               3            9
  Long-term debt                                     58           60
  Other liabilities                                  26           30
                                                   ----         ----
    Total liabilities                               105          114
                                                   ----         ----

  Shareholders' equity                               16           12
                                                   ----         ----
    Total liabilities and shareholders' equity     $121         $126
                                                   ====         ====
</Table>

                                       -2-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>          <C>
TOTAL REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                                                        $3,074    $3,722       (17)%
  International Card Services                                                1,023     1,195       (14)
  Global Commercial Services                                                   944     1,144       (17)
  Global Network & Merchant Services                                           836     1,003       (17)
                                                                            ------    ------
                                                                             5,877     7,064       (17)
  Corporate & Other,
    including adjustments and eliminations                                      49       176       (72)
                                                                            ------    ------

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE                         $5,926    $7,240       (18)
                                                                            ======    ======

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                                        $  (50)   $  791         #
  International Card Services                                                    8       117       (93)
  Global Commercial Services                                                   128       218       (41)
  Global Network & Merchant Services                                           365       335         9
                                                                            ------    ------
                                                                               451     1,461       (69)
  Corporate & Other                                                             93         -         #
                                                                            ------    ------

PRETAX INCOME FROM CONTINUING OPERATIONS                                    $  544    $1,461       (63)
                                                                            ======    ======

NET INCOME (LOSS)
  U.S. Card Services                                                        $  (25)   $  523         #
  International Card Services                                                   39       133       (71)
  Global Commercial Services                                                    86       151       (43)
  Global Network & Merchant Services                                           237       223         6
                                                                            ------    ------
                                                                               337     1,030       (67)

  Corporate & Other                                                            106        14         #
                                                                            ------    ------
  Income from continuing operations                                            443     1,044       (58)
  Loss from discontinued operations, net of tax                                 (6)      (53)      (89)
                                                                            ------    ------

NET INCOME                                                                  $  437    $  991       (56)
                                                                            ======    ======
</Table>

# - Denotes a variance of more than 100%.

                                       -3-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                                            Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>          <C>
EARNINGS PER COMMON SHARE (A)

BASIC
      Income from continuing operations attributable to common
        shareholders                                                        $ 0.32    $ 0.90       (64)%
      Loss from discontinued operations                                      (0.01)    (0.05)      (80)
                                                                            ------    ------
      Net income attributable to common shareholders                        $ 0.31    $ 0.85       (64)%
                                                                            ======    ======

      Average common shares outstanding (millions)                           1,156     1,153         -%
                                                                            ======    ======

DILUTED
      Income from continuing operations attributable to common
        shareholders                                                        $ 0.32    $ 0.89       (64)%
      Loss from discontinued operations                                      (0.01)    (0.04)      (75)
                                                                            ------    ------
      Net income attributable to common shareholders                        $ 0.31    $ 0.85       (64)%
                                                                            ======    ======

      Average common shares outstanding (millions)                           1,156     1,163        (1)%
                                                                            ======    ======

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

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                                             Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>           <C>
Return on average equity (B)                                                  16.3%     35.9%
Return on average common equity (B)                                           16.7%     35.7%
Return on average tangible common equity (B)                                  21.6%     42.5%
Common shares outstanding (millions)                                         1,168     1,158         1%
Book value per common share                                                 $10.61    $ 9.94         7%
Shareholders' equity (billions)                                             $ 15.8    $ 11.5        37%

</Table>

# - Denotes a variance of more than 100%.

(A) Effective January 1, 2009, FSP No. EITF 03-6-1, "Determining Whether
Instruments Granted in Share - Based Payment Transactions are Participating
Securities" requires that Restricted Stock Awards be included in the
computation of basic and diluted earnings per share pursuant to the two -
class method. In accordance with this FSP, the Company has retrospectively
adjusted EPS for all periods presented.

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

                                       -4-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>          <C>
Card billed business (A):
  United States                                                             $ 97.4    $114.6       (15)%
  Outside the United States                                                   41.8      51.8       (19)
                                                                            ------    ------
      Total                                                                 $139.2    $166.4       (16)
                                                                            ======    ======
Total cards-in-force (millions) (B):
  United States                                                               53.4      52.9         1%
  Outside the United States                                                   38.2      35.1         9
                                                                            ------    ------
      Total                                                                   91.6      88.0         4
                                                                            ======    ======
Basic cards-in-force (millions) (B):
  United States                                                               41.6      41.4         -%
  Outside the United States                                                   33.3      30.2        10
                                                                            ------    ------
      Total                                                                   74.9      71.6         5
                                                                            ======    ======

Average discount rate (C)                                                     2.56%     2.57%
Average basic cardmember spending (dollars) (D)                             $2,443    $2,984       (18)%
Average fee per card (dollars) (D)                                          $   34    $   34         -%
Average fee per card adjusted (dollars) (D)                                 $   38    $   39        (3)%
</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 $40 million and $36 million
for the quarters ended March 31, 2009 and 2008, 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 $70 million and $77 million for the quarters ended
March 31, 2009 and 2008, respectively. The Company presents adjusted average
fee per card because management believes that this metric presents a useful
indicator of card fee pricing across a range of its proprietary card products.

                                       -5-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                 SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>          <C>
Worldwide cardmember receivables:
  Total receivables                                                         $ 30.3    $ 39.0       (22)%
  Loss reserves (millions):
    Beginning balance                                                       $  810    $1,149       (30)%
      Provision                                                                336       345        (3)
      Net write-offs                                                          (332)     (257)       29
      Other                                                                     (4)      (16)      (75)
                                                                            ------    ------
    Ending balance                                                          $  810    $1,221       (34)
                                                                            ======    ======
    % of receivables                                                           2.7%      3.1%
  Net write-off rate - USCS                                                    4.9%      3.6%
  30 days past due as a % of total - USCS                                      3.7%      3.7%*
  Net loss ratio as a % of charge volume - ICS                                0.35%     0.21%
  90 days past due as a % of total - ICS                                       3.3%      2.2%
  Net loss ratio as a % of charge volume - GCS                                0.17%     0.12%
  90 days past due as a % of total - GCS                                       2.4%      1.7%

Worldwide cardmember lending - owned basis (A):
  Total loans                                                               $ 36.7    $ 49.4       (26)%
  30 days past due loans as a % of total                                       4.9%      3.3%
  Loss reserves (millions):
    Beginning balance                                                       $2,570    $1,831        40%
      Provision                                                              1,401       776        81
      Net write-offs - principal                                              (782)     (566)       38
      Write-offs - interest and fees                                          (155)     (127)       22
      Other                                                                    (21)        5         #
                                                                            ------    ------
    Ending balance                                                          $3,013    $1,919        57
                                                                            ======    ======
    % of loans                                                                 8.2%      3.9%
    % of past due                                                              168%      118%
  Average loans                                                             $ 39.0    $ 50.7       (23)%
  Net write-off rate                                                           8.0%      4.5%
  Net interest yield on cardmember loans (B)                                  10.7%      8.9%

Worldwide cardmember lending - managed basis (C):
  Total loans                                                               $ 65.0    $ 75.1       (13)%
  30 days past due loans as a % of total                                       5.0%      3.2%
  Net write-offs - principal (millions)                                     $1,392    $  820        70
  Average loans                                                             $ 67.9    $ 75.7       (10)%
  Net write-off rate                                                           8.2%      4.3%
  Net interest yield on cardmember loans (B)                                  10.9%      9.6%
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

# - Denotes a variance of more than 100%.

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

(B) See Appendix III for discussion of net interest yield on cardmember loans.

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

                                       -6-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                     -------------------------------------------------------------------------
                                                       March 31,    December 31,   September 30,     June 30,       March 31,
                                                         2009           2008           2008            2008           2008
                                                     ------------   ------------   -------------   ------------   ------------
<S>                                                    <C>            <C>             <C>            <C>            <C>
Revenues
Non-interest revenues
  Discount revenue                                     $3,066         $3,468          $3,848         $3,991         $3,718
  Net card fees                                           532            536             541            542            531
  Travel commissions and fees                             365            444             499            573            494
  Other commissions and fees                              453            522             573            590            622
  Securitization income, net                              141            199             200            227            444
  Other                                                   450            566             553            578            460
                                                       ------         ------          ------         ------         ------
     Total non-interest revenues                        5,007          5,735           6,214          6,501          6,269
                                                       ------         ------          ------         ------         ------
Interest income
  Interest and fees on loans                            1,292          1,364           1,560          1,564          1,671
  Interest and dividends on investment securities         154            168             200            217            186
  Deposits with banks and other                            28             36              74             76             85
                                                       ------         ------          ------         ------         ------
    Total interest income                               1,474          1,568           1,834          1,857          1,942
                                                       ------         ------          ------         ------         ------
Interest expense
  Deposits                                                 85             73*            109*           123*           149*
  Short-term borrowings                                    27             72*            114*           136*           161*
  Long-term debt                                          434            646*            646*           631*           650*
  Other                                                     9              6*             15*            13*            11*
                                                       ------         ------          ------         ------         ------
    Total interest expense                                555            797             884            903            971
                                                       ------         ------          ------         ------         ------
    Net interest income                                   919            771             950            954            971
                                                       ------         ------          ------         ------         ------
Total revenues net of interest expense                  5,926          6,506           7,164          7,455          7,240
                                                       ------         ------          ------         ------         ------
Provisions for losses
  Charge card                                             336            426             351            241            345
  Cardmember lending                                    1,414            927             958          1,537            809
  Other                                                    53             51              50             46             57
                                                       ------         ------          ------         ------         ------
     Total provisions for losses                        1,803          1,404           1,359          1,824          1,211
                                                       ------         ------          ------         ------         ------
Total revenues net of interest expense after
  provision for losses                                  4,123          5,102           5,805          5,631          6,029
                                                       ------         ------          ------         ------         ------
Expenses
  Marketing and promotion                                 345            524             649            663            594
  Cardmember rewards                                      846          1,088           1,132          1,129          1,040
  Cardmember services                                     111            140             148            132            122
  Salaries and employee benefits                        1,253          1,660           1,465          1,495          1,470
  Professional services                                   519            649             608            606            550
  Occupancy and equipment                                 358            456             398            412            375
  Communications                                          104            118             118            115            115
  Other, net                                               43            199*            209            305            302
                                                       ------         ------          ------         ------         ------
     Total                                              3,579          4,834*          4,727          4,857          4,568
                                                       ------         ------          ------         ------         ------
Pretax income from continuing operations                  544            268*          1,078            774          1,461
Income tax provision (benefit)                            101            (38)*           217            114            417
                                                       ------         ------          ------         ------         ------
Income from continuing operations                         443            306*            861            660          1,044
Loss from discontinued operations, net of tax              (6)           (66)            (46)            (7)           (53)
                                                       ------         ------          ------         ------         ------
Net income                                             $  437         $  240*         $  815         $  653         $  991
                                                       ======         ======          ======         ======         ======
Income from continuing operations attributable to
  common shareholders (A)                              $  367         $  305          $  856         $  657         $1,038
                                                       ======         ======          ======         ======         ======
Net income attributable to common shareholders (A)     $  361         $  239          $  810         $  650         $  985
                                                       ======         ======          ======         ======         ======
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

(A) Represents income from continuing operations or net income, as applicable,
less (i) preferred shares dividends and related accretion of $72 million for
the quarter ended March 31, 2009, and (ii) earnings allocated to participating
share awards of $4 million for the quarter ended March 31, 2009, $1 million
for the quarter ended December 31, 2008, $5 million for the quarter ended
September 30, 2008, $3 million for the quarter ended June 30, 2008, and $6
million for the quarter ended March 31, 2008, respectively.

                                       -7-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                     -------------------------------------------------------------------------
                                                       March 31,    December 31,   September 30,     June 30,       March 31,
                                                         2009           2008           2008            2008           2008
                                                     ------------   ------------   -------------   ------------   ------------
<S>                                                    <C>            <C>             <C>            <C>            <C>
TOTAL REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                                   $3,074         $3,223          $3,459         $3,593         $3,722
  International Card Services                           1,023          1,098           1,232          1,256          1,195
  Global Commercial Services                              944          1,044           1,200          1,308          1,144
  Global Network & Merchant Services                      836            945           1,071          1,083          1,003
                                                       ------         ------          ------         ------         ------
                                                        5,877          6,310           6,962          7,240          7,064
  Corporate & Other,
    including adjustments and eliminations                 49            196             202            215            176
                                                       ------         ------          ------         ------         ------

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE    $5,926         $6,506          $7,164         $7,455         $7,240
                                                       ======         ======          ======         ======         ======

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                   $  (50)        $   49*         $  364         $  (63)        $  791
  International Card Services                               8            (38)              1             73            117
  Global Commercial Services                              128            (42)*           191            326            218
  Global Network & Merchant Services                      365            303             397            455            335
                                                       ------         ------          ------         ------         ------
                                                          451            272*            953            791          1,461

  Corporate & Other                                        93             (4)*           125            (17)             -
                                                       ------         ------          ------         ------         ------

PRETAX INCOME FROM CONTINUING OPERATIONS               $  544         $  268*         $1,078         $  774         $1,461
                                                       ======         ======          ======         ======         ======

NET INCOME (LOSS)
  U.S. Card Services                                   $  (25)        $   64*         $  244         $   21         $  523
  International Card Services                              39             36              67            115            133
  Global Commercial Services                               86             (7)*           134            227            151
  Global Network & Merchant Services                      237            215             258            299            223
                                                       ------         ------          ------         ------         ------
                                                          337            308*            703            662          1,030

  Corporate & Other                                       106             (2)*           158             (2)            14
                                                       ------         ------          ------         ------         ------
  Income from continuing operations                       443            306*            861            660          1,044
  Loss from discontinued operations, net of tax            (6)           (66)            (46)            (7)           (53)
                                                       ------         ------          ------         ------         ------

NET INCOME                                             $  437         $  240*         $  815         $  653         $  991
                                                       ======         ======          ======         ======         ======
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

                                       -8-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                     -------------------------------------------------------------------------
                                                       March 31,    December 31,   September 30,     June 30,       March 31,
                                                         2009           2008           2008            2008           2008
                                                     ------------   ------------   -------------   ------------   ------------
<S>                                                    <C>            <C>             <C>            <C>            <C>
EARNINGS PER COMMON SHARE (A)

BASIC
      Income from continuing operations
        attributable to common shareholders            $ 0.32         $ 0.26*         $ 0.74         $ 0.57         $ 0.90
      Loss from discontinued operations                 (0.01)         (0.05)          (0.04)         (0.01)         (0.05)
                                                       ------         ------          ------         ------         ------
      Net income attributable to common
        shareholders                                   $ 0.31         $ 0.21*         $ 0.70         $ 0.56         $ 0.85
                                                       ======         ======          ======         ======         ======

      Average common shares outstanding (millions)      1,156          1,155           1,154          1,154          1,153
                                                       ======         ======          ======         ======         ======

DILUTED
      Income from continuing operations
        attributable to common shareholders            $ 0.32         $ 0.26*         $ 0.74         $ 0.56         $ 0.89
      Loss from discontinued operations                 (0.01)         (0.05)          (0.04)             -          (0.04)
                                                       ------         ------          ------         ------         ------
      Net income attributable to common
        shareholders                                   $ 0.31         $ 0.21*         $ 0.70         $ 0.56         $ 0.85
                                                       ======         ======          ======         ======         ======

      Average common shares outstanding (millions)      1,156          1,155           1,158          1,163          1,163
                                                       ======         ======          ======         ======         ======

Cash dividends declared per common share               $ 0.18         $ 0.18          $ 0.18         $ 0.18         $ 0.18
                                                       ======         ======          ======         ======         ======
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                                                  Quarters Ended
                                                     -------------------------------------------------------------------------
                                                       March 31,    December 31,   September 30,     June 30,       March 31,
                                                         2009           2008           2008            2008           2008
                                                     ------------   ------------   -------------   ------------   ------------
<S>                                                    <C>            <C>             <C>            <C>            <C>
Return on average equity (B)                             16.3%          22.3%*          27.8%          31.1%          35.9%
Return on average common equity (B)                      16.7%          22.1%           27.6%          30.9%          35.7%
Return on average tangible common equity (B)             21.6%          28.0%           34.2%          37.5%          42.5%
Common shares outstanding (millions)                    1,168          1,160           1,160          1,159          1,158
Book value per common share                            $10.61         $10.21*         $10.79         $10.58         $ 9.94
Shareholders' equity (billions)                        $ 15.8         $ 11.8          $ 12.5         $ 12.3         $ 11.5
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

(A) Effective January 1, 2009, FSP No. EITF 03-6-1, "Determining Whether
Instruments Granted in Share - Based Payment Transactions are Participating
Securities" requires that Restricted Stock Awards be included in the
computation of basic and diluted earnings per share pursuant to the two -
class method. In accordance with this FSP, the Company has retrospectively
adjusted EPS for all periods presented.

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

                                       -9-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                     -------------------------------------------------------------------------
                                                       March 31,    December 31,   September 30,     June 30,       March 31,
                                                         2009           2008           2008            2008           2008
                                                     ------------   ------------   -------------   ------------   ------------
<S>                                                    <C>            <C>             <C>            <C>            <C>
Card billed business (A):
  United States                                        $ 97.4         $112.7          $120.3         $123.5         $114.6
  Outside the United States                              41.8           47.8            55.2           57.4           51.8
                                                       ------         ------          ------         ------         ------
      Total                                            $139.2         $160.5          $175.5         $180.9         $166.4
                                                       ======         ======          ======         ======         ======
Total cards-in-force (millions) (B):
  United States                                          53.4           54.0            54.3           53.5           52.9
  Outside the United States                              38.2           38.4            37.8           36.6           35.1
                                                       ------         ------          ------         ------         ------
      Total                                              91.6           92.4            92.1           90.1           88.0
                                                       ======         ======          ======         ======         ======
Basic cards-in-force (millions) (B):
  United States                                          41.6           42.0            42.3           41.9           41.4
  Outside the United States                              33.3           33.4            32.8           31.6           30.2
                                                       ------         ------          ------         ------         ------
      Total                                              74.9           75.4            75.1           73.5           71.6
                                                       ======         ======          ======         ======         ======

Average discount rate (C)                                2.56%          2.53%           2.56%          2.56%          2.57%
Average basic cardmember spending (dollars) (D)        $2,443         $2,792          $3,049         $3,199         $2,984
Average fee per card (dollars) (D)                     $   34         $   34          $   34         $   34         $   34
Average fee per card adjusted (dollars) (D)            $   38         $   38          $   39         $   39         $   39
</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 $40 million for the quarter
ended March 31, 2009, $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, and $36 million for the quarter ended March 31, 2008,
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 $70 million
for the quarter ended March 31, 2009, $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, and $77 million for the quarter
ended March 31, 2008, respectively. The Company presents adjusted average fee
per card because management believes that this metric presents a useful
indicator of card fee pricing across a range of its proprietary card products.

                                      -10-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                 SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                     -------------------------------------------------------------------------
                                                       March 31,    December 31,   September 30,     June 30,       March 31,
                                                         2009           2008           2008            2008           2008
                                                     ------------   ------------   -------------   ------------   ------------
<S>                                                    <C>            <C>             <C>            <C>            <C>
Worldwide cardmember receivables:
  Total receivables                                    $ 30.3         $ 33.0          $ 37.6         $ 39.9         $ 39.0
  Loss reserves (millions):
    Beginning balance                                  $  810         $1,134          $1,146         $1,221         $1,149
      Provision                                           336            426             351            241            345
      Net write-offs (A)                                 (332)          (669)           (333)          (293)          (257)
      Other                                                (4)           (81)            (30)           (23)           (16)
                                                       ------         ------          ------         ------         ------
    Ending balance                                     $  810         $  810          $1,134         $1,146         $1,221
                                                       ======         ======          ======         ======         ======
    % of receivables                                      2.7%           2.5%            3.0%           2.9%           3.1%
  Net write-off rate - USCS (A)                           4.9%           3.5%            3.4%           3.9%           3.6%
  30 days past due as a % of total - USCS                 3.7%           3.7%            3.3%*          3.0%*          3.7%*
  Net loss ratio as a % of charge volume - ICS           0.35%          0.30%           0.25%          0.22%          0.21%
  90 days past due as a % of total - ICS                  3.3%           3.1%            2.7%           2.4%           2.2%
  Net loss ratio as a % of charge volume - GCS           0.17%          0.14%           0.15%          0.10%          0.12%
  90 days past due as a % of total - GCS                  2.4%           2.7%            1.8%           1.6%           1.7%

Worldwide cardmember lending - owned basis (B):
  Total loans                                          $ 36.7         $ 42.2          $ 45.7         $ 49.6         $ 49.4
  30 days past due loans as a % of total                  4.9%           4.4%            3.7%           3.4%           3.3%
  Loss reserves (millions):
    Beginning balance                                  $2,570         $2,640          $2,594         $1,919         $1,831
      Provision                                         1,401            897             927          1,506            776
      Net write-offs - principal                         (782)          (702)           (697)          (678)          (566)
      Write-offs - interest and fees                     (155)          (143)           (161)          (149)          (127)
      Other                                               (21)          (122)            (23)            (4)             5
                                                       ------         ------          ------         ------         ------
    Ending balance                                     $3,013         $2,570          $2,640         $2,594         $1,919
                                                       ======         ======          ======         ======         ======
    % of loans                                            8.2%           6.1%            5.8%           5.2%           3.9%
    % of past due                                         168%           137%            154%           155%           118%
  Average loans                                        $ 39.0         $ 43.0          $ 47.7         $ 49.6         $ 50.7
  Net write-off rate                                      8.0%           6.5%            5.8%           5.5%           4.5%
  Net interest yield on cardmember loans (C)             10.7%           8.8%            8.9%           8.5%           8.9%

Worldwide cardmember lending - managed basis (D):
  Total loans                                          $ 65.0         $ 72.0          $ 75.5         $ 76.5         $ 75.1
  30 days past due loans as a % of total                  5.0%           4.6%            3.8%           3.3%           3.2%
  Net write-offs - principal (millions)                $1,392         $1,181          $1,090         $  974         $  820
  Average loans                                        $ 67.9         $ 72.8          $ 76.1         $ 75.8         $ 75.7
  Net write-off rate                                      8.2%           6.5%            5.7%           5.1%           4.3%
  Net interest yield on cardmember loans (C)             10.9%           8.9%            9.2%           9.0%           9.6%
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

(A) In the fourth quarter of 2008, the Company revised the time period in
which past due cardmember receivables in U.S. Card Services are written off to
180 days past due, consistent with applicable regulatory guidance. Previously,
receivables were written off when 360 days past due. The net write-offs for
the fourth quarter of 2008 include write-offs of $341 million resulting from
this write-off methodology change, which is not reflected in the net write-off
rate for U.S. Card Services. Including the $341 million in write-offs, the net
write-off rate was 11.0 percent for the fourth quarter of 2008.

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

(C) See Appendix III for discussion of net interest yield on cardmember loans.

(D) 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.

                                      -11-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>         <C>
Revenues
  Discount revenue, net card fees and other                                 $2,205    $2,579      (15)%
  Securitization income, net                                                   141       444      (68)
  Interest income                                                              946     1,308      (28)
  Interest expense                                                             218       609      (64)
                                                                            ------    ------
    Net interest income                                                        728       699        4
                                                                            ------    ------
Total revenues net of interest expense                                       3,074     3,722      (17)
                                                                            ------    ------
Provisions for losses                                                        1,383       881       57
                                                                            ------    ------
Total revenues net of interest expense after provisions for losses           1,691     2,841      (40)
                                                                            ------    ------
Expenses
  Marketing, promotion, rewards
    and cardmember services                                                    889     1,144      (22)
  Salaries and employee benefits
    and other operating expenses                                               852       906       (6)
                                                                            ------    ------
        Total                                                                1,741     2,050      (15)
                                                                            ------    ------
Pretax segment (loss) income                                                   (50)      791        #
Income tax (benefit) provision                                                 (25)      268        #
                                                                            ------    ------
Segment (loss) income                                                       $  (25)   $  523        #
                                                                            ======    ======
</Table>

# - Denotes a variance of more than 100%.

                                      -12-
<Page>

(Preliminary)

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

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                                March 31,
                                                                            ----------------    Percentage
                                                                             2009      2008     Inc/(Dec)
                                                                            ------    ------    ----------
<S>                                                                         <C>       <C>          <C>
INCOME STATEMENT DATA
  Discount revenue, net card fees and other:
       Reported for the period (GAAP)                                       $2,205    $2,579       (15)%
       Securitization adjustments                                               99        73        36
                                                                            ------    ------
       Managed discount revenue, net card fees and other                    $2,304    $2,652       (13)
                                                                            ------    ------

  Interest income:
       Reported for the period (GAAP)                                       $  946    $1,308       (28)
       Securitization adjustments                                              886       903        (2)
                                                                            ------    ------
       Managed interest income                                              $1,832    $2,211       (17)
                                                                            ------    ------

  Securitization income, net:
       Reported for the period (GAAP)                                       $  141    $  444       (68)
       Securitization adjustments                                             (141)     (444)      (68)
                                                                            ------    ------
       Managed securitization income, net                                   $    -    $    -         -
                                                                            ------    ------

  Interest expense:
       Reported for the period (GAAP)                                       $  218    $  609       (64)
       Securitization adjustments                                               83       220       (62)
                                                                            ------    ------
       Managed interest expense                                             $  301    $  829       (64)
                                                                            ------    ------

  Provisions for losses:
       Reported for the period (GAAP)                                       $1,383    $  881        57
       Securitization adjustments                                              636       387        64
                                                                            ------    ------
       Managed provisions for losses                                        $2,019    $1,268        59
                                                                            ------    ------
</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 comprehensive
portrayal of the key dynamics of the cardmember lending business. Irrespective
of the on and off-balance sheet funding mix, it is important for management
and investors to see metrics for the entire cardmember lending portfolio
because they are more representative of the economics of the aggregate
cardmember relationships and ongoing business performance and trends over
time. It is also important for investors to see the overall growth of
cardmember loans and related revenue in order to evaluate market share. These
metrics are significant in evaluating the Company's performance and can only
be properly assessed when all non-securitized and securitized cardmember loans
are viewed together on a managed basis. The Company does not currently
securitize international loans.

                                      -13-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                      Quarters Ended
                                                         March 31,
                                                  ----------------------    Percentage
                                                    2009         2008        Inc/(Dec)
                                                  ---------    ---------    ----------
<S>                                                <C>          <C>            <C>
Card billed business                               $ 78.0       $ 92.1         (15)%
Total cards-in-force (millions)                      43.4         43.8          (1)%
Basic cards-in-force (millions)                      32.3         32.7          (1)%
Average basic cardmember spending (dollars)        $2,391       $2,838         (16)%

U.S. Consumer Travel:
    Travel sales (millions)                        $  627       $  803         (22)%
    Travel commissions and fees/sales                 8.1%         7.7%

Total segment assets                               $ 55.6       $ 81.9         (32)%
Segment capital (millions) (A)                     $4,846       $4,517           7%
Return on average segment capital (B)                 6.3%        37.9%
Return on average tangible segment capital (B)        6.7%        39.4%

Cardmember receivables:
  Total receivables                                $ 15.6       $ 19.2         (19)%
  30 days past due receivables as a % of total        3.7%         3.7%*
  Average receivables                              $ 16.1       $ 19.7         (18)%
  Net write-off rate                                  4.9%         3.6%

Cardmember lending - owned basis (C):
  Total loans                                      $ 28.2       $ 38.0         (26)%
  30 days past due loans as a % of total              5.1%         3.4%
  Average loans                                    $ 30.2       $ 39.6         (24)%
  Net write-off rate                                  8.5%         4.5%
  Net interest yield on cardmember loans (D)         10.4%         8.7%

Cardmember lending - managed basis (E):
  Total loans                                      $ 56.5       $ 63.6         (11)%
  30 days past due loans as a % of total              5.1%         3.2%
  Average loans                                    $ 59.1       $ 64.5          (8)%
  Net write-off rate                                  8.5%         4.3%
  Net interest yield on cardmember loans (D)         10.8%         9.6%
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

(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 II for components of return on average segment capital
and return on average tangible segment capital.

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

(D) See Appendix IV 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)

                              U.S. CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                               Quarters Ended
                                                 -----------------------------------------------------------------------------
                                                   March 31,      December 31,   September 30,     June 30,        March 31,
                                                     2009            2008            2008            2008            2008
                                                 -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>            <C>              <C>            <C>
Revenues
  Discount revenue, net card fees and other          $2,205          $2,465         $2,597           $2,716         $2,579
  Securitization income, net                            141             199            200              227            444
  Interest income                                       946           1,049          1,190            1,189          1,308
  Interest expense                                      218             490            528              539            609
                                                     ------          ------         ------           ------         ------
    Net interest income                                 728             559            662              650            699
                                                     ------          ------         ------           ------         ------
Total revenues net of interest expense                3,074           3,223          3,459            3,593          3,722
                                                     ------          ------         ------           ------         ------
Provisions for losses                                 1,383           1,051            941            1,516            881
                                                     ------          ------         ------           ------         ------
Total revenues net of interest expense after
   provisions for losses                              1,691           2,172          2,518            2,077          2,841
                                                     ------          ------         ------           ------         ------
Expenses
  Marketing, promotion, rewards
    and cardmember services                             889           1,208          1,245            1,240          1,144
  Salaries and employee benefits
    and other operating expenses                        852             915*           909              900            906
                                                     ------          ------         ------           ------         ------
        Total                                         1,741           2,123*         2,154            2,140          2,050
                                                     ------          ------         ------           ------         ------
Pretax segment (loss) income                            (50)             49*           364              (63)           791
Income tax (benefit) provision                          (25)            (15)*          120              (84)           268
                                                     ------          ------         ------           ------         ------
Segment (loss) income                                $  (25)         $   64*        $  244           $   21         $  523
                                                     ======          ======         ======           ======         ======
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

                                      -15-
<Page>

(Preliminary)

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

(Millions)

<Table>
<Caption>
                                                                               Quarters Ended
                                                 -----------------------------------------------------------------------------
                                                   March 31,      December 31,   September 30,     June 30,        March 31,
                                                     2009            2008            2008            2008            2008
                                                 -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>            <C>              <C>             <C>
INCOME STATEMENT DATA
  Discount revenue, net card fees and other:
       Reported for the period (GAAP)                $2,205          $2,465         $2,597           $2,716          $2,579
       Securitization adjustments                        99             110            122               95              73
                                                     ------          ------         ------           ------          ------
       Managed discount revenue, net card fees
         and other                                   $2,304          $2,575         $2,719           $2,811          $2,652
                                                     ------          ------         ------           ------          ------

  Interest income:
       Reported for the period (GAAP)                $  946          $1,049         $1,190           $1,189          $1,308
       Securitization adjustments                       886             902            883              824             903
                                                     ------          ------         ------           ------          ------
       Managed interest income                       $1,832          $1,951         $2,073           $2,013          $2,211
                                                     ------          ------         ------           ------          ------

  Securitization income, net:
       Reported for the period (GAAP)                $  141          $  199         $  200           $  227          $  444
       Securitization adjustments                      (141)           (199)          (200)            (227)           (444)
                                                     ------          ------         ------           ------          ------
       Managed securitization income, net            $    -          $    -         $    -           $    -          $    -
                                                     ------          ------         ------           ------          ------

  Interest expense:
       Reported for the period (GAAP)                $  218          $  490         $  528           $  539          $  609
       Securitization adjustments                        83             230            196              184             220
                                                     ------          ------         ------           ------          ------
       Managed interest expense                      $  301          $  720         $  724           $  723          $  829
                                                     ------          ------         ------           ------          ------

  Provisions for losses:
       Reported for the period (GAAP)                $1,383          $1,051         $  941           $1,516          $  881
       Securitization adjustments                       636             577            629              409             387
                                                     ------          ------         ------           ------          ------
       Managed provisions for losses                 $2,019          $1,628         $1,570           $1,925          $1,268
                                                     ------          ------         ------           ------          ------
</Table>

See page 21 for discussion of managed basis presentation.

                                      -16-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                               Quarters Ended
                                                 -----------------------------------------------------------------------------
                                                   March 31,      December 31,   September 30,     June 30,        March 31,
                                                     2009            2008            2008            2008            2008
                                                 -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>            <C>              <C>             <C>
Card billed business                                 $ 78.0          $ 92.0         $ 97.9           $100.0          $ 92.1
Total cards-in-force (millions)                        43.4            44.2           44.7             44.2            43.8
Basic cards-in-force (millions)                        32.3            32.9           33.4             33.0            32.7
Average basic cardmember spending (dollars)          $2,391          $2,758         $2,950           $3,047          $2,838

U.S. Consumer Travel:
    Travel sales                                     $  0.6          $  0.7         $  0.8           $  0.9          $  0.8
    Travel commissions and fees/sales                   8.1%            7.8%           8.2%             9.0%            7.7%

Total segment assets                                 $ 55.6          $ 77.8         $ 80.5           $ 83.5          $ 81.9
Segment capital (A)                                  $  4.8          $  4.8         $  5.1           $  4.9          $  4.5
Return on average segment capital (B)                   6.3%           18.0%*         17.0%            25.0%           37.9%
Return on average tangible segment capital (B)          6.7%           19.0%*         17.7%            26.1%           39.4%

Cardmember receivables:
  Total receivables                                  $ 15.6          $ 17.8         $ 18.8           $ 19.8          $ 19.2
  30 days past due receivables as a % of total          3.7%            3.7%           3.3%*            3.0%*           3.7%*
  Average receivables                                $ 16.1          $ 18.1         $ 19.3           $ 19.6          $ 19.7
  Net write-off rate (C)                                4.9%            3.5%           3.4%             3.9%            3.6%

Cardmember lending - owned basis (D):
  Total loans                                        $ 28.2          $ 32.7         $ 34.6           $ 37.8          $ 38.0
  30 days past due loans as a % of total                5.1%            4.7%           3.9%             3.5%            3.4%
  Average loans                                      $ 30.2          $ 33.2         $ 36.3           $ 37.9          $ 39.6
  Net write-off rate                                    8.5%            7.0%           6.1%             5.8%            4.5%
  Net interest yield on cardmember loans (E)           10.4%            8.5%           8.6%             8.2%            8.7%

Cardmember lending - managed basis (F):
  Total loans                                        $ 56.5          $ 62.4         $ 64.3           $ 64.7          $ 63.6
  30 days past due loans as a % of total                5.1%            4.7%           3.9%             3.3%            3.2%
  Average loans                                      $ 59.1          $ 63.0         $ 64.6           $ 64.2          $ 64.5
  Net write-off rate                                    8.5%            6.7%           5.9%             5.3%            4.3%
  Net interest yield on cardmember loans (E)           10.8%            8.7%           9.1%             8.9%            9.6%
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

(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 II for components of return on average segment capital
and return on average tangible segment capital.

(C) In the fourth quarter of 2008, the Company revised the time period in
which past due cardmember receivables in U.S. Card Services are written off to
180 days past due, consistent with applicable regulatory guidance. Previously,
receivables were written off when 360 days past due. The net write-offs for
the fourth quarter of 2008 include write-offs of $341 million resulting from
this write-off methodology change, which is not reflected in the net write-off
rate for U.S. Card Services. Including the $341 million in write-offs, the net
write-off rate was 11.0 percent for the fourth quarter of 2008.

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

(E) See Appendix IV for discussion of net interest yield on cardmember loans.

(F) 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.

                                      -17-
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                      Quarters Ended
                                                       December 31,
                                                  ----------------------    Percentage
                                                    2009         2008        Inc/(Dec)
                                                  ---------    ---------    ----------
<S>                                                 <C>         <C>            <C>
Revenues
  Discount revenue, net card fees and other         $  772       $  937        (18)%
                                                    ------       ------
  Interest income                                      400          510        (22)
  Interest expense                                     149          252        (41)
                                                    ------       ------
    Net interest income                                251          258         (3)
                                                    ------       ------
Total revenues net of interest expense               1,023        1,195        (14)
                                                    ------       ------
Provisions for losses                                  335          229         46
                                                    ------       ------
Total revenues net of interest expense after
  provisions for losses                                688          966        (29)
                                                    ------       ------
Expenses
  Marketing, promotion, rewards and cardmember
    services                                           258          358        (28)
  Salaries and employee benefits and other
    operating expenses                                 422          491        (14)
                                                    ------       ------
        Total                                          680          849        (20)
                                                    ------       ------
Pretax segment income                                    8          117        (93)
Income tax benefit                                     (31)         (16)        94
                                                    ------       ------
Segment income                                      $   39       $  133        (71)
                                                    ======       ======
</Table>

# - Denotes variance of more than 100%.

                                      -18-
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                      Quarters Ended
                                                         March 31,
                                                  ----------------------    Percentage
                                                    2009         2008        Inc/(Dec)
                                                  ---------    ---------    ----------
<S>                                                 <C>         <C>            <C>
Card billed business                                $ 20.5      $ 26.1         (21)%
Total cards-in-force (millions)                       15.8        16.1          (2)%
Basic cards-in-force (millions)                       11.0        11.4          (4)%
Average basic cardmember spending (dollars)         $1,823      $2,309         (21)%

International Consumer Travel:
  Travel sales (millions)                           $  218      $  298         (27)%
  Travel commissions and fees/sales                    8.3%        8.4%

Total segment assets                                $ 17.7      $ 21.3         (17)%
Segment capital (millions) (A)                      $2,004      $2,041          (2)%
Return on average segment capital (B)                 12.3%       16.4%
Return on average tangible segment capital (B)        16.6%       22.6%

Cardmember receivables:
  Total receivables  (C)                            $  5.0      $  6.3         (21)%
  90 days past due as a % of total                     3.3%        2.2%
  Net loss ratio as a % of charge volume              0.35%       0.21%

Cardmember lending:
  Total loans (C)                                   $  8.5      $ 11.4         (25)%
  30 days past due loans as a % of total               4.2%        3.0%
  Average loans                                     $  8.8      $ 11.2         (21)%
  Net write-off rate                                   6.4%        4.4%
  Net interest yield on cardmember loans (D)          11.7%        9.6%
</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 II 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) See Appendix IV for discussion of net interest yield on cardmember loans.

                                      -19-
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                               Quarters Ended
                                                 -----------------------------------------------------------------------------
                                                   March 31,      December 31,   September 30,     June 30,        March 31,
                                                     2009            2008            2008            2008            2008
                                                 -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>            <C>              <C>            <C>             <C>
Revenues
  Discount revenue, net card fees and other          $  772         $  864           $  965         $  992          $  937
                                                     ------         ------           ------         ------          ------
  Interest income                                       400            427              523            524             510
  Interest expense                                      149            193              256            260             252
                                                     ------         ------           ------         ------          ------
    Net interest income                                 251            234              267            264             258
                                                     ------         ------           ------         ------          ------
Total revenues net of interest expense                1,023          1,098            1,232          1,256           1,195
                                                     ------         ------           ------         ------          ------
Provisions for losses                                   335            243              316            242             229
                                                     ------         ------           ------         ------          ------
Total revenues net of interest expense after
  provisions for losses                                 688            855              916          1,014             966
                                                     ------         ------           ------         ------          ------
Expenses
  Marketing, promotion, rewards and cardmember
    services                                            258            303              388            404             358
  Salaries and employee benefits and other
    operating expenses                                  422            590              527            537             491
                                                     ------         ------           ------         ------          ------
        Total                                           680            893              915            941             849
                                                     ------         ------           ------         ------          ------
Pretax segment income (loss)                              8            (38)               1             73             117
Income tax benefit                                      (31)           (74)             (66)           (42)            (16)
                                                     ------         ------           ------         ------          ------
Segment income                                       $   39         $   36           $   67         $  115          $  133
                                                     ======         ======           ======         ======          ======
</Table>

                                      -20-
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                               Quarters Ended
                                                 -----------------------------------------------------------------------------
                                                   March 31,      December 31,   September 30,     June 30,        March 31,
                                                     2009            2008            2008            2008            2008
                                                 -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>            <C>             <C>              <C>            <C>
Card billed business                                 $ 20.5         $ 24.2          $ 27.5           $ 28.3         $ 26.1
Total cards-in-force (millions)                        15.8           16.3            16.4             16.3           16.1
Basic cards-in-force (millions)                        11.0           11.4            11.5             11.5           11.4
Average basic cardmember spending (dollars)          $1,823         $2,109          $2,393           $2,476         $2,309

International Consumer Travel:
  Travel sales                                       $  0.2         $  0.3          $  0.3           $  0.4         $  0.3
  Travel commissions and fees/sales                     8.3%           7.5%            8.4%             8.1%           8.4%

Total segment assets                                 $ 17.7         $ 20.4          $ 22.6           $ 22.7         $ 21.3
Segment capital (A)                                  $  2.0         $  2.0*         $  2.3           $  2.2         $  2.0
Return on average segment capital (B)                  12.3%          16.7%           11.8%            15.8%          16.4%
Return on average tangible segment capital (B)         16.6%          22.5%*          15.9%            21.5%          22.6%

Cardmember receivables:
  Total receivables (C)                              $  5.0         $  5.6          $  6.1           $  6.6         $  6.3
  90 days past due as a % of total                      3.3%           3.1%            2.7%             2.4%           2.2%
  Net loss ratio as a % of charge volume               0.35%          0.30%           0.25%            0.22%          0.21%

Cardmember lending:
  Total loans (C)                                    $  8.5         $  9.5          $ 11.1           $ 11.8         $ 11.4
  30 days past due loans as a % of total                4.2%           3.6%            3.3%             3.1%           3.0%
  Average loans                                      $  8.8         $  9.8          $ 11.4           $ 11.6         $ 11.2
  Net write-off rate                                    6.4%           5.1%            5.1%             4.5%           4.4%
  Net interest yield on cardmember loans (D)           11.7%           9.8%            9.7%             9.6%           9.6%
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

(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 II 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.

(E) See Appendix IV for discussion of net interest yield on cardmember loans.

                                      -21-
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                      Quarters Ended
                                                         March 31,
                                                  ----------------------    Percentage
                                                    2009         2008        Inc/(Dec)
                                                  ---------    ---------    ----------
<S>                                                 <C>         <C>            <C>
Revenues
  Discount revenue, net card fees and other         $981        $1,235         (21)%
                                                    ----        ------
  Interest income                                     21            46         (54)
  Interest expense                                    58           137         (58)
                                                    ----        ------
    Net interest income                              (37)          (91)        (59)
                                                    ----        ------
Total revenues net of interest expense               944         1,144         (17)
                                                    ----        ------
Provisions for losses                                 47            62         (24)
                                                    ----        ------
Total revenues net of interest expense after
  provisions for losses                              897         1,082         (17)
                                                    ----        ------
Expenses
  Marketing, promotion, rewards and cardmember
    services                                          79            86          (8)
  Salaries and employee benefits and other
    operating expenses                               690           778         (11)
                                                    ----        ------
        Total                                        769           864         (11)
                                                    ----        ------
Pretax segment income                                128           218         (41)
Income tax provision                                  42            67         (37)
                                                    ----        ------
Segment income                                      $ 86        $  151         (43)
                                                    ====        ======
</Table>

# - Denotes variance of more than 100%.

                                      -22-
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                      Quarters Ended
                                                         March 31,
                                                  ----------------------    Percentage
                                                    2009         2008        Inc/(Dec)
                                                  ---------    ---------    ----------
<S>                                                <C>          <C>            <C>
Card billed business                               $ 25.1       $ 32.8         (23)%
Total cards-in-force (millions)                       7.3          6.9           6%
Basic cards-in-force (millions)                       7.3          6.9           6%
Average basic cardmember spending (dollars)        $3,517       $4,770         (26)%

Global Corporate Travel:
  Travel sales                                     $  3.4       $  5.4         (37)%
  Travel commissions and fees/sales                   8.6%         7.4%

Total segment assets                               $ 19.0       $ 28.4         (33)%
Segment capital (millions) (A)                     $3,439       $3,352           3%
Return on average segment capital (B)                12.8%        23.2%
Return on average tangible segment capital (B)       29.2%        42.4%

Cardmember receivables:
  Total receivables                                $  9.6       $ 12.8         (25)%
  90 days past due as a % of total                    2.4%         1.7%
  Net loss ratio as a % of charge volume             0.17%        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 II for components of return on average segment capital
and return on average tangible segment capital.

                                      -23-
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                               Quarters Ended
                                                 -----------------------------------------------------------------------------
                                                   March 31,      December 31,   September 30,     June 30,        March 31,
                                                     2009            2008            2008            2008            2008
                                                 -------------   -------------   -------------   -------------   -------------
<S>                                                   <C>           <C>              <C>             <C>             <C>
Revenues
  Discount revenue, net card fees and other           $981          $1,150           $1,291          $1,405          $1,235
                                                      ----          ------           ------          ------          ------
  Interest income                                       21              30               43              49              46
  Interest expense                                      58             136              134             146             137
                                                      ----          ------           ------          ------          ------
    Net interest income                                (37)           (106)             (91)            (97)            (91)
                                                      ----          ------           ------          ------          ------
Total revenues net of interest expense                 944           1,044            1,200           1,308           1,144
                                                      ----          ------           ------          ------          ------
Provisions for losses                                   47              69               60              40              62
                                                      ----          ------           ------          ------          ------
Total revenues net of interest expense after
  provisions for losses                                897             975            1,140           1,268           1,082
                                                      ----          ------           ------          ------          ------
Expenses
  Marketing, promotion, rewards and cardmember
    services                                            79              79              113              99              86
  Salaries and employee benefits and other
    operating expenses                                 690             938*             836             843             778
                                                      ----          ------           ------          ------          ------
        Total                                          769           1,017*             949             942             864
                                                      ----          ------           ------          ------          ------
Pretax segment income (loss)                           128             (42)*            191             326             218
Income tax provision (benefit)                          42             (35)*             57              99              67
                                                      ----          ------           ------          ------          ------
Segment income (loss)                                 $ 86          $   (7)*         $  134          $  227          $  151
                                                      ====          ======           ======          ======          ======
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

                                      -24-
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                Quarters Ended
                                                  ---------------------------------------------------------------------------
                                                    March 31,     December 31,   September 30,      June 30,       March 31,
                                                      2009            2008           2008             2008           2008
                                                  ------------    ------------   -------------    ------------   ------------
<S>                                                  <C>              <C>            <C>             <C>            <C>
Card billed business                                 $ 25.1           $ 28.7         $ 32.3          $ 35.4         $ 32.8
Total cards-in-force (millions)                         7.3              7.1            7.0             7.0            6.9
Basic cards-in-force (millions)                         7.3              7.1            7.0             7.0            6.9
Average basic cardmember spending (dollars)          $3,517           $4,070         $4,611          $5,083         $4,770

Global Corporate Travel:
  Travel sales                                       $  3.4           $  4.3         $  5.1          $  6.2         $  5.4
  Travel commissions and fees/sales                     8.6%             8.4%           8.0%            7.5%           7.4%

Total segment assets                                 $ 19.0           $ 25.1         $ 23.6          $ 25.8         $ 28.4
Segment capital (A)                                  $  3.4           $  3.6*        $  3.6          $  3.3         $  3.4
Return on average segment capital (B)                  12.8%            15.8%*         21.2%           23.6%          23.2%
Return on average tangible segment capital (B)         29.2%            34.3%*         43.9%           46.7%          42.4%

Cardmember receivables:
  Total receivables                                  $  9.6           $  9.4         $ 12.5          $ 13.4         $ 12.8
  90 days past due as a % of total                      2.4%             2.7%           1.8%            1.6%           1.7%
  Net loss ratio as a % of charge volume               0.17%            0.14%          0.15%           0.10%          0.12%
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

(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 II for components of return on average segment capital
and return on average tangible segment capital.

                                      -25-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                        Quarters Ended
                                                           March 31,
                                                     ---------------------   Percentage
                                                       2009        2008      Inc/(Dec)
                                                     ---------   ---------   ----------
<S>                                                    <C>        <C>           <C>
Revenues
  Discount revenue, fees and other                     $813       $  942        (14)%
                                                       ----       ------
  Interest income                                         1            1          -
  Interest expense                                      (22)         (60)       (63)
                                                       ----       ------
    Net interest income                                  23           61        (62)
                                                       ----       ------
Total revenues net of interest expense                  836        1,003        (17)
                                                       ----       ------
Provisions for losses                                    35           31         13
                                                       ----       ------
Total revenues net of interest expense after
  provision for losses                                  801          972        (18)
                                                       ----       ------
Expenses
  Marketing and promotion                                64          136        (53)
  Salaries and employee benefits and other
    operating expenses                                  372          501        (26)
                                                       ----       ------
        Total                                           436          637        (32)
                                                       ----       ------
Pretax segment income                                   365          335          9
Income tax provision                                    128          112         14
                                                       ----       ------
Segment income                                         $237       $  223          6
                                                       ====       ======
</Table>

                                      -26-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                        Quarters Ended
                                                           March 31,
                                                     ---------------------   Percentage
                                                        2009        2008     Inc/(Dec)
                                                     ---------   ---------   ----------
<S>                                                    <C>         <C>          <C>
Global Card billed business (A)                        $139.2      $166.4       (16)%

Global Network & Merchant Services:
  Total segment assets                                   $6.6      $  6.8        (3)%
  Segment capital (millions) (B)                       $1,716      $1,167        47%
Return on average segment capital (C)                    70.6%       91.3%
Return on average tangible segment capital (C)           72.4%       94.2%

Global Network Services:
  Card billed business                                 $ 14.8      $ 15.7        (6)%
  Total cards-in-force (millions)                        25.1        21.2        18%
</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 II for components of return on average segment capital
and return on average tangible segment capital.

                                      -27-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                Quarters Ended
                                                  ---------------------------------------------------------------------------
                                                    March 31,     December 31,   September 30,      June 30,       March 31,
                                                      2009            2008           2008            2008            2008
                                                  ------------    ------------   -------------    ------------   ------------
<S>                                                   <C>             <C>            <C>             <C>            <C>
Revenues
  Discount revenue, fees and other                    $813            $893           $1,015          $1,025         $  942
                                                      ----            ----           ------          ------         ------
  Interest Income                                        1               1                2               1              1
  Interest expense                                     (22)            (51)             (54)            (57)           (60)
                                                      ----            ----           ------          ------         ------
    Net interest income                                 23              52               56              58             61
                                                      ----            ----           ------          ------         ------
Total revenues net of interest expense                 836             945            1,071           1,083          1,003
                                                      ----            ----           ------          ------         ------
Provisions for losses                                   35              36               34              26             31
                                                      ----            ----           ------          ------         ------
Total revenues net of interest expense
  after provisions for losses                          801             909            1,037           1,057            972
                                                      ----            ----           ------          ------         ------
Expenses
  Marketing and promotion                               64             118              150             149            136
  Salaries and employee benefits
    and other operating expenses                       372             488              490             453            501
                                                      ----            ----           ------          ------         ------
        Total                                          436             606              640             602            637
                                                      ----            ----           ------          ------         ------
Pretax segment income                                  365             303              397             455            335
Income tax provision                                   128              88              139             156            112
                                                      ----            ----           ------          ------         ------
Segment income                                        $237            $215           $  258          $  299         $  223
                                                      ====            ====           ======          ======         ======
</Table>

                                      -28-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                Quarters Ended
                                                  ---------------------------------------------------------------------------
                                                    March 31,     December 31,   September 30,      June 30,       March 31,
                                                      2009            2008           2008            2008            2008
                                                  ------------    ------------   -------------    ------------   ------------
<S>                                                  <C>             <C>            <C>              <C>            <C>
Global Card billed business (A)                      $139.2          $160.5         $175.5           $180.9         $166.4

Global Network & Merchant Services:
  Total segment assets                               $  6.6          $  7.0         $  8.0           $  7.2         $  6.8
  Segment capital (B)                                $  1.7          $  1.5*        $  1.4           $  1.4         $  1.2
Return on average segment capital (C)                  70.6%           75.4%*         82.4%            88.1%          91.3%
Return on average tangible segment capital (C)         72.4%           77.4%*         84.7%            90.7%          94.2%

Global Network Services:
  Card billed business                               $ 14.8          $ 16.0         $ 18.2           $ 17.5         $ 15.7
  Total cards-in-force (millions)                      25.1            24.8           24.0             22.6           21.2
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the
2008 Annual Report to Shareholders, where applicable.

(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 II for components of return on average segment capital
and return on average tangible segment capital.

                                      -29-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
COMPONENTS OF RETURN ON AVERAGE EQUITY (ROE), RETURN ON AVERAGE COMMON EQUITY
         (ROCE), AND RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROTCE)
                                  APPENDIX I

(Millions)

<Table>
<Caption>
                                                                          For the Twelve Months Ended
                                                  ---------------------------------------------------------------------------
                                                    March 31,     December 31,   September 30,      June 30,       March 31,
                                                      2009            2008           2008            2008            2008
                                                  ------------    ------------   -------------    ------------   ------------
<S>                                                 <C>              <C>            <C>             <C>             <C>
ROE

   Net income                                       $ 2,145          $ 2,699*       $ 3,290         $ 3,542         $ 3,946
   Average shareholders' equity                     $13,147          $12,127*       $11,833         $11,396         $10,977
   Return on average equity (A)                        16.3%            22.3%*         27.8%           31.1%           35.9%

RECONCILIATION OF ROCE AND ROTCE

   Net income                                       $ 2,145          $ 2,699*       $ 3,290         $ 3,542         $ 3,946
   Preferred shares dividends and related
      accretion                                     $    72          $     -        $     -         $     -         $     -
   Earnings allocated to participating
      share awards                                  $    13          $    16        $    19         $    20         $    23
                                                    -------          -------        -------         -------         -------
      Net income attributable to common
        shareholders                                $ 2,060          $ 2,683        $ 3,271         $ 3,522         $ 3,923
                                                    -------          -------        -------         -------         -------
   Average shareholders' equity                     $13,147          $12,127        $11,833         $11,396         $10,977
   Average preferred shares                         $   782
                                                    -------          -------        -------         -------         -------
      Average common shareholders' equity           $12,365          $12,127        $11,833         $11,396         $10,977
                                                    -------          -------        -------         -------         -------
        Average goodwill and other intangibles        2,830            2,533          2,264           2,006           1,745
                                                    -------          -------        -------         -------         -------
      Average tangible common shareholders' equity  $ 9,535          $ 9,594        $ 9,569         $ 9,390         $ 9,232
                                                    -------          -------        -------         -------         -------
   Return on average common equity (A)                 16.7%            22.1%          27.6%           30.9%           35.7%
   Return on average tangible common equity (A)        21.6%            28.0%          34.2%           37.5%           42.5%
</Table>

   * - Revised from prior disclosure on January 26, 2009, as reflected in
   the 2008 Annual Report to Shareholders, where applicable.

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

                                      -30-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
            COMPONENTS OF RETURN ON AVERAGE SEGMENT CAPITAL (ROSC)
            AND RETURN ON AVERAGE TANGIBLE SEGMENT CAPITAL (ROTSC)
                                  APPENDIX II

(Millions)

<Table>
<Caption>
                                                                               For the Twelve Months Ended
                                                      ---------------------------------------------------------------------------
                                                        March 31,     December 31,   September 30,      June 30,       March 31,
                                                          2009            2008           2008            2008            2008
                                                      ------------    ------------   -------------    ------------   ------------
<S>                                                      <C>             <C>             <C>             <C>            <C>
U.S. CARD SERVICES
    Segment income                                       $  304          $  852*         $  795          $1,143         $1,702
    Average segment capital                               4,814           4,736*          4,672           4,567          4,496
    Average goodwill and other intangibles                  294             243             188             182            176
                                                         ------          ------          ------          ------         ------
       Average tangible segment capital                  $4,520          $4,493*         $4,484          $4,385         $4,320
                                                         ------          ------          ------          ------         ------
    Return on average segment capital (A)                   6.3%           18.0%*          17.0%           25.0%          37.9%
    Return on average tangible segment capital (A)          6.7%           19.0%*          17.7%           26.1%          39.4%

INTERNATIONAL CARD SERVICES
    Segment income                                       $  257          $  351          $  247          $  321         $  322
    Average segment capital                               2,096           2,107           2,102           2,032          1,964
    Average goodwill and other intangibles                  544             544*            544             538            538
                                                         ------          ------          ------          ------         ------
       Average tangible segment capital                  $1,552          $1,563*         $1,558          $1,494         $1,426
                                                         ------          ------          ------          ------         ------
    Return on average segment capital (A)                  12.3%           16.7%*          11.8%           15.8%          16.4%
    Return on average tangible segment capital (A)         16.6%           22.5%*          15.9%           21.5%          22.6%

GLOBAL COMMERCIAL SERVICES
    Segment income                                       $  440          $  505*         $  622          $  623         $  558
    Average segment capital                               3,437           3,197           2,933           2,637          2,407
    Average goodwill and other intangibles                1,930           1,724*          1,515           1,303          1,092
                                                         ------          ------          ------          ------         ------
       Average tangible segment capital                  $1,507          $1,473*         $1,418          $1,334         $1,315
                                                         ------          ------          ------          ------         ------
    Return on average segment capital (A)                  12.8%           15.8%*          21.2%           23.6%          23.2%
    Return on average tangible segment capital (A)         29.2%           34.3%*          43.9%           46.7%          42.4%

GLOBAL NETWORK & MERCHANT SERVICES
    Segment income                                       $1,009          $  995          $1,034          $1,042         $1,009
    Average segment capital                               1,430           1,320*          1,255           1,183          1,105
    Average goodwill and other intangibles                   36              35              34              34             34
                                                         ------          ------          ------          ------         ------
       Average tangible segment capital                  $1,394          $1,285*         $1,221          $1,149         $1,071
                                                         ------          ------          ------          ------         ------
    Return on average segment capital (A)                  70.6%           75.4%*          82.4%           88.1%          91.3%
    Return on average tangible segment capital (A)         72.4%           77.4%*          84.7%           90.7%          94.2%
</Table>

* - Revised from prior disclosure on January 26, 2009, as reflected in the 2008
Annual Report to Shareholders, where applicable.

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

                                      -31-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                    NET INTEREST YIELD ON CARDMEMBER LOANS
                                 APPENDIX III

(millions)

<Table>
<Caption>
                                                                               Quarters Ended
                                                      ---------------------------------------------------------------------------
                                                        March 31,     December 31,   September 30,      June 30,       March 31,
                                                          2009            2008           2008            2008            2008
                                                      ------------    ------------   -------------    ------------   ------------
<S>                                                      <C>             <C>             <C>             <C>            <C>
OWNED BASIS:
    Net interest income                                  $  919          $  771          $  950          $ 954          $  971
    Average loans (billions)                             $ 39.0          $ 43.0          $ 47.7          $ 49.6         $ 50.7
    Adjusted net interest income (A)                     $1,033          $  951          $1,068          $1,056         $1,124
    Adjusted average loans (billions) (B)                $ 39.1          $ 43.1          $ 47.8          $ 49.7         $ 50.9
    Net interest yield on cardmember loans (C)             10.7%            8.8%            8.9%            8.5%           8.9%

Managed Basis (D):
    Net interest income (E)                              $1,722          $1,443          $1,637          $1,594         $1,654
    Average loans (billions)                             $ 67.9          $ 72.8          $ 76.1          $ 75.8         $ 75.7
    Adjusted net interest income (F)                     $1,835          $1,622          $1,756          $1,695         $1,808
    Adjusted average loans (billions) (G)                $ 68.0          $ 72.9          $ 76.2          $ 76.0         $ 75.8
    Net interest yield on cardmember loans (C)             10.9%            8.9%            9.2%            9.0%           9.6%
</Table>

(A)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.

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

(C) Net interest yield on cardmember loans represents the net spread earned on
cardmember loans. Net interest yield on cardmember loans (both on an owned and
managed basis) is computed by dividing adjusted net interest income by
adjusted average loans, computed on an annualized basis. The calculation of
net interest yield on cardmember loans (both on an owned and managed basis)
includes interest and fees that are deemed uncollectible. For the owned basis
presentation, reserves and net write-offs related to uncollectible interest
and fees are recorded through provisions for losses - cardmember lending, and
for the managed basis presentation, reserves and net write-offs related to
uncollectible interest and fees are included as a reduction to securitization
income, net; therefore, such reserves and net write-offs are not included in
the net interest yield calculation. The Company believes net interest yield on
cardmember loans (on both an owned and managed basis) is useful to investors
because it provides a measure of profitability of the Company's cardmember
lending portfolio.

(D) 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.

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

(F) 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.

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

                                      -32-
<Page>

(Preliminary)

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

(millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                      ---------------------------------------------------------------------------
                                                        March 31,     December 31,   September 30,      June 30,       March 31,
                                                          2009            2008           2008            2008            2008
                                                      ------------    ------------   -------------    ------------   ------------
<S>                                                      <C>             <C>            <C>              <C>            <C>
USCS Owned Basis:
     Net interest income                                 $  728          $  559         $  662           $  650         $  699
     Average loans (billions)                            $ 30.2          $ 33.2         $ 36.3           $ 37.9         $ 39.6
     Adjusted net interest income (A)                    $  778          $  709         $  787           $  776         $  855
     Adjusted average loans (billions) (B)               $ 30.3          $ 33.3         $ 36.3           $ 38.0         $ 39.6
     Net interest yield on cardmember loans (C)            10.4%            8.5%           8.6%             8.2%           8.7%
USCS Managed Basis (D):
     Net interest income (E)                             $1,531          $1,231         $1,349           $1,290         $1,382
     Average loans (billions)                            $ 59.1          $ 63.0         $ 64.6           $ 64.2         $ 64.5
     Adjusted net interest income (F)                    $1,581          $1,380         $1,475           $1,416         $1,538
     Adjusted average loans (billions) (G)               $ 59.2          $ 63.1         $ 64.7           $ 64.2         $ 64.6
     Net interest yield on cardmember loans (C)            10.8%            8.7%           9.1%             8.9%           9.6%
ICS:
     Net interest income                                 $  251          $  234         $  267           $  264         $  258
     Average loans (billions)                            $  8.8          $  9.8         $ 11.4           $ 11.6         $ 11.2
     Adjusted net interest income (A)                    $  254          $  242         $  281           $  280         $  269
     Adjusted average loans (billions) (B)               $  8.8          $  9.8         $ 11.5           $ 11.7         $ 11.3
     Net interest yield on cardmember loans (C)            11.7%            9.8%           9.7%             9.6%           9.6%
</Table>

(A) 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.

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

(C) Net interest yield on cardmember loans represents the net spread earned on
cardmember loans. Net interest yield on cardmember loans (both on an owned and
managed basis) is computed by dividing adjusted net interest income by
adjusted average loans, computed on an annualized basis. The calculation of
net interest yield on cardmember loans (both on an owned and managed basis)
includes interest and fees that are deemed uncollectible. For the owned basis
presentation, reserves and net write-offs related to uncollectible interest
and fees are recorded through provisions for losses - cardmember lending, and
for the managed basis presentation, reserves and net write-offs related to
uncollectible interest and fees are included as a reduction to securitization
income, net; therefore, such reserves and net write-offs are not included in
the net interest yield calculation. The Company believes net interest yield on
cardmember loans (on both an owned and managed basis) is useful to investors
because it provides a measure of profitability of the Company's cardmember
lending portfolio.

(D) 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.

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

(F) 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.

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

                                      -33-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99_3supp.txt
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
                                                                EXHIBIT 99.3

                      [LOGO OF AMERICAN EXPRESS COMPANY]

                                     2009
                                FIRST QUARTER
                             EARNINGS SUPPLEMENT














        THE ENCLOSED SUMMARY SHOULD BE READ IN CONJUNCTION WITH THE TEXT AND
        STATISTICAL TABLES INCLUDED IN AMERICAN EXPRESS COMPANY'S (THE
        "COMPANY" OR "AXP") FIRST QUARTER 2009 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 22 OF
       THIS SUPPLEMENT, PAGES 59-61 IN THE COMPANY'S 2008 ANNUAL REPORT TO
       SHAREHOLDERS AND IN ITS 2008 ANNUAL REPORT ON FORM 10-K, AND OTHER
       REPORTS, ON FILE WITH THE SECURITIES AND EXCHANGE COMMISSION.
       -------------------------------------------------------------------------


<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

FINANCIAL RESULTS
o    First quarter diluted EPS from continuing operations attributable to
     common shareholders of $0.32 decreased 64% versus $0.89 last year. Total
     revenues net of interest expense decreased 18%. Return on average common
     equity (ROCE) was 16.7% and return on average tangible common equity
     (ROTCE), which excludes goodwill and intangibles, was 21.6%.*

- -        1Q '09 and 1Q '08 income from continuing operations included $5MM
         ($3MM after-tax) of reengineering-related reversals and $10MM ($7MM
         after-tax) of reengineering costs, respectively, across the Company's
         reportable operating 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 International Deposit Company
         ("AEIDC"), which is expected to be transferred to Standard Chartered
         PLC ("Standard Chartered") through a put/call agreement in 3Q '09, as
         well as American Express Bank, Ltd. ("AEB"), which was sold to
         Standard Chartered in 1Q '08, as discussed further on page 5.
         --   1Q '09 results included $6MM of losses from discontinued
              operations versus $53MM of losses last year. This primarily
              reflected losses of $7MM ($5MM after-tax) and $104MM ($68MM
              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
         attributable to common shareholders of $0.31 decreased 64% versus
         $0.85 last year.

BUSINESS METRICS
o Compared with the first quarter of 2008:

- -        Worldwide billed business of $139.2B decreased 16% as the negative
         impact of the global economic slowdown was evident within a lower
         level of card spending. A comparatively stronger U.S. dollar resulted
         in a 4% greater decline versus last year within the reported
         worldwide growth rate.

- -        Worldwide total cards-in-force of 91.6MM increased 4%, or 3.6MM, from
         last year and decreased 1%, or 800K, from 4Q '08. Approximately 500K
         inactive cards were cancelled by the Company during the quarter,
         partially offset by the migration of CPS cards to the American
         Express network.

- -        Worldwide average spending per proprietary basic cards-in-force
         decreased 18% versus last year reflecting the impact of the 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 average spending growth rate.

- -        Worldwide owned cardmember lending balances of $36.7B decreased 26%
         from last year. On a managed basis, including securitized loans,
         cardmember lending balances of $65.0B declined 13%. These decreases
         reflected the lower cardmember spending levels and the Company's
         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, the Company made various changes to its financial
     reporting in 4Q '08.**

- -        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 "total
         revenues 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 Global Network & Merchant Services
         ("GNMS") were reclassified to "other, net expense." 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 U.S. Card
         Services ("USCS") 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 Global Commercial Services ("GCS"), as well
         as the international consumer and small business charge card
         receivables portfolio in International Card Services ("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 "cardmember loans"
         prospectively beginning 4Q '08. Commencing 1Q '09, certain non-credit
         provisions were reclassified from "other provisions" to "other, net
         expense."

   *Please refer to Appendix I of the First Quarter 2009 Earnings Release for
   the components of return on average equity ("ROE"), ROCE and ROTCE on a
   consolidated basis and Appendix II for return on average segment capital
   ("ROSC") and return on average tangible segment capital ("ROTSC") on a
   segment basis.
   ** Revised P&Ls for the respective quarters ended March 31, 2008 through
   December 31, 2008 are included within the First Quarter 2009 Earnings
   Release, American Express Company Selected Statistical Information pages.

                                     -1-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

         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    PREFERRED SHARES DIVIDENDS AND RELATED ACCRETION: In 1Q '09, the Company
     recorded $72MM of dividends and related accretion on the preferred shares
     issued to the United States Department of the Treasury (the "Treasury")
     on January 9, 2009 as part of its participation in the Capital Purchase
     Program ("CPP"), as discussed further below.

o    EARNINGS ALLOCATED TO PARTICIPATING SHARE AWARDS: In accordance with FSP
     EITF 03-6-1 effective January 1, 2009, income attributable to unvested
     share-based payment awards that contain non-forfeitable rights to
     dividends or dividend equivalents (e.g. Restricted Stock Awards) is
     included in the computation of basic and diluted EPS pursuant to the two
     class method. This new accounting standard is applied retroactively to
     all prior periods. Under this method earnings allocated to participating
     shares awards were $4MM in 1Q '09 versus $6MM in 1Q '08, thereby reducing
     EPS by approximately $0.01 in each period.

     Net income from continuing operations attributable to common shareholders
     and net income attributable to common shareholders, both of which exclude
     the impacts of the preferred shares dividends and related accretion and
     earnings allocated to participating share awards referred to above were
     $367MM and $361MM, respectively.

o    SEGMENT INTEREST EXPENSE ALLOCATIONS: The Company has changed the manner
     in which it assesses the performance of its reportable operating segments
     to exclude the impact of its excess liquidity funding levels.
     Accordingly, beginning 1Q '09 the debt and related cash/investment
     balances associated with the Company's excess liquidity funding and the
     related net negative interest spread are no longer included within the
     reportable operating segment results (primarily USCS and GCS) and are
     reported in the Corporate & Other segment. The segment results for prior
     quarters have not been revised for this change.

o    SECURITIZATION INCOME, NET: Decreased 68%, primarily due to lower excess
     spread, net, driven by increased write-offs and a $32MM decrease in the
     fair market value of the I/O Strip, which was partially offset by lower
     interest expense due to lower rates paid on variable-rate investor
     certificates. Securitization income, net represents the non-credit
     provision components of the gains from securitization activities within
     the USCS segment, fair value changes of the related I/O Strip and excess
     spread related to securitized loans and servicing income, net of related
     discounts or fees. As of March 31, 2009, the fair market value of the I/O
     Strip was $0 versus $257MM as of March 31, 2008.

o    TOTAL INTEREST INCOME: Decreased 24%, primarily due to lower interest and
     fees on loans, reflecting a lower average owned loan balance, 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 43%, primarily reflecting a lower cost
     of funds due to the benefit of lower market interest rates on
     variable-rate long-term and short-term debt.

o    TOTAL PROVISIONS FOR LOSSES: Increased 49%, primarily reflecting higher
     cardmember lending reserve levels due to increased net write-off and past
     due loan levels, which more than offset the benefits of reduced average
     owned loan balances. Owned cardmember lending loss reserves of $3.0B
     increased $443MM in the quarter, including $93MM of reserves associated
     with a $1.5B increase in cardmember loans as a result of $1.5B of
     securitized debt maturities.

o    MARKETING AND PROMOTION EXPENSES: Decreased 42%, reflecting lower
     discretionary investment spending due to the Company's ongoing
     reengineering initiatives.

o CARDMEMBER REWARDS EXPENSE:  Decreased 19%, reflecting lower volume-driven
  rewards costs.

o    SALARIES AND EMPLOYEE BENEFITS EXPENSE: Decreased 15%, reflecting lower
     employee levels due to the Company's reengineering initiatives announced
     in 4Q '08 and reduced incentive-related costs.
     -   Compared with last year, the total employee count from continuing
         operations of 63,600 decreased by 2,100 employees, or 3%. Compared
         with last quarter, the employee count declined by 2,400 employees.

CAPITAL
o    CAPITAL PURCHASE PROGRAM: On January 9, 2009, the Company issued to the
     Treasury $3.39B of preferred shares, as well as warrants to purchase
     common shares for up to 15% of that amount, or 24.3MM shares, at a per
     share exercise price of $20.95. The preferred shares pay dividends at a
     rate of 5% annually for five years, and 9% thereafter. Pursuant to the
     terms of the American Recovery and Reinvestment Act, the Company may
     repurchase the preferred shares in whole or in part with the consent of
     the Treasury and the Federal Reserve. Additionally, so long as the
     preferred shares are outstanding, dividends on the Company's common
     shares may not exceed $0.18 per share in any quarter, and share
     repurchases, except those related to employee compensation programs and
     other limited circumstances, are not permitted, unless approved by the
     Treasury. The warrants have a ten-year term. The Treasury may not
     exercise more than one-half of the warrants prior to the earlier of
     December 31, 2009 and the date the Company receives proceeds of at least
     $3.39B from one or more equity offerings. These preferred shares and
     warrants were recorded in the equity section in the Company's balance
     sheet at $3.16B and $232MM, respectively, based on the relative fair
     value of each component when issued. The value of the preferred shares
     will accrete to the face value of $3.39B over five years. The Company
     recorded $72MM in preferred shares dividends in 1Q '09, $61MM of which
     was a cash dividend declared through May 15, 2009, and $11MM of which
     amounted to the accretion of preferred shares.

                                     -2-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

o    CAPITAL ASSISTANCE PROGRAM: On February 25, 2009, the Treasury released
     the terms of the supervisory Capital Assistance Program, ("CAP"). Under
     CAP, federal banking supervisors are conducting assessments to evaluate
     the capital needs of the major U.S. banking institutions under a base
     case and more adverse economic scenario. The Company and all other
     eligible banking institutions with assets in excess of $100B as of
     December 31, 2008 are participating in this assessment, which is expected
     to conclude at the end of April, 2009.

o    CAPITAL DISTRIBUTION TO SHAREHOLDERS: During 1Q '09, approximately 54% of
     capital generated was distributed to shareholders through our quarterly
     dividend, as earnings were suppressed by the challenging economic
     environment. On a cumulative basis, since 1994 the Company has
     distributed 68% of capital generated through share repurchases and
     dividends.

- -       SHARE REPURCHASES: During 1Q '09 and 4Q '08 no shares were
        repurchased, versus 5MM shares in 1Q '08. Share repurchases were
        suspended during 1Q '08 in light of the uncertain U.S. economic
        environment and as discussed above are subject to limitations under
        the CPP. 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
                                                           ----------------------
                                                           1Q '09  4Q '08  1Q '08
                                                           ------  ------  ------
           <S>                                              <C>     <C>     <C>
           Shares outstanding - beginning of period         1,160   1,160   1,158
           Repurchase of common shares                          -       -      (5)
           Employee benefit plans, compensation and other       8       -       5
                                                            -----   -----   -----
           Shares outstanding - end of period               1,168   1,160   1,158
                                                            =====   =====   =====
</Table>

o CAPITAL RATIOS:* As of March 31, 2009, the Company's key consolidated
  capital ratios, including the $3.39B of CPP proceeds, were as follows:

<Table>
<Caption>
                                                                           Tier 1 Risk-             Total Risk-
  ($ in B)                  Total Average  Tier 1 Leverage  Risk Weighted  Based Capital   Tier 2  Based Capital
            Tier 1 Capital    Assets**          Ratio          Assets         Ratio       Capital     Ratio
            ----------------------------------------------------------------------------------------------------
  <S>           <C>            <C>              <C>             <C>           <C>          <C>        <C>
  Reported      $13.8          $120.5           11.4%           $92.7         14.8%        $2.2       17.2%
</Table>


     Additionally, the Company also believes its ratio of Tangible Common
     Equity to Risk Weighted Assets ("TCE/RWA") provides further insight into
     the strength of its capital position. As of March 31, 2009, this ratio
     was 10.1%. [On a proforma basis, assuming consolidation of off-balance
     sheet loans and recognition of corresponding reserves per SFAS 140, this
     ratio would be 7.3%.***]

   * These ratios represent a preliminary estimate as of the date of this
     Earnings Supplement and may be revised in the Company's First Quarter
     2009 Form 10-Q. During the first quarter, the Company determined that its
     outstanding subordinated debentures due in 2036 qualifies as Tier 2
     capital.
  ** For the purpose of calculating the Tier 1 Leverage Ratio.
 *** Based upon common shareholders' equity of $12.4B, goodwill and intangibles
     of $3.0B and risk weighted assets of $92.7. Proforma for SFAS 140 assumes
     consolidation of off-balance sheet loans and the recognition of
     corresponding reserves.  TCE decreases by $1.1B for the incremental
     reserves and other adjustments and RWA increases by $20.5B to reflect the
     consolidation of loans.

FUNDING AND LIQUIDITY

o    FUNDING ACTIVITIES: During 1Q '09, the Company funded its business
     primarily through payments received from customers on contracting loan
     and receivable balances and its Federal Deposit Insurance Corporation
     ("FDIC") insured deposit-taking activities within its American Express
     Centurion Bank and American Express Bank, FSB subsidiaries (together, the
     "Banks"):

- -        DEPOSITS. As of March 31, 2009, the Company has accumulated $18.1B of
         funding through customer retail and institutional deposits, an
         increase of $2.6B from 4Q '08. The Company has accumulated $9.3B
         through the brokered retail certificate of deposit ("CD") program
         launched in October 2008, an increase of $3.1B from 4Q '08. Through
         offering deposits to sweep account holders at selected broker-dealer
         networks, the Company has raised $7.5B, an increase of $0.4B from 4Q
         '08. Institutional and other deposits declined $0.9B in the period.

- - FUNDING REQUIREMENTS: The maturities of the Company's long-term debt,
  debt issued in connection with off-balance sheet securitizations and
  long-term CDs for the following four quarters are as follows:

<Table>
<Caption>
                                          Funding Maturities, in billions
                                  ----------------------------------------------------
                                                                Certificates of
              Quarter Ending:     Long-Term  Off-Balance Sheet      Deposit      Total
              ---------------     ---------  -----------------  ---------------  -----
              <S>                  <C>            <C>               <C>          <C>
              June 30, 2009        $ 7.2          $0.6              $  -         $ 7.8
              September 30, 2009     2.6           2.7                 -           5.3
              December 31, 2009      2.8             -               1.7           4.5
              March 31, 2010         2.4           2.7               0.8           5.9
                                   -----          ----              ----         -----
                                   $15.0          $6.0              $2.5         $23.5
                                   =====          ====              ====         =====
</Table>

     The Company's current funding plan is lower than these debt maturities,
     primarily reflecting the anticipated continuation of spending-related and
     credit-related actions on the amount of the Company's cardmember
     receivables and loan balances.

                                     -3-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

o    FUNDING SOURCES: The Company currently has an objective to hold excess
     cash and readily marketable securities to satisfy all maturing
     obligations and fund normal business operations for in excess of a
     12-month period, with access to significant additional contingency
     liquidity sources, in the event that access to the traditional secured
     and unsecured fixed income capital markets remains unavailable. As of
     March 31, 2009 the Company held $25B of excess cash and readily
     marketable securities on its balance sheet.

     If conditions in the capital markets remain challenged, the Company
     expects that deposit-taking will continue to be its primary funding
     source. The Company plans to launch a direct deposit-taking program in 2Q
     '09, which will further extend its funding capabilities beyond the
     brokered retail CD and sweep account programs utilized to date. This
     program will make FDIC-insured CD and high-yield savings account products
     available directly from its banks to consumers.

     On March 3, 2009, the Department of the Treasury and the Federal Reserve
     Board announced the launch of the Term Asset-Backed Securities Loan
     Facility, ("TALF"). Securitized credit card receivables are eligible
     collateral under the TALF, provided the securities qualify for AAA
     ratings from two or more nationally recognized statistical rating
     organizations, ("NRSROs"). The Company is evaluating the marketplace
     acceptance of the TALF programs, and may supplement its deposit-taking
     activities by issuing TALF-eligible securities to meet its funding
     objectives during 2009. The Company believes that it can issue up to
     $9.8B of securities backed by its cardmember loans or receivables that
     would be eligible under this program.

     In addition to deposit and TALF funding, the Company can draw upon
various other funding resources:

- -        TLGP: Under the FDIC's Temporary Liquidity Guarantee Program
         ("TLGP"), the Banks, as FDIC depository institutions, can issue up to
         $13.3B of senior unsecured guaranteed debt. In the fourth quarter of
         2008, the Banks issued $5.9B of securities under this facility, and
         did not issue any securities in the first quarter of 2009. Therefore,
         capacity of $7.4B remains as of March 31, 2009. Issuance under the
         TLGP is currently scheduled to expire October 31, 2009.

- -        COMMERCIAL PAPER: The Company had continuous access to the commercial
         paper market throughout the quarter. In addition, the Commercial
         Paper Financial Facility ("CPFF") became operational on October 27,
         2008, and is currently set to expire on October 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. The commercial paper must be rated at
         least A1/P1/F1 by two or more major NRSROs to qualify for
         participation in the CPFF. At March 31, 2009, the Company had $1.8B
         of commercial paper outstanding, none of which was placed with the
         CPFF.

- -        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 March 31, 2009, 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 and $3.2B in 2011, with
         the remainder expiring in 2012.

- -        CONDUIT. The Company maintains an undrawn committed facility to
         purchase certificates backed by securitized credit card receivables
         up to $5B. The conduit expires on June 30, 2009.

OTHER ITEMS OF NOTE

o    REENGINEERING INITIATIVES: On October 30, 2008, the Company announced
     various reengineering initiatives which are expected to produce cost
     benefits of approximately $1.8B in 2009 from previously anticipated
     spending levels. These initiatives include: reducing staffing levels and
     compensation expenses (expected benefit of $700MM in 2009), reducing
     certain 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 these initiatives in 4Q '08,
     and as such, recorded a restructuring charge of $404MM ($262MM after-tax)
     in continuing operations, 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. The Company believes it is
     on track to realize the $1.8B of projected benefits over the course of
     2009.

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

                                     -4-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

     recognized $70MM from Visa for each of the past five quarters and $150MM
     from MasterCard for each of the past three quarters pursuant to these
     agreements.

     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 March 2009 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. Goodwill and intangible assets of $1.0B are recorded in the other
     assets line on the Consolidated Balance Sheet reflecting this
     transaction, primarily in the GCS segment.

     As of March 31, 2009, the GE commercial card relationships that have
     agreed to become GCS clients have migrated to the AXP network as the
     Company issues commercial cards to their employees. The classification
     will therefore be consistent with existing AXP relationships as cards
     issued and spending related to these relationships will be recorded as
     "cards-in-force" and "billed business" and the associated receivables
     will be reflected in the "cardmember receivables" line.

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 Hilton HHonors, launched a new premium co-branded credit card for
       U.S.-based consumers and announced several enhancements to the existing
       Hilton HHonors Card from American Express.
     - Introduced new options within the Membership Rewards program that allow
       Cardmembers to redeem points for gas cards, household appliances and
       gift cards at an expanded list of casual dining restaurants and a
       broader range of retailers.
     - Announced the expansion of the OPEN Savings program with the launch of
       partners Carey International and Epson America.

     In the GNS business we:
     - Appointed First Data as our exclusive merchant acquirer and merchant
       processor for American Express Card transactions in Poland.
     - Supported GNS partners in launching a wide range of new products:
       Swisscard Coop Verde American Express Card (Switzerland); United Mileage
       Plus American Express Credit Card from MBNA (United Kingdom); Cathay
       Pacific American Express Elite Credit Card (Philippines); Blue from
       American Express by Samsung Card (Korea); Singapore Airlines KrisFlyer
       American Express Gold Credit Card (Malaysia); and Sri Lankan Airlines
       Platinum American Express Card (Sri Lanka).
     - In China, our GNS partner, China CITIC Bank, announced the launch of
       the China CITIC Bank American Express Business Travel Account, a
       customizable, expense management solution that will help corporations
       in China manage their business travel expenses and savings.


                                     -5-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                                 CONSOLIDATED


(Preliminary)

                             STATEMENTS OF INCOME
                                 (GAAP basis)
<Table>
<Caption>
       (Millions, except per share amounts)                             Quarters Ended      Percentage
                                                                           March 31,         Inc/(Dec)
                                                                      -----------------     ----------
                                                                       2009      2008
                                                                       ----      ----
       <S>                                                            <C>        <C>           <C>
       Revenues
       Non-interest revenues
          Discount revenue                                            $3,066     $3,718        (18)%
          Net card fees                                                  532        531          -
          Travel commissions and fees                                    365        494        (26)
          Other commissions and fees                                     453        622        (27)
          Securitization income, net                                     141        444        (68)
          Other                                                          450        460         (2)
                                                                      ------     ------
             Total non-interest revenues                               5,007      6,269        (20)
                                                                      ------     ------
       Interest income
          Interest and fees on loans                                   1,292      1,671        (23)
          Interest and dividends on investment securities                154        186        (17)
          Deposits with banks and other                                   28         85        (67)
                                                                      ------     ------
             Total interest income                                     1,474      1,942        (24)
                                                                      ------     ------
       Interest expense
          Deposits                                                        85        149        (43)
          Short-term borrowings                                           27        161        (83)
          Long-term debt                                                 434        650        (33)
          Other                                                            9         11        (18)
                                                                      ------     ------
             Total interest expense                                      555        971        (43)
                                                                      ------     ------
               Net interest income                                       919        971         (5)
                                                                      ------     ------
       Total revenues net of interest expense                          5,926      7,240        (18)
                                                                      ------     ------
       Provisions for losses
          Charge card                                                    336        345         (3)
          Cardmember lending                                           1,414        809         75
          Other                                                           53         57         (7)
                                                                      ------     ------
             Total provisions for losses                               1,803      1,211         49
                                                                      ------     ------
       Total revenues net of interest expense after provisions for
          losses                                                       4,123      6,029        (32)
                                                                      ------     ------

       Expenses
          Marketing and promotion                                        345        594        (42)
          Cardmember rewards                                             846      1,040        (19)
          Cardmember services                                            111        122         (9)
          Salaries and employee benefits                               1,253      1,470        (15)
          Professional services                                          519        550         (6)
          Occupancy and equipment                                        358        375         (5)
          Communications                                                 104        115        (10)
          Other, net                                                      43        302        (86)
                                                                      ------     ------
</Table>
<Table>
       <S>                                                            <C>        <C>           <C>
             Total                                                     3,579      4,568        (22)
                                                                      ------     ------

       Pretax income from continuing operations                          544      1,461        (63)
       Income tax provision                                              101        417        (76)
                                                                      ------     ------
       Income from continuing operations                                 443      1,044        (58)
       Loss from discontinued operations, net of tax                      (6)       (53)       (89)
                                                                      ------     ------
       Net income                                                     $  437     $  991        (56)
                                                                      ======     ======

       Income from continuing operations attributable to common
         shareholders (A)                                             $  367     $1,038        (65)
                                                                      ======     ======
       Net income attributable to common shareholders (A)             $  361     $  985        (63)
                                                                      ======     ======

       Earnings Per Common Share-Basic
          Income from continuing operations attributable to common
            shareholders                                              $ 0.32     $ 0.90        (64)
          Loss from discontinued operations                            (0.01)     (0.05)       (80)
                                                                      ------     ------
          Net Income attributable to common shareholders              $ 0.31     $ 0.85        (64)
                                                                      ======     ======

       Earnings Per Common Share-Diluted
          Income from continuing operations attributable to common
            shareholders                                              $ 0.32     $ 0.89        (64)
          Loss from discontinued operations                            (0.01)     (0.04)       (75)
                                                                      ------     ------
          Net Income attributable to common shareholders              $ 0.31     $ 0.85        (64)
                                                                      ======     ======

       Average Shares Outstanding
          Basic                                                        1,156      1,153          -
                                                                      ======     ======
          Diluted                                                      1,156      1,163         (1)
                                                                      ======     ======
</Table>

       (A) Represents income from continuing operations or net income, as
           applicable, less (i) preferred shares dividends and related
           accretion of $72MM for 1Q '09 and (ii) earnings allocated to
           participating share awards of $4MM and $6MM for 1Q '09 and 1Q '08,
           respectively.

                                     -6-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

o    CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE: Consolidated total
     revenues net of interest expense decreased 18%, reflecting decreases
     versus last year of 17% in USCS, 14% in ICS, 17% in GCS and 17% in GNMS.
     Total revenues net of interest expense decreased due to lower discount
     revenues, lower total interest income, reduced securitization income,
     net, lower other commissions and fees, reduced travel commissions and
     fees and lower other revenues, partially offset by lower total interest
     expense. Net card fees were essentially flat to last year. Translation of
     foreign currency resulted in a 4% greater decline in the reported
     revenues net of interest expense growth rate.

o    CONSOLIDATED PROVISIONS FOR LOSSES: Consolidated provisions for losses
     increased 49% versus last year, reflecting an increase of 57% in USCS,
     46% in ICS, 13% in GNMS and a decrease of 24% in GCS. Provisions
     increased primarily reflecting higher cardmember lending reserve levels
     due to increased net write-off and past due loan levels, which more than
     offset the benefits of reduced average owned loan balances. Owned
     cardmember lending loss reserves of $3.0B increased $443MM in the
     quarter, including $93MM of reserves associated with a $1.5B increase in
     cardmember loans as a result of $1.5B of securitized debt maturities.
     Translation of foreign currency reduced the consolidated provisions for
     losses growth rate by approximately 3%.

o    CONSOLIDATED EXPENSES: Consolidated expenses decreased 22%, reflecting
     decreases of 15% in USCS, 20% in ICS, 11% in GCS and 32% in GNMS. The
     total expense decline reflected lower other, net expenses, decreased
     marketing and promotion expenses, reduced salaries and employee benefits
     expense, lower cardmember rewards expenses, decreased professional
     services costs, lower occupancy and equipment expenses and reduced
     communications and cardmember services expenses. Translation of foreign
     currency resulted in a 5% greater decline in the reported consolidated
     expenses growth rate.

o    PRE-TAX MARGIN: Was 9.2% of total revenues net of interest expense in
     1Q '09 compared with 20.2% in 1Q '08.

o    EFFECTIVE TAX RATE: Was 19% in 1Q '09 versus 29% in 1Q '08. Each of the
     periods reflects recurring permanent tax benefits; however, the lower 1Q
     '09 tax rate reflects the larger impact of these benefits on a decreased
     level of pre-tax income.

o    DISCOUNT REVENUE: Decreased 18%, on a 16% decrease in billed business.
     The greater revenue versus billed business decline primarily reflects the
     relatively faster growth in billed business related to GNS, where we
     share discount revenue with our card issuing partners.

     -   The average discount rate* was 2.56% in 1Q '09 versus 2.53% in 4Q '08
         and 2.57% in 1Q '08. The increase versus 4Q '08 reflects the normal
         seasonal impact of a relatively lower proportional level of
         non-T&E-related business volume in the first quarter. As indicated in
         prior quarters, selective re-pricing 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
                                                                 March 31,        Inc/(Dec)
                                                             ----------------    ----------
                                                              2009      2008
                                                              ----      ----
     <S>                                                     <C>       <C>           <C>
     Card billed business* (billions):
         United States                                       $ 97.4    $114.6        (15)%
         Outside the United States                             41.8      51.8        (19)
                                                             ------    ------
         Total                                               $139.2    $166.4        (16)
                                                             ======    ======
     Total cards-in-force (millions):
         United States                                         53.4      52.9          1
         Outside the United States                             38.2      35.1          9
                                                             ------    ------
         Total                                                 91.6      88.0          4
                                                             ======    ======
     Basic cards-in-force (millions):
         United States                                         41.6      41.4          -
         Outside the United States                             33.3      30.2         10
                                                             ------    ------
         Total                                                 74.9      71.6          5
                                                             ======    ======
     Average basic cardmember spending**
         United States                                       $2,587    $3,087        (16)
         Outside the United States                           $2,077    $2,723        (24)
         Total                                               $2,443    $2,984        (18)
</Table>

      * For additional information about billed business and discount rate
        calculations, please refer to the First Quarter 2009 Earnings Release,
        American Express Company Selected Statistical Information pages.
     ** Proprietary card activity only.

                                     -7-
<PAGE>
                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2009 OVERVIEW
                                  CONSOLIDATED

- - WORLDWIDE BILLED BUSINESS: The 16% decrease in worldwide billed business
  reflected decreases of 15% in USCS, 21% in ICS, 23% in GCS and 6% in GNS.
  The table below summarizes selected billed business related statistics for
  1Q '09:

<Table>
<Caption>
                                                                                                      Percentage
                                                                                                  Increase/(Decrease)
                                                                                                     Assuming No
                                                                                Percentage        Changes in Foreign
                                                                            Increase/(Decrease)     Exchange Rates
                                                                            ------------------    ------------------
             <S>                                                                   <C>                  <C>
             Worldwide*
                 Total billed business                                             (16)%                (12)%
                 Proprietary billed business                                       (17)                 (14)
                 GNS                                                                (6)                   8
                 Average spending per proprietary basic card                       (18)                 (14)
                 Basic cards-in-force                                                5
             U.S.*
                 Billed business                                                   (15)
                 Average spending per proprietary basic card                       (16)
                 Basic cards-in-force                                                -
                 Proprietary consumer card billed business**                       (16)
</Table>

<Table>
             <S>                                                                   <C>                  <C>
                 Proprietary small business billed business**                      (13)
                 Proprietary Corporate Services billed business***                 (19)
             Outside the U.S.*
                 Billed business                                                   (19)                  (3)
                 Average spending per proprietary basic card                       (24)                  (8)
                 Basic cards-in-force                                               10
                 Proprietary consumer and small business billed
                   business****                                                    (21)                  (5)
                 Proprietary Corporate Services billed business***                 (30)                 (15)
</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 71% of total U.S. billed business) declined 12%,
            while T&E volumes declined 20%.
         -- U.S. airline-related volume, which represented approximately 9% of
            total U.S. volumes during the quarter, decreased 26% due to a 23%
            decrease in the average airline charge and a 4% decline in airline
            transactions.
         -- Worldwide airline volumes, which represented approximately 10% of
            total volumes during the quarter, decreased 29% due to a 25%
            decrease in the average airline charge and a 6% decline in airline
            transactions.
         -- Assuming no changes in foreign exchange rates: Total billed
            business outside the U.S. reflected growth in the low-single
            digits in Latin America and Asia Pacific, and declines in the
            single digits in Europe and Canada.

- -        TOTAL CARDS-IN-FORCE: Rose 4% worldwide due to increases of 6% in GCS
         and 18% in GNS, partially offset by decreases of 1% in USCS and 2% in
         ICS. The increases in GCS were driven by the migration of CPS cards
         to the American Express network. The declines in USCS and ICS reflect
         more modest card acquisition activities and the effect of certain
         credit-related actions, including the cancellation of approximately
         500K consumer and small business cards, the majority of which came
         from ICS.

- -- Total cards-in-force declined in the U.S. and international markets by 600K
   and 200K, respectively, during the quarter.

o    NET CARD FEES: Were essentially flat to the prior year as a slight
     increase in the average fee per card offset a modest decline in total
     proprietary cards-in-force.

o    TRAVEL COMMISSIONS AND FEES:  Decreased 26%, primarily reflecting a 35%
     decrease in worldwide travel sales.

o    OTHER COMMISSIONS AND FEES: Decreased 27%, driven primarily by lower fees
     related to reduced average owned loan balances, credit-related actions
     and decreased cardmember spending levels.

o    SECURITIZATION INCOME, NET: Decreased 68%, primarily due to a lower
     excess spread, net, driven by increased write-offs and a $32MM decrease
     in the fair market value of the I/O Strip, which was partially offset by
     lower interest expense due to lower rates paid on variable-rate investor
     certificates. Securitization income, net represents the non-credit
     provision components of the gains from securitization activities within
     the USCS segment, fair value changes of the related I/O Strip and excess
     spread related to securitized loans and servicing income, net of related
     discounts or fees.

                                     -8-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

- - Components of Securitization Income, Net:

<Table>
<Caption>
                                                              Quarters Ended    Percentage
                                                                 March 31,       Inc/(Dec)
                                                              --------------    -----------
                                                              2009      2008
                                                              ----      ----
 (millions)
  <S>                                                         <C>       <C>       <C>
  Excess spread, net*                                         $  2      $310      (99)%
  Servicing fees                                               139       127        9
  Gain on sales from securitizations**                           -         7        #
                                                              ----      ----
  Total securitization income, net                            $141      $444      (68)
                                                              ====      ====
</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 ($93MM) of impact from cardmember loan maturities in 1Q
           '09 and $140MM and ($68MM) of impact from cardmember loan sales and
           maturities in 1Q '08, which are reflected in provisions for losses
           for each respective period.

- - The average balance of Cardmember lending securitizations was $27.7B in 1Q
  '09 compared with $25.5B in 1Q '08.

o    OTHER REVENUES: Decreased 2%, primarily reflecting lower publishing and
     other miscellaneous revenues partially offset by the CPS acquisition.

o TOTAL INTEREST INCOME:  Decreased 24%.

- - INTEREST AND FEES ON LOANS: Decreased 23%, primarily reflecting lower
average owned loan balances.

- - INTEREST AND DIVIDENDS ON INVESTMENT SECURITIES: Decreased 17%,
  primarily reflecting reduced investment yields which more than offset
  increased liquidity-related investment levels.

- - DEPOSITS WITH BANKS AND OTHERS: Decreased 67%, primarily due to
significantly lower yields.

o TOTAL INTEREST EXPENSE:  Decreased 43%.

- - DEPOSITS: Decreased 43%, due to a lower cost of funds which more than offset
increased balances.

- - SHORT-TERM BORROWINGS: Decreased 83%, due to a decrease in short-term debt
levels and a lower cost of funds.

- - LONG-TERM DEBT: Decreased 33%, primarily reflecting a lower cost of
  funds driven by reduced market rates on variably-priced debt,
  partially offset by an increased amount of average long-term debt
  outstanding.

- - OTHER:  Decreased $2MM.

o    CHARGE CARD PROVISION FOR LOSSES: Decreased 3%, as lower business volumes
     and receivable levels in 1Q '09 more than offset the impact of higher
     losses and past due receivables.

- - WORLDWIDE CHARGE CARD:*

- -- The write-off rates increased versus last year and last quarter. Past due
rate trends were mixed.
- -  WORLDWIDE CHARGE CARD:*
   -- The write-off rates increased versus last year and last quarter. Past
      due rate trends were mixed.

<Table>
<Caption>
                                                     3/09      12/08       3/08
                                                    ------    -------    -------
      <S>                                           <C>        <C>        <C>
      USCS Net write-off rate+                        4.9%       3.5%        3.6%
      ICS Net loss ratio as a % of charge volume     0.35%      0.30%       0.21%
      GCS Net loss ratio as a % of charge volume     0.17%      0.14%       0.12%

      USCS 30 days past due as a % of total           3.7%       3.7%        3.7%
      ICS 90 days past due as a % of total            3.3%       3.1%        2.2%
      GCS 90 days past due as a % of total            2.4%       2.7%        1.7%

      Worldwide Receivables (billions)              $30.3      $33.0      $ 39.0
      Reserves (millions)                           $ 810      $ 810      $1,221
      % of receivables                                2.7%       2.5%        3.1%
</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."
      + In the fourth quarter of 2008, the Company revised the time period in
        which past due cardmember receivables in USCS are written off to 180
        days past due, consistent with applicable regulatory guidance.
        Previously, receivables were written off when 360 days past due. The
        net write-offs for the fourth quarter 2008 include write-offs of
        $341MM resulting from this write-off methodology change, which is not
        reflected in the net write-off rate for USCS.


                                     -9-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

o    CARDMEMBER LENDING PROVISION FOR LOSSES: Increased 75%, primarily
     reflecting higher cardmember reserve levels due to increased net
     write-off and past due loan levels, which more than offset the benefits
     of lower average owned loan balances. Owned cardmember lending loss
     reserves of $3.0B increased $443MM in the quarter, including $93MM of
     reserves associated with a $1.5B increase in cardmember loans as a result
     of $1.5B of securitized debt maturities.

- - WORLDWIDE LENDING:*

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

<Table>
<Caption>
                                                     3/09     12/08      3/08
                                                   -------   -------    ------
      <S>                                          <C>        <C>       <C>
      Net write-off rate                              8.0%       6.5%      4.5%
      30 days past due as a % of loans                4.9%       4.4%      3.3%

      Total Loans (billions)                       $ 36.7     $ 42.2    $ 49.4
      Reserves (millions)                          $3,013     $2,570    $1,919
      % of total loans                                8.2%       6.1%      3.9%
      % of 30 days past due accounts                  168%       137%      118%
</Table>

     * All lending statistics are presented here on a GAAP or "Owned
       Basis". "Managed Basis" credit quality statistics are available
       in the First Quarter 2009 Earnings Release, American Express Company
       Consolidated Selected Statistical Information pages.

o OTHER PROVISION FOR LOSSES:  Decreased $4MM versus last year.

o MARKETING AND PROMOTION EXPENSES: Decreased 42%, reflecting lower
  discretionary investment spending per the Company's ongoing reengineering
  initiatives.

o CARDMEMBER REWARDS EXPENSE:  Decreased 19%, reflecting lower volume-driven
  rewards costs.

o CARDMEMBER SERVICES EXPENSES:  Decreased 9%.

o SALARIES AND EMPLOYEE BENEFITS EXPENSE: Decreased 15%, reflecting the
  impact of lower employee levels due to the Company's 4Q '08 reengineering
  activities and reduced incentive-related costs.

o PROFESSIONAL SERVICES EXPENSE: Decreased 6%, driven by lower technology
  and legal costs which more than offset higher credit and collection
  expenses.

o OCCUPANCY AND EQUIPMENT EXPENSE:  Decreased 5%, on lower rent and lease
  expenses.

o COMMUNICATIONS EXPENSE:  Decreased 10%, driven by lower volume-related costs.

o OTHER, NET EXPENSE: Decreased 86%, due to the 1Q '09 settlement payment
  from MasterCard, a $63MM favorable impact related to fair value hedge
  ineffectiveness and lower travel and entertainment expenses as part of
  the Company's ongoing reengineering initiatives.

                                     -10-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 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 March 31, 2009, the Company's "tangible
common equity" was $10B and its "total adjusted assets" as defined in the
Subordinated Debentures, were $149B. As of March 31, 2009, the consolidated
assets as reflected on the Company's balance sheet were $121B.

                               CORPORATE & OTHER

o Net income was $106MM in 1Q '09 compared with a net loss of $2MM in 4Q '08
and net income of $14MM in 1Q '08.

- - 1Q '09 included:

  -- $93MM and $43MM of after-tax income related to the MasterCard and Visa
     litigation settlements, respectively; and
  -- Higher interest expenses related to the cost of carrying increased levels
     of liquidity, partially offset by lower tax expenses.

- - 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.

- - 1Q '08 included:

  -- $43MM of after-tax income related to the Visa litigation settlement; and
  -- A $19MM after-tax charge related to the exit of certain AEB operations not
     sold.


                                     -11-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                              U.S. CARD SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP Basis)

(Preliminary)

<Table>
<Caption>
                                                                      Quarters Ended      Percentage
                                                                        March 31,          Inc/(Dec)
                                                                     ----------------     ----------
(millions)                                                             2009     2008
                                                                       ----     ----
<S>                                                                  <C>       <C>           <C>
Revenues
  Discount revenue, net card fees and other                          $2,205    $2,579        (15)%
  Securitization income, net                                            141       444        (68)
  Interest income                                                       946     1,308        (28)
  Interest expense                                                      218       609        (64)
                                                                     ------    ------
    Net interest income                                                 728       699          4
                                                                     ------    ------
Total revenues net of interest expense                                3,074     3,722        (17)
                                                                     ------    ------
Provisions for losses                                                 1,383       881         57
                                                                     ------    ------
Total revenues net of interest expense after provisions for losses    1,691     2,841        (40)
                                                                     ------    ------
Expenses
  Marketing, promotion, rewards and cardmember services                 889     1,144        (22)
  Salaries and employee benefits and other operating expenses           852       906         (6)
                                                                     ------    ------
    Total                                                             1,741     2,050        (15)
                                                                     ------    ------
Pretax segment (loss) income                                            (50)      791          #
Income tax (benefit) provision                                          (25)      268          #
                                                                     ------    ------
Segment (loss) income                                                $  (25)   $  523          #
                                                                     ======    ======
</Table>

# Denotes a variance of more than 100%.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                                      Quarters Ended      Percentage
                                                                         March 31,         Inc/(Dec)
                                                                     ----------------     ----------
                                                                       2009      2008
                                                                       ----      ----
<S>                                                                  <C>      <C>            <C>
Card billed business (billions)                                      $ 78.0    $ 92.1        (15)%
Total cards-in-force (millions)                                        43.4      43.8         (1)
Basic cards-in-force (millions)                                        32.3      32.7         (1)

Average basic cardmember spending* (dollars)                         $2,391    $2,838        (16)
Segment capital (millions)**                                         $4,846    $4,517          7
Return on average segment capital**                                     6.3%     37.9%
Return on average tangible segment capital**                            6.7%     39.4%
</Table>

*  Proprietary cards only.
** Segment capital includes an allocation attributable to goodwill and other
   intangibles.  Please refer to Appendix II of the First Quarter 2009
   Earnings Release or the components of ROSC and ROTSC.

    -    BILLED BUSINESS: The 15% decrease in billed business reflects lower
         average spending per proprietary basic cards-in-force and the reduced
         basic cards-in-force level.

         -- Within the U.S. consumer business, billed business decreased 16%;
            small business volumes declined by 13%.

    -    TOTAL CARDS-IN-FORCE: Decreased by 0.4MM, or 1%, versus last year,
         reflecting the reduced card acquisition activities and the effects of
         certain credit-related actions.

P&L DISCUSSION:

o    SEGMENT RESULTS: Reflected a loss of $25MM this year versus income of
     $523 last year. Total revenues net of interest expense declined 17%,
     provisions for losses increased 57% and expenses declined by 15%.

     - PRE-TAX MARGIN:  Was (1.6%) in 1Q '09 compared with 21.3% in 1Q '08.

     - EFFECTIVE TAX RATE: Was 50% in 1Q '09 compared with 34% in 1Q '08.
       The high rate in 1Q '09 reflects the impact of recurring tax benefits
       on a pre-tax loss and the lower rate in 1Q '08 reflects the
       resolution of certain tax items from prior years.

o    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 15%, due to lower
     billed business volumes and lower commissions and fees.

o    SECURITIZATION INCOME, NET: Decreased 68% primarily due to a lower excess
     spread, net, driven by increased write-offs and the charge to the fair
     value of the I/O Strip, which was partially offset by lower interest
     expense due to lower rates paid on variable-rate investor certificates.

o    INTEREST INCOME: Decreased 28%, due to a decline of 24% in the average
     owned lending balance and lower market interest rate-driven portfolio
     yields, partially offset by the benefits of certain pricing initiatives.

                                      -12-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                              U.S. CARD SERVICES

o    INTEREST EXPENSE: Decreased 64%, due to a lower market interest
     rate-driven cost of funds and reduced average owned cardmember lending
     and receivable balances.

o    PROVISIONS FOR LOSSES: Increased 57%, principally due to increased
     lending provisions reflecting higher net write-off and past due loan
     levels and reserves associated with a $1.5B increase in cardmember loans
     as a result of $1.5B of securitized debt maturities, partially offset by
     reduced loan and business volumes.


     -   CHARGE CARD: *
         --   The net write-off  rate increased  versus last year and last
              quarter.  The past due rate was unchanged versus last year and
              last quarter.

<Table>
<Caption>
                                                                      3/09     12/08       3/08
                                                                     ------   -------     ------
              <S>                                                     <C>      <C>         <C>
              Total Receivables (billions)                            $15.6    $17.8       $19.2
              Net write-off rate                                        4.9%     3.5%        3.6%
              30 days past due as a % of total                          3.7%     3.7%        3.7%
</Table>

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

<Table>
<Caption>
                                                                      3/09     12/08       3/08
                                                                     ------   -------     ------
              <S>                                                     <C>       <C>        <C>
              Total Loans (billions)                                  $28.2     $32.7      $38.0
              Net write-off rate                                        8.5%      7.0%       4.5%
              30 days past due as a % of total                          5.1%      4.7%       3.4%
</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.

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     22%, primarily due to lower volume-related rewards costs and reduced
     marketing and promotion expenses.

o    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Decreased
     6%, primarily due to a portion of the favorable impact related to fair
     value hedge ineffectiveness and benefits from the Company's reengineering
     initiatives, partially offset by costs associated with the Delta contract
     extension.

                                     -13-
<PAGE>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2009 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), 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 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 comprehensive portrayal 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 total 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
                                                                                  March 31,             Inc/(Dec)
                                                                            -------------------        ----------
         (millions)                                                           2009         2008
                                                                            ------       ------
         <S>                                                                <C>          <C>              <C>
         -   DISCOUNT REVENUE, NET CARD FEES AND OTHER:
               Reported for the period (GAAP)                               $2,205       $2,579           (15)%
               Securitization adjustments                                       99           73            36
                                                                            ------       ------
               Managed discount revenue, net card fees and other            $2,304       $2,652           (13)
                                                                            ======       ======
         -   INTEREST INCOME:
               Reported for the period  (GAAP)                              $  946       $1,308           (28)
               Securitization adjustments                                      886          903            (2)
                                                                            ------       ------
               Managed interest income                                      $1,832       $2,211           (17)
                                                                            ======       ======

         -   SECURITIZATION INCOME, NET:
               Reported for the period (GAAP)                               $  141       $  444           (68)
               Securitization adjustments                                     (141)        (444)          (68)
                                                                            ------       ------
               Managed securitization income, net                           $    -       $    -             -
                                                                            ======       ======

         -   INTEREST EXPENSE:
               Reported for the period  (GAAP)                              $  218       $  609           (64)
               Securitization adjustments                                       83          220           (62)
                                                                            ------       ------
               Managed interest expense                                     $  301       $  829           (64)
                                                                            ======       ======

         -   PROVISIONS FOR LOSSES:
               Reported for the period (GAAP)                               $1,383       $  881            57
               Securitization adjustments                                      636          387            64
                                                                            ------       ------
               Managed provisions for losses                                $2,019       $1,268            59
                                                                            ======       ======
</Table>
                                      -14-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                              U.S. CARD SERVICES

MANAGED P&L DISCUSSION

o    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 13%, largely due to
     lower billed business volumes and lower commissions and fees.

o    INTEREST INCOME: Decreased 17%, primarily due to a decrease of 8% in the
     average managed lending balance and lower market interest rate-driven
     portfolio yields partially offset by the benefits of certain pricing
     initiatives.

o    INTEREST EXPENSE: Decreased 64%, due to a lower market interest
     rate-driven cost of funds and lower average managed cardmember lending
     and receivable balances.

o    PROVISIONS FOR LOSSES: Increased 59%, principally due to increased
     lending provisions from higher net write-off and past due loan levels,
     partially offset by reduced loan and business volumes.


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

<Table>
<Caption>
                                                            3/09             12/08            3/08
                                                       --------------   --------------   --------------
          <S>                                               <C>              <C>             <C>
          Total Loans (billions)                            $56.5            $62.4           $63.6
          Net write-off rate                                  8.5%             6.7%            4.3%
          30 days past due as a % of total                    5.1%             4.7%            3.2%
</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>

                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                          INTERNATIONAL CARD SERVICES


                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP Basis)

   (Preliminary)

<Table>
<Caption>
                                                                                 Quarters Ended        Percentage
                                                                                    March 31,           Inc/(Dec)
                                                                               -------------------     ----------
   (millions)                                                                   2009         2008
                                                                                ----         ----
   <S>                                                                          <C>          <C>          <C>
   Revenues
       Discount revenue, net card fees and other                               $  772       $  937        (18)%
                                                                               ------       ------
       Interest income                                                            400          510        (22)
       Interest expense                                                           149          252        (41)
                                                                               ------       ------
         Net interest income                                                      251          258         (3)
                                                                               ------       ------
   Total revenues net of interest expense                                       1,023        1,195        (14)
                                                                               ------       ------
   Provisions for losses                                                          335          229         46
                                                                               ------       ------
   Total revenues net of interest expense after provisions for losses             688          966        (29)
                                                                               ------       ------
   Expenses
       Marketing, promotion, rewards and cardmember services                      258          358        (28)
       Salaries and employee benefits and other operating expenses                422          491        (14)
                                                                               ------       ------
         Total                                                                    680          849        (20)
                                                                               ------       ------
   Pretax segment income                                                            8          117        (93)
   Income tax benefit                                                             (31)         (16)        94
                                                                               ------       ------
   Segment income                                                              $   39       $  133        (71)
                                                                               ======       ======
</Table>

   STATISTICAL INFORMATION

<Table>
<Caption>
                                                                                 Quarters Ended        Percentage
                                                                                    March 31,           Inc/(Dec)
                                                                               -------------------     ----------
                                                                                2009         2008
                                                                               ------       ------
   <S>                                                                         <C>          <C>           <C>
   Card billed business (billions)                                             $ 20.5       $ 26.1        (21)%
   Total cards-in-force (millions)                                               15.8         16.1         (2)
   Basic cards-in-force (millions)                                               11.0         11.4         (4)
   Average basic cardmember spending* (dollars)                                $1,823       $2,309        (21)
   Segment capital (millions)**                                                $2,004       $2,041         (2)
   Return on average segment capital**                                           12.3%        16.4%
</Table>
<Table>
<Caption>
  <S>                                                                           <C>          <C>            <C>
  Return on average tangible segment capital**                                  16.6%        22.6%
</Table>

 * Proprietary cards only.
** Segment capital includes an allocation attributable to goodwill and other
   intangibles. Please refer to Appendix II of the First Quarter 2009 Earnings
   Release for the components of ROSC and ROTSC.

- -        BILLED BUSINESS: The 21% decrease in billed business reflects a 21%
         decrease in average spending per proprietary basic cards-in-force and
         a 4% decrease in basic cards-in-force.

         --   Adjusting for the impacts of foreign exchange translation,
              billed business decreased 5% and average spending per
              proprietary basic card-in-force decreased 5%. Volume declines
              within the major geographic regions were in the low single
              digits.

- -        TOTAL CARDS-IN-FORCE: Decreased by 0.3MM, or 2%, versus last year,
         reflecting the reduced card acquisition activities and the effects of
         certain credit-related actions, including the cancellation of
         approximately 350K inactive accounts in the quarter.

P&L DISCUSSION

o    SEGMENT INCOME: Decreased 71% to $39MM, as total revenues net of interest
     expense declined 14%, provisions for losses increased 46% and expenses
     decreased by 20%. Both the revenue and expense declines were inflated by
     the translation of foreign currency.

     - 1Q '08 included $1MM ($1MM after-tax) of reengineering reversals.

     - PRE-TAX MARGIN:  Was 0.8% in 1Q '09 compared with 9.8% in 1Q '08.

     - EFFECTIVE TAX RATE: Was (388%) in 1Q '09 compared with (14%) in 1Q
       '08. The rates in both periods reflect the impact of recurring tax
       benefits on varying pre-tax income. As indicated in previous
       quarters, this segment reflects an overall tax benefit which will
       likely continue going forward as the Company's internal tax
       allocation process provides ICS with the consolidated benefit related
       to its ongoing funding activities outside the U.S.

o    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 18%, driven
     primarily by the lower level of card spending, decreased other
     commissions and fees and lower travel commissions and fees.

                                      -16-
<PAGE>

                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                          INTERNATIONAL CARD SERVICES

o    INTEREST INCOME: Decreased 22% on a 21% reduction in average loans and
     lower interest on bank and other deposits, partially offset by a higher
     cardmember loan portfolio yield.

o    INTEREST EXPENSE:   Decreased 41%, on lower volumes and average loan
     balances and a decreased cost of funds.

o    PROVISIONS FOR LOSSES: Increased 46%, primarily due to increased net
     write-off and past due levels partially offset by lower loan and business
     volumes.


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

<Table>
<Caption>
                                                         3/09            12/08            3/08
                                                     ------------     -----------     -----------
            <S>                                         <C>              <C>             <C>
            Total Receivables (billions)                $ 5.0            $ 5.6           $ 6.3
            Net loss ratio as a % of charge volume       0.35%            0.30%           0.21%
            90 days past due as a % of total              3.3%             3.1%            2.2%
</Table>

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

<Table>
<Caption>
                                                         3/09            12/08            3/08
                                                     ------------     -----------     -----------
            <S>                                          <C>              <C>            <C>
            Cardmember Loans (billions)                  $8.5             $9.5           $11.4
            Net write-off rate                            6.4%             5.1%            4.4%
            30 days past due as a % of total              4.2%             3.6%            3.0%
</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."

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     28%, reflecting reduced marketing and promotion spending and lower
     volume-related rewards costs.

o    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Decreased
     14%, primarily due to the benefit from the Company's reengineering
     initiatives.

                                     -17-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                          GLOBAL COMMERCIAL SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP Basis)

   (Preliminary)

<Table>
<Caption>
                                                                                 Quarters Ended        Percentage
                                                                                    March 31,           Inc/(Dec)
                                                                               -------------------     ----------
   (millions)                                                                   2009         2008
                                                                                -----       ------
   <S>                                                                          <C>         <C>           <C>
   Revenues
       Discount revenue, net card fees and other                                $ 981       $1,235        (21)%
                                                                                -----       ------
       Interest income                                                             21           46        (54)
       Interest expense                                                            58          137        (58)
                                                                                -----       ------
         Net interest income                                                      (37)         (91)        (59)
                                                                                -----       ------
   Total revenues net of interest expense                                         944        1,144        (17)
                                                                                -----       ------
   Provisions for losses                                                           47           62        (24)
                                                                                -----       ------
   Total revenues net of interest expense after provisions for losses             897        1,082        (17)
                                                                                -----       ------
   Expenses
       Marketing, promotion, rewards and cardmember services                       79           86         (8)
       Salaries and employee benefits and other operating expenses                690          778        (11)
                                                                                -----       ------
         Total                                                                    769          864        (11)
                                                                                -----       ------
   Pretax segment income                                                          128          218        (41)
   Income tax provision                                                            42           67        (37)
                                                                                -----       ------
   Segment income                                                               $  86       $  151        (43)
                                                                                =====       ======
</Table>

   STATISTICAL INFORMATION

<Table>
<Caption>
                                                                                 Quarters Ended        Percentage
                                                                                    March 31,           Inc/(Dec)
                                                                               -------------------     ----------
                                                                                2009         2008
                                                                                ----         ----
   <S>                                                                         <C>          <C>           <C>
   Card billed business (billions)                                             $ 25.1       $ 32.8        (23)%
   Total cards-in-force (millions)                                                7.3          6.9          6
   Basic cards-in-force (millions)                                                7.3          6.9          6
   Average basic cardmember spending* (dollars)                                $3,517       $4,770        (26)
   Segment capital (millions)**                                                $3,439       $3,352          3
   Return on average segment capital**                                           12.8%        23.2%
   Return on average tangible segment capital**                                  29.2%        42.4%
</Table>

 * Proprietary cards only.
** Segment capital includes an allocation attributable to goodwill and other
   intangibles. Please refer to Appendix II of the First Quarter 2009 Earnings
   Release for the components of ROSC and ROTSC.

     -   BILLED BUSINESS: The 23% decrease in billed business reflects a 26%
         decline in average spending per proprietary basic cards-in-force
         partially offset by a 6% 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 18% and 21%, respectively. Volume
              decreases of 19% within the U.S. compared to results within
              other major geographic regions ranging from double digit
              declines in Asia Pacific and Europe, high single digit declines
              in Canada and low single digit increases in Latin America.

     -   TOTAL CARDS-IN-FORCE: Increased by 0.4MM, or 6%, versus last year,
         driven by the migration of CPS cards onto the AXP network.

P&L DISCUSSION

o    SEGMENT INCOME: Decreased 43% to $86MM as total revenues net of interest
     expense decreased 17%, provisions for losses decreased 24% and expenses
     declined by 11%. Both the revenue and expense declines were inflated by
     the translation impact of a comparatively stronger dollar, and reflected
     the inclusion of the CPS acquisition this year.

     -   1Q '09 and 1Q '08 included $2MM ($1MM after-tax) of reengineering
         costs and $3MM ($2MM after-tax) of reengineering reversals,
         respectively.

     - PRE-TAX MARGIN:  Was 13.6% in 1Q '09 compared with 19.1% in 1Q '08.

     - EFFECTIVE TAX RATE:  Was 33% in 1Q '09 compared with 31% in 1Q '08.

o    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 21%, driven
     primarily by the reduced level of card spending, as well as lower travel
     commissions and fees, partially offset by higher other revenues from the
     CPS acquisition.

o    INTEREST INCOME: Decreased 54%, driven by lower deposit-related income.

                                     -18-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                          GLOBAL COMMERCIAL SERVICES

o    INTEREST EXPENSE: Decreased 58%, due to a lower cost of funds and lower
     average receivables partially offset by the cost of funding the CPS
     acquisition.

o    PROVISIONS FOR LOSSES:  Decreased $15MM.

- - CHARGE CARD: *

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

<Table>
<Caption>
                                                        3/09       12/08      3/08
                                                       -------    -------    -------
       <S>                                              <C>        <C>        <C>
       Total Receivables (billions)                     $ 9.6      $ 9.4      $12.8
       Net loss ratio as a % of charge volume            0.17%      0.14%      0.12%
       90 days past due as a % of total                   2.4%       2.7%       1.7%
</Table>

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

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES:  Decreased
     8%, reflecting lower volume-related rewards costs.

o    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Decreased
     11%, due in part to the benefits from the Company's reengineering
     initiatives partially offset by the expenses related to the CPS
     acquisition.

                                     -19-
<PAGE>

                           AMERICAN EXPRESS COMPANY
                          FIRST QUARTER 2009 OVERVIEW
                      GLOBAL NETWORK & MERCHANT SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP Basis)

(Preliminary)

<Table>
<Caption>
                                                                             Quarters Ended    Percentage
                                                                                March 31,      Inc/(Dec)
                                                                            ----------------   ----------
(millions)                                                                   2009     2008
                                                                            ------   ------
<S>                                                                           <C>       <C>       <C>
Revenues
    Discount revenue, fees and other                                          $813   $  942       (14)%
                                                                            ------   ------
    Interest income                                                              1        1         -
    Interest expense                                                           (22)     (60)      (63)
                                                                            ------   ------
      Net interest income                                                       23       61       (62)
                                                                            ------   ------
Total revenues net of interest expense                                         836    1,003       (17)
                                                                            ------   ------
 Provisions for losses                                                          35       31        13
                                                                            ------   ------
Total revenues net of interest expense after provisions for losses             801      972       (18)
                                                                            ------   ------
Expenses
    Marketing and promotion                                                     64      136       (53)
    Salaries and employee benefits and other operating expenses                372      501       (26)
                                                                            ------   ------
      Total                                                                    436      637       (32)
                                                                            ------   ------
Pretax segment income                                                          365      335         9
Income tax provision                                                           128      112        14
                                                                            ------   ------
Segment income                                                                $237   $  223         6
                                                                            ======   ======
</Table>

  STATISTICAL INFORMATION

<Table>
<Caption>
                                                                             Quarters Ended    Percentage
                                                                                March 31,      Inc/(Dec)
                                                                            ----------------   ----------
                                                                             2009      2008
                                                                            ------    ------
  <S>                                                                       <C>       <C>         <C>
  Global card billed business* (billions)                                   $139.2    $166.4      (16)%
  Segment capital (millions)**                                              $1,716    $1,167       47
  Return on average segment capital**                                         70.6%     91.3%
  Return on average tangible segment capital**                                72.4%     94.2%

  Global Network Services:
  Card billed business (billions)                                            $14.8     $15.7       (6)
  Total cards-in-force (millions)                                             25.1      21.2       18
</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 II of the First Quarter 2009 Earnings
   Release for the components of ROSC and ROTSC.

P&L DISCUSSION

o    SEGMENT INCOME: Increased 6%, to $237MM as total revenues net of interest
     expense declined 17%, provisions for losses increased by $4MM and
     expenses decreased by 32%. Both the revenue and expense declines were
     inflated by the translation impact of a comparatively stronger dollar.

     - 1Q '09 and 1Q '08 included $3MM ($2MM after-tax) and $1MM
       ($0MM after-tax), respectively, of reengineering reversals.

     - PRE-TAX MARGIN:  Was 43.7% in 1Q '09 compared with 33.4% in 1Q '08.

     - EFFECTIVE TAX RATE:  Was 35% in 1Q '09 compared with 33% in 1Q '08.

o    DISCOUNT REVENUE, FEES AND OTHER REVENUE: Decreased 14%, reflecting a
     decline in merchant-related revenues, primarily from the 16% decrease in
     global card billed business.

o    INTEREST INCOME:  Was flat versus the prior year.

o    INTEREST EXPENSE: The expense credit decreased 63% due to lower volumes
     and 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 $4MM.

o    MARKETING AND PROMOTION EXPENSES: Decreased 53%, reflecting lower brand
     and merchant-related marketing and promotion costs due to the Company's
     reengineering initiatives.

o    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Decreased
     26%, primarily due to higher litigation-related expenses in 1Q '08 and
     the benefits from the Company's reengineering initiatives.

                                     -20-
<PAGE>
             INFORMATION RELATED TO FORWARD-LOOKING STATEMENTS

 THIS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS, WHICH ARE SUBJECT TO RISKS
AND UNCERTAINTIES. THE FORWARD-LOOKING STATEMENTS, WHICH ADDRESS THE COMPANY'S
EXPECTED BUSINESS AND FINANCIAL PERFORMANCE, AMONG OTHER MATTERS, CONTAIN
WORDS SUCH AS "BELIEVE," "EXPECT," "ANTICIPATE," "OPTIMISTIC," "INTEND,"
"PLAN," "AIM," "WILL," "MAY," "SHOULD," "COULD," "WOULD," "LIKELY," AND
SIMILAR EXPRESSIONS. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON
THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH
THEY ARE MADE. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY
FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS INCLUDE, BUT ARE NOT LIMITED
TO, THE FOLLOWING: 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 (I) 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, (II) THE
EFFECTIVENESS OF THE COMPANY'S CREDIT MODELS AND (III) THE ULTIMATE OUTCOME OF
CERTAIN PROPOSED LEGISLATIVE INITIATIVES AFFECTING THE CREDIT CARD BUSINESS;
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 AND THE PERCEPTION OF THE COMPANY'S SERVICES, PRODUCTS AND BRANDS;
THE COMPANY'S NEAR-TERM WRITE-OFF RATES, INCLUDING THOSE FOR THE SECOND, THIRD
AND FOURTH QUARTERS OF 2009, WHICH WILL DEPEND IN PART ON CHANGES IN THE LEVEL
OF THE COMPANY'S LOAN BALANCES, DELINQUENCY RATES OF CARDMEMBERS AND
UNEMPLOYMENT AND BANKRUPTCY RATES; DIFFERENCES BETWEEN OWNED (I.E., GAAP) AND
MANAGED WRITE-OFF RATES WHICH CAN BE IMPACTED BY FACTORS SUCH AS THE VARIOUS
TYPES OF CUSTOMER ACCOUNTS IN THE PORTFOLIOS OF THE COMPANY AND THE LENDING
SECURITIZATION TRUST; 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
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 LONG-TERM ON AVERAGE AND OVER
TIME FINANCIAL TARGETS; THE ACTUAL AMOUNT TO BE SPENT BY THE COMPANY ON
MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES BASED ON MANAGEMENT'S
ASSESSMENT OF COMPETITIVE OPPORTUNITIES AND OTHER FACTORS AFFECTING ITS
JUDGMENT; THE ABILITY TO CONTROL AND MANAGE OPERATING, INFRASTRUCTURE,
ADVERTISING AND PROMOTION EXPENSES AS BUSINESS EXPANDS OR CHANGES, INCLUDING
THE ABILITY TO ACCURATELY ESTIMATE THE PROVISION FOR THE COST OF THE
MEMBERSHIP REWARDS PROGRAM; FLUCTUATIONS IN FOREIGN CURRENCY EXCHANGE RATES;
THE COMPANY'S ABILITY TO GROW ITS BUSINESS AND GENERATE EXCESS CAPITAL AND
EARNINGS IN A MANNER AND AT LEVELS THAT WILL ALLOW THE COMPANY TO RETURN A
PORTION OF CAPITAL TO SHAREHOLDERS, WHICH WILL DEPEND ON THE COMPANY'S ABILITY
TO MANAGE ITS CAPITAL NEEDS, AND THE EFFECT OF BUSINESS MIX, ACQUISITIONS AND
RATING AGENCY AND REGULATORY REQUIREMENTS, INCLUDING THOSE ARISING FROM THE

                                     -21-
<PAGE>
COMPANY'S STATUS AS A BANK HOLDING COMPANY; THE ABILITY OF THE COMPANY TO MEET
ITS OBJECTIVES WITH RESPECT TO THE GROWTH OF ITS BROKERED RETAIL CD PROGRAM
AND BROKERAGE SWEEP ACCOUNT PROGRAM AND THE IMPLEMENTATION OF ITS DIRECT
DEPOSIT INITIATIVE; THE SUCCESS OF THE GLOBAL NETWORK SERVICES BUSINESS IN
PARTNERING WITH BANKS IN THE UNITED STATES, WHICH WILL DEPEND IN PART ON THE
EXTENT TO WHICH SUCH BUSINESS FURTHER ENHANCES THE COMPANY'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 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 AIR LINES/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; 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 AND THE
ABILITY OF OUR CHARGE CARD AND LENDING TRUSTS TO MAINTAIN EXCESS SPREADS AT
LEVELS SUFFICIENT TO AVOID MATERIAL SET-ASIDES OR EARLY AMORTIZATION OF OUR
CHARGE CARD AND LENDING SECURITIZATIONS, WHICH WILL DEPEND ON VARIOUS FACTORS
SUCH AS INCOME DERIVED FROM THE RELEVANT PORTFOLIOS AND THEIR RESPECTIVE
CREDIT PERFORMANCES; THE COMPANY'S ABILITY TO AVOID MATERIAL LOSSES ON ITS
INVESTMENT PORTFOLIO, INCLUDING ITS INVESTMENTS IN STATE AND MUNICIPAL
OBLIGATIONS, THE ISSUERS OF WHICH COULD BE ADVERSELY AFFECTED BY THE
CHALLENGING ECONOMIC ENVIRONMENT; THE COMPANY'S ABILITY TO INVEST IN
TECHNOLOGY ADVANCES ACROSS ALL AREAS OF ITS BUSINESS TO STAY ON THE LEADING
EDGE OF TECHNOLOGIES APPLICABLE TO THE PAYMENT INDUSTRY; THE COMPANY'S ABILITY
TO ATTRACT AND RETAIN EXECUTIVE MANAGEMENT AND OTHER KEY EMPLOYEES IN LIGHT OF
THE LIMITATIONS ON COMPENSATION IMPOSED ON PARTICIPANTS IN THE U.S. DEPARTMENT
OF THE TREASURY'S CAPITAL PURCHASE PROGRAM IN WHICH THE COMPANY IS A
PARTICIPANT; 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
RECENTLY ADOPTED BY FEDERAL BANK REGULATORS RELATING TO CERTAIN CREDIT AND
CHARGE CARD PRACTICES, INCLUDING, AMONG OTHERS, THE IMPOSITION BY CARD ISSUERS
OF INTEREST RATE INCREASES ON OUTSTANDING BALANCES AND THE ALLOCATION OF
PAYMENTS IN RESPECT OF OUTSTANDING BALANCES WITH DIFFERENT INTEREST RATES,
WHICH COULD HAVE AN ADVERSE IMPACT ON THE COMPANY'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, 2008, AND THE COMPANY'S OTHER REPORTS FILED WITH THE SEC.

                                     -22-
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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