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

                          [LOGO OF AMERICAN EXPRESS(R)]

                                      2009
                                 Second Quarter
                               Earnings Supplement

The enclosed summary should be read in conjunction with the text and statistical
tables included in American Express Company's (the "Company" or "AXP") Second
Quarter 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 23 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
                          SECOND QUARTER 2009 OVERVIEW
                                  CONSOLIDATED

FINANCIAL RESULTS

.    Second quarter diluted EPS from continuing operations attributable to
     common shareholders of $0.09 decreased 84% versus $0.56 last year. Total
     revenues net of interest expense decreased 18%. Return on average common
     equity ("ROCE") was 12.0% and return on average tangible common equity
     ("ROTCE"), which excludes goodwill and intangibles, was 15.6%.[Footnote 1]

     .    2Q '09 Income from continuing operations included:

          .    A $211MM ($135MM after-tax) gain on the sale of 50% of the
               Company's equity holdings of Industrial and Commercial Bank of
               China ("ICBC"), as discussed further on page 5; and

          .    $182MM ($118MM after-tax) of net reengineering costs, primarily
               reflecting a restructuring charge related to the Company's
               ongoing reengineering initiatives, as discussed further on pages
               4-5.

     .    Additionally, as per GAAP accounting requirements, the 2Q '09 EPS from
          continuing operations attributable to common shareholders was
          negatively impacted by $0.18 per share as a result of the accelerated
          accretion of the dividends on the preferred shares repurchased from
          the United States Department of the Treasury ("The Treasury") under
          the terms of the Capital Purchase Program ("CPP"), as discussed
          further on pages 2-3.

          .    Excluding the impact of the accelerated accretion, adjusted
               diluted EPS from continuing operations attributable to common
               shareholders would have been $0.27.

     .    2Q '08 Income from continuing operations included:

          .    A $136MM ($85MM after-tax) charge to the fair market value of the
               Company's interest-only strip ("I/O Strip"); and

          .    $7MM ($4MM after-tax) of reengineering costs.

     .    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.

          .    2Q '09 results included $5MM of losses from discontinued
               operations versus $7MM of losses last year.

     .    Including discontinued operations, diluted EPS on a net income basis
          attributable to common shareholders of $0.09 decreased 84% versus
          $0.56 last year.

BUSINESS METRICS

.    Compared with the second quarter of 2008:

     .    Worldwide billed business of $151.4B 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 3% greater decline versus last year within the reported worldwide
          growth rate.

     .    Worldwide total cards-in-force of 88.5MM decreased 2%, or 1.6MM, from
          2Q '08 and decreased 3%, or 3.1MM, from 1Q '09. As part of an ongoing
          strategy to mitigate credit risk, approximately 2.7MM inactive cards
          were cancelled during the quarter, with 2.6MM in U.S. Card Services
          ("USCS") and approximately 60K within International Card Services
          ("ICS"). The impact versus last year was partially offset by the
          migration of cards from GE's commercial card and corporate purchasing
          unit, Corporate Payment Services ("CPS"), to the American Express
          network primarily in 1Q '09.

     .    Worldwide average spending per proprietary basic cards-in-force
          decreased 15% versus last year reflecting the impact of the weaker
          economic environment in both the U.S. and international markets, which
          was partially offset by the effect of the inactive card cancellations
          referenced above. A comparatively stronger U.S. dollar resulted in a
          3% greater decline versus last year within the reported average
          spending growth rate.

     .    Worldwide owned cardmember lending balances of $32.5B decreased 34%
          from last year. On a managed basis, including securitized loans,
          cardmember lending balances of $62.9B declined 18%. These decreases
          reflected lower cardmember spending levels and the Company's
          credit-related actions in the U.S. and certain international markets.

FINANCIAL HIGHLIGHTS

.    Net Income Attributable To Common Shareholders: Income from continuing
     operations attributable to common shareholders of $107MM and net income
     attributable to common shareholders of $102MM both include the impacts of
     the preferred shares dividends and related accretion, including the
     accelerated accretion upon repayment of the preferred shares referenced
     above, and earnings allocated to participating share awards discussed
     below.

     .    Preferred Shares Dividends and Related Accretion: In 2Q '09, the
          Company recorded $22MM of dividends and related accretion on the
          preferred shares issued to the Treasury as part of its participation
          in the CPP, as discussed further on pages 2-3.

     .    Earnings Allocated to Participating Share Awards: In accordance with
          the adoption of FSP EITF 03-6-1, 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 was retroactively
          applied to all prior periods beginning in 1Q '09. Under this method
          earnings allocated to participating shares awards were $1MM in 2Q '09
          versus $3MM in 2Q '08.

----------
[FOOTNOTE 1]
     Please refer to Appendix I of the Second 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.


                                       1

<PAGE>
                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                                  CONSOLIDATED

.    Securitization Income, Net: Decreased to ($2MM) versus $227MM in 2Q '08
     primarily due to lower excess spread, net, driven by increased write-offs,
     partially offset by the 2Q '08 charge to the fair value of the I/O Strip
     and 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 June 30, 2009, the fair market value of the I/O Strip was $0
     versus $136MM as of June 30, 2008.

.    Total Interest Income: Decreased 31%, due to lower interest and fees on
     loans, primarily reflecting a lower average owned loan balance, as well as
     lower yields on investment deposits and securities, partially offset by a
     higher average balance of liquidity-related investments.

.    Total Interest Expense: Decreased 39%, 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, as well as lower average balances of
     short-term borrowings.

.    Total Provisions for Losses: Decreased 13%, primarily reflecting lower
     owned lending balances, partially offset by higher cardmember lending
     reserve levels due to increased net write-off and past due loan levels.
     Cardmember lending loss reserves of $3.2B increased $206MM in the quarter.

     .    USCS lending net write-off rates for 2Q '09 were better than
          previously forecasted, primarily due to lower than expected cardmember
          bankruptcy levels. Assuming delinquencies continue around current
          levels and bankruptcies increase somewhat, the Company believes that
          it is highly likely that its USCS managed lending net write-off rates
          for 3Q '09 and 4Q '09 will be less than 10%. If these circumstances
          occur, the Company would expect to utilize a significant portion of
          the provision for losses benefit resulting from better than forecasted
          credit performance on selective investments and other business
          initiatives during 3Q '09 and 4Q '09.[FOOTNOTE 2]

.    Marketing and Promotion Expenses: Decreased 47%, reflecting lower
     discretionary investment spending due to the Company's ongoing
     reengineering initiatives.

.    Cardmember Rewards Expense: Decreased 9%, primarily reflecting lower
     overall rewards-related spending volumes, partially offset by a slightly
     higher Membership Rewards redemption rate and a relatively lower decline in
     co-brand spending volumes.

.    Salaries and Employee Benefits Expense: Decreased 8%, reflecting lower
     employee levels due to the Company's ongoing reengineering initiatives and
     reduced incentive-related costs, partially offset by the $154MM of net
     severance-related costs, as discussed further on pages 4-5.

     .    Compared with last year, the total employee count from continuing
          operations of 60,700 decreased by 5,800 employees, or 9%. Compared
          with last quarter, the employee count declined by 2,900 employees, or
          5%.

.    Segment Interest Expense Allocations: Beginning 1Q '09, the Company 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, 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 within USCS and Global Commercial Services, or
     "GCS") and are now being reported in the Corporate & Other segment. The
     segment results for quarters prior to 1Q '09 have not been revised for this
     change.

CAPITAL

.    CPP, Supervisory Capital Assistance Program and Equity Issuance: 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 paid dividends at a rate of 5% annually for five years, and 9%
     thereafter. The warrants have a 10 year term. In 1Q '09, 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
     was scheduled to accrete to the face value of $3.39B over five years.

     On February 25, 2009, the Treasury released the terms of the Supervisory
     Capital Assistance Program ("SCAP"). Under SCAP, federal banking
     supervisors conducted 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 participated in this
     assessment. On May 7, 2009, the Company received a final report from the
     Federal Reserve concluding that there would be "no capital need" under the
     more adverse economic assumptions modeled in the SCAP.

     In accordance with guidance from bank regulators and as a pre-condition to
     the repurchase of the preferred shares issued to the Treasury under the
     CPP, the Company was required to issue long-term debt that was not backed
     by government guarantees, and common equity, in the public markets.
     Accordingly, on May 18, 2009, the Company completed the sale of $3.0B of
     non-guaranteed senior debt. On June 5, the Company closed on a $500MM
     public offering of its common stock through the issuance of 19.8MM common
     shares at a price of $25.25 per share. The underwriters retained a 30-day
     option to purchase 3.0MM additional shares. On June 10, the underwriters
     exercised that option and the Company issued an incremental 1.9MM common
     shares.

----------------------------------
[FOOTNOTE 2]
  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. See the Forward-Looking Statements on page 23 for certain risk factors
  relating to the estimated net write-off rates above.

                                        2
<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                                  CONSOLIDATED


     On June 9, 2009, the Company announced that it had received notification
     from the Treasury that it had met all of the requirements to repurchase the
     CPP preferred shares, and completed this purchase on June 17, 2009.

     Upon repurchase, the accretion to face value of the preferred shares was
     accelerated, amounting to a one-time negative EPS impact during the quarter
     of $212MM, or $0.18 per basic and diluted common share. The Company also
     recorded $13MM in preferred shares dividends in 2Q '09, as well as $9MM
     related to the accretion of the preferred shares, for the period ended June
     17, 2009 when the shares were repurchased, which further reduced 2Q '09
     diluted EPS by approximately $0.02 per share.

     On July 1, the Company submitted notice to the Treasury of its intent to
     repurchase the warrants issued under the CPP program, including the
     Company's determination of fair market value. Discussions regarding this
     request are ongoing.

.    Capital Distribution to Shareholders: During 2Q '09, approximately 151% of
     capital generated was distributed to shareholders through our quarterly
     common share dividend, as earnings were suppressed by the challenging
     economic environment and capital generation was reduced by the preferred
     share dividends and related accelerated accretion. On a cumulative basis,
     since 1994 the Company has distributed 69% of capital generated through
     share repurchases and dividends.

     .    Shares Outstanding and Repurchase Activity: Total shares outstanding
          increased by 21MM during 2Q '09 primarily reflecting the impact of the
          common share equity issuance. No shares have been repurchased over the
          past four quarters, as share repurchases were suspended during 1Q '08
          in light of the challenging global economic environment and
          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
                                                 ------------------------
                                                 2Q '09   1Q '09   2Q '08
                                                 ------   ------   ------
<S>                                              <C>      <C>      <C>
Shares outstanding - beginning of period          1,168    1,160    1,158
Issuance of common shares                            22       --       --
Repurchase of common shares                          --       --       --
Employee benefit plans, compensation and other       (1)       8        1
                                                 ------   ------   ------
Shares outstanding - end of period                1,189    1,168    1,159
                                                 ======   ======   ======
</TABLE>

.    Capital Ratios:[FOOTNOTE 3] On May 22, 2009, the Company announced
     modifications to the American Express Credit Account Master Trust (the
     "Master Trust"). For additional information regarding these modifications
     to the Master Trust, refer to page 5. Beginning in 2Q '09, these actions
     result in the inclusion of the Master Trust's assets as risk-weighted
     assets for regulatory capital purposes. As of June 30, 2009, the Company's
     key consolidated capital ratios 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
                           [FOOTNOTE 4]
          --------------  -------------  ---------------  -------------  --------------  -------  -------------
<S>       <C>             <C>            <C>              <C>            <C>             <C>      <C>
Reported       $11.0          $116.7           9.4%           $114.4            9.6%      $2.3         11.7%
</TABLE>

     Additionally, the Company also believes that its Tangible Common Equity to
     Risk Weighted Assets ("TCE/RWA") and Tier 1 Common Equity to Risk Weighted
     Assets ratios provide further insight into the strength of its capital
     position. As of June 30, 2009, these ratios were 9.1% and 9.6%,
     respectively. On a pro forma basis, assuming recognition of corresponding
     reserves per the proposed amendments to SFAS 140, these ratios would be
     7.6% and 8.1%, respectively.[FOOTNOTE 5]

FUNDING AND LIQUIDITY

.    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, in
     addition to having access to significant additional contingent liquidity
     sources, in the event that access to its traditional secured and unsecured
     funding sources should become unavailable. As of June 30, 2009, the Company
     held $22B of excess cash and readily marketable securities on its balance
     sheet.

     The Company expects that brokered and direct retail deposits will be its
     primary funding source for the remainder of 2009. The Company offers
     brokered deposits within its American Express Centurion Bank and American
     Express Bank, FSB subsidiaries (together, the "Banks"). These funds are
     insured up to $250,000 through the Federal Deposit Insurance Corporation
     ("FDIC"). In addition, the Company launched its direct deposit-taking
     program, Personal Savings from American Express, during 2Q '09. This
     program makes FDIC-insured certificates of deposit ("CDs") and high-yield
     savings account products available directly from American Express Bank, FSB
     to consumers and further extends its funding capabilities beyond the
     brokered retail CD and sweep account programs utilized prior to 2Q '09.

----------
[FOOTNOTE 3]
     These ratios represent a preliminary estimate as of the date of this
     Earnings Supplement and may be revised in the Company's Second Quarter 2009
     Form 10-Q.

[FOOTNOTE 4]
     For the purpose of calculating the Tier 1 Leverage Ratio.

[FOOTNOTE 5]
     Based upon common shareholders' equity of $13.4B, less goodwill and
     intangibles of $3.0B, which represents TCE; Tier One Common Equity of
     $11.0B; and Risk Weighted Assets of $114.4B. Pro forma for SFAS 140 assumes
     the recognition of corresponding reserves and other adjustments, which
     would result in TCE, Tier 1 Common Equity and Risk Weighted Assets all
     decreasing by $1.9B.


                                       3

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                                  CONSOLIDATED


     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 and charge card receivables are
     eligible collateral under the TALF, provided the securities qualify for AAA
     ratings from two or more major nationally recognized statistical rating
     organizations ("NRSROs"). The Company believes that during 2009 it can
     issue up to $9.8B of securities backed by its cardmember loans or
     receivables that would be eligible under this program, and on June 9, 2009,
     issued $1.0B in TALF-eligible Class A securities, as discussed further
     below.

     In addition to deposit, unsecured and asset-backed funding, the Company
     can draw upon various other funding sources:

     .    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. 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 February 1, 2010. 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 June 30, 2009, the Company had $1.4B 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 June 30, 2009, the Company maintained committed bank
          lines of credit totaling $11.7B, of which $2.9B 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 $3.3B in 2011, with
          the remainder expiring in 2012.

.    Funding Activities: During 2Q `09, the Company funded its business
     through payments received from customers on contracting loan and
     receivable balances, its deposit-taking activities within the Banks,
     asset-backed securitization activities under TALF, unsecured
     non-guaranteed debt issuance, as well as the previously mentioned common
     equity offering.

       - Deposits: As of June 30, 2009, the Company has accumulated $20.1B of
         funding through customer retail and institutional deposits, a net
         increase of $2.0B from 1Q `09. The Company has accumulated $11.8B
         through its brokered retail CD program launched in October 2008, a
         net increase of $2.5B from 1Q `09. The average duration and rate on
         the outstanding brokered deposits was 26 months and 2.6%,
         respectively. Through offering retail deposits to sweep account
         holders at selected broker-dealer networks, the Company had a total
         of $7.1B outstanding at the end of 2Q `09, which was $0.4B lower than
         the 1Q `09 level. Institutional and other deposits remained
         relatively flat in the period.

       - TALF-eligible ABS: As previously mentioned, on June 9, 2009, the
         Company issued $1.0B in TALF-eligible, Class A securities, priced at
         one-month LIBOR plus 135bps. In addition, the Company issued and
         retained $212MM of subordinated securities related to this
         transaction.

       - Unsecured non-guaranteed debt: During 2Q `09, the Company issued
         $3.0B of unsecured, non-guaranteed debt which included $1.25B of
         5-year notes with a coupon of 7.25% and $1.75B of 10-year notes with
         a coupon of 8.125%.

.    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 B)
                                                    ----------------------------------------------
                                                                Off-Balance   Certificates
Quarter Ending:                                     Long-Term       Sheet      of Deposit    Total
---------------                                     ---------   -----------   ------------   -----
<S>                                                 <C>         <C>           <C>            <C>
September 30, 2009 ..............................     $ 2.8         $2.7          $ --       $ 5.5
December 31, 2009 ...............................       2.7          0.1           1.7         4.5
March 31, 2010 ..................................       2.3          3.0           0.8         6.1
June 30, 2010 ...................................       2.5          1.9            --         4.4
                                                      -----         ----          ----       -----
                                                      $10.3         $7.7          $2.5       $20.5
                                                      =====         ====          ====       =====
</TABLE>

     The Company's projected needs within its current funding plan is lower than
     these debt maturities primarily due to the anticipated continuation of
     lower spending and credit-related actions which may reduce the Company's
     cardmember receivables and loan balances over this period.

OTHER ITEMS OF NOTE

.    Reengineering Initiatives: On October 30, 2008, the Company announced
     various reengineering initiatives which were 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


                                       4

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                                  CONSOLIDATED

     began the execution and implementation of these initiatives in 4Q '08, and
     as such, recorded a 4Q '08 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.

     On May 18, 2009, the Company announced another phase of reengineering
     initiatives which were expected to produce incremental cost benefits of
     approximately $0.8B in 2009. These initiatives include: reducing staffing
     levels and compensation expenses, (expected benefit of $175MM in 2009),
     scaling back investment spending on marketing and business development
     (expected benefit of $500MM in 2009) and cutting certain professional
     services, travel and general overhead expenses (expected benefit of $125MM
     in 2009). The Company began to implement these initiatives in 2Q '09, and
     as such, recorded a 2Q '09 net reengineering charge of $182MM ($118MM
     after-tax) in continuing operations, primarily associated with severance
     and other costs related to the elimination of approximately 4,000 jobs.

     Cumulatively through these reengineering initiatives, the Company is
     expecting to eliminate approximately 11,000 jobs, which accounts for
     approximately 17% of its global workforce as of September 30, 2008. While
     the Company believes it is on track to realize the total projected benefits
     associated with these reengineering initiatives over the course of 2009,
     the better than expected credit trends discussed earlier will likely lead
     to increased investment spending and, therefore, reduce the net benefits
     realized.

.    ICBC Sale: On April 28, 2009, the Company announced that it divested 50% of
     its investment in ICBC, or 638MM of ICBC's Class H shares, through a
     private sale. The Company had previously acquired its interest in 2006 and,
     per the agreement with ICBC, was not permitted to sell any portion of this
     investment prior to the date of this sale. The agreement allowed the
     Company to divest its stake in two 50% increments, with the remaining
     shares eligible to be sold after October 20, 2009. The Company realized a
     $211MM ($135MM after-tax) gain from the sale, which was reported in the
     "other revenues" line within the Corporate & Other segment.

.    Master Trust Modifications: On May 22, 2009, the Company announced its
     plans to take certain actions which would benefit the outstanding investor
     certificates of the American Express Credit Account Master Trust ("Master
     Trust") and the related American Express Credit Account Secured Note Trusts
     (the "Note Trusts"). These actions consisted of the issuance of two new
     series of asset-backed securities totaling $1.5B, which provide additional
     credit enhancement to all existing outstanding series, and the exercise of
     a discount option with respect to new principal receivables arising in the
     Master Trust. In addition to improving the levels of credit enhancement for
     existing series of securities issued by the Master Trust and the Note
     Trusts, these actions will increase the yield (or trust excess spread rate)
     on assets in the Master Trust by 400-600 basis points beginning with the
     July monthly period.

     The Master Trust modifications had no impact on the 2Q '09 Consolidated
     Income Statement. Within the 2Q '09 Consolidated Balance Sheet, $1.5B of
     owned cardmember loans less associated reserves have been transferred to
     retained subordinated securities within investment securities. In addition,
     the Master Trust's assets are now included within risk-weighted assets for
     regulatory capital purposes.

.    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 were removed and the case was
     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 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 recognized $70MM from Visa
     for each of the past six quarters and $150MM from MasterCard for each of
     the past four 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 June 2009 have been recorded as
     a reduction to the "other, net" expense line within the Corporate & Other
     segment.

     Acquisition of CPS: On March 28, 2008, the Company completed its purchase
     of 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. 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.
     Therefore, the cards issued and spending related to these relationships are
     now recorded as "cards-in-force" and "billed business", and the associated
     receivables are reflected in the "cardmember receivables" line. In
     addition, where applicable, CPS revenues and expenses that were previously
     reported in "other revenues" and "other, net expense" are now reported in
     the relevant revenue and expense line items.

     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. Therefore,
     for all periods presented, the AEB and AEIDC results, assets and
     liabilities are reported within Discontinued Operations on the Company's
     Consolidated Financial Statements.


                                       5

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                                  CONSOLIDATED

EXPANDED PRODUCTS AND SERVICES

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

     In our proprietary issuing and network businesses we:

     .    Extended our exclusive U.S. co-brand partnership with Starwood Hotel
          and Resorts Worldwide, Inc. for a multi-year period. This extension
          allows for the continued expansion of the program and provides
          attractive economic and business benefits for both companies.
          As part of this agreement, we agreed to purchase $250MM of Starpoints
          to be used for future point needs, which will begin to be utilized
          later in 2009 and over a term aligned with the duration of the
          contract relationship.

     .    Announced a unique, new service that helps American Express(R) Charge
          Cardmembers to set, manage, and track spending limits on Additional
          Cards on their account, eligible for anyone who is 15 years of age or
          older. American Express is the only consumer card issuer in the market
          to offer this type of spending control.

     .    Unveiled a number of new benefits available on its Delta SkyMiles
          Credit Cards that allows Cardmembers to earn and redeem miles in more
          ways and places, on both Delta and Northwest-operated flights. In
          addition, launched an expanded marketing campaign to build awareness
          for the Delta SkyMiles Credit Cards in key Delta hubs that were
          formerly Northwest hubs.

     .    Launched Daily Wish, an online marketplace that offers Cardmembers
          products and experiences they want at affordable prices, and expands
          on the five year success of American Express' My Wishlist program by
          offering these types of savings all year-round.

     .    With Maritz Travel, announced a plan through American Express Business
          Travel to launch MaXvantage, an alliance to provide end-to end
          strategic meetings management services to support a business' entire
          meeting, event and incentive travel portfolio.

     .    Opened a flagship travel service office in Cambridge, Massachusetts,
          which, in addition to providing service from American Express' travel
          agents, offers visitors new services including a Cardmember lounge,
          concierge services, unique virtual technology, and special travel
          offers and events.

     .    Introduced two new online initiatives from American Express Business
          Travel designed to provide companies with enhanced services and
          increased efficiencies. Small Meeting eXpert provides an automated
          solution for planning and booking meetings with fewer than 50
          attendees while driving savings to companies through increased
          controls and transparency over what is considered to be one of the
          last areas of unmanaged T&E spending. Additionally, eXplore is a
          customizable web-based portal that provides users with a single
          point-of-entry interface to travel and related products, services and
          information.

     .    In conjunction with SCORE, announced the 2009 schedule for the "Small
          Business Speed Coaching Test Drive", a multi-city tour designed to
          help small business owners develop strategies to weather the current
          economic downturn and provide them with educational and mentorship
          programs to help identify new opportunities for business growth.

     In the GNS business we:

     .    Announced a Network Card License partnership with Banco do Brasil,
          American Express' third card-issuing bank partner in Brazil. Banco do
          Brasil will issue American Express-branded cards that will be accepted
          on the American Express merchant network.

     .    Supported GNS partners in launching a wide range of new products:
          Fidelity Private Client American Express Card (United States);
          Ourocard Estilo Platinum American Express and the Ourocard Platinum
          American Express (Brazil); Old Mutual American Express Investment
          Credit Card (South Africa); TAP Airline Co-brand Credit Card
          (Portugal); Credit Suisse Gold Business American Express Card
          (Switzerland); Mizuho Saison Platinum American Express Card (Japan);
          ICBC Air China Gold American Express Card (China); American Express
          Gold Credit Card (Malaysia and Philippines); Lotte Travel Pass
          American Express Card (Korea); and Singapore Airlines Westpac American
          Express Card (Australia).


                                       6

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                                  CONSOLIDATED

(Preliminary)

                              Statements of Income
                                  (GAAP basis)

<TABLE>
<CAPTION>
                                                                             Quarters Ended
                                                                                June 30,
                                                                            ---------------   Percentage
(Millions, except per share amounts)                                         2009     2008     Inc/(Dec)
                                                                            ------   ------   ----------
<S>                                                                         <C>      <C>      <C>
Revenues
Non-interest revenues
   Discount revenue .....................................................   $3,305   $3,991      (17)%
   Net card fees ........................................................      532      542       (2)
   Travel commissions and fees ..........................................      407      573      (29)
   Other commissions and fees ...........................................      439      590      (26)
   Securitization income, net ...........................................       (2)     227        #
   Other ................................................................      670      578       16
                                                                            ------   ------
      Total non-interest revenues .......................................    5,351    6,501      (18)
                                                                            ------   ------
Interest income
   Interest and fees on loans ..........................................    1,081    1,564      (31)
   Interest and dividends on investment securities ......................      196      217      (10)
   Deposits with banks and other ........................................       11       76      (86)
                                                                            ------   ------
      Total interest income .............................................    1,288    1,857      (31)
                                                                            ------   ------
Interest expense
   Deposits .............................................................      105      123      (15)
   Short-term borrowings ................................................        7      136      (95)
   Long-term debt .......................................................      431      631      (32)
   Other ................................................................        4       13      (69)
                                                                            ------   ------
      Total interest expense ............................................      547      903      (39)
                                                                            ------   ------
         Net interest income ............................................      741      954      (22)
                                                                            ------   ------
Total revenues net of interest expense ..................................    6,092    7,455      (18)
                                                                            ------   ------
Provisions for losses
   Charge card ..........................................................      237      241       (2)
   Cardmember lending ...................................................    1,303    1,537      (15)
   Other ................................................................       44       46       (4)
                                                                            ------   ------
      Total provisions for losses .......................................    1,584    1,824      (13)
                                                                            ------   ------
Total revenues net of interest expense after provisions for losses ......    4,508    5,631      (20)
                                                                            ------   ------
Expenses
   Marketing and promotion ..............................................      352      663      (47)
   Cardmember rewards ...................................................    1,029    1,129       (9)
   Cardmember services ..................................................      131      132       (1)
   Salaries and employee benefits .......................................    1,370    1,495       (8)
   Professional services ................................................      599      606       (1)
   Occupancy and equipment ..............................................      392      412       (5)
   Communications .......................................................      106      115       (8)
   Other, net ...........................................................      111      305      (64)
                                                                            ------   ------
      Total .............................................................    4,090    4,857      (16)
                                                                            ------   ------
Pretax income from continuing operations ................................      418      774      (46)
Income tax provision ....................................................       76      114      (33)
                                                                            ------   ------
Income from continuing operations .......................................      342      660      (48)
Loss from discontinued operations, net of tax ...........................       (5)      (7)     (29)
                                                                            ------   ------
Net income ..............................................................   $  337   $  653      (48)
                                                                            ======   ======
Income from continuing operations attributable to common
   shareholders (A) .....................................................   $  107   $  657      (84)
                                                                            ======   ======
Net income attributable to common shareholders (A) ......................   $  102   $  650      (84)
                                                                            ======   ======
Earnings Per Common Share-Basic
   Income from continuing operations attributable to common
      shareholders ......................................................   $ 0.09   $ 0.57      (84)
   Loss from discontinued operations ....................................       --    (0.01)       #
                                                                            ------   ------
   Net Income attributable to common shareholders .......................   $ 0.09   $ 0.56      (84)
                                                                            ======   ======
Earnings Per Common Share-Diluted
   Income from continuing operations attributable to common
      shareholders ......................................................   $ 0.09   $ 0.56      (84)
   Loss from discontinued operations ....................................       --       --       --
                                                                            ------   ------
   Net Income attributable to common shareholders .......................   $ 0.09   $ 0.56      (84)
                                                                            ======   ======
Average Shares Outstanding
   Basic ................................................................    1,162    1,154        1
                                                                            ======   ======
   Diluted ..............................................................    1,165    1,163       --
                                                                            ======   ======
</TABLE>

#    Denotes variance of more than 100%.

(A)  Represents income from continuing operations or net income, as applicable,
     less (i) accelerated preferred dividend accretion of $212MM for the quarter
     ended June 30, 2009 due to the repurchase of $3.39B of the preferred shares
     issued as part of the CPP, (ii) preferred shares dividends and related
     accretion of $22MM for 2Q '09 and (iii) earnings allocated to participating
     share awards of $1MM and $3MM for 2Q '09 and 2Q '08, respectively.


                                       7

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                                  CONSOLIDATED

.    Consolidated Total Revenues Net of Interest Expense: Consolidated total
     revenues net of interest expense decreased 18%, reflecting decreases versus
     last year of 22% in USCS, 13% in ICS, 23% in GCS and 16% in Global Network
     & Merchant Services ("GNMS"). Total revenues net of interest expense
     decreased due to lower discount revenues, lower total interest income,
     reduced securitization income, net, lower travel commissions and fees,
     reduced other commissions and fees and lower net card fees, partially
     offset by lower total interest expense and higher other revenues.
     Translation of foreign currency resulted in a 4% greater decline in the
     reported revenues net of interest expense growth rate.

.    Consolidated Provisions for Losses: Consolidated provisions for losses
     decreased 13% versus last year, reflecting a decrease of 22% in USCS and
     increases of 25% in ICS, 33% in GCS and 27% in GNMS. The provision
     decreased primarily due to the impact of lower average owned loan balances,
     partially offset by higher cardmember lending reserve levels due to
     increased net write-off and past due loan levels. Translation of foreign
     currency reduced the reported consolidated provisions for losses growth
     rate by approximately 2%.

.    Consolidated Expenses: Consolidated expenses decreased 16%, reflecting
     decreases of 9% in USCS, 21% in ICS, 10% in GCS and 14% in GNMS. The total
     expense decline reflected decreased marketing and promotion expenses, lower
     other, net expenses, reduced salaries and employee benefits expense, lower
     cardmember rewards expenses, lower occupancy and equipment expenses,
     decreased communications costs and reduced professional services and
     cardmember services expenses. Translation of foreign currency resulted in a
     4% greater decline in the reported consolidated expenses growth rate.

.    Pre-Tax Margin: Was 6.9% of total revenues net of interest expense in 2Q
     '09 compared with 10.4% in 2Q '08.

.    Effective Tax Rate: Was 18% in 2Q '09 versus 15% in 2Q '08. Each of the
     periods reflects the impact of recurring permanent tax benefits on a
     relatively low level of pre-tax income. In addition, the 2Q '08 tax rate
     also reflects a $101MM tax benefit related to the resolution of certain
     prior years' tax items.

.    Discount Revenue: Decreased 17%, 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 2.55% in 2Q '09 versus 2.56% in 1Q '09
          and 2Q '08. 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
                                          June 30,
                                      ---------------   Percentage
                                       2009     2008     Inc/(Dec)
                                      ------   ------   ----------
<S>                                   <C>      <C>      <C>
Card billed business* (billions):
   United States ..................   $104.8   $123.5      (15)%
   Outside the United States ......     46.6     57.4      (19)
                                      ------   ------
   Total ..........................   $151.4   $180.9      (16)
                                      ======   ======
Total cards-in-force (millions):
   United States ..................     49.8     53.5       (7)
   Outside the United States ......     38.7     36.6        6
                                      ------   ------
   Total ..........................     88.5     90.1       (2)
                                      ======   ======
Basic cards-in-force (millions):
   United States ..................     38.7     41.9       (8)
   Outside the United States ......     33.9     31.6        7
                                      ------   ------
   Total ..........................     72.6     73.5       (1)
                                      ======   ======
Average basic cardmember spending**
   United States ..................   $2,861   $3,293      (13)
   Outside the United States ......   $2,334   $2,963      (21)
   Total ..........................   $2,712   $3,199      (15)
</TABLE>

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

**   Proprietary card activity only.


                                       8

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                                  CONSOLIDATED

     .    Worldwide Billed Business: The 16% decrease in worldwide billed
          business reflected decreases of 16% in USCS, 20% in ICS, 23% in GCS
          and 3% in GNS. The table below summarizes selected billed business
          related statistics for 2Q '09:

<TABLE>
<CAPTION>
                                                                                           Percentage
                                                                                       Increase/(Decrease)
                                                                                           Assuming No
                                                                     Percentage        Changes in Foreign
                                                                 Increase/(Decrease)      Exchange Rates
                                                                 -------------------   -------------------
<S>                                                              <C>                   <C>
Worldwide*
   Total billed business .....................................          (16)%                  (13)%
   Proprietary billed business ...............................          (18)                   (15)
   GNS .......................................................           (3)                     6
   Average spending per proprietary basic card ...............          (15)                   (12)
   Basic cards-in-force ......................................           (1)
U.S.*
   Billed business ...........................................          (15)
   Average spending per proprietary basic card ...............          (13)
   Basic cards-in-force ......................................           (8)
   Proprietary consumer card billed business** ...............          (16)
   Proprietary small business billed business** ..............          (17)
   Proprietary Corporate Services billed business*** .........          (17)
Outside the U.S.*
   Billed business ...........................................          (19)                    (7)
   Average spending per proprietary basic card ...............          (21)                    (8)
   Basic cards-in-force ......................................            7
   Proprietary consumer and small business billed
      business**** ...........................................          (20)                    (7)
   Proprietary Corporate Services billed business*** .........          (33)                   (21)
</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 28% due to a
               29% decrease in the average airline charge partially offset a 2%
               increase in airline transactions.

          .    Worldwide airline volumes, which represented approximately 10% of
               total volumes during the quarter, decreased 32% due to a 29%
               decrease in the average airline charge and a 4% decline in
               airline transactions.

          .    Assuming no changes in foreign exchange rates: Total billed
               business outside the U.S. reflected relatively flat volume levels
               in Asia Pacific and Latin America, and low double-digit declines
               in Canada and Europe.

     .    Total cards-in-force: Declined 2% worldwide due to decreases of 9% in
          USCS and 5% in ICS, partially offset by increases of 3% in GCS and 13%
          in GNS. The declines in USCS and ICS reflect the effect of certain
          credit-related actions, including the cancellation of approximately
          2.7MM inactive consumer and small business cards in the quarter as
          well as more modest card acquisition activities. The increase in GCS
          was driven by the migration of CPS cards to the American Express
          network.

          .    During the quarter total cards-in-force declined 3.6MM in the
               U.S., driven by the 2.6MM of inactive card cancellations in USCS.
               International cards increased by 500K, including approximately
               60K inactive card cancellations in ICS.

.    Net Card Fees: Decreased 2% as the decline in total proprietary
     cards-in-force more than offset a slight increase in the average fee per
     card.

.    Travel Commissions and Fees: Decreased 29%, primarily reflecting a 39%
     decrease in worldwide travel sales, partly offset by a higher sales
     commission rate.

.    Other Commissions and Fees: Decreased 26%, driven primarily by lower
     delinquency fees related to lower average owned loan balances and reduced
     spending-related foreign currency conversion revenues.

.    Securitization Income, Net: Decreased to ($2MM) from $227MM in 2Q '08,
     primarily due to lower excess spread, net, driven by increased write-offs,
     partially offset by the 2Q '08 charge to the fair value of the I/O Strip
     and 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.


                                       9

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                                  CONSOLIDATED

     .    Components of Securitization Income, Net:

<TABLE>
<CAPTION>
                                                 Quarters Ended
                                                     June 30,
                                                 --------------   Percentage
                                                  2009     2008    Inc/(Dec)
(millions)                                       -----     ----   ----------
<S>                                              <C>       <C>    <C>
Excess spread, net* ..........................   $(139)    $ 96        #
Servicing fees ...............................     140      130        8
(Loss) Gain on sales from securitizations** ..      (3)       1        #
                                                 -----     ----
Total securitization income, net .............   $  (2)    $227        #
                                                 =====     ====
</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 $82MM and ($48MM) of impact from cardmember loan sales and
     maturities in 2Q '09 and $117MM and ($71MM) of impact from cardmember loan
     sales and maturities in 2Q '08, which are reflected in provisions for
     losses for each respective period.

     .    The average balance of cardmember lending securitizations was $28.0B
          in 2Q '09 compared with $26.0B in 2Q '08.

.    Other Revenues: Increased 16%, primarily reflecting the ICBC gain,
     partially offset by lower revenues from the CPS acquisition versus 2Q '08
     due to the migration of clients to the AXP network.

.    Total Interest Income: Decreased 31%.

     .    Interest and Fees on Loans: Decreased 31%, due to a 29% decline in the
          average owned loan balance and a lower portfolio yield, driven by
          reduced market interest rates and the impact of various customer
          assistance programs, partially offset by the benefits of certain
          repricing initiatives.

     .    Interest and Dividends on Investment Securities: Decreased 10%,
          primarily reflecting reduced investment yields which more than offset
          increased liquidity-related investment levels.

     .    Deposits with Banks and Others: Was $11MM versus $76MM in 2Q '08
          primarily due to a lower balance of deposits in other banks.

.    Total Interest Expense: Decreased 39%.

     .    Deposits: Decreased 15%, due to a lower cost of funds which more than
          offset increased balances.

     .    Short-term Borrowings: Decreased 95%, due to significantly lower
          short-term debt levels and a lower cost of funds.

     .    Long-term Debt: Decreased 32%, primarily reflecting a lower cost of
          funds driven by reduced market rates on variably-priced debt, as well
          as a slightly lower average balance of long-term debt outstanding.

     .    Other: Decreased $9MM.

.    Charge Card Provision for Losses: Decreased 2% or $4MM, as lower business
     volumes and receivable levels in 2Q '09 more than offset the impact of
     higher losses.

     .    Worldwide Charge Card:*

          .    The write-off rates increased versus last year and last quarter.
               Past due rates were lower versus last quarter and mixed versus
               last year.

<TABLE>
<CAPTION>
                                                  6/09    3/09    6/08
                                                 -----   -----   ------
<S>                                              <C>     <C>     <C>
USCS Net write-off rate+ .....................     5.2%    4.9%     3.9%
ICS Net loss ratio as a % of charge volume ...    0.36%   0.35%    0.22%
GCS Net loss ratio as a % of charge volume ...    0.22%   0.17%    0.10%

USCS 30 days past due as a % of total+ .......     2.6%    3.7%     3.0%
ICS 90 days past due as a % of total .........     3.0%    3.3%     2.4%
GCS 90 days past due as a % of total .........     1.9%    2.4%     1.6%

Worldwide Receivables (billions) .............   $31.4   $30.3   $ 39.9
Reserves (millions) + ........................   $ 714   $ 810   $1,146
% of receivables+ ............................     2.3%    2.7%     2.9%
</TABLE>

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

+    In 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.


                                       10

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                                  CONSOLIDATED

.    Cardmember Lending Provision for Losses: Decreased 15%, primarily
     reflecting lower owned lending balances, partially offset by higher
     cardmember reserve levels due to increased net write-off and past due loan
     levels.

     .    Worldwide Lending:*

          .    Net write-off rates increased versus last year and last quarter.
               Past due rates increased versus last year, but decreased versus
               last quarter. The write-off and past due rates during 2009 both
               reflect the impact of various customer assistance programs.

<TABLE>
<CAPTION>
                                          6/09     3/09     6/08
                                         ------   ------   ------
<S>                                      <C>      <C>      <C>
Net write-off rate ...................      9.6%     8.0%     5.5%
30 days past due as a % of loans .....      4.3%     4.9%     3.4%
Total Loans (billions) ...............   $ 32.5   $ 36.7   $ 49.6
Reserves (millions) ..................   $3,219   $3,013   $2,594
% of total loans .....................      9.9%     8.2%     5.2%
% of 30 days past due accounts .......      230%     168%     155%
</TABLE>

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

.    Other Provision for Losses: Decreased $2MM versus last year

.    Marketing and Promotion Expenses: Decreased 47%, reflecting lower
     discretionary investment spending.

.    Cardmember Rewards Expense: Decreased 9%, primarily reflecting lower
     overall rewards-related spending volumes, partially offset by a slightly
     higher Membership Rewards redemption rate and a relatively lower decline
     in co-brand spending volumes.

.    Cardmember Services Expenses: Decreased $1MM.

.    Salaries and Employee Benefits Expense: Decreased 8%, reflecting the impact
     of lower employee levels due to the benefits from the Company's ongoing
     reengineering activities and reduced incentive-related costs, partially
     offset by the $154MM of 2Q '09 net severance-related costs.

.    Professional Services Expense: Decreased 1%.

.    Occupancy and Equipment Expense: Decreased 5%, on lower technology-related
     expenses which more than offset costs related to the Company's
     reengineering initiatives.

.    Communications Expense: Decreased 8%, driven by lower volume-related costs.

.    Other, Net Expense: Decreased 64%, reflecting the $150MM 2Q '09 settlement
     payment from MasterCard, lower travel and entertainment expenses as part of
     the Company's ongoing reengineering activities and a $59MM benefit from the
     completion of certain account reconciliations, related to prior periods
     partially offset by a $61MM unfavorable impact related to fair value hedge
     ineffectiveness.


                                       11

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND 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 June 30,
2009, the Company's "tangible common equity" was $10B and its "total adjusted
assets" as defined in the Subordinated Debentures, were $147B. As of June 30,
2009, the consolidated assets as reflected on the Company's balance sheet were
$117B.

                                CORPORATE & OTHER

.    Net income was $171MM in 2Q '09 compared with $106MM in 1Q '09 and a net
     loss of $2MM in 2Q '08.

     .    2Q '09 included:

          .    $135MM of after-tax income related to the ICBC sale;

          .    $93MM and $43MM of after-tax income related to the MasterCard and
               Visa litigation settlements, respectively;

          .    $35MM of after-tax expense related to the Company's ongoing
               reengineering initiatives; and

          .    Higher interest expense related to the cost of carrying increased
               levels of liquidity.

     .    1Q '09 included:

          .    $93MM and $43MM of after-tax income related to the MasterCard and
               Visa litigation settlements, respectively; and

          .    Higher interest expense related to the cost of carrying increased
               levels of liquidity, partially offset by lower tax expense.

     .    2Q '08 included $43MM of after-tax income related to the Visa
          litigation settlement.


                                       12

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                               U.S. CARD SERVICES

                         Condensed Statements of Income
                                  (GAAP Basis)

<TABLE>
<CAPTION>
                                                                      Quarters Ended
                                                                          June 30,
(Preliminary)                                                        ----------------   Percentage
(millions)                                                             2009     2008     Inc/(Dec)
                                                                     -------   ------   ----------
<S>                                                                  <C>       <C>      <C>
Revenues
   Discount revenue, net card fees and other .....................    $2,273   $2,716      (16)%
   Securitization income, net ....................................        (2)     227        #
   Interest income ...............................................       748    1,189      (37)
   Interest expense ..............................................       214      539      (60)
                                                                      ------   ------
      Net interest income ........................................       534      650      (18)
                                                                      ------   ------
Total revenues net of interest expense ...........................     2,805    3,593      (22)
                                                                      ------   ------
Provisions for losses ............................................     1,190    1,516      (22)
                                                                      ------   ------
Total revenues net of interest expense after provisions for
   losses ........................................................     1,615    2,077      (22)
                                                                      ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services .........     1,021    1,240      (18)
   Salaries and employee benefits and other operating expenses ...       926      900        3
                                                                      ------   ------
      Total ......................................................     1,947    2,140       (9)
                                                                      ------   ------
Pretax segment loss ..............................................      (332)     (63)       #
Income tax benefit ...............................................      (132)     (84)      57
                                                                      ------   ------
Segment (loss) income ............................................     ($200)  $   21        #
                                                                      ======   ======
</TABLE>

#    Denotes a variance of more than 100%.

Statistical Information

<TABLE>
<CAPTION>
                                                   Quarters Ended
                                                       June 30,
                                                  ----------------   Percentage
                                                   2009      2008     Inc/(Dec)
                                                  ------   -------   ----------
<S>                                               <C>      <C>       <C>
Card billed business (billions) ...............   $ 84.1   $100.0       (16)%
Total cards-in-force (millions) ...............     40.2     44.2        (9)
Basic cards-in-force (millions) ...............     29.8     33.0       (10)
Average basic cardmember spending* (dollars) ..   $2,667   $3,047       (12)
Segment capital (millions)** ..................   $5,861   $4,850        21
Return on average segment capital** ...........      1.6%    25.0%
Return on average tangible segment capital** ..      1.7%    26.1%
</TABLE>

*    Proprietary cards only.

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

     .    Billed Business: The 16% 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 17%.

     .    Total cards-in-force: Decreased by 4.0MM, or 9%, versus last year,
          reflecting the effects of certain credit-related actions, including
          the cancellation of approximately 2.6MM inactive accounts in the
          quarter, as well as reduced card acquisition activities.

P&L Discussion:

.    Segment Results: Reflected a loss of $200MM this year versus income of
     $21MM last year. Total revenues net of interest expense declined 22%,
     provisions for losses decreased 22% and expenses declined by 9%.

     .    2Q '09 included $18MM ($12MM after-tax) of the net costs related to
          the Company's ongoing reengineering initiatives.

     .    2Q '08 included the $136MM ($85MM after-tax) charge to the fair market
          value of the I/O Strip.

     .    Pre-tax Margin: Was (11.8%) in 2Q '09 compared with (1.8%) in 2Q '08.

     .    Effective Tax Rate: Was 40% in 2Q '09 compared with 133% in 2Q '08.
          The rates in both quarters reflect the impact of recurring tax
          benefits on a pre-tax loss. Additionally, the 2Q '08 rate reflects the
          benefits related to the resolution of certain prior years' tax items.

.    Discount Revenue, Net Card Fees and Other: Decreased 16%, due to lower
     billed business volumes, reduced other commissions and fees, decreased
     travel commissions and fees, lower other revenues and slightly lower net
     card fees.


                                       13

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                               U.S. CARD SERVICES

.    Securitization Income, Net: Decreased to ($2MM) from $227MM in 2Q '08,
     primarily due to lower excess spread, net, driven by increased write-offs,
     partially offset by the 2Q '08 charge to the fair value of the I/O Strip
     and lower interest expense due to lower rates paid on variable-rate
     investor certificates.

.    Interest Income: Decreased 37%, due to a decline of 30% in the average
     owned lending balance and a lower portfolio yield, driven by reduced market
     interest rates and the impact of various customer assistance programs, and
     the movement of liquidity-related investment income to the Corporate &
     Other segment. These items were partially offset by the benefits of certain
     repricing initiatives.

.    Interest Expense: Decreased 60%, due to a lower market interest rate-driven
     cost of funds and reduced average owned cardmember lending and receivable
     and liquidity investment balances.

.    Provisions for Losses: Decreased 22%, principally due to a higher level of
     additions to lending reserves in 2Q '08 and lower loan and receivable
     balances which more than offset higher net write-off and past due loan
     levels.

     .    Charge Card: *

          .    The net write-off rate increased versus last year and last
               quarter. The past due rate decreased versus last year and last
               quarter.

<TABLE>
<CAPTION>
                                          6/09    3/09    6/08
                                         -----   -----   -----
<S>                                      <C>     <C>     <C>
Total Receivables (billions) .........   $15.9   $15.6   $19.8
Net write-off rate ...................     5.2%    4.9%    3.9%
30 days past due as a % of total .....     2.6%    3.7%    3.0%
</TABLE>

     .    Cardmember Lending: **

          .    The net write-off rate increased versus last year and last
               quarter. The past due rate increased versus last year, but
               decreased versus last quarter. The write-off and past due rates
               during 2009 both reflect the impact of various customer
               assistance programs.

<TABLE>
<CAPTION>
                                          6/09    3/09    6/08
                                         -----   -----   -----
<S>                                      <C>     <C>     <C>
Total Loans (billions) ...............   $23.6   $28.2   $37.8
Net write-off rate ...................    10.3%    8.5%    5.8%
30 days past due as a % of total .....     4.4%    5.1%    3.5%
</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 15-16 for "Managed Basis" Cardmember lending
     information.

.    Marketing, Promotion, Rewards and Cardmember Services Expenses: Decreased
     18%, primarily due to reduced marketing and promotion expenses and lower
     rewards costs.

.    Salaries and Employee Benefits and Other Operating Expenses: Increased 3%,
     primarily due to a portion of the unfavorable impact related to fair value
     hedge ineffectiveness, higher deposit-related FDIC assessment costs and a
     portion of the Company's 2Q '09 net reengineering charge, partially offset
     by the benefits from ongoing reengineering activities.


                                       14

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND 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
                                                                    June 30,
                                                               ---------------   Percentage
(millions)                                                      2009     2008     Inc/(Dec)
                                                               ------   ------   ----------
<S>                                                            <C>      <C>      <C>
.    Discount revenue, net card fees and other:
     Reported for the period (GAAP) ........................   $2,273   $2,716      (16)%
     Securitization adjustments ............................       79       95      (17)
                                                               ------   ------
     Managed discount revenue, net card fees and other .....   $2,352   $2,811      (16)
                                                               ======   ======
.    Interest income:
     Reported for the period  (GAAP) .......................   $  748   $1,189      (37)
     Securitization adjustments ............................      771      824       (6)
                                                               ------   ------
     Managed interest income ...............................   $1,519   $2,013      (25)
                                                               ======   ======
.    Securitization income, net:
     Reported for the period (GAAP) ........................   $   (2)  $  227        #
     Securitization adjustments ............................        2     (227)       #
                                                               ------   ------
     Managed securitization income, net ....................   $   --   $   --       --
                                                               ======   ======
.    Interest expense:
     Reported for the period  (GAAP) .......................   $  214   $  539      (60)
     Securitization adjustments ............................       48      184      (74)
                                                               ------   ------
     Managed interest expense ..............................   $  262   $  723      (64)
                                                               ======   ======
.    Provisions for losses:
     Reported for the period (GAAP) ........................   $1,190   $1,516      (22)
     Securitization adjustments ............................      836      409        #
                                                               ------   ------
     Managed provisions for losses .........................   $2,026   $1,925        5
                                                               ======   ======
</TABLE>

#    Denotes a variance of more than 100%.


                                       15

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                               U.S. CARD SERVICES

Managed P&L Discussion

.    Discount Revenue, Net Card Fees and Other: Decreased 16%, largely due to
     lower billed business volumes, reduced other commissions and fees,
     decreased travel commissions and fees, lower other revenues and slightly
     lower net card fees.

.    Interest Income: Decreased 25%, due to a decrease of 14% in the average
     managed lending balance and a lower portfolio yield, driven by reduced
     market interest rates and the impact of various customer assistance
     programs, and the movement of the liquidity-related investment income to
     the Corporate & Other segment. These items were partially offset by the
     benefits of certain repricing initiatives.

.    Interest Expense: Decreased 64%, due to a lower market interest rate-driven
     cost of funds and lower average managed cardmember lending and receivable
     and liquidity investment balances.

.    Provisions for Losses: Increased 5%, principally due to increased lending
     provisions from higher net write-off and past due loan levels, which more
     than offset the benefits of reduced loan and business volumes and a higher
     level of additions to lending reserves in 2Q '08.

     .    Cardmember Lending: *

          .    The write-off rate increased versus last year and last quarter.
               The past due rate increased versus last year, but decreased
               versus last quarter. The write-off and past due rates during 2009
               both reflect the impact of various customer assistance programs.

<TABLE>
<CAPTION>
                                          6/09    3/09    6/08
                                         -----   -----   -----
<S>                                      <C>     <C>     <C>
Total Loans (billions) ...............   $54.0   $56.5   $64.7
Net write-off rate ...................    10.0%    8.5%    5.3%
30 days past due as a % of total .....     4.4%    5.1%    3.3%
</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."


                                       16

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                           INTERNATIONAL CARD SERVICES

                         Condensed Statements of Income
                                  (GAAP Basis)

<TABLE>
<CAPTION>
                                                                              Quarters Ended
                                                                                 June 30,
(Preliminary)                                                                ---------------   Percentage
(millions)                                                                    2009     2008     Inc/(Dec)
                                                                             ------   ------   ----------
<S>                                                                          <C>      <C>      <C>
Revenues
   Discount revenue, net card fees and other .............................   $  823   $  992      (17)%
                                                                             ------   ------
   Interest income .......................................................      399      524      (24)
   Interest expense ......................................................      131      260      (50)
                                                                             ------   ------
      Net interest income ................................................      268      264        2
                                                                             ------   ------
Total revenues net of interest expense ...................................    1,091    1,256      (13)
                                                                             ------   ------
 Provisions for losses ...................................................      302      242       25
                                                                             ------   ------
Total revenues net of interest expense after provisions for losses .......      789    1,014      (22)
                                                                             ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services .................      287      404      (29)
   Salaries and employee benefits and other operating expenses ...........      453      537      (16)
                                                                             ------   ------
      Total ..............................................................      740      941      (21)
                                                                             ------   ------
Pretax segment income ....................................................       49       73      (33)
Income tax benefit .......................................................      (15)     (42)     (64)
                                                                             ------   ------
Segment income ...........................................................   $   64   $  115      (44)
                                                                             ======   ======
</TABLE>

<TABLE>
<CAPTION>
                                                      Quarters Ended
                                                          June 30,
                                                     ---------------   Percentage
Statistical Information                               2009     2008     Inc/(Dec)
-----------------------                              ------   ------   ---------
<S>                                                  <C>      <C>      <C>
Card billed business (billions) ..................   $ 22.7   $ 28.3      (20)%
Total cards-in-force (millions) ..................     15.5     16.3       (5)
Basic cards-in-force (millions) ..................     10.8     11.5       (6)
Average basic cardmember spending* (dollars) .....   $2,083   $2,476      (16)
Segment capital (millions)** .....................   $2,180   $2,179       --
Return on average segment capital** ..............      9.7%    15.8%
Return on average tangible segment capital** .....     13.1%    21.5%
</TABLE>

*    Proprietary cards only.

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

     .    Billed Business: The 20% decrease in billed business reflects a 16%
          decrease in average spending per proprietary basic cards-in-force and
          a 6% decrease in basic cards-in-force.

          .    Adjusting for the impacts of foreign exchange translation, billed
               business decreased 7% and average spending per proprietary basic
               card-in-force decreased 2%. Volume declines within the major
               geographic regions ranged from the low single digits in Latin
               America to the high single digits in Canada, Asia Pacific and
               Europe.

     .    Total cards-in-force: Decreased by 800K, or 5%, versus last year,
          reflecting reduced card acquisition activities and the effects of
          certain credit-related actions, including the cancellation of inactive
          accounts over recent quarters.

P&L Discussion

.    Segment Income: Decreased 44% to $64MM, as total revenues net of interest
     expense declined 13%, provisions for losses increased 25% and expenses
     decreased by 21%. Both the revenue and expense declines were inflated by
     the translation impact of foreign currency.

     .    2Q '09 and 2Q '08 included $15MM ($10MM after-tax) and $1MM ($0MM
          after-tax) respectively, for costs related to the Company's ongoing
          reengineering initiatives.

     .    Pre-tax Margin: Was 4.5% in 2Q '09 compared with 5.8% in 2Q '08.

     .    Effective Tax Rate: Was (31%) in 2Q '09 compared with (58%) in 2Q '08.
          The rates in both periods reflect the impact of recurring tax benefits
          on varying pre-tax income. In addition, the 2Q '08 rate also reflects
          tax benefits related to the resolution of certain prior years' tax
          items. 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.

.    Discount Revenue, Net Card Fees and Other: Decreased 17%, driven primarily
     by the lower level of card spending, decreased other commissions and fees,
     lower other revenues and reduced travel commissions and fees. Net card fees
     were effectively flat compared to last year.


                                       17

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                           INTERNATIONAL CARD SERVICES

.    Interest Income: Decreased 24% on a 25% reduction in average loans and
     lower interest on bank and other deposits, partially offset by a higher
     cardmember loan portfolio yield.

.    Interest Expense: Decreased 50% on lower average loan balances and business
     volumes, as well as a decreased cost of funds.

.    Provisions for Losses: Increased 25%, primarily due to increased net
     write-off and past due levels which more than offset the benefits of lower
     loans and business volumes.

     .    Charge Card: *

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

<TABLE>
<CAPTION>
                                              6/09    3/09    6/08
                                             -----   -----   -----
<S>                                          <C>     <C>     <C>
Total Receivables (billions) .............   $5.4    $5.0    $6.6
Net loss ratio as a % of charge volume ...    0.36%   0.35%   0.22%
90 days past due as a % of total .........    3.0%    3.3%    2.4%
</TABLE>

     .    Cardmember Lending: *

          .    The net write-off rate increased versus last year and last
               quarter. The past due rate increased versus last year, but
               decreased versus last quarter.

<TABLE>
<CAPTION>
                                         6/09   3/09    6/08
                                         ----   ----   -----
<S>                                      <C>    <C>    <C>
Cardmember Loans (billions) ..........   $8.9   $8.5   $11.8
Net write-off rate ...................    7.5%   6.4%    4.5%
30 days past due as a % of total .....    4.0%   4.2%    3.1%
</TABLE>

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

.    Marketing, Promotion, Rewards and Cardmember Services Expenses: Decreased
     29%, reflecting reduced marketing and promotion expenses and lower
     volume-related rewards costs.

.    Salaries and Employee Benefits and Other Operating Expenses: Decreased 16%,
     primarily due to the benefits from the Company's ongoing reengineering
     initiatives partially offset by a portion of the Company's 2Q '09 net
     reengineering charge.


                                       18

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                           GLOBAL COMMERCIAL SERVICES

                         Condensed Statements of Income
                                  (GAAP Basis)

(Preliminary)

<TABLE>
<CAPTION>
                                                                          Quarters Ended    Percentage
                                                                             June 30,         Inc/(Dec)
                                                                        -----------------   -----------
(millions)                                                                2009     2008
                                                                        -------   -------
<S>                                                                     <C>       <C>           <C>
Revenues
   Discount revenue, net card fees and other ........................   $ 1,035   $ 1,405       (26)%
                                                                        -------   -------
   Interest income ..................................................        21        49       (57)
   Interest expense .................................................        53       146       (64)
                                                                        -------   -------
      Net interest income ...........................................       (32)      (97)      (67)
                                                                        -------   -------
Total revenues net of interest expense ..............................     1,003     1,308       (23)
                                                                        -------   -------
Provisions for losses ...............................................        53        40        33
                                                                        -------   -------
Total revenues net of interest expense after provisions for losses...       950     1,268       (25)
                                                                        -------   -------
Expenses
   Marketing, promotion, rewards and cardmember services ............        74        99       (25)
   Salaries and employee benefits and other operating expenses ......       777       843        (8)
                                                                        -------   -------
      Total .........................................................       851       942       (10)
                                                                        -------   -------
Pretax segment income ...............................................        99       326       (70)
Income tax provision ................................................        28        99       (72)
                                                                        -------   -------
Segment income ......................................................   $    71   $   227       (69)
                                                                        =======   =======
</TABLE>

Statistical Information

<TABLE>
<CAPTION>
                                                                          Quarters Ended    Percentage
                                                                             June 30,         Inc/(Dec)
                                                                        -----------------   -----------
                                                                          2009     2008
                                                                        -------   -------
<S>                                                                     <C>       <C>           <C>
Card billed business (billions) .....................................   $  27.2   $  35.4       (23)%
Total cards-in-force (millions) .....................................       7.2       7.0         3
Basic cards-in-force (millions) .....................................       7.2       7.0         3
Average basic cardmember spending* (dollars).........................   $ 3,746   $ 5,083       (26)
Segment capital (millions)** ........................................   $ 3,344   $ 3,280         2
Return on average segment capital** .................................       8.3%     23.6%
Return on average tangible segment capital**.........................      18.9%     46.7%
</TABLE>

*    Proprietary cards only.

**   Segment capital includes an allocation attributable to goodwill and other
     intangibles. Please refer to Appendix II of the Second 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 3% increase in basic cards-in-force.

          .    Adjusting for the impacts of foreign exchange translation: Billed
               business and average spending per proprietary basic card-in-force
               decreased 18% and 21%, respectively. Volume decreases of 17%
               within the U.S. compared to results within other major geographic
               regions ranging from double digit declines in Asia Pacific,
               Europe and Canada, and high single digit declines in Latin
               America.

     .    Total cards-in-force: Increased by 200K, or 3%, versus last year,
          driven by the migration of CPS cards onto the AXP network, partially
          offset by the impact of the global recession on corporate client
          employee and card levels.

P&L Discussion

.    Segment Income: Decreased 69% to $71MM as total revenues net of interest
     expense decreased 23%, provisions for losses increased by $13MM and
     expenses declined by 10%. Both the revenue and expense declines were
     inflated by the translation impact of foreign currency.

     .    2Q '09 and 2Q '08 included $79MM ($51MM after-tax) and $4MM ($3MM
          after-tax), respectively, of costs related to the Company's ongoing
          reengineering initiatives.

     .    Pre-tax Margin: Was 9.9% in 2Q '09 compared with 24.9% in 2Q '08.

     .    Effective Tax Rate: Was 28% in 2Q '09 compared with 30% in 2Q '08.

.    Discount Revenue, Net Card Fees and Other: Decreased 26%, driven primarily
     by the reduced level of card spending, lower travel commissions and fees,
     decreased other revenues and reduced other commissions and fees.

.    Interest Income: Decreased 57%, driven by lower rates within
     deposit-related income.


                                       19

<PAGE>


                            AMERICAN EXPRESS COMPANY
                          SECOND QUARTER 2009 OVERVIEW
                           GLOBAL COMMERCIAL SERVICES

.    Interest Expense: Decreased 64%, primarily due to a lower cost of funds and
     a lower average receivable balance.

.    Provisions for Losses: Increased $13MM.

     .    Charge Card: *

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

<TABLE>
<CAPTION>
                                              6/09    3/09     6/08
                                            ------   ------   ------
<S>                                         <C>      <C>      <C>
Total Receivables (billions) ............   $  9.9   $  9.6   $ 13.4
Net loss ratio as a % of charge volume...     0.22%    0.17%    0.10%
90 days past due as a % of total ........     1.9%     2.4%     1.6%
</TABLE>

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

.    Marketing, Promotion, Rewards and Cardmember Services Expenses: Decreased
     25%, primarily reflecting lower volume-related rewards costs.

.    Salaries and Employee Benefits and Other Operating Expenses: Decreased 8%,
     reflecting the benefits from the Company's ongoing reengineering
     initiatives partially offset by a portion of the Company's 2Q '09 net
     reengineering charge.


                                       20

<PAGE>


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

                         Condensed Statements of Income
                                  (GAAP Basis)

(Preliminary)

<TABLE>
<CAPTION>
                                                                          Quarters Ended    Percentage
                                                                             June 30,         Inc/(Dec)
                                                                        -----------------   -----------
(millions)                                                                2009     2008
                                                                        -------   -------
<S>                                                                     <C>       <C>           <C>
Revenues
   Discount revenue, fees and other .................................    $  888   $ 1,025       (13)%
                                                                         ------   -------
   Interest income ..................................................         1         1        --
   Interest expense .................................................       (21)      (57)      (63)
                                                                         ------   -------
      Net interest income ...........................................        22        58       (62)
                                                                         ------   -------
Total revenues net of interest expense ..............................       910     1,083       (16)
                                                                         ------   -------
Provisions for losses ...............................................        33        26        27
                                                                         ------   -------
Total revenues net of interest expense after provisions for losses ..       877     1,057       (17)
                                                                         ------   -------
Expenses
   Marketing and promotion ..........................................        94       149       (37)
   Salaries and employee benefits and other operating expenses ......       423       453        (7)
                                                                         ------   -------
      Total .........................................................       517       602       (14)
                                                                         ------   -------
Pretax segment income ...............................................       360       455       (21)
Income tax provision ................................................       124       156       (21)
                                                                         ------   -------
Segment income ......................................................    $  236   $   299       (21)
                                                                         ======   =======
</TABLE>

Statistical Information

<TABLE>
<CAPTION>
                                                                          Quarters Ended    Percentage
                                                                             June 30,         Inc/(Dec)
                                                                        -----------------   -----------
                                                                          2009     2008
                                                                        -------   -------
<S>                                                                     <C>       <C>           <C>
Global card billed business* (billions) .............................   $ 151.4   $ 180.9       (16)%
Segment capital (millions)** ........................................   $ 1,751   $ 1,378        27
Return on average segment capital** .................................      61.2%     88.1%
Return on average tangible segment capital** ........................      62.6%     90.7%

Global Network Services:
Card billed business (billions) .....................................   $  17.0   $  17.5        (3)
Total cards-in-force (millions) .....................................      25.6      22.6        13
</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 Second Quarter 2009
     Earnings Release for the components of ROSC and ROTSC.

P&L Discussion

.    Segment Income: Decreased 21% to $236MM, as total revenues net of interest
     expense declined 16%, provisions for losses increased by $7MM and expenses
     decreased by 14%. Both the revenue and expense declines were inflated by
     the translation impact of foreign currency.

     .    2Q '09 included $16MM ($10MM after-tax) for costs related to the
          Company's ongoing reengineering initiatives.

     .    Pre-tax Margin: Was 39.6% in 2Q '09 compared with 42.0% in 2Q '08.

     .    Effective Tax Rate: Was 34% in both 2Q '09 and 2Q '08.

.    Discount Revenue, Fees and Other Revenue: Decreased 13%, primarily
     reflecting a decline in merchant-related revenues, driven by the 16%
     decrease in global card billed business.

.    Interest Income: Was flat versus the prior year.

.    Interest Expense: The expense credit decreased 63% due to lower volumes and
     a lower rate-driven interest credit related to internal transfer pricing
     which recognizes the merchant services' accounts payable-related funding
     benefit.

.    Provisions for Losses: Increased $7MM.

.    Marketing and Promotion Expenses: Decreased 37%, reflecting lower brand and
     merchant-related expenses.


                                       21

<PAGE>


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

.    Salaries and Employee Benefits and Other Operating Expenses: Decreased 7%,
     reflecting the benefits from the Company's ongoing reengineering
     initiatives and higher 2Q '08 merchant-related reserves, partially offset
     by lower litigation-related expenses in 2Q '08 and a portion of the
     Company's 2Q '09 net reengineering charge.


                                       22

<PAGE>


               INFORMATION RELATED TO FORWARD-LOOKING STATEMENTS

THIS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, 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 IMPACT OF
LEGISLATIVE INITIATIVES AFFECTING THE CREDIT CARD BUSINESS, INCLUDING, WITHOUT
LIMITATION, THE CREDIT CARD ACCOUNTABILITY RESPONSIBILITY AND DISCLOSURE ACT
OF 2009; 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 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, UNEMPLOYMENT RATES AND THE VOLUME OF BANKRUPTCIES; 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, BROKERAGE SWEEP ACCOUNT PROGRAM AND THE 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 INCREASE IN EXCESS SPREAD RESULTING FROM THE DESIGNATION OF DISCOUNT
OPTION RECEIVABLES WITH RESPECT TO THE AMERICAN EXPRESS CREDIT ACCOUNT MASTER
TRUST, WHICH WILL DEPEND IN PART ON THE MONTHLY PRINCIPAL PAYMENT RATE POSTED
TO ACCOUNTS IN, AND THE CREDIT PERFORMANCE OF, THE SECURITIZED LENDING
PORTFOLIO; 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; 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 THE CREDIT CARD ACCOUNTABILITY
RESPONSIBILITY AND DISCLOSURE ACT OF 2009 AND 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, INCLUDING THE
FINANCIAL ACCOUNTING STANDARDS BOARD'S RECENT ADOPTION OF CHANGES TO THE
ACCOUNTING OF OFF-BALANCE SHEET ACTIVITIES OR OTHER POTENTIAL REGULATORY
INTERPRETATIONS IN THIS AREA, WHICH, WHEN EFFECTIVE, WILL RESULT IN THE
COMPANY'S HAVING TO CONSOLIDATE THE ASSETS AND LIABILITIES OF THE LENDING
SECURITIZATION TRUST, THEREBY REQUIRING THE COMPANY TO REESTABLISH LOSS
RESERVES, WHICH COULD REDUCE THE COMPANY'S REGULATORY CAPITAL RATIOS AND/OR
CHANGE THE PRESENTATION OF ITS FINANCIAL STATEMENTS; 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, THE
COMPANY'S QUARTERLY REPORT ON FORM 10-Q REPORT FOR THE QUARTER ENDED MARCH 31,
2009 AND THE COMPANY'S OTHER REPORTS FILED WITH THE SEC.

                                      23
</TEXT>
</DOCUMENT>
