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<SEC-DOCUMENT>0000004962-09-000039.txt : 20091022
<SEC-HEADER>0000004962-09-000039.hdr.sgml : 20091022
<ACCEPTANCE-DATETIME>20091022161614
ACCESSION NUMBER:		0000004962-09-000039
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20091022
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20091022
DATE AS OF CHANGE:		20091022

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07657
		FILM NUMBER:		091132648

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

	MAIL ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>sept30_2009earnings.txt
<DESCRIPTION>AMERICAN EXPRESS COMPANY 8-K 3RD QUARTER EARNINGS 2009
<TEXT>
                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC 20549

                                   FORM 8-K

                                CURRENT REPORT

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

        Date of Report (Date of earliest event reported): October 22, 2009


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

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


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


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

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


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

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

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

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

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



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

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

On October 22, 2009, American Express Company issued a press release
announcing its financial results for the third quarter of 2009. A copy of such
press release is attached to this report as Exhibit 99.1 and is hereby
incorporated herein by reference. In addition, in conjunction with the
announcement of its financial results, American Express Company distributed
additional financial information relating to its 2009 third quarter financial
results and a 2009 Third Quarter Earnings Supplement. Such additional
financial information and the 2009 Third Quarter Earnings Supplement are
attached to this report as Exhibits 99.2 and 99.3, respectively, and each is
hereby incorporated by reference.


EXHIBIT

99.1   Press Release, dated October 22, 2009, of American Express Company
       announcing its financial results for the third quarter of 2009.

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

99.3   2009 Third Quarter Earnings Supplement of American Express Company.


                                      -2-
<PAGE>


                                   SIGNATURE

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

                                        AMERICAN EXPRESS COMPANY
                                        (REGISTRANT)

                                        By:    /s/ Carol V. Schwartz
                                        Name:  Carol V. Schwartz
                                        Title: Secretary



DATE:   October 22, 2009

                                      -3-
<PAGE>
                                 EXHIBIT INDEX


Exhibit
No.      Description
- -------  -----------

99.1     Press Release, dated October 22, 2009, of American Express Company
         announcing its financial results for the third quarter of 2009.

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

99.3     2009 Third Quarter Earnings Supplement of American Express Company.

                                      -4-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99_1pressrelease.txt
<DESCRIPTION>EXHIBIT 99.1 PRESS RELEASE
<TEXT>
                                                                    EXHIBIT 99.1

NEWS RELEASE   NEWS RELEASE   NEWS RELEASE   NEWS RELEASE   NEWS RELEASE   NEWS

[LOGO OF AMERICAN EXPRESS COMPANY]

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

      Investors/Analysts:
                          Malkah Groner               Ron Stovall
                          212-640-6657                212-640-5574
                          malkah.y.groner@aexp.com    ronald.stovall@aexp.com

FOR IMMEDIATE RELEASE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------

                               AMERICAN EXPRESS REPORTS THIRD QUARTER EARNINGS FROM CONTINUING
                                          OPERATIONS OF $642 MILLION; EPS OF $0.54

                                             (Millions, except per share amounts)

                                                        Quarters Ended        Percentage         Nine Months Ended       Percentage
                                                         September 30,         Inc/(Dec)           September 30,          Inc/(Dec)
                                                         -------------         ---------           -------------          ---------
                                                       2009         2008                         2009        2008
                                                       ----         ----                         ----        ----
<S>                                                 <C>         <C>              <C>         <C>         <C>              <C>
   Total Revenues Net of Interest Expense            $6,016      $ 7,164          (16)%       $18,034     $ 21,859         (17)%

   Income From Continuing Operations                 $  642      $   861          (25)%       $ 1,427     $  2,565         (44)%
   Loss From Discontinued Operations                 $   (2)     $   (46)         (96)%       $   (13)    $   (106)        (88)%
   Net Income                                        $  640      $   815          (21)%       $ 1,414     $  2,459         (42)%

   Earnings Per Common Share - Diluted:
      Income From Continuing Operations
        Attributable to Common Shareholders(1)       $ 0.54      $  0.74          (27)%       $  0.95     $   2.20         (57)%
      Loss From Discontinued Operations              $(0.01)     $ (0.04)         (75)%       $ (0.01)    $  (0.10)        (90)%
      Net Income Attributable to Common
        Shareholders(1)                              $ 0.53      $  0.70          (24)%       $  0.94     $   2.10         (55)%
   Average Diluted Common Shares Outstanding          1,181        1,158            2 %         1,166        1,161           - %
   Return on Average Equity                            11.7%        27.8%                        11.7%        27.8%
   Return on Average Common Equity                     10.4%        27.6%                        10.4%        27.6%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>


(1) Represents income from continuing operations or net income, as
    applicable, less:

    (i)   accelerated preferred dividend accretion of $212 million for the
          nine months ended September 30, 2009 due to the repurchase of
          $3.39 billion of preferred shares issued as part of the Capital
          Purchase Program (CPP),
    (ii)  preferred shares dividends and related accretion of $94 million
          for the nine months ended September 30, 2009, and
    (iii) earnings allocated to participating share awards and other
          items of $8 million and $5 million for the three-months ended
          September 30, 2009 and 2008, respectively, and $13 million and $14
          million for the nine months ended September 30, 2009 and 2008,
          respectively.

<PAGE>
New York - October 22, 2009 - AMERICAN EXPRESS COMPANY (NYSE: AXP) today
reported third-quarter income from continuing operations of $642 million, down
25 percent from $861 million a year ago. Diluted earnings per share from
continuing operations were $0.54, down 27 percent from $0.74 a year ago.

The third quarter results included a $180 million ($113 million after-tax)
non-recurring benefit associated with the company's accounting for a net
investment in consolidated foreign subsidiaries (discussed in more detail
later). Excluding that benefit, adjusted diluted earnings per share from
continuing operations were $0.44.(2)

Net income totaled $640 million for the quarter, down 21 percent from $815
million a year ago. Diluted per-share net income of $0.53 was down 24 percent
from $0.70 a year ago. Excluding the non-recurring benefit mentioned above,
adjusted diluted per-share net income was $0.43.(2)

Consolidated revenues net of interest expense declined 16 percent to $6.0
billion, down from $7.2 billion a year ago.

Consolidated provisions for losses totaled $1.2 billion, down 13 percent from
$1.4 billion a year ago.

Consolidated expenses totaled $3.9 billion, down 17 percent from $4.7 billion
a year ago, reflecting in part the results of the company's reengineering
initiatives.

At the end of the quarter, the company's tier-one risk based capital ratio was
9.7 percent. Its tier-one common risk based ratio was 9.7 percent, which
compared favorably to the regulatory benchmark(3) of 4 percent.

The company's return on average equity (ROE) was 11.7 percent, down from 27.8
percent a year ago. Return on average common equity (ROCE), was 10.4 percent,
down from 27.6 percent a year ago.

"Our results showed further progress in navigating through the most difficult
economic environment in decades," said Kenneth I. Chenault, chairman and chief
executive officer.

"We generated substantial earnings this quarter due, in part, to the
reengineering efforts that have successfully lowered our expense base. Just as
important, we stepped up investments in the business with a focus on: premium
cobranded products, charge card offerings and brand building initiatives in
the U.S. and select international markets. We funded these investments, as
expected, from the benefits we realized from better credit metrics during the
past several months.

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

(2) Management believes the adjusted per share numbers provide useful metrics
    to evaluate the ongoing operating performance of the company.
(3) The regulatory benchmark of 4 percent was used by the Federal Reserve
    within the Supervisory Capital Assessment Program earlier this year.


                                     -2-
<PAGE>
"While third quarter revenues declined because cardmember spending and loan
volumes were down from year-ago levels, overall billings have stabilized
during the last few months and we saw indications that spending by corporate
cardmembers is beginning to pick up.

"During the quarter, we also expanded our deposit gathering activities,
raising a net $4.1 billion as part of our funding strategy based on staying
liquid at a time when the credit markets remain volatile.

"At the start of the year the economy appeared to be in a freefall, the drop
in cardmember spending was accelerating and loan loss rates were rising
rapidly. Today, while there is still reason to be cautious about high
unemployment levels, we are seeing broad-based improvements in credit quality,
the trends in cardmember spending are encouraging and there are signs that the
recession may be approaching an end.

"Our three priorities remain: staying liquid, staying profitable and investing
selectively for growth. However, in anticipation of sequential improvement in
our loan loss provision during the fourth quarter, we are focused more and
more on the third priority - investing in the business to make sure we
capitalize on growth opportunities."

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

DISCONTINUED OPERATIONS

Discontinued operations for the third quarter generated a loss of $2 million
compared with a loss of $46 million during the year-ago period.


                                     -3-
<PAGE>
SEGMENT RESULTS

U.S. CARD SERVICES reported third-quarter net income of $109 million, compared
to net income of $244 million a year ago.

Total revenues net of interest expense for the third quarter decreased 16
percent to $2.9 billion, driven by reduced cardmember spending, lower
securitization income, net and lower loan balances.

Provisions for losses totaled $850 million, a decrease of 10 percent from $941
million a year ago. The decrease reflected lower loans and receivables, as
well as recent improvements in credit trends in both the charge and lending
portfolios. On a managed basis(4), the net loan write-off rate was 8.9
percent, down from 10.0 percent in the second quarter and up from 5.9 percent
a year ago. Owned net write-off rate was 9.8 percent in the quarter, down from
10.3 percent in the second quarter and up from 6.1 percent a year ago.

Total expenses decreased 11 percent. Marketing, promotion, rewards and
cardmember services expenses decreased 16 percent from the year-ago period,
reflecting lower rewards costs and reduced investments in marketing and
promotion. Salaries and employee benefits and other operating expenses
decreased 5 percent from year-ago levels, primarily due to the benefits of
ongoing reengineering initiatives.

INTERNATIONAL CARD SERVICES reported third-quarter net income of $127 million,
compared to $67 million a year ago.

Total revenues net of interest expense decreased 7 percent to $1.1 billion,
primarily driven by reduced cardmember spending and lower loan balances.

Provisions for losses totaled $250 million, a decrease of 21 percent from $316
million a year ago, primarily reflecting a lower level of loans and
receivables.

Total expenses decreased 16 percent. Marketing, promotion, rewards and
cardmember services expenses decreased 22 percent from year-ago levels,
reflecting reduced marketing investments and lower rewards costs. Salaries and
employee benefits and other operating expenses decreased 11 percent from
year-ago levels, primarily due to the benefits of ongoing reengineering
initiatives.

GLOBAL COMMERCIAL SERVICES reported a third quarter net income of $116
million, compared to $134 million a year ago.

Total revenues net of interest expense decreased 17 percent to $997 million,
reflecting lower travel commissions and fees and reduced spending by corporate
cardmembers compared to year ago levels.

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

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

                                     -4-
<PAGE>
Total expenses decreased 17 percent. Marketing, promotion, rewards and
cardmember services expenses decreased 28 percent from the year-ago period,
primarily reflecting lower rewards costs. Salaries and employee benefits and
other operating expenses decreased 16 percent from the year-ago period,
primarily due to the benefits of ongoing reengineering initiatives.

GLOBAL NETWORK & MERCHANT SERVICES reported third-quarter net income of $240
million, compared to $258 million a year ago.

Total revenues net of interest expense decreased 10 percent to $963 million,
primarily reflecting lower merchant-related revenues driven by a decrease in
global card billed business.

Total expenses decreased 11 percent. Marketing and promotion expenses
increased 5 percent from the year-ago period, primarily reflecting higher
brand-related marketing investments. Salaries and employee benefits and other
operating expenses decreased 15 percent, primarily due to the benefits of
ongoing reengineering initiatives.

CORPORATE AND OTHER reported a third-quarter net income of $50 million,
compared with net income of $158 million a year ago. The results for both
periods reflected the recognition of $220 million ($136 million after-tax) for
the previously announced MasterCard and Visa settlements.

This year's quarter included the previously mentioned non-recurring $180
million ($113 million after-tax) benefit associated with the company's
accounting for a net investment in consolidated foreign subsidiaries. Of this
benefit, $135 million ($85 million after-tax) represents a correction of an
error related to the accounting for cumulative translation adjustments in
prior periods. The impact of the incorrect accounting was not material to any
of the quarterly or annual periods in which it occurred. The error resulted in
a $60 million ($38 million after-tax) income overstatement in the second
quarter 2009, a $135 million ($85 million after-tax) income understatement in
the fourth quarter 2008 and minimal amounts for all other periods affected
dating back to third quarter 2007, when the incorrect accounting originated. A
non-recurring $45 million ($28 million after-tax) related benefit was also
recorded in the current quarter as a result of changes in the fair value of
certain foreign exchange forward contracts that are economic hedges to foreign
currency exposures of net investments in consolidated foreign subsidiaries.

These amounts were more than offset by items that included higher tax expense
due primarily to a revision in the company's estimated annual effective tax
rate and increased funding costs.

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

                                      -5-
<PAGE>


                                      ***

The 2009 third Quarter Earnings Supplement will be available today on the
American Express web site at HTTP://IR.AMERICANEXPRESS.COM. An investor
conference call will be held at 5:00 p.m. (ET) today to discuss third-quarter
earnings results. Live audio and presentation slides for the investor
conference call will be available to the general public at the same web site.
A replay of the conference call will be available later today at the same web
site address.



EXHIBIT 1
<TABLE>
<CAPTION>
                           AMERICAN EXPRESS COMPANY
                              U.S. CARD SERVICES

(BILLIONS, EXCEPT PERCENTAGES)


                                            Quarter Ended       Quarter Ended        Quarter Ended
                                          September 30, 2009    June 30, 2009      September 30, 2008

<S>                                            <C>                 <C>                  <C>
Cardmember lending - owned basis (A):
  Average Loans                                  $23.4               $26.5                $36.3
  Net write-off rate                               9.8%               10.3%                 6.1%

Cardmember lending - managed basis (B):
  Average Loans                                  $52.9               $55.1                $64.6
  Net write-off rate                               8.9%               10.0%                 5.9%
</TABLE>


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

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

                                     -6-
<PAGE>

FORWARD LOOKING STATEMENTS:

THIS REPORT 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 RECENTLY
ENACTED STATUTES AND PROPOSED 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 FOURTH QUARTER 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 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, AND DURING THE REMAINDER OF 2009, THE EXTENT
OF PROVISION BENEFIT, IF ANY, FROM LOWER THAN EXPECTED WRITE OFFS; 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

                                     -7-
<PAGE>
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
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 REPORTS ON FORM 10-Q FOR THE QUARTERS ENDED MARCH 31 AND
JUNE 30, 3009, AND THE COMPANY'S OTHER REPORTS FILED WITH THE SEC.


                                     -8-
<PAGE>

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

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                         Quarters Ended                        Nine Months Ended
                                                          September 30,                           September 30,
                                                    -----------------------   Percentage    -----------------------   Percentage
                                                       2009         2008      Inc/(Dec)        2009         2008      Inc/(Dec)
                                                    ----------   ----------   ----------    ----------   ----------   ----------
<S>                                                <C>          <C>                 <C>    <C>          <C>                 <C>
Revenues
Non-interest revenues
 Discount revenue                                   $    3,373   $    3,848          (12)%  $    9,744   $   11,557          (16)%
 Net card fees                                             538          541           (1)        1,602        1,614           (1)
 Travel commissions and fees                               383          499          (23)        1,155        1,566          (26)
 Other commissions and fees                                448          573          (22)        1,340        1,785          (25)
 Securitization income, net                                 71          200          (65)          210          871          (76)
 Other                                                     449          553          (19)        1,569        1,591           (1)
                                                    ----------   ----------                 ----------   ----------
  Total non-interest revenues                            5,262        6,214          (15)       15,620       18,984          (18)
                                                    ----------   ----------                 ----------   ----------
Interest income
 Interest and fees on loans                              1,059        1,560          (32)        3,432        4,795          (28)
 Interest and dividends on investment securities           229          200           15           579          603           (4)
 Deposits with banks and other                               9           74          (88)           48          235          (80)
                                                    ----------   ----------                 ----------   ----------
  Total interest income                                  1,297        1,834          (29)        4,059        5,633          (28)
                                                    ----------   ----------                 ----------   ----------
Interest expense
 Deposits                                                  109          109            -           299          381          (22)
 Short-term borrowings                                       2          114          (98)           36          411          (91)
 Long-term debt and other                                  432          661          (35)        1,310        1,966          (33)
                                                    ----------   ----------                 ----------   ----------
  Total interest expense                                   543          884          (39)        1,645        2,758          (40)
                                                    ----------   ----------                 ----------   ----------
  Net interest income                                      754          950          (21)        2,414        2,875          (16)
                                                    ----------   ----------                 ----------   ----------
Total revenues net of interest expense                   6,016        7,164          (16)       18,034       21,859          (17)
                                                    ----------   ----------                 ----------   ----------
Provisions for losses
 Charge card                                               143          351          (59)          716          937          (24)
 Cardmember lending                                        989          958            3         3,706        3,304           12
 Other                                                      46           50           (8)          143          153           (7)
                                                    ----------   ----------                 ----------   ----------
  Total provisions for losses                            1,178        1,359          (13)        4,565        4,394            4
                                                    ----------   ----------                 ----------   ----------
Total revenues net of interest expense after
 provisions for losses                                   4,838        5,805          (17)       13,469       17,465          (23)
                                                    ----------   ----------                 ----------   ----------

Expenses
 Marketing and promotion                                   504          649          (22)        1,201        1,906          (37)
 Cardmember rewards                                        983        1,132          (13)        2,858        3,301          (13)
 Cardmember services                                       132          148          (11)          374          402           (7)
 Salaries and employee benefits                          1,261        1,465          (14)        3,884        4,430          (12)
 Professional services                                     575          608           (5)        1,693        1,764           (4)
 Occupancy and equipment                                   374          398           (6)        1,124        1,185           (5)
 Communications                                            105          118          (11)          315          348           (9)
 Other, net                                                (14)         209            #           140          816          (83)
                                                    ----------   ----------                 ----------   ----------
  Total                                                  3,920        4,727          (17)       11,589       14,152          (18)
                                                    ----------   ----------                 ----------   ----------
Pretax income from continuing operations                   918        1,078          (15)        1,880        3,313          (43)
Income tax provision                                       276          217           27           453          748          (39)
                                                    ----------   ----------                 ----------   ----------
Income from continuing operations                          642          861          (25)        1,427        2,565          (44)
Loss from discontinued operations, net of tax               (2)         (46)         (96)          (13)        (106)         (88)
                                                    ----------   ----------                 ----------   ----------
Net income                                          $      640   $      815          (21)   $    1,414   $    2,459          (42)
                                                    ==========   ==========                 ==========   ==========
Income from continuing operations attributable to
 common shareholders (A)                            $      634   $      856          (26)   $    1,108   $    2,551          (57)
                                                    ==========   ==========                 ==========   ==========
Net income attributable to common shareholders (A)  $      632   $      810          (22)   $    1,095   $    2,445          (55)
                                                    ==========   ==========                 ==========   ==========
</Table>

# - Denotes a variance of more than 100%.

(A) Represents income from continuing operations or net income, as applicable,
less (i) accelerated preferred dividend accretion of $212 million for the nine
months ended September 30, 2009 due to the repurchase of $3.39 billion of
preferred shares issued as part of the Capital Purchase Program (CPP), (ii)
preferred shares dividends and related accretion of $94 million for the nine
months ended September 30, 2009, and (iii) earnings allocated to participating
share awards and other items of $8 million and $5 million for the three months
ended September 30, 2009 and 2008, respectively, and $13 million and $14
million for the nine months ended September 30, 2009 and 2008, respectively.

                                      -9-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                     CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                    September 30,  December 31,
                                                         2009          2008
                                                    -------------  -------------
<S>                                                 <C>            <C>
Assets
 Cash                                               $          19  $          21
 Accounts receivable                                           35             37
 Investment securities                                         24             13
 Loans                                                         29             41
 Other assets                                                  13             14
                                                    -------------  -------------
  Total assets                                      $         120  $         126
                                                    =============  =============

Liabilities and Shareholders' Equity
 Customer deposits                                  $          24  $          15
 Short-term borrowings                                          2              9
 Long-term debt                                                53             60
 Other liabilities                                             27             30
                                                    -------------  -------------
  Total liabilities                                           106            114
                                                    -------------  -------------

 Shareholders' equity                                          14             12
                                                    -------------  -------------
  Total liabilities and shareholders' equity        $         120  $         126
                                                    =============  =============
</Table>

                                     -10-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                         Quarters Ended                        Nine Months Ended
                                                          September 30,                           September 30,
                                                    -----------------------   Percentage    -----------------------   Percentage
                                                       2009         2008      Inc/(Dec)        2009         2008      Inc/(Dec)
                                                    ----------   ----------   ----------    ----------   ----------   ----------
<S>                                                 <C>          <C>                 <C>    <C>          <C>                 <C>
TOTAL REVENUES NET OF INTEREST EXPENSE
 U.S. Card Services                                 $    2,903   $    3,459          (16)%  $    8,782   $   10,774          (18)%
 International Card Services                             1,148        1,232           (7)        3,262        3,683          (11)
 Global Commercial Services                                997        1,200          (17)        2,944        3,652          (19)
 Global Network & Merchant Services                        963        1,071          (10)        2,709        3,157          (14)
                                                    ----------   ----------                 ----------   ----------
                                                         6,011        6,962          (14)       17,697       21,266          (17)
 Corporate & Other,
  including adjustments and eliminations                     5          202          (98)          337          593          (43)
                                                    ----------   ----------                 ----------   ----------

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE $    6,016   $    7,164          (16)   $   18,034   $   21,859          (17)
                                                    ==========   ==========                 ==========   ==========
PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
 U.S. Card Services                                 $      139   $      364          (62)   $     (243)  $    1,092            #
 International Card Services                               127            1            #           184          191           (4)
 Global Commercial Services                                170          191          (11)          397          735          (46)
 Global Network & Merchant Services                        358          397          (10)        1,083        1,187           (9)
                                                    ----------   ----------                 ----------   ----------
                                                           794          953          (17)        1,421        3,205          (56)
 Corporate & Other                                         124          125           (1)          459          108            #
                                                    ----------   ----------                 ----------   ----------
PRETAX INCOME FROM CONTINUING OPERATIONS            $      918   $    1,078          (15)   $    1,880   $    3,313          (43)
                                                    ==========   ==========                 ==========   ==========
NET INCOME (LOSS)
 U.S. Card Services                                 $      109   $      244          (55)   $     (116)  $      788            #
 International Card Services                               127           67           90           230          315          (27)
 Global Commercial Services                                116          134          (13)          273          512          (47)
 Global Network & Merchant Services                        240          258           (7)          713          780           (9)
                                                    ----------   ----------                 ----------   ----------
                                                           592          703          (16)        1,100        2,395          (54)

 Corporate & Other                                          50          158          (68)          327          170           92
                                                    ----------   ----------                 ----------   ----------
 Income from continuing operations                         642          861          (25)        1,427        2,565          (44)
 Loss from discontinued operations, net of tax              (2)         (46)         (96)          (13)        (106)         (88)
                                                    ----------   ----------                 ----------   ----------
NET INCOME                                          $      640   $      815          (21)   $    1,414   $    2,459          (42)
                                                    ==========   ==========                 ==========   ==========
</Table>

# - Denotes a variance of more than 100%.

                                     -11-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                         Quarters Ended                        Nine Months Ended
                                                          September 30,                           September 30,
                                                    -----------------------   Percentage    -----------------------   Percentage
                                                       2009         2008      Inc/(Dec)        2009         2008      Inc/(Dec)
                                                    ----------   ----------   ----------    ----------   ----------   ----------
<S>                                                 <C>          <C>                 <C>    <C>          <C>                 <C>
EARNINGS PER COMMON SHARE

BASIC
 Income from continuing operations attributable to
  common shareholders                               $     0.54   $     0.74          (27)%  $     0.95   $     2.21          (57)%
 Loss from discontinued operations                           -        (0.04)           #         (0.01)       (0.09)         (89)
                                                    ----------   ----------                 ----------   ----------
 Net income attributable to common shareholders     $     0.54   $     0.70          (23)%  $     0.94   $     2.12          (56)%
                                                    ==========   ==========                 ==========   ==========

 Average common shares outstanding (millions)            1,178        1,154            2%        1,164        1,154            1%
                                                    ==========   ==========                 ==========   ==========

DILUTED
 Income from continuing operations attributable to
  common shareholders                               $     0.54   $     0.74          (27)%  $     0.95   $     2.20          (57)%
 Loss from discontinued operations                       (0.01)       (0.04)         (75)        (0.01)       (0.10)         (90)
                                                    ----------   ----------                 ----------   ----------
 Net income attributable to common shareholders     $     0.53   $     0.70          (24)%  $     0.94   $     2.10          (55)%
                                                    ==========   ==========                 ==========   ==========

 Average common shares outstanding (millions)            1,181        1,158            2%        1,166        1,161            -%
                                                    ==========   ==========                 ==========   ==========

Cash dividends declared per common share            $     0.18   $     0.18            -%   $     0.54   $     0.54            -%
                                                    ==========   ==========                 ==========   ==========
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                         Quarters Ended                        Nine Months Ended
                                                          September 30,                           September 30,
                                                    -----------------------   Percentage    -----------------------   Percentage
                                                       2009         2008      Inc/(Dec)        2009         2008      Inc/(Dec)
                                                    ----------   ----------   ----------    ----------   ----------   ----------
<S>                                                 <C>          <C>                  <C>   <C>          <C>                 <C>
Return on average equity (A)                              11.7%        27.8%                      11.7%        27.8%
Return on average common equity (A)                       10.4%        27.6%                      10.4%        27.6%
Return on average tangible common equity (A)              13.5%        34.2%                      13.5%        34.2%
Common shares outstanding (millions)                     1,189        1,160            3%        1,189        1,160            3%
Book value per common share                         $    11.72   $    10.79            9%   $    11.72   $    10.79            9%
Shareholders' equity (billions)                     $     13.9   $     12.5           11%   $     13.9   $     12.5           11%
</Table>

# - Denotes a variance of more than 100%.

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

                                     -12-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99_2financials.txt
<DESCRIPTION>EXHIBIT 99.2 FINANCIALS
<TEXT>
                                                                    EXHIBIT 99.2

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

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                         Quarters Ended                        Nine Months Ended
                                                          September 30,                           September 30,
                                                    -----------------------   Percentage    -----------------------   Percentage
                                                       2009         2008      Inc/(Dec)        2009         2008      Inc/(Dec)
                                                    ----------   ----------   ----------    ----------   ----------   ----------
<S>                                                <C>          <C>                 <C>    <C>          <C>                 <C>
Revenues
Non-interest revenues
 Discount revenue                                   $    3,373   $    3,848          (12)%  $    9,744   $   11,557          (16)%
 Net card fees                                             538          541           (1)        1,602        1,614           (1)
 Travel commissions and fees                               383          499          (23)        1,155        1,566          (26)
 Other commissions and fees                                448          573          (22)        1,340        1,785          (25)
 Securitization income, net                                 71          200          (65)          210          871          (76)
 Other                                                     449          553          (19)        1,569        1,591           (1)
                                                    ----------   ----------                 ----------   ----------
  Total non-interest revenues                            5,262        6,214          (15)       15,620       18,984          (18)
                                                    ----------   ----------                 ----------   ----------
Interest income
 Interest and fees on loans                              1,059        1,560          (32)        3,432        4,795          (28)
 Interest and dividends on investment securities           229          200           15           579          603           (4)
 Deposits with banks and other                               9           74          (88)           48          235          (80)
                                                    ----------   ----------                 ----------   ----------
  Total interest income                                  1,297        1,834          (29)        4,059        5,633          (28)
                                                    ----------   ----------                 ----------   ----------
Interest expense
 Deposits                                                  109          109            -           299          381          (22)
 Short-term borrowings                                       2          114          (98)           36          411          (91)
 Long-term debt and other                                  432          661          (35)        1,310        1,966          (33)
                                                    ----------   ----------                 ----------   ----------
  Total interest expense                                   543          884          (39)        1,645        2,758          (40)
                                                    ----------   ----------                 ----------   ----------
  Net interest income                                      754          950          (21)        2,414        2,875          (16)
                                                    ----------   ----------                 ----------   ----------
Total revenues net of interest expense                   6,016        7,164          (16)       18,034       21,859          (17)
                                                    ----------   ----------                 ----------   ----------
Provisions for losses
 Charge card                                               143          351          (59)          716          937          (24)
 Cardmember lending                                        989          958            3         3,706        3,304           12
 Other                                                      46           50           (8)          143          153           (7)
                                                    ----------   ----------                 ----------   ----------
  Total provisions for losses                            1,178        1,359          (13)        4,565        4,394            4
                                                    ----------   ----------                 ----------   ----------
Total revenues net of interest expense after
 provisions for losses                                   4,838        5,805          (17)       13,469       17,465          (23)
                                                    ----------   ----------                 ----------   ----------

Expenses
 Marketing and promotion                                   504          649          (22)        1,201        1,906          (37)
 Cardmember rewards                                        983        1,132          (13)        2,858        3,301          (13)
 Cardmember services                                       132          148          (11)          374          402           (7)
 Salaries and employee benefits                          1,261        1,465          (14)        3,884        4,430          (12)
 Professional services                                     575          608           (5)        1,693        1,764           (4)
 Occupancy and equipment                                   374          398           (6)        1,124        1,185           (5)
 Communications                                            105          118          (11)          315          348           (9)
 Other, net                                                (14)         209            #           140          816          (83)
                                                    ----------   ----------                 ----------   ----------
  Total                                                  3,920        4,727          (17)       11,589       14,152          (18)
                                                    ----------   ----------                 ----------   ----------
Pretax income from continuing operations                   918        1,078          (15)        1,880        3,313          (43)
Income tax provision                                       276          217           27           453          748          (39)
                                                    ----------   ----------                 ----------   ----------
Income from continuing operations                          642          861          (25)        1,427        2,565          (44)
Loss from discontinued operations, net of tax               (2)         (46)         (96)          (13)        (106)         (88)
                                                    ----------   ----------                 ----------   ----------
Net income                                          $      640   $      815          (21)   $    1,414   $    2,459          (42)
                                                    ==========   ==========                 ==========   ==========
Income from continuing operations attributable to
 common shareholders (A)                            $      634   $      856          (26)   $    1,108   $    2,551          (57)
                                                    ==========   ==========                 ==========   ==========
Net income attributable to common shareholders (A)  $      632   $      810          (22)   $    1,095   $    2,445          (55)
                                                    ==========   ==========                 ==========   ==========
</Table>

# - Denotes a variance of more than 100%.

(A) Represents income from continuing operations or net income, as applicable,
less (i) accelerated preferred dividend accretion of $212 million for the nine
months ended September 30, 2009 due to the repurchase of $3.39 billion of
preferred shares issued as part of the Capital Purchase Program (CPP), (ii)
preferred shares dividends and related accretion of $94 million for the nine
months ended September 30, 2009, and (iii) earnings allocated to participating
share awards and other items of $8 million and $5 million for the three months
ended September 30, 2009 and 2008, respectively, and $13 million and $14
million for the nine months ended September 30, 2009 and 2008, respectively.

                                      -1-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                     CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                    September 30,  December 31,
                                                         2009          2008
                                                    -------------  -------------
<S>                                                 <C>            <C>
Assets
 Cash                                               $          19  $          21
 Accounts receivable                                           35             37
 Investment securities                                         24             13
 Loans                                                         29             41
 Other assets                                                  13             14
                                                    -------------  -------------
  Total assets                                      $         120  $         126
                                                    =============  =============

Liabilities and Shareholders' Equity
 Customer deposits                                  $          24  $          15
 Short-term borrowings                                          2              9
 Long-term debt                                                53             60
 Other liabilities                                             27             30
                                                    -------------  -------------
  Total liabilities                                           106            114
                                                    -------------  -------------

 Shareholders' equity                                          14             12
                                                    -------------  -------------
  Total liabilities and shareholders' equity        $         120  $         126
                                                    =============  =============
</Table>

                                     -2-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                         Quarters Ended                        Nine Months Ended
                                                          September 30,                           September 30,
                                                    -----------------------   Percentage    -----------------------   Percentage
                                                       2009         2008      Inc/(Dec)        2009         2008      Inc/(Dec)
                                                    ----------   ----------   ----------    ----------   ----------   ----------
<S>                                                 <C>          <C>                 <C>    <C>          <C>                 <C>
TOTAL REVENUES NET OF INTEREST EXPENSE
 U.S. Card Services                                 $    2,903   $    3,459          (16)%  $    8,782   $   10,774          (18)%
 International Card Services                             1,148        1,232           (7)        3,262        3,683          (11)
 Global Commercial Services                                997        1,200          (17)        2,944        3,652          (19)
 Global Network & Merchant Services                        963        1,071          (10)        2,709        3,157          (14)
                                                    ----------   ----------                 ----------   ----------
                                                         6,011        6,962          (14)       17,697       21,266          (17)
 Corporate & Other,
  including adjustments and eliminations                     5          202          (98)          337          593          (43)
                                                    ----------   ----------                 ----------   ----------

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE $    6,016   $    7,164          (16)   $   18,034   $   21,859          (17)
                                                    ==========   ==========                 ==========   ==========
PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
 U.S. Card Services                                 $      139   $      364          (62)   $     (243)  $    1,092            #
 International Card Services                               127            1            #           184          191           (4)
 Global Commercial Services                                170          191          (11)          397          735          (46)
 Global Network & Merchant Services                        358          397          (10)        1,083        1,187           (9)
                                                    ----------   ----------                 ----------   ----------
                                                           794          953          (17)        1,421        3,205          (56)
 Corporate & Other                                         124          125           (1)          459          108            #
                                                    ----------   ----------                 ----------   ----------
PRETAX INCOME FROM CONTINUING OPERATIONS            $      918   $    1,078          (15)   $    1,880   $    3,313          (43)
                                                    ==========   ==========                 ==========   ==========
NET INCOME (LOSS)
 U.S. Card Services                                 $      109   $      244          (55)   $     (116)  $      788            #
 International Card Services                               127           67           90           230          315          (27)
 Global Commercial Services                                116          134          (13)          273          512          (47)
 Global Network & Merchant Services                        240          258           (7)          713          780           (9)
                                                    ----------   ----------                 ----------   ----------
                                                           592          703          (16)        1,100        2,395          (54)

 Corporate & Other                                          50          158          (68)          327          170           92
                                                    ----------   ----------                 ----------   ----------
 Income from continuing operations                         642          861          (25)        1,427        2,565          (44)
 Loss from discontinued operations, net of tax              (2)         (46)         (96)          (13)        (106)         (88)
                                                    ----------   ----------                 ----------   ----------
NET INCOME                                          $      640   $      815          (21)   $    1,414   $    2,459          (42)
                                                    ==========   ==========                 ==========   ==========
</Table>

# - Denotes a variance of more than 100%.

                                     -3-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                         Quarters Ended                        Nine Months Ended
                                                          September 30,                           September 30,
                                                    -----------------------   Percentage    -----------------------   Percentage
                                                       2009         2008      Inc/(Dec)        2009         2008      Inc/(Dec)
                                                    ----------   ----------   ----------    ----------   ----------   ----------
<S>                                                 <C>          <C>                 <C>    <C>          <C>                 <C>
EARNINGS PER COMMON SHARE

BASIC
 Income from continuing operations attributable to
  common shareholders                               $     0.54   $     0.74          (27)%  $     0.95   $     2.21          (57)%
 Loss from discontinued operations                           -        (0.04)           #         (0.01)       (0.09)         (89)
                                                    ----------   ----------                 ----------   ----------
 Net income attributable to common shareholders     $     0.54   $     0.70          (23)%  $     0.94   $     2.12          (56)%
                                                    ==========   ==========                 ==========   ==========

 Average common shares outstanding (millions)            1,178        1,154            2%        1,164        1,154            1%
                                                    ==========   ==========                 ==========   ==========

DILUTED
 Income from continuing operations attributable to
  common shareholders                               $     0.54   $     0.74          (27)%  $     0.95   $     2.20          (57)%
 Loss from discontinued operations                       (0.01)       (0.04)         (75)        (0.01)       (0.10)         (90)
                                                    ----------   ----------                 ----------   ----------
 Net income attributable to common shareholders     $     0.53   $     0.70          (24)%  $     0.94   $     2.10          (55)%
                                                    ==========   ==========                 ==========   ==========

 Average common shares outstanding (millions)            1,181        1,158            2%        1,166        1,161            -%
                                                    ==========   ==========                 ==========   ==========

Cash dividends declared per common share            $     0.18   $     0.18            -%   $     0.54   $     0.54            -%
                                                    ==========   ==========                 ==========   ==========
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                         Quarters Ended                        Nine Months Ended
                                                          September 30,                           September 30,
                                                    -----------------------   Percentage    -----------------------   Percentage
                                                       2009         2008      Inc/(Dec)        2009         2008      Inc/(Dec)
                                                    ----------   ----------   ----------    ----------   ----------   ----------
<S>                                                 <C>          <C>                  <C>   <C>          <C>                 <C>
Return on average equity (A)                              11.7%        27.8%                      11.7%        27.8%
Return on average common equity (A)                       10.4%        27.6%                      10.4%        27.6%
Return on average tangible common equity (A)              13.5%        34.2%                      13.5%        34.2%
Common shares outstanding (millions)                     1,189        1,160            3%        1,189        1,160            3%
Book value per common share                         $    11.72   $    10.79            9%   $    11.72   $    10.79            9%
Shareholders' equity (billions)                     $     13.9   $     12.5           11%   $     13.9   $     12.5           11%
</Table>

# - Denotes a variance of more than 100%.

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

                                     -4-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                         Quarters Ended
                                                          September 30,
                                                    -----------------------   Percentage
                                                       2009         2008      Inc/(Dec)
                                                    ----------   ----------   ----------
<S>                                                 <C>          <C>                 <C>
Card billed business (A):
 United States                                      $    106.5   $    120.3          (11)%
 Outside the United States                                50.1         55.2           (9)
                                                    ----------   ----------
  Total                                             $    156.6   $    175.5          (11)
                                                    ==========   ==========
Total cards-in-force (millions) (B):
 United States                                            49.4         54.3           (9)%
 Outside the United States                                39.0         37.8            3
                                                    ----------   ----------
  Total                                                   88.4         92.1           (4)
                                                    ==========   ==========
Basic cards-in-force (millions) (B):
 United States                                            38.6         42.3           (9)%
 Outside the United States                                34.3         32.8            5
                                                    ----------   ----------
  Total                                                   72.9         75.1           (3)
                                                    ==========   ==========

Average discount rate (C)                                 2.54%        2.56%
Average basic cardmember spending (dollars) (D)     $    2,898   $    3,049           (5)%
Average fee per card (dollars) (D)                  $       37   $       34            9%
Average fee per card adjusted (dollars) (D)         $       41   $       39            5%
</Table>

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

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

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

(D) Average basic cardmember spending and average fee per card are computed
from proprietary card activities only. Average fee per card is computed based
on net card fees, including the amortization of deferred direct acquisition
costs, plus card fees included in interest and fees on loans (including
related amortization of deferred direct acquisition costs), divided by average
worldwide proprietary cards-in-force. The card fees related to cardmember
loans included in interest and fees on loans were $47 million and $35 million
for the quarters ended September 30, 2009 and 2008, respectively. The adjusted
average fee per card is computed in the same manner, but excludes amortization
of deferred direct acquisition costs (a portion of which is charge card
related and included in net card fees and a portion of which is lending
related and included in interest and fees on loans). The amount of
amortization excluded was $57 million and $84 million for the quarters ended
September 30, 2009 and 2008, respectively. The Company presents adjusted
average fee per card because management believes that this metric presents a
useful indicator of card fee pricing across a range of its proprietary card
products.

                                     -5-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                 SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                         Quarters Ended
                                                          September 30,
                                                    -----------------------   Percentage
                                                       2009         2008      Inc/(Dec)
                                                    ----------   ----------   ----------
<S>                                                 <C>          <C>                 <C>
Worldwide cardmember receivables:
 Total receivables                                  $     32.1   $     37.6          (15)%
 Loss reserves (millions):
  Beginning balance                                 $      714   $    1,146          (38)%
   Provision                                               143          351          (59)
   Net write-offs                                         (265)        (333)         (20)
   Other                                                     7          (30)           #
                                                    ----------   ----------
  Ending balance                                    $      599   $    1,134          (47)
                                                    ==========   ==========
  % of receivables                                         1.9%         3.0%
 Net write-off rate - USCS                                 3.2%         3.4%
 30 days past due as a % of total - USCS                   2.2%         3.3%
 Net loss ratio as a % of charge volume - ICS             0.37%        0.25%
 90 days past due as a % of total - ICS                    2.5%         2.7%
 Net loss ratio as a % of charge volume - GCS             0.23%        0.15%
 90 days past due as a % of total - GCS                    1.5%         1.8%

Worldwide cardmember lending - owned basis (A):
 Total loans                                        $     31.5   $     45.7          (31)%
 30 days past due loans as a % of total                    4.0%         3.7%
 Loss reserves (millions):
  Beginning balance                                 $    3,219   $    2,594           24%
   Provision                                               973          927            5
   Net write-offs - principal                             (731)        (697)           5
   Write-offs - interest and fees                          (90)        (161)         (44)
   Other (B)                                               (12)         (23)         (48)
                                                    ----------   ----------
  Ending balance                                    $    3,359   $    2,640           27
                                                    ==========   ==========
   Ending Reserves - principal                      $    3,246   $    2,426           34
   Ending Reserves - interest and fees              $      113   $      214          (47)
  % of loans                                              10.7%         5.8%
  % of past due                                            264%         154%
 Average loans                                      $     32.3   $     47.7          (32)%
 Net write-off rate                                        9.1%         5.8%
 Net interest yield on cardmember loans (C)                9.7%         8.9%

Worldwide cardmember lending - managed basis (D):
 Total loans                                        $     60.7   $     75.5          (20)%
 30 days past due loans as a % of total                    4.0%         3.8%
 Net write-offs - principal (millions)              $    1,327   $    1,090           22
 Average loans                                      $     61.8   $     76.1          (19)%
 Net write-off rate                                        8.6%         5.7%
 Net interest yield on cardmember loans (C)               10.0%         9.2%
</Table>

# - Denotes a variance of more than 100%.

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

(B) For the quarter ended September 30, 2009, this amount primarily includes
$25 million of reserves that were removed in connection with securitizations
during the period. The offset is in the allocated cost of the associated
retained subordinated securities. This amount also includes foreign currency
translation adjustments. The prior period primarily included foreign currency
translation adjustments.

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

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

                                     -6-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Revenues
Non-interest revenues
 Discount revenue                                            3,373   $       3,305   $       3,066   $       3,468   $       3,848
 Net card fees                                                 538             532             532             536             541
 Travel commissions and fees                                   383             407             365             444             499
 Other commissions and fees                                    448             439             453             522             573
 Securitization income, net                                     71              (2)            141             199             200
 Other                                                         449             670             450             566             553
                                                     -------------   -------------   -------------   -------------   -------------
  Total non-interest revenues                                5,262           5,351           5,007           5,735           6,214
                                                     -------------   -------------   -------------   -------------   -------------
Interest income
 Interest and fees on loans                                  1,059           1,081           1,292           1,364           1,560
 Interest and dividends on investment securities               229             196             154             168             200
 Deposits with banks and other                                   9              11              28              36              74
                                                     -------------   -------------   -------------   -------------   -------------
  Total interest income                                      1,297           1,288           1,474           1,568           1,834
                                                     -------------   -------------   -------------   -------------   -------------
Interest expense
 Deposits                                                      109             105              85              73             109
 Short-term borrowings                                           2               7              27              72             114
 Long-term debt and other                                      432             435             443             652             661
                                                     -------------   -------------   -------------   -------------   -------------
  Total interest expense                                       543             547             555             797             884
                                                     -------------   -------------   -------------   -------------   -------------
  Net interest income                                          754             741             919             771             950
                                                     -------------   -------------   -------------   -------------   -------------
Total revenues net of interest expense                       6,016           6,092           5,926           6,506           7,164
                                                     -------------   -------------   -------------   -------------   -------------
Provisions for losses
 Charge card                                                   143             237             336             426             351
 Cardmember lending                                            989           1,303           1,414             927             958
 Other                                                          46              44              53              51              50
                                                     -------------   -------------   -------------   -------------   -------------
  Total provisions for losses                                1,178           1,584           1,803           1,404           1,359
                                                     -------------   -------------   -------------   -------------   -------------
Total revenues net of interest expense after
 provision for losses                                        4,838           4,508           4,123           5,102           5,805
                                                     -------------   -------------   -------------   -------------   -------------

Expenses
 Marketing and promotion                                       504             352             345             524             649
 Cardmember rewards                                            983           1,029             846           1,088           1,132
 Cardmember services                                           132             131             111             140             148
 Salaries and employee benefits                              1,261           1,370           1,253           1,660           1,465
 Professional services                                         575             599             519             649             608
 Occupancy and equipment                                       374             392             358             456             398
 Communications                                                105             106             104             118             118
 Other, net                                                    (14)            111              43             199             209
                                                     -------------   -------------   -------------   -------------   -------------
  Total                                                      3,920           4,090           3,579           4,834           4,727
                                                     -------------   -------------   -------------   -------------   -------------
Pretax income from continuing operations                       918             418             544             268           1,078
Income tax provision (benefit)                                 276              76             101             (38)            217
                                                     -------------   -------------   -------------   -------------   -------------
Income from continuing operations                              642             342             443             306             861
Loss from discontinued operations, net of tax                   (2)             (5)             (6)            (66)            (46)
                                                     -------------   -------------   -------------   -------------   -------------
Net income                                           $         640   $         337   $         437   $         240   $         815
                                                     =============   =============   =============   =============   =============
Income from continuing operations attributable to
 common shareholders (A)                             $         634   $         107   $         367   $         305   $         856
                                                     =============   =============   =============   =============   =============
Net income attributable to common shareholders (A)   $         632   $         102   $         361   $         239   $         810
                                                     =============   =============   =============   =============   =============
</Table>

(A) Represents income from continuing operations or net income, as applicable,
less (i) accelerated preferred dividend accretion of $212 million for the
quarter ended June 30, 2009 due to the repurchase of $3.39 billion of
preferred shares issued as part of the Capital Purchase Program (CPP), (ii)
preferred shares dividends and related accretion of $22 million for the
quarter ended June 30, 2009 and $72 million for the quarter ended March 31,
2009, respectively, and (iii) earnings allocated to participating share awards
of $8 million for the quarter ended September 30, 2009, $1 million for the
quarter ended June 30, 2009, $4 million for the quarter ended March 31, 2009,
$1 million for the quarter ended December 31, 2008, and $5 million for the
quarter ended September 30, 2008, respectively.

                                     -7-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
TOTAL REVENUES NET OF INTEREST EXPENSE
 U.S. Card Services                                  $       2,903   $       2,805   $       3,074   $       3,223   $       3,459
 International Card Services                                 1,148           1,091           1,023           1,098           1,232
 Global Commercial Services                                    997           1,003             944           1,044           1,200
 Global Network & Merchant Services                            963             910             836             945           1,071
                                                     -------------   -------------   -------------   -------------   -------------
                                                             6,011           5,809           5,877           6,310           6,962
 Corporate & Other,
  including adjustments and eliminations                         5             283              49             196             202
                                                     -------------   -------------   -------------   -------------   -------------
CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE  $       6,016   $       6,092   $       5,926   $       6,506   $       7,164
                                                     =============   =============   =============   =============   =============

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
 U.S. Card Services                                  $         139   $        (332)  $         (50)  $          49   $         364
 International Card Services                                   127              49               8             (38)              1
 Global Commercial Services                                    170              99             128             (42)            191
 Global Network & Merchant Services                            358             360             365             303             397
                                                     -------------   -------------   -------------   -------------   -------------
                                                               794             176             451             272             953

 Corporate & Other                                             124             242              93              (4)            125
                                                     -------------   -------------   -------------   -------------   -------------

PRETAX INCOME FROM CONTINUING OPERATIONS             $         918   $         418   $         544   $         268   $       1,078
                                                     =============   =============   =============   =============   =============

NET INCOME (LOSS)
 U.S. Card Services                                  $         109   $        (200)  $         (25)  $          64   $         244
 International Card Services                                   127              64              39              36              67
 Global Commercial Services                                    116              71              86              (7)            134
 Global Network & Merchant Services                            240             236             237             215             258
                                                     -------------   -------------   -------------   -------------   -------------
                                                               592             171             337             308             703

 Corporate & Other                                              50             171             106              (2)            158
                                                     -------------   -------------   -------------   -------------   -------------
 Income from continuing operations                             642             342             443             306             861
 Loss from discontinued operations, net of tax                  (2)             (5)             (6)            (66)            (46)
                                                     -------------   -------------   -------------   -------------   -------------

NET INCOME                                           $         640   $         337   $         437   $         240   $         815
                                                     =============   =============   =============   =============   =============
</Table>

                                     -8-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

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

BASIC
 Income from continuing operations attributable
  to common shareholders                             $        0.54   $        0.09   $        0.32   $        0.26   $        0.74
 Loss from discontinued operations                               -               -           (0.01)          (0.05)          (0.04)
                                                     -------------   -------------   -------------   -------------   -------------
 Net income attributable to common shareholders      $        0.54   $        0.09   $        0.31   $        0.21   $        0.70
                                                     =============   =============   =============   =============   =============

 Average common shares outstanding (millions)                1,178           1,162           1,156           1,155           1,154
                                                     =============   =============   =============   =============   =============
DILUTED
 Income from continuing operations attributable
  to common shareholders                             $        0.54   $        0.09   $        0.32   $        0.26   $        0.74
 Loss from discontinued operations                           (0.01)              -           (0.01)          (0.05)          (0.04)
                                                     -------------   -------------   -------------   -------------   -------------
 Net income attributable to common shareholders      $        0.53   $        0.09   $        0.31   $        0.21   $        0.70
                                                     =============   =============   =============   =============   =============

 Average common shares outstanding (millions)                1,181           1,165           1,156           1,155           1,158
                                                     =============   =============   =============   =============   =============

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

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Return on average equity (A)                                  11.7%           13.2%           16.3%           22.3%           27.8%
Return on average common equity (A)                           10.4%           12.0%           16.7%           22.1%           27.6%
Return on average tangible common equity (A)                  13.5%           15.6%           21.6%           28.0%           34.2%
Common shares outstanding (millions)                         1,189           1,189           1,168           1,160           1,160
Book value per common share                          $       11.72   $       11.28   $       10.61   $       10.21   $       10.79
Shareholders' equity (billions)                      $        13.9   $        13.4   $        15.8   $        11.8   $        12.5
</Table>

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

                                     -9-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Card billed business (A):
 United States                                       $       106.5   $       104.8   $        97.4   $       112.7   $       120.3
 Outside the United States                                    50.1            46.6            41.8            47.8            55.2
                                                     -------------   -------------   -------------   -------------   -------------
  Total                                              $       156.6   $       151.4   $       139.2   $       160.5   $       175.5
                                                     =============   =============   =============   =============   =============
Total cards-in-force (millions) (B):
 United States                                                49.4            49.8            53.4            54.0            54.3
 Outside the United States                                    39.0            38.7            38.2            38.4            37.8
                                                     -------------   -------------   -------------   -------------   -------------
  Total                                                       88.4            88.5            91.6            92.4            92.1
                                                     =============   =============   =============   =============   =============
Basic cards-in-force (millions) (B):
 United States                                                38.6            38.7            41.6            42.0            42.3
 Outside the United States                                    34.3            33.9            33.3            33.4            32.8
                                                     -------------   -------------   -------------   -------------   -------------
  Total                                                       72.9            72.6            74.9            75.4            75.1
                                                     =============   =============   =============   =============   =============

Average discount rate (C)                                     2.54%           2.55%           2.56%           2.53%           2.56%
Average basic cardmember spending (dollars) (D)      $       2,898   $       2,712   $       2,443   $       2,792   $       3,049
Average fee per card (dollars) (D)                   $          37   $          35   $          34   $          34   $          34
Average fee per card adjusted (dollars) (D)          $          41   $          39   $          38   $          38   $          39
</Table>

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

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

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

(D) Average basic cardmember spending and average fee per card are computed
from proprietary card activities only. Average fee per card is computed based
on net card fees, including the amortization of deferred direct acquisition
costs, plus card fees included in interest and fees on loans (including
related amortization of deferred direct acquisition costs), divided by average
worldwide proprietary cards-in-force. The card fees related to cardmember
loans included in interest and fees on loans were $47 million for the quarter
ended September 30, 2009, $45 million for the quarter ended June 30, 2009, $40
million for the quarter ended March 31, 2009, $41 million for the quarter
ended December 31, 2008, and $35 million for the quarter ended September 30,
2008, respectively. The adjusted average fee per card is computed in the same
manner, but excludes amortization of deferred direct acquisition costs (a
portion of which is charge card related and included in net card fees and a
portion of which is lending related and included in interest and fees on
loans). The amount of amortization excluded for these periods was $57 million
for the quarter ended September 30, 2009, $62 million for the quarter ended
June 30, 2009, $70 million for the quarter ended March 31, 2009, $76 million
for the quarter ended December 31, 2008, and $84 million for the quarter ended
September 30, 2008, respectively. The Company presents adjusted average fee
per card because management believes that this metric presents a useful
indicator of card fee pricing across a range of its proprietary card products.

                                     -10-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                 SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Worldwide cardmember receivables:
 Total receivables                                   $        32.1   $        31.4   $        30.3   $        33.0   $        37.6
 Loss reserves (millions):
  Beginning balance                                  $         714   $         810   $         810   $       1,134   $       1,146
   Provision                                                   143             237             336             426             351
   Net write-offs (A)                                         (265)           (340)           (332)           (669)           (333)
   Other                                                         7               7              (4)            (81)            (30)
                                                     -------------   -------------   -------------   -------------   -------------
  Ending balance                                     $         599   $         714   $         810   $         810   $       1,134
                                                     =============   =============   =============   =============   =============
  % of receivables                                             1.9%            2.3%            2.7%            2.5%            3.0%
 Net write-off rate - USCS (A)                                 3.2%            5.2%            4.9%            3.5%            3.4%
 30 days past due as a % of total - USCS                       2.2%            2.6%            3.7%            3.7%            3.3%
 Net loss ratio as a % of charge volume - ICS                 0.37%           0.36%           0.35%           0.30%           0.25%
 90 days past due as a % of total - ICS                        2.5%            3.0%            3.3%            3.1%            2.7%
 Net loss ratio as a % of charge volume - GCS                 0.23%           0.22%           0.17%           0.14%           0.15%
 90 days past due as a % of total - GCS                        1.5%            1.9%            2.4%            2.7%            1.8%

Worldwide cardmember lending - owned basis (B):
 Total loans                                         $        31.5   $        32.5   $        36.7   $        42.2   $        45.7
 30 days past due loans as a % of total                        4.0%            4.3%            4.9%            4.4%            3.7%
 Loss reserves (millions):
  Beginning balance                                  $       3,219   $       3,013   $       2,570   $       2,640   $       2,594
   Provision                                                   973           1,291           1,401             897             927
   Net write-offs - principal                                 (731)           (847)           (782)           (702)           (697)
   Write-offs - interest and fees                              (90)           (131)           (155)           (143)           (161)
   Other (C)                                                   (12)           (107)            (21)           (122)            (23)
                                                     -------------   -------------   -------------   -------------   -------------
  Ending balance                                     $       3,359   $       3,219   $       3,013   $       2,570   $       2,640
                                                     =============   =============   =============   =============   =============
   Ending Reserves - principal                       $       3,246   $       3,035   $       2,806   $       2,379   $       2,426
   Ending Reserves - interest and fees               $         113   $         184   $         207   $         191   $         214
  % of loans                                                  10.7%            9.9%            8.2%            6.1%            5.8%
  % of past due                                                264%            230%            168%            137%            154%
 Average loans                                       $        32.3   $        35.2   $        39.0   $        43.0   $        47.7
 Net write-off rate                                            9.1%            9.6%            8.0%            6.5%            5.8%
 Net interest yield on cardmember loans (D)                    9.7%            9.2%           10.5%            8.6%            8.9%

Worldwide cardmember lending - managed basis (E):
 Total loans                                         $        60.7   $        62.9   $        65.0   $        72.0   $        75.5
 30 days past due loans as a % of total                        4.0%            4.3%            5.0%            4.6%            3.8%
 Net write-offs - principal (millions)               $       1,327   $       1,541   $       1,392   $       1,181   $       1,090
 Average loans                                       $        61.8   $        63.9   $        67.9   $        72.8   $        76.1
 Net write-off rate                                            8.6%            9.7%            8.2%            6.5%            5.7%
 Net interest yield on cardmember loans (D)                   10.0%            9.9%           10.9%            8.9%            9.2%
</Table>

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

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

(C) This amount primarily includes reserves of $25 million for the quarter
ended September 30, 2009 and $144 million for the quarter ended June 30, 2009
that were removed in connection with securitizations during the period. The
offset is in the allocated cost of the associated retained subordinated
securities. This amount also includes foreign currency translation
adjustments. Prior periods included foreign currency translation and other
adjustments primarily related to the reclassification of waived fee reserves
to a contra-cardmember receivable.

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

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

                                     -11-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                              September 30,
                                                                        -----------------------   Percentage
                                                                           2009         2008      Inc/(Dec)
                                                                        ----------   ----------   ----------
<S>                                                                     <C>          <C>                 <C>
Revenues
 Discount revenue, net card fees and other                              $    2,267   $    2,597          (13)%
 Securitization income, net                                                     71          200          (65)
 Interest income                                                               772        1,190          (35)
 Interest expense                                                              207          528          (61)
                                                                        ----------   ----------
  Net interest income                                                          565          662          (15)
                                                                        ----------   ----------
Total revenues net of interest expense                                       2,903        3,459          (16)
                                                                        ----------   ----------
Provisions for losses                                                          850          941          (10)
                                                                        ----------   ----------
Total revenues net of interest expense after provisions for losses           2,053        2,518          (18)
                                                                        ----------   ----------
Expenses
 Marketing, promotion, rewards and cardmember services                       1,050        1,245          (16)
 Salaries and employee benefits and other operating expenses                   864          909           (5)
                                                                        ----------   ----------
   Total                                                                     1,914        2,154          (11)
                                                                        ----------   ----------
Pretax segment income                                                          139          364          (62)
Income tax provision                                                            30          120          (75)
                                                                        ----------   ----------
Segment income                                                          $      109   $      244          (55)
                                                                        ==========   ==========
</Table>

# - Denotes a variance of more than 100%.

                                     -12-
<Page>

(Preliminary)
                              U.S. CARD SERVICES
                        SELECTED FINANCIAL INFORMATION
                          MANAGED BASIS PRESENTATION

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                              September 30,
                                                                        -----------------------   Percentage
                                                                           2009         2008      Inc/(Dec)
                                                                        ----------   ----------   ----------
<S>                                                                     <C>          <C>                 <C>
INCOME STATEMENT DATA
 Discount revenue, net card fees and other:
  Reported for the period (GAAP)                                        $    2,267   $    2,597          (13)%
  Securitization adjustments                                                    82          122          (33)
                                                                        ----------   ----------
  Managed discount revenue, net card fees and other                     $    2,349   $    2,719          (14)
                                                                        ----------   ----------
 Interest income:
  Reported for the period (GAAP)                                        $      772   $    1,190          (35)
  Securitization adjustments                                                   714          883          (19)
                                                                        ----------   ----------
  Managed interest income                                               $    1,486   $    2,073          (28)
                                                                        ----------   ----------
 Securitization income, net:
  Reported for the period (GAAP)                                        $       71   $      200          (65)
  Securitization adjustments                                                   (71)        (200)         (65)
                                                                        ----------   ----------
  Managed securitization income, net                                    $        -   $        -            -
                                                                        ----------   ----------
 Interest expense:
  Reported for the period (GAAP)                                        $      207   $      528          (61)
  Securitization adjustments                                                    58          196          (70)
                                                                        ----------   ----------
  Managed interest expense                                              $      265   $      724          (63)
                                                                        ----------   ----------
 Provisions for losses:
  Reported for the period (GAAP)                                        $      850   $      941          (10)
  Securitization adjustments                                                   529          629          (16)
                                                                        ----------   ----------
  Managed provisions for losses                                         $    1,379   $    1,570          (12)
                                                                        ----------   ----------
</Table>

# - Denotes a variance of more than 100%.

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

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

                                     -13-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                              September 30,
                                                                        -----------------------   Percentage
                                                                           2009         2008      Inc/(Dec)
                                                                        ----------   ----------   ----------
<S>                                                                     <C>          <C>                 <C>
Card billed business                                                    $     85.2   $     97.9          (13)%
Total cards-in-force (millions)                                               39.8         44.7          (11)%
Basic cards-in-force (millions)                                               29.7         33.4          (11)%
Average basic cardmember spending (dollars)                             $    2,851   $    2,950           (3)%

U.S. Consumer Travel:
  Travel sales (millions)                                               $      629   $      771          (18)%
  Travel commissions and fees/sales                                            8.4%         8.2%

Total segment assets                                                    $     53.2   $     80.5          (34)%
Segment capital (millions) (A)                                          $    5,837   $    5,069           15%
Return on average segment capital (B)                                         -1.0%        17.0%
Return on average tangible segment capital (B)                                -1.1%        17.7%

Cardmember receivables:
 Total receivables                                                      $     15.9   $     18.8          (15)%
 30 days past due receivables as a % of total                                  2.2%         3.3%
 Average receivables                                                    $     15.8   $     19.3          (18)%
 Net write-off rate                                                            3.2%         3.4%

Cardmember lending - owned basis (C):
 Total loans                                                            $     22.7   $     34.6          (34)%
 30 days past due loans as a % of total (F)                                    4.2%         3.9%
 Average loans                                                          $     23.4   $     36.3          (36)%
 Net write-off rate                                                            9.8%         6.1%
 Net interest yield on cardmember loans (D)                                    8.8%         8.6%

Cardmember lending - managed basis (E):
 Total loans                                                            $     51.9   $     64.3          (19)%
 30 days past due loans as a % of total                                        4.1%         3.9%
 Average loans                                                          $     52.9   $     64.6          (18)%
 Net write-off rate                                                            8.9%         5.9%
 Net interest yield on cardmember loans (D)                                    9.6%         9.1%
</Table>

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

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

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

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

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

(F) The ratio shown for 30 days past due loans as a % of total loans as of
September 30, 2009 was revised from the ratio of 4.0 percent previously
reported in the Company's Form 8-K filed on October 15, 2009.

                                     -14-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Revenues
 Discount revenue, net card fees and other           $       2,267   $       2,273   $       2,205   $       2,465   $       2,597
 Securitization income, net                                     71              (2)            141             199             200
 Interest income                                               772             748             946           1,049           1,190
 Interest expense                                              207             214             218             490             528
                                                     -------------   -------------   -------------   -------------   -------------
  Net interest income                                          565             534             728             559             662
                                                     -------------   -------------   -------------   -------------   -------------
Total revenues net of interest expense                       2,903           2,805           3,074           3,223           3,459
                                                     -------------   -------------   -------------   -------------   -------------
Provisions for losses                                          850           1,190           1,383           1,051             941
                                                     -------------   -------------   -------------   -------------   -------------
Total revenues net of interest expense after
 provisions for losses                                       2,053           1,615           1,691           2,172           2,518
                                                     -------------   -------------   -------------   -------------   -------------
Expenses
 Marketing, promotion, rewards and
  cardmember services                                        1,050           1,021             889           1,208           1,245
 Salaries and employee benefits and other
  operating expenses                                           864             926             852             915             909
                                                     -------------   -------------   -------------   -------------   -------------
   Total                                                     1,914           1,947           1,741           2,123           2,154
                                                     -------------   -------------   -------------   -------------   -------------
Pretax segment income (loss)                                   139            (332)            (50)             49             364
Income tax provision (benefit)                                  30            (132)            (25)            (15)            120
                                                     -------------   -------------   -------------   -------------   -------------
Segment income (loss)                                $         109   $        (200)  $         (25)  $          64   $         244
                                                     =============   =============   =============   =============   =============
</Table>

                                     -15-
<Page>

(Preliminary)

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

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
INCOME STATEMENT DATA
 Discount revenue, net card fees and other:
  Reported for the period (GAAP)                     $       2,267   $       2,273   $       2,205   $       2,465   $       2,597
  Securitization adjustments                                    82              79              99             110             122
                                                     -------------   -------------   -------------   -------------   -------------
  Managed discount revenue, net card fees and other  $       2,349   $       2,352   $       2,304   $       2,575   $       2,719
                                                     -------------   -------------   -------------   -------------   -------------
 Interest income:
  Reported for the period (GAAP)                     $         772   $         748   $         946   $       1,049   $       1,190
  Securitization adjustments                                   714             771             886             902             883
                                                     -------------   -------------   -------------   -------------   -------------
  Managed interest income                            $       1,486   $       1,519   $       1,832   $       1,951   $       2,073
                                                     -------------   -------------   -------------   -------------   -------------
 Securitization income, net:
  Reported for the period (GAAP)                     $          71   $          (2)  $         141   $         199   $         200
  Securitization adjustments                                   (71)              2            (141)           (199)           (200)
                                                     -------------   -------------   -------------   -------------   -------------
  Managed securitization income, net                 $           -   $           -   $           -   $           -   $           -
                                                     -------------   -------------   -------------   -------------   -------------
 Interest expense:
  Reported for the period (GAAP)                     $         207   $         214   $         218   $         490   $         528
  Securitization adjustments                                    58              48              83             230             196
                                                     -------------   -------------   -------------   -------------   -------------
  Managed interest expense                           $         265   $         262   $         301   $         720   $         724
                                                     -------------   -------------   -------------   -------------   -------------
 Provisions for losses:
  Reported for the period (GAAP)                     $         850   $       1,190   $       1,383   $       1,051   $         941
  Securitization adjustments                                   529             836             636             577             629
                                                     -------------   -------------   -------------   -------------   -------------
  Managed provisions for losses                      $       1,379   $       2,026   $       2,019   $       1,628   $       1,570
                                                     -------------   -------------   -------------   -------------   -------------
</Table>

See page 21 for discussion of managed basis presentation.

                                     -16-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Card billed business                                 $        85.2   $        84.1   $        78.0   $        92.0   $        97.9
Total cards-in-force (millions)                               39.8            40.2            43.4            44.2            44.7
Basic cards-in-force (millions)                               29.7            29.8            32.3            32.9            33.4
Average basic cardmember spending (dollars)          $       2,851   $       2,667   $       2,391   $       2,758   $       2,950

U.S. Consumer Travel:
  Travel sales                                       $         0.6   $         0.7   $         0.6   $         0.7   $         0.8
  Travel commissions and fees/sales                            8.4%            8.5%            8.1%            7.8%            8.2%

Total segment assets                                 $        53.2   $        54.1   $        55.6   $        77.8   $        80.5
Segment capital (A)                                  $         5.8   $         5.9   $         4.8   $         4.8   $         5.1
Return on average segment capital (B)                         -1.0%            1.6%            6.3%           18.0%           17.0%
Return on average tangible segment capital (B)                -1.1%            1.7%            6.7%           19.0%           17.7%

Cardmember receivables:
 Total receivables                                   $        15.9   $        15.9   $        15.6   $        17.8   $        18.8
 30 days past due receivables as a % of total                  2.2%            2.6%            3.7%            3.7%            3.3%
 Average receivables                                 $        15.8   $        15.7   $        16.1   $        18.1   $        19.3
 Net write-off rate (C)                                        3.2%            5.2%            4.9%            3.5%            3.4%

Cardmember lending - owned basis (D):
 Total loans                                         $        22.7   $        23.6   $        28.2   $        32.7   $        34.6
 30 days past due loans as a % of total (G)                    4.2%            4.4%            5.1%            4.7%            3.9%
 Average loans                                       $        23.4   $        26.5   $        30.2   $        33.2   $        36.3
 Net write-off rate                                            9.8%           10.3%            8.5%            7.0%            6.1%
 Net interest yield on cardmember loans (E)                    8.8%            8.3%           10.2%            8.2%            8.6%

Cardmember lending - managed basis (F):
 Total loans                                         $        51.9   $        54.0   $        56.5   $        62.4   $        64.3
 30 days past due loans as a % of total                        4.1%            4.4%            5.1%            4.7%            3.9%
 Average loans                                       $        52.9   $        55.1   $        59.1   $        63.0   $        64.6
 Net write-off rate                                            8.9%           10.0%            8.5%            6.7%            5.9%
 Net interest yield on cardmember loans (E)                    9.6%            9.5%           10.8%            8.7%            9.1%
</Table>

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

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

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

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

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

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

(G) The ratio shown for 30 days past due loans as a % of total loans as of
September 30, 2009 was revised from the ratio of 4.0 percent previously
reported in the Company's Form 8-K filed on October 15, 2009.

                                     -17-
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                              September 30,
                                                                        -----------------------   Percentage
                                                                           2009         2008      Inc/(Dec)
                                                                        ----------   ----------   ----------
<S>                                                                     <C>          <C>                 <C>
Revenues
 Discount revenue, net card fees and other                              $      866   $      965          (10)%
                                                                        ----------   ----------
 Interest income                                                               392          523          (25)
 Interest expense                                                              110          256          (57)
                                                                        ----------   ----------
  Net interest income                                                          282          267            6
                                                                        ----------   ----------
Total revenues net of interest expense                                       1,148        1,232           (7)
                                                                        ----------   ----------
Provisions for losses                                                          250          316          (21)
                                                                        ----------   ----------
Total revenues net of interest expense after provisions for losses             898          916           (2)
                                                                        ----------   ----------
Expenses
 Marketing, promotion, rewards and cardmember services                         302          388          (22)
 Salaries and employee benefits and other operating expenses                   469          527          (11)
                                                                        ----------   ----------
   Total                                                                       771          915          (16)
                                                                        ----------   ----------
Pretax segment income                                                          127            1            #
Income tax benefit                                                               -          (66)           #
                                                                        ----------   ----------
Segment income                                                          $      127   $       67           90
                                                                        ==========   ==========
</Table>

# - Denotes variance of more than 100%.

                                     -18-
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                              September 30,
                                                                        -----------------------   Percentage
                                                                           2009         2008      Inc/(Dec)
                                                                        ----------   ----------   ----------
<S>                                                                     <C>          <C>                 <C>
Card billed business                                                    $     24.2   $     27.5          (12)%
Total cards-in-force (millions)                                               15.2         16.4           (7)%
Basic cards-in-force (millions)                                               10.6         11.5           (8)%
Average basic cardmember spending (dollars)                             $    2,273   $    2,393           (5)%

International Consumer Travel:
 Travel sales (millions)                                                $      258   $      334          (23)%
 Travel commissions and fees/sales                                             8.5%         8.4%

Total segment assets                                                    $     19.3   $     22.6          (15)%
Segment capital (millions) (A)                                          $    2,265   $    2,257            0%
Return on average segment capital (B)                                         12.4%        11.8%
Return on average tangible segment capital (B)                                16.7%        15.9%

Cardmember receivables:
 Total receivables                                                      $      5.6   $      6.1           (8)%
 90 days past due as a % of total                                              2.5%         2.7%
 Net loss ratio as a % of charge volume                                       0.37%        0.25%

Cardmember lending:
 Total loans                                                            $      8.8   $     11.1          (21)%
 30 days past due loans as a % of total                                        3.7%         3.3%
 Average loans                                                          $      8.9   $     11.4          (22)%
 Net write-off rate                                                            7.1%         5.1%
 Net interest yield on cardmember loans (C)                                   12.3%         9.7%
</Table>

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

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

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

                                     -19-
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Revenues
 Discount revenue, net card fees and other           $         866   $         823   $         772   $         864   $         965
                                                     -------------   -------------   -------------   -------------   -------------
 Interest income                                               392             399             400             427             523
 Interest expense                                              110             131             149             193             256
                                                     -------------   -------------   -------------   -------------   -------------
  Net interest income                                          282             268             251             234             267
                                                     -------------   -------------   -------------   -------------   -------------
Total revenues net of interest expense                       1,148           1,091           1,023           1,098           1,232
                                                     -------------   -------------   -------------   -------------   -------------
Provisions for losses                                          250             302             335             243             316
                                                     -------------   -------------   -------------   -------------   -------------
Total revenues net of interest expense after
 provisions for losses                                         898             789             688             855             916
                                                     -------------   -------------   -------------   -------------   -------------
Expenses
 Marketing, promotion, rewards
  and cardmember services                                      302             287             258             303             388
 Salaries and employee benefits
  and other operating expenses                                 469             453             422             590             527
                                                     -------------   -------------   -------------   -------------   -------------
   Total                                                       771             740             680             893             915
                                                     -------------   -------------   -------------   -------------   -------------
Pretax segment income (loss)                                   127              49               8             (38)              1
Income tax benefit                                               -             (15)            (31)            (74)            (66)
                                                     -------------   -------------   -------------   -------------   -------------
Segment income                                       $         127   $          64   $          39   $          36   $          67
                                                     =============   =============   =============   =============   =============
</Table>

                                     -20-
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Card billed business                                 $        24.2   $        22.7   $        20.5   $        24.2   $        27.5
Total cards-in-force (millions)                               15.2            15.5            15.8            16.3            16.4
Basic cards-in-force (millions)                               10.6            10.8            11.0            11.4            11.5
Average basic cardmember spending (dollars)          $       2,273   $       2,083   $       1,823   $       2,109   $       2,393

International Consumer Travel:
 Travel sales                                        $         0.3   $         0.2   $         0.2   $         0.3   $         0.3
 Travel commissions and fees/sales                             8.5%            8.7%            8.3%            7.5%            8.4%

Total segment assets                                 $        19.3   $        19.3   $        17.7   $        20.4   $        22.6
Segment capital (A)                                  $         2.3   $         2.2   $         2.0   $         2.0   $         2.3
Return on average segment capital (B)                         12.4%            9.7%           12.3%           16.7%           11.8%
Return on average tangible segment capital (B)                16.7%           13.1%           16.6%           22.5%           15.9%

Cardmember receivables:
 Total receivables                                   $         5.6   $         5.4   $         5.0   $         5.6   $         6.1
 90 days past due as a % of total                              2.5%            3.0%            3.3%            3.1%            2.7%
 Net loss ratio as a % of charge volume                       0.37%           0.36%           0.35%           0.30%           0.25%

Cardmember lending:
 Total loans                                         $         8.8   $         8.9   $         8.5   $         9.5   $        11.1
 30 days past due loans as a % of total                        3.7%            4.0%            4.2%            3.6%            3.3%
 Average loans                                       $         8.9   $         8.7   $         8.8   $         9.8   $        11.4
 Net write-off rate                                            7.1%            7.5%            6.4%            5.1%            5.1%
 Net interest yield on cardmember loans (C)                   12.3%           12.2%           11.7%            9.8%            9.7%
</Table>

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

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

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

                                     -21-
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                              September 30,
                                                                        -----------------------   Percentage
                                                                           2009         2008      Inc/(Dec)
                                                                        ----------   ----------   ----------
<S>                                                                     <C>          <C>                 <C>
Revenues
 Discount revenue, net card fees and other                              $    1,017   $    1,291          (21)%
                                                                        ----------   ----------
 Interest income                                                                 8           43          (81)
 Interest expense                                                               28          134          (79)
                                                                        ----------   ----------
  Net interest income                                                          (20)         (91)         (78)
                                                                        ----------   ----------
Total revenues net of interest expense                                         997        1,200          (17)
                                                                        ----------   ----------
Provisions for losses                                                           40           60          (33)
                                                                        ----------   ----------
Total revenues net of interest expense after provisions for losses             957        1,140          (16)
                                                                        ----------   ----------
Expenses
 Marketing, promotion, rewards and cardmember services                          81          113          (28)
 Salaries and employee benefits and other operating expenses                   706          836          (16)
                                                                        ----------   ----------
   Total                                                                       787          949          (17)
                                                                        ----------   ----------
Pretax segment income                                                          170          191          (11)
Income tax provision                                                            54           57           (5)
                                                                        ----------   ----------
Segment income                                                          $      116   $      134          (13)
                                                                        ==========   ==========
</Table>

# - Denotes variance of more than 100%.

                                     -22-
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                              September 30,
                                                                        -----------------------   Percentage
                                                                           2009         2008      Inc/(Dec)
                                                                        ----------   ----------   ----------
<S>                                                                     <C>          <C>                 <C>
Card billed business                                                    $     27.9   $     32.3          (14)%
Total cards-in-force (millions)                                                7.1          7.0            1%
Basic cards-in-force (millions)                                                7.1          7.0            1%
Average basic cardmember spending (dollars)                             $    3,907   $    4,611          (15)%

Global Corporate Travel:
 Travel sales                                                           $      3.5   $      5.1          (31)%
 Travel commissions and fees/sales                                             8.8%         8.0%

Total segment assets                                                    $     22.7   $     23.6           (4)%
Segment capital (millions) (A)                                          $    3,424   $    3,564           (4)%
Return on average segment capital (B)                                          7.7%        21.2%
Return on average tangible segment capital (B)                                17.4%        43.9%

Cardmember receivables:
 Total receivables                                                      $     10.4   $     12.5          (17)%
 90 days past due as a % of total                                              1.5%         1.8%
 Net loss ratio as a % of charge volume                                       0.23%        0.15%
</Table>

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

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

                                     -23-
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Revenues
 Discount revenue, net card fees and other           $       1,017   $       1,035   $         981   $       1,150   $       1,291
                                                     -------------   -------------   -------------   -------------   -------------
 Interest income                                                 8              21              21              30              43
 Interest expense                                               28              53              58             136             134
                                                     -------------   -------------   -------------   -------------   -------------
  Net interest income                                          (20)            (32)            (37)           (106)            (91)
                                                     -------------   -------------   -------------   -------------   -------------
Total revenues net of interest expense                         997           1,003             944           1,044           1,200
                                                     -------------   -------------   -------------   -------------   -------------
Provisions for losses                                           40              53              47              69              60
                                                     -------------   -------------   -------------   -------------   -------------
Total revenues net of interest expense after
 provisions for losses                                         957             950             897             975           1,140
                                                     -------------   -------------   -------------   -------------   -------------
Expenses
 Marketing, promotion, rewards
  and cardmember services                                       81              74              79              79             113
 Salaries and employee benefits
  and other operating expenses                                 706             777             690             938             836
                                                     -------------   -------------   -------------   -------------   -------------
   Total                                                       787             851             769           1,017             949
                                                     -------------   -------------   -------------   -------------   -------------
Pretax segment income (loss)                                   170              99             128             (42)            191
Income tax provision (benefit)                                  54              28              42             (35)             57
                                                     -------------   -------------   -------------   -------------   -------------
Segment income (loss)                                $         116   $          71   $          86   $          (7)  $         134
                                                     =============   =============   =============   =============   =============
</Table>

                                     -24-
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Card billed business                                 $        27.9   $        27.2   $        25.1   $        28.7   $        32.3
Total cards-in-force (millions)                                7.1             7.2             7.3             7.1             7.0
Basic cards-in-force (millions)                                7.1             7.2             7.3             7.1             7.0
Average basic cardmember spending (dollars)          $       3,907   $       3,746   $       3,517   $       4,070   $       4,611

Global Corporate Travel:
 Travel sales                                        $         3.5   $         3.6   $         3.4   $         4.3   $         5.1
 Travel commissions and fees/sales                             8.8%            9.1%            8.6%            8.4%            8.0%

Total segment assets                                 $        22.7   $        21.1   $        19.0   $        25.1   $        23.6
Segment capital (A)                                  $         3.4   $         3.3   $         3.4   $         3.6   $         3.6
Return on average segment capital (B)                          7.7%            8.3%           12.8%           15.8%           21.2%
Return on average tangible segment capital (B)                17.4%           18.9%           29.2%           34.3%           43.9%

Cardmember receivables:
 Total receivables                                   $        10.4   $         9.9   $         9.6   $         9.4   $        12.5
 90 days past due as a % of total                              1.5%            1.9%            2.4%            2.7%            1.8%
 Net loss ratio as a % of charge volume                       0.23%           0.22%           0.17%           0.14%           0.15%
</Table>

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

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

                                     -25-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                              September 30,
                                                                        -----------------------   Percentage
                                                                           2009         2008      Inc/(Dec)
                                                                        ----------   ----------   ----------
<S>                                                                     <C>          <C>                 <C>
Revenues
 Discount revenue, fees and other                                       $      945   $    1,015           (7)%
                                                                        ----------   ----------
 Interest income                                                                 1            2          (50)
 Interest expense                                                              (17)         (54)         (69)
                                                                        ----------   ----------
  Net interest income                                                           18           56          (68)
                                                                        ----------   ----------
Total revenues net of interest expense                                         963        1,071          (10)
                                                                        ----------   ----------
Provisions for losses                                                           33           34           (3)
                                                                        ----------   ----------
Total revenues net of interest expense after provision for losses              930        1,037          (10)
                                                                        ----------   ----------
Expenses
 Marketing and promotion                                                       157          150            5
 Salaries and employee benefits and other operating expenses                   415          490          (15)
                                                                        ----------   ----------
   Total                                                                       572          640          (11)
                                                                        ----------   ----------
Pretax segment income                                                          358          397          (10)
Income tax provision                                                           118          139          (15)
                                                                        ----------   ----------
Segment income                                                          $      240   $      258           (7)
                                                                        ==========   ==========
</Table>

                                     -26-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                             Quarters Ended
                                                                              September 30,
                                                                        -----------------------   Percentage
                                                                           2009         2008      Inc/(Dec)
                                                                        ----------   ----------   ----------
<S>                                                                     <C>          <C>                 <C>
Global Card billed business (A)                                         $    156.6   $    175.5          (11)%

Global Network & Merchant Services:
 Total segment assets                                                   $      7.7   $      8.0           (4)%
 Segment capital (millions) (B)                                         $    1,803   $    1,437           25%
Return on average segment capital (C)                                         56.9%        82.4%
Return on average tangible segment capital (C)                                58.1%        84.7%

Global Network Services:
 Card billed business                                                   $     18.6   $     18.2            2%
 Total cards-in-force (millions)                                              26.3         24.0           10%
</Table>

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

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

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

                                     -27-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Revenues
 Discount revenue, fees and other                    $         945   $         888   $         813   $         893   $       1,015
                                                     -------------   -------------   -------------   -------------   -------------
 Interest income                                                 1               1               1               1               2
 Interest expense                                              (17)            (21)            (22)            (51)            (54)
                                                     -------------   -------------   -------------   -------------   -------------
  Net interest income                                           18              22              23              52              56
                                                     -------------   -------------   -------------   -------------   -------------
Total revenues net of interest expense                         963             910             836             945           1,071
                                                     -------------   -------------   -------------   -------------   -------------
Provisions for losses                                           33              33              35              36              34
                                                     -------------   -------------   -------------   -------------   -------------
Total revenues net of interest expense after
 provisions for losses                                         930             877             801             909           1,037
                                                     -------------   -------------   -------------   -------------   -------------
Expenses
 Marketing and promotion                                       157              94              64             118             150
 Salaries and employee benefits
  and other operating expenses                                 415             423             372             488             490
                                                     -------------   -------------   -------------   -------------   -------------
   Total                                                       572             517             436             606             640
                                                     -------------   -------------   -------------   -------------   -------------
Pretax segment income                                          358             360             365             303             397
Income tax provision                                           118             124             128              88             139
                                                     -------------   -------------   -------------   -------------   -------------
Segment income                                       $         240   $         236   $         237   $         215   $         258
                                                     =============   =============   =============   =============   =============
</Table>

                                     -28-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Global Card billed business (A)                      $       156.6   $       151.4   $       139.2   $       160.5   $       175.5

Global Network & Merchant Services:
 Total segment assets                                $         7.7   $         8.1   $         6.6   $         7.0   $         8.0
 Segment capital (B)                                 $         1.8   $         1.8   $         1.7   $         1.5   $         1.4
Return on average segment capital (C)                         56.9%           61.2%           70.6%           75.4%           82.4%
Return on average tangible segment capital (C)                58.1%           62.6%           72.4%           77.4%           84.7%

Global Network Services:
 Card billed business                                $        18.6   $        17.0   $        14.8   $        16.0   $        18.2
 Total cards-in-force (millions)                              26.3            25.6            25.1            24.8            24.0
</Table>

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

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

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

                                     -29-
<Page>

(Preliminary)

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

(Millions)

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

     Net income                                      $       1,654   $       1,829   $       2,145   $       2,699   $       3,290
     Average shareholders' equity                    $      14,151   $      13,892   $      13,147   $      12,127   $      11,833
     Return on average equity (A)                             11.7%           13.2%           16.3%           22.3%           27.8%

RECONCILIATION OF ROCE AND ROTCE

     Net income                                      $       1,654   $       1,829   $       2,145   $       2,699   $       3,290
     Preferred shares dividends and
      related accretion                              $         306   $         306   $          72   $           -   $           -
     Earnings allocated to participating share
      awards and other                               $          14   $          11   $          13   $          16   $          19
                                                     -------------   -------------   -------------   -------------   -------------
          Net income attributable to common
           shareholders                              $       1,334   $       1,512   $       2,060   $       2,683   $       3,271
                                                     -------------   -------------   -------------   -------------   -------------

     Average shareholders' equity                    $      14,151   $      13,892   $      13,147   $      12,127   $      11,833
     Average preferred shares                        $       1,303   $       1,303   $         782
                                                     -------------   -------------   -------------   -------------   -------------
       Average common shareholders' equity           $      12,848   $      12,589   $      12,365   $      12,127   $      11,833
                                                     -------------   -------------   -------------   -------------   -------------
       Average goodwill and other intangibles                2,944           2,886           2,830           2,533           2,264
                                                     -------------   -------------   -------------   -------------   -------------
       Average tangible common shareholders' equity  $       9,904   $       9,703   $       9,535   $       9,594   $       9,569
                                                     -------------   -------------   -------------   -------------   -------------
     Return on average common equity (A)                      10.4%           12.0%           16.7%           22.1%           27.6%
     Return on average tangible common equity (A)             13.5%           15.6%           21.6%           28.0%           34.2%
</Table>

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

                                     -30-
<Page>

(Preliminary)

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

(Millions)

<Table>
<Caption>
                                                                              For the Twelve Months Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
U.S. CARD SERVICES
     Segment (loss) income                           $         (52)  $          83   $         304   $         852   $         795
     Average segment capital                                 5,280           5,083           4,814           4,736           4,672
     Average goodwill and other intangibles                    383             338             294             243             188
                                                     -------------   -------------   -------------   -------------   -------------
          Average tangible segment capital           $       4,897   $       4,745   $       4,520   $       4,493   $       4,484
                                                     -------------   -------------   -------------   -------------   -------------
     Return on average segment capital (A)                    -1.0%           1.6%            6.3%           18.0%           17.0%
     Return on average tangible segment capital (A)           -1.1%           1.7%            6.7%           19.0%           17.7%

INTERNATIONAL CARD SERVICES
     Segment income                                  $         266   $         206   $         257   $         351   $         247
     Average segment capital                                 2,141           2,123           2,096           2,107           2,102
     Average goodwill and other intangibles                    551             546             544             544             544
                                                     -------------   -------------   -------------   -------------   -------------
          Average tangible segment capital           $       1,590   $       1,577   $       1,552   $       1,563   $       1,558
                                                     -------------   -------------   -------------   -------------   -------------
     Return on average segment capital (A)                    12.4%            9.7%           12.3%           16.7%           11.8%
     Return on average tangible segment capital (A)           16.7%           13.1%           16.6%           22.5%           15.9%

GLOBAL COMMERCIAL SERVICES
     Segment income                                  $         266   $         284   $         440   $         505   $         622
     Average segment capital                                 3,464           3,435           3,437           3,197           2,933
     Average goodwill and other intangibles                  1,938           1,933           1,930           1,724           1,515
                                                     -------------   -------------   -------------   -------------   -------------
          Average tangible segment capital           $       1,526   $       1,502   $       1,507   $       1,473   $       1,418
                                                     -------------   -------------   -------------   -------------   -------------
     Return on average segment capital (A)                     7.7%            8.3%           12.8%           15.8%           21.2%
     Return on average tangible segment capital (A)           17.4%           18.9%           29.2%           34.3%           43.9%

GLOBAL NETWORK & MERCHANT SERVICES
     Segment income                                  $         928   $         946   $       1,009   $         995   $       1,034
     Average segment capital                                 1,632           1,547           1,430           1,320           1,255
     Average goodwill and other intangibles                     35              35              36              35              34
                                                     -------------   -------------   -------------   -------------   -------------
          Average tangible segment capital           $       1,597   $       1,512   $       1,394   $       1,285   $       1,221
                                                     -------------   -------------   -------------   -------------   -------------
     Return on average segment capital (A)                    56.9%           61.2%           70.6%           75.4%           82.4%
     Return on average tangible segment capital (A)           58.1%           62.6%           72.4%           77.4%           84.7%
</Table>

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

                                     -31-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                    NET INTEREST YIELD ON CARDMEMBER LOANS
                                 APPENDIX III

(millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Owned Basis:
     Net interest income                             $         754   $         741   $         919   $         771   $         950
     Average loans (billions)                        $        32.3   $        35.2   $        39.0   $        43.0   $        47.7
     Adjusted net interest income (A)                $         797   $         814   $       1,017   $         929   $       1,068
     Adjusted average loans (billions) (B)           $        32.4   $        35.4   $        39.1   $        43.1   $        47.8
     Net interest yield on cardmember loans (C)                9.7%            9.2%           10.5%            8.6%            8.9%

Managed Basis (D):
     Net interest income (E)                         $       1,410   $       1,464   $       1,722   $       1,443   $       1,637
     Average loans (billions)                        $        61.8   $        63.9   $        67.9   $        72.8   $        76.1
     Adjusted net interest income (F)                $       1,554   $       1,576   $       1,835   $       1,622   $       1,756
     Adjusted average loans (billions) (G)           $        62.0   $        64.0   $        68.0   $        72.9   $        76.2
     Net interest yield on cardmember loans (C)               10.0%            9.9%           10.9%            8.9%            9.2%
</Table>

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

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

(C) Net interest yield on cardmember loans represents the net spread earned on
cardmember loans. Net interest yield on cardmember loans (both on an owned and
managed basis) is computed by dividing adjusted net interest income by
adjusted average loans, computed on an annualized basis. The calculation of
net interest yield on cardmember loans (both on an owned and managed basis)
includes interest and fees that are deemed uncollectible. For the owned basis
presentation, reserves and net write-offs related to uncollectible interest
and fees are recorded through provisions for losses - cardmember lending, and
for the managed basis presentation, reserves and net write-offs related to
uncollectible interest and fees are included as a reduction to securitization
income, net; therefore, such reserves and net write-offs are not included in
the net interest yield calculation. The Company believes net interest yield on
cardmember loans (on both an owned and managed basis) is useful to investors
because it provides a measure of profitability of the Company's cardmember
lending portfolio. Owned net interest yield for the quarters ended June 30,
2009, March 31, 2009, and December 31, 2008 has been revised for a correction
in the calculation methodology.

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

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

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

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

                                     -32-
<Page>

(Preliminary)

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

(millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                          2009            2009            2009            2008            2008
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
USCS Owned Basis:
     Net interest income                             $         565   $         534   $         728   $         559   $         662
     Average loans (billions)                        $        23.4   $        26.5   $        30.2   $        33.2   $        36.3
     Adjusted net interest income (A)                $         521   $         548   $         763   $         687   $         787
     Adjusted average loans (billions) (B)           $        23.5   $        26.6   $        30.3   $        33.3   $        36.3
     Net interest yield on cardmember loans (C)                8.8%            8.3%           10.2%            8.2%            8.6%

USCS Managed Basis (D):
     Net interest income (E)                         $       1,221   $       1,257   $       1,531   $       1,231   $       1,349
     Average loans (billions)                        $        52.9   $        55.1   $        59.1   $        63.0   $        64.6
     Adjusted net interest income (F)                $       1,278   $       1,311   $       1,581   $       1,380   $       1,475
     Adjusted average loans (billions) (G)           $        53.0   $        55.2   $        59.2   $        63.1   $        64.7
     Net interest yield on cardmember loans (C)                9.6%            9.5%           10.8%            8.7%            9.1%

ICS:
     Net interest income                             $         282   $         268   $         251   $         234   $         267
     Average loans (billions)                        $         8.9   $         8.7   $         8.8   $         9.8   $        11.4
     Adjusted net interest income (A)                $         276   $         265   $         254   $         242   $         281
     Adjusted average loans (billions) (B)           $         8.9   $         8.8   $         8.8   $         9.8   $        11.5
     Net interest yield on cardmember loans (C)               12.3%           12.2%           11.7%            9.8%            9.7%
</Table>

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

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

(C) Net interest yield on cardmember loans represents the net spread earned on
cardmember loans. Net interest yield on cardmember loans (both on an owned and
managed basis) is computed by dividing adjusted net interest income by
adjusted average loans, computed on an annualized basis. The calculation of
net interest yield on cardmember loans (both on an owned and managed basis)
includes interest and fees that are deemed uncollectible. For the owned basis
presentation, reserves and net write-offs related to uncollectible interest
and fees are recorded through provisions for losses - cardmember lending, and
for the managed basis presentation, reserves and net write-offs related to
uncollectible interest and fees are included as a reduction to securitization
income, net; therefore, such reserves and net write-offs are not included in
the net interest yield calculation. The Company believes net interest yield on
cardmember loans (on both an owned and managed basis) is useful to investors
because it provides a measure of profitability of the Company's cardmember
lending portfolio. Owned net interest yield for U.S. Card Services for the
quarters ended June 30, 2009, March 31, 2009, and December 31, 2008 has been
revised for a correction in the calculation methodology.

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

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

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

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

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


                          [AMERICAN EXPRESS(R) LOGO]

                                     2009
                                 Third 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") Third 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
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

FINANCIAL RESULTS

- -    Third quarter diluted EPS from continuing operations attributable to
     common shareholders of $0.54 decreased 27% versus $0.74 last year. Total
     revenues net of interest expense decreased 16%. Return on average common
     equity ("ROCE") was 10.4% and return on average tangible common equity
     ("ROTCE"), which excludes goodwill and intangibles, was 13.5%.*

     -    3Q '09 Income from continuing operations included a $180MM ($113MM
          after-tax) benefit related to the accounting for a net investment in
          the Company's consolidated foreign subsidiaries, as discussed
          further on page 4. Excluding that benefit, adjusted diluted earnings
          per share from continuing operations were $0.44 and decreased 41%.**

     -    3Q '08 Income from continuing operations included a $100MM ($62MM
          after-tax) charge to the fair market value of the Company's
          interest-only strip ("I/O Strip").

     -    The discontinued operations line in the Consolidated Financial
          Statements contains the results of operations, assets and
          liabilities related to various business sales. During 3Q '09 and 3Q
          '08, this primarily includes the results from American Express
          International Deposit Company ("AEIDC"), which was sold to Standard
          Chartered PLC ("Standard Chartered") this quarter, as discussed
          further on page 6.
           --  3Q '09 results included $2MM of losses from discontinued
               operations versus $46MM of losses last year.

     -    Including discontinued operations, diluted EPS on a net income basis
          attributable to common shareholders of $0.53 decreased 24% versus
          $0.70 last year. Excluding the 3Q '09 benefit referenced above,
          adjusted net income per share was $0.43 and decreased 39%.**

BUSINESS METRICS

- -    Compared with the third quarter of 2008:

     -    Worldwide billed business of $156.6B decreased 11% as the negative
          impact of the global economic slowdown continued to be evident
          within a lower level of card spending. A comparatively stronger U.S.
          dollar resulted in a 2% greater decline versus last year within the
          reported worldwide growth rate.

     -    Worldwide total cards-in-force of 88.4MM decreased 4%, or 3.7MM,
          from last year, and 0.1MM from last quarter. The decrease versus
          last year reflects the cancellation of a total of 3.3MM inactive
          cards during 2009, 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. The comparison to both periods also reflects a relatively
          low level of card acquisition investments in recent quarters.

     -    Worldwide average spending per proprietary basic cards-in-force
          decreased 5% reflecting the impact of the weak 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 2% greater
          decline versus last year within the reported average spending growth
          rate.

     -    Worldwide owned cardmember lending balances of $31.5B decreased 31%.
          On a managed basis, including securitized loans, cardmember lending
          balances of $60.7B declined 20%. These decreases reflected the lower
          cardmember spending levels and the Company's credit-related actions
          in the U.S. and certain international markets.

FINANCIAL HIGHLIGHTS

- -    SECURITIZATION INCOME, NET: Decreased 65% to $71MM, primarily due to
     lower excess spread, net, driven by increased write-offs and lower
     interest and fee income on cardmember loans, partially offset by the 3Q
     '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/(losses) from securitization activities within the U.S. Card
     Services ("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 September 30, 2009, the fair market
     value of the I/O Strip remained at $0 versus $38MM as of September 30,
     2008.

- -    TOTAL INTEREST INCOME: Decreased 29%, primarily due to lower interest and
     fees on loans and lower yields on investment securities and deposits. The
     decreased interest and fees on loans was primarily driven by a lower
     average owned loan balance, reduced market interest rates and the impact
     of various customer assistance programs, partially offset by the benefits
     of certain repricing initiatives.

- -    TOTAL INTEREST EXPENSE: Decreased 39%, primarily reflecting a lower cost
     of funds driven by the benefit of lower market interest rates on
     variable-rate long-term and short-term debt, as well as a lower average
     balance of short-term borrowings, partially offset by higher average
     customer deposits.

- ---------

*   Please refer to Appendix I of the Third 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.
**  Management believes the adjusted per share numbers provide useful metrics
    to evaluate the ongoing operating performance of the Company.

                                    - 1 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

- -    TOTAL PROVISIONS FOR LOSSES: Decreased 13%, primarily due to lower owned
     loan and receivable balances and improved charge card-related credit
     indicators, partially offset by a higher cardmember lending reserve
     level. Cardmember lending loss reserves of $3.4B increased $140MM versus
     2Q '09.

- -    MARKETING AND PROMOTION EXPENSES: Decreased 22% versus last year due to
     the relatively lower discretionary spending level resulting from the
     Company's ongoing reengineering activities. Expenses rose 43%, or $152MM,
     versus 2Q '09, reflecting the increased spending resulting from the
     provision benefits related to the better than initially forecasted 3Q '09
     credit performance, as discussed further on page 5.

- -    CARDMEMBER REWARDS EXPENSE: Decreased 13%, primarily reflecting lower
     overall rewards-related spending volumes, and the benefit of a revised,
     more restrictive, redemption policy related to 30 day past due accounts,
     partially offset by higher redemption costs.

- -    SALARIES AND EMPLOYEE BENEFITS EXPENSE: Decreased 14%, primarily
     reflecting lower employee levels and related costs due to the Company's
     ongoing reengineering initiatives, partially offset by costs related to
     employee compensation program-related changes.
     -    Compared with last year, the total employee count from continuing
          operations of 59,200 decreased by 7,300 employees, or 11%. Compared
          with last quarter, the employee count declined by 1,500 employees,
          or 3%.

- -    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

- -    CAPITAL PURCHASE PROGRAM: On January 9, 2009, as part of the U.S.
     Department of the Treasury's (the "Treasury") Capital Purchase Program
     ("CPP"), the Company issued to the Treasury $3.39B of preferred shares.
     Additionally, the Company issued warrants with a 10-year term to purchase
     common shares for up to 15% of that amount, or 24.3MM shares, at a per
     share exercise price of $20.95. In 1Q '09, both the preferred shares and
     warrants were recorded in the equity section in the Company's balance
     sheet at $3.16B and $232MM, respectively. The preferred shares were
     scheduled to accrete to their face value over a five year period.

     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. This included the pre-condition that the
     Company raise capital in the public markets, which it successfully did
     with its issuance of $3.0B of non-guaranteed senior debt on May 18, 2009
     and the completion of a $500MM common equity offering on June 5, 2009. As
     such, the Company completed the repurchase of the CPP shares on June 17,
     2009. Upon repurchase, the accretion of the preferred shares to face
     value was accelerated, amounting to a one-time negative EPS impact during
     2Q '09 of $212MM, or $0.18 per basic and diluted common share.
     Additionally, the Company recorded $13MM in preferred shares dividends,
     as well as $9MM of related 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, 2009, the Company submitted notice to the Treasury of its
     intent to repurchase the warrants issued under the CPP program. On July
     29, 2009, the Company repurchased the warrants for $340MM, which provided
     the Treasury with an annualized return on the Company's CPP participation
     of 26%. The warrant repurchase resulted in a reduction of cash and
     corresponding adjustment to Retained Earnings and Additional Paid-In
     Capital on the Company's Consolidated Balance Sheet. There was no impact
     to the Company's Consolidated Net Income or EPS.

- -    CAPITAL DISTRIBUTION TO SHAREHOLDERS: During 3Q '09, approximately 77% of
     capital generated was distributed to shareholders through our quarterly
     common share dividend and the repurchase of the warrants issued under
     the CPP, as earnings were suppressed by the challenging economic
     environment.

     No shares have been repurchased over the last six quarters, as share
     repurchases were suspended during 1Q '08 in light of the challenging
     global economic environment and limitations while 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. On a cumulative basis, since 1994 the Company has
     distributed 68% of capital generated through share repurchases and
     dividends.*

- ---------
*  Without considering the 2Q '09 common stock issuance, the distribution to
   shareholders of capital generated through share repurchases and dividends
   on a cumulative basis since 1994 through 3Q '09 would have been
   approximately 69%.

                                    - 2 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

     -    SHARES OUTSTANDING AND REPURCHASE ACTIVITY: Total shares outstanding
          were flat during 3Q '09.

<Table>
<Caption>
                                                                                   Millions of Shares
                                                                          -----------------------------------
                                                                              3Q '09    2Q '09     3Q '08
                                                                              ------    ------     ------
                       <S>                                                     <C>       <C>        <C>
                       Shares outstanding - beginning of period                1,189     1,168      1,159
                       Issuance of common shares                                   -        22          -
                       Repurchase of common shares                                 -         -          -
                       Employee benefit plans, compensation and other              -        (1)         1
                                                                              ------    ------     ------
                       Shares outstanding - end of period                      1,189     1,189      1,160
                                                                              ======    ======     ======
</Table>

- -    CAPITAL RATIOS: As of September 30, 2009, the Company's key consolidated
     capital ratios* were as follows:

<Table>
<Caption>
         ($ in B)                                                                                  "Well Capitalized"
                                                             September 30,      Pro Forma for          Regulatory
                                                              2009 Actual       SFAS 166/167**         Benchmarks
                                                             -------------      --------------     ------------------
         <S>                                                   <C>                <C>                      <C>
         Risk-Based Capital
            Tier 1                                                   9.7%               8.2%                6%
            Total                                                   11.8%              10.4%               10%

         Tier 1 Leverage                                             9.6%               6.6%                5%
         Tier 1 Common Equity/Risk Weighted Assets (RWA)             9.7%               8.2%                4%***
         Tangible Common Equity (TCE)/RWA                            9.7%               8.1%

         Tier 1 Capital                                       $     10.9         $      9.1
         Tier 1 Common Equity                                 $     10.9         $      9.1
         Tier 2 Capital                                       $      2.3         $      2.4
         Total Average Assets+                                $    113.3         $    137.2
         RWA                                                  $    112.3         $    110.6
         TCE++                                                $     10.9         $      8.9
</Table>

FUNDING AND LIQUIDITY

- -    FUNDING SOURCES: The Company's primary funding activities focus on a
     mixture of retail deposits, unsecured debt and asset-backed securities.

     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 primary funding sources should become
     unavailable. As of September 30, 2009, the Company held $25B of excess
     cash and readily marketable securities on its balance sheet.

     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, during 2Q '09, the
     Company launched a direct deposit-taking program, Personal Savings from
     American Express. This program makes FDIC-insured certificates of deposit
     ("CDs") and high-yield savings account products available directly from
     American Express Bank, FSB to consumers.

     On March 3, 2009, the Department of the Treasury and the Federal Reserve
     Board announced the launch of the Term Asset-Backed Securities Loan
     Facility ("TALF"), which is currently set to expire on March 31, 2010.
     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 an additional $12.1B of securities
     backed by its cardmember loans or receivables would be eligible under
     this program.

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

     -    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

- ---------
*    These ratios represent a preliminary estimate as of the date of this
     Earnings Supplement and may be revised in the Company's Third Quarter
     2009 Form 10-Q.
**   Pro forma for SFAS 166/167 assumes the recognition of corresponding
     reserves and other adjustments, which would result in TCE, Tier 1 Common
     Equity and RWA decreasing by $2.0B, $1.8B and $1.7B respectively; and
     Tier 2 Capital and Total Average Assets increasing by $0.1B and $23.9B,
     respectively.
***  The regulatory benchmark of 4% was used within the Supervisory Capital
     Assessment Program, conducted earlier in 2009.
+    For the purpose of calculating the Tier 1 Leverage Ratio.
++   Based upon common shareholders' equity of $13.9B less goodwill and
     intangibles of $3.0B.

                                     - 3 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

          to qualify for participation in the CPFF. At September 30, 2009, the
          Company had $1.1B 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 September 30, 2009, the Company maintained committed
          bank lines of credit totaling $12.0B, of which $3.1B 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 3Q '09, the Company funded its business
     through payments received from customers on loan and receivable balances,
     its deposit-taking activities within the Banks, asset-backed
     securitization activity and unsecured non-guaranteed debt issuance.

     -    DEPOSITS: The Company held the following deposits as of 3Q '09.

<Table>
<Caption>
                     ($ in B)                           3Q '09        2Q '09        Change
                                                      ----------    ----------    ----------
                     <S>                                <C>           <C>           <C>
                     U.S. Retail Deposits*              $ 23.2        $ 19.1        $  4.1
                     Institutional & Other Deposits        0.7           1.0          (0.3)
                                                        ------        ------        ------
                        Total                           $ 23.9        $ 20.1        $  3.8
                                                        ======        ======        ======
</Table>

          The average duration and rate on outstanding U.S. retail CDs was 26
          months and 2.5%, respectively.

     -    TALF-ELIGIBLE ABS: On September 11, 2009, the Company closed on a
          $1.25B 5-year, TALF-eligible, Class A security offering, priced at
          one-month LIBOR plus 125bps. The Company issued and retained $265MM
          of subordinated securities related to this transaction.

     -    UNSECURED NON-GUARANTEED DEBT: During the quarter, the Company
          completed a 5-year unsecured, non-guaranteed debt transaction
          through its Credco subsidiary, with the issuance of $1.5B of notes
          on August 25, 2009, with a coupon of 5.125%. In addition, on October
          1, 2009, Credco issued GBP 750MM of 5-year notes with a coupon of
          5.375%. On October 5, 2009, the Company issued through its American
          Express Canada Credit Corporation subsidiary CAD $800MM of 5-year
          notes with a coupon of 4.853% and CAD $150MM of 2-year notes priced
          at 3-month CDOR (Canadian Deposit Offered Rate) plus 170bps.

- -    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>
                        ($ in B)                                  Funding Maturities
                                              ------------------------------------------------------
                                                             Off-Balance   Certificates of
                        Quarter Ending:          Long-term      Sheet          Deposit        Total
                        ---------------          ---------   -----------   ---------------   -------
                        <S>                        <C>         <C>            <C>             <C>
                        December 31, 2009          $  2.7      $    -         $  1.7          $  4.4
                        March 31, 2010                2.3         2.7            0.8             5.8
                        June 30, 2010                 2.6         1.8              -             4.4
                        September 30, 2010            1.6         1.8            0.2             3.6
                                                   ------      ------         ------          ------
                                                   $  9.2      $  6.3         $  2.7          $ 18.2
                                                   ======      ======         ======          ======
</Table>

OTHER ITEMS OF NOTE

- -    BENEFIT RECORDED RELATED TO A NET INVESTMENT IN CONSOLIDATED FOREIGN
     SUBSIDIARIES: In 3Q '09, the Company recorded a $180MM ($113MM after-tax)
     benefit, reflected in the "other, net" expense line in the Corporate &
     Other segment, associated with the Company's accounting for a net
     investment in consolidated foreign subsidiaries. $135MM ($85MM after-tax)
     of this benefit represents a correction of an error related to the
     accounting for cumulative translation adjustments in prior periods. The
     impact of the incorrect accounting was not material to any of the
     quarterly or annual periods in which it occurred. The error resulted in:
     a $60MM ($38MM after-tax) income overstatement in 2Q '09, a $135MM ($85MM
     after-tax) income understatement in 4Q '08 and minimal amounts for all
     other periods affected dating back to 3Q '07, when the incorrect
     accounting originated. A non-recurring $45MM ($28MM after-tax) related
     benefit was also recorded in 3Q '09 as a result of changes in the fair
     value of certain foreign exchange forward contracts that are economic
     hedges to foreign currency exposures of net investments in consolidated
     foreign subsidiaries.

- -    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 versus the previously anticipated
     spending levels. These initiatives include: reducing staffing levels

- ---------
*    Includes all deposits outstanding through the Company's brokered retail
     CD and sweep programs, in addition to its Personal Savings direct deposit
     program.

                                     - 4 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

     and compensation expenses (expected benefit of $700MM in 2009), reducing
     certain operating costs (expected benefit of $125MM in 2009) and scaling
     back investment spending (expected benefit of $1B in 2009). The Company
     began the execution and implementation of these initiatives in 4Q '08,
     and as such, recorded a 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
     positions.

     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 positions. Cumulatively through these reengineering initiatives,
     the Company expects to eliminate approximately 11,000 positions, which
     accounted for approximately 17% of its global workforce as of September
     30, 2008.

     As the Company has previously indicated, provision benefits related to
     better than initially forecasted credit trends during 2009 are being
     utilized to selectively increase spending on marketing and other business
     initiatives during the second half of the year, and, therefore, will
     partially reduce the initial expected total 2009 reengineering benefit of
     $1.5B related to reduced investment spending.

     Separately, 3Q '09 and 3Q '08 income from continuing operations included
     $12MM ($9MM after-tax) and $11MM ($7MM after-tax) of net reengineering
     costs, respectively, across the Company's reportable operating segments.

- -    INDUSTRIAL AND COMMERCIAL BANK OF CHINA ("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 and realized a
     $211MM ($135MM after-tax) gain from the sale, which was reported in the
     "other revenues" line within the Corporate & Other segment in 2Q '09. The
     Company had previously acquired its interest in 2006 and, per its
     agreement with ICBC, was not permitted to sell any portion of this
     investment prior to the date of the actual sale. The agreement allows for
     the Company to divest its stake in two 50% increments, with the remaining
     shares eligible for sale after October 20, 2009. However, on October 19,
     2009, the Company announced that while it will reevaluate its
     shareholding from time to time depending on market conditions, it has no
     current plans to sell its shares.

- -    MASTER TRUST: 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 increased the yield (or trust excess
     spread rate) on assets in the Master Trust by 400-600 basis points
     beginning with the July monthly reporting period.

     The Master Trust modifications had no impact on the Company's
     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. As a result of the modifications, the Master Trust's assets
     are now included within risk-weighted assets for regulatory capital
     purposes.

     Separately, on August 20, 2009, approximately $3B of loans generated from
     cardmember accounts were newly designated for addition to the Master
     Trust from the owned portfolio.

- -    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
     reached agreements 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 seven quarters and $150MM from MasterCard for
     each of the past five 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 September 2009 have been
     recorded as a reduction to the "other, net" expense line within the
     Corporate & Other segment.

                                     - 5 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

- -    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. In 3Q '09, the AEIDC portion of
     the transaction was completed for total consideration of $1MM. 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.

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:

     -  Renewed our strategic co-branded partnership with British Airways,
        including three consumer co-brand cards, a corporate co-brand card and
        a merchant acceptance agreement, as well as extended our Membership
        Rewards(R) agreement into the U.S. for the first time.

     -  Entered into a strategic partnership with SAS Scandinavian Airlines to
        issue the SAS American Express Corporate Card to companies in Sweden,
        Norway and Denmark, and the SAS EuroBonus American Express Card to
        consumers in Sweden, as well as provide cardmembers the ability to
        leverage the benefits of both Membership Rewards as well as the SAS
        frequent flyer program, EuroBonus.

     -  Enhanced our Membership Rewards(R) program with the introduction of
        various new rewards options designed to provide cardmembers with a
        broader range of rewards options as well as greater utility.
        Specifically, these included: providing Cardmembers the ability to
        designate their points as payment for "everyday charges" within their
        online statement; the launch of the Membership Rewards Specials
        program featuring specials for popular reward options, including for
        electronics and travel products and services; and the addition of a
        number of new partners, such as including Chili's Grill & Bar and
        Zappos.com, which give Cardmembers a broader range of opportunities to
        redeem points with casual dining restaurants and retailers.

     -  Unveiled OPEN Forum 2.0, an online resource and networking site for
        small business owners, including Connectodex(SM), a tool for American
        Express OPEN Cardmembers to navigate a virtual rolodex of credentialed
        businesses, market their business, find vendors and build
        relationships.

     -  American Express Business Travel launched various products and
        services focused on helping companies manage their travel investments.
        These included: 1) a new meetings management offering through
        Maxvantage, a strategic alliance between American Express Business
        Travel and Maritz Travel, that helps companies gain visibility over
        their entire meetings spending; 2) virtual meetings eXpert, which will
        help companies access virtual meeting and telepresence technologies;
        and 3) eXpert insights, which identifies creative, cost-saving
        strategies within T&E programs and offers best practices for
        implementation. In addition, two of its services has recently been
        awarded U.S. patents; Hotel Rate TRAX, an automated auditing tool to
        help identify and capture savings resulting from inaccurately loaded
        hotel rates and Ticket TRAX which notifies travelers when eligible
        unused airline tickets are available and can be applied to new
        reservations.

     -  Eliminated monthly fees on all existing American Express(R) Gift
        Cards, as well as those headed to market, making American Express the
        only major issuer of universal, or "general purpose," gift cards to
        eliminate all fees after purchase.

     -  Additionally, announced a new, expanded relationship with Simon
        Property Group that makes American Express the primary provider of
        Simon gift cards. Simon Property Group is the largest mall owner in
        the U.S. and a pioneer of universal gift cards.

     -  Announced the sale of 12 travel service offices to ALTOUR, a member of
        the American Express U.S. Representative Travel Network, and retained
        those offices within that network through the ALTOUR relationship.

     -  Launched Destination Family, a program which provides money-saving
        benefits and offers specifically tailored to family travelers,
        exclusively available to American Express Cardmembers when booking
        travel through American Express Travel.

     -  Continued to sponsor events designed to provide cardmembers with
        unique access and experiences, including serving as the Official Card
        of the 2009 U.S. Open and connecting cardmembers with fashion
        designers and industry experts during New York City's Mercedes-Benz
        Fashion Week.

     -  Launched the "Don't Take Chances, Take Charge" marketing campaign
        which highlights the benefits of the American Express Charge Card. The
        campaign is part of an ongoing effort to educate consumers about the
        Charge Card and illustrates how it can help customers, particularly
        during difficult economic times when consumers are looking to spend
        less, save more and get the most value for their money.

                                     - 6 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

     -  With NBC Universal, launched the "Shine A Light" program, which
        spotlights small business owners and the role they play in driving
        economic recovery. Nationwide, the public will nominate and vote
        online for the small business story which most inspires them based on
        innovation, community spirit and customer service.

     In the GNS business we:

     -  Announced three new card partnerships in the Asia-Pacific region. The
        first was with ANZ, one of the top four banks in Australia and a
        leading bank in New Zealand and the South Pacific, to issue the ANZ
        Frequent Flyer American Express(R) Credit Card. The second was with
        Commonwealth Bank, which operates the largest financial services
        distribution network in Australia, to launch the Commonweath Bank
        Awards American Express(R) Card. The third was with United Overseas
        Bank Limited (UOB), one of the leading credit card issuers in
        Singapore, to launch the UOB PRVI American Express(R) Card.

     -  Supported GNS partners in launching a wide range of new products and
        services. These include: the launch of several new cards, including
        The Centurion Card(R) with Garanti Bank (Turkey) and the Keio MUFG
        Gold American Express(R) Card with Mitsubishi UFJ NICOS (Japan); the
        launch of a loyalty program for Platinum Clients with our partner
        Credomatic (Costa Rica); offering of American Express Cards in Bank of
        Valetta retail branches (Malta); and with American Express Saudi
        Arabia Limited, the launch of a U.S. online shopping service.

- -    On September 1, 2009, J.D. Power and Associates released its annual
     nationwide credit card satisfaction study and ranked American Express
     highest in overall satisfaction among 21 of the largest card issuers in
     the U.S., for the third consecutive year.

                                     - 7 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

(Preliminary)

                             STATEMENTS OF INCOME
                                 (GAAP basis)

<Table>
<Caption>
         (Millions, except per share amounts)                                           Quarters Ended         Percentage
                                                                                         September 30,         Inc/(Dec)
                                                                                   ------------------------    ----------
                                                                                      2009          2008
                                                                                   ----------    ----------
         <S>                                                                       <C>           <C>              <C>
         Revenues
         Non-interest revenues
           Discount revenue                                                        $    3,373    $    3,848       (12)%
           Net card fees                                                                  538           541        (1)
           Travel commissions and fees                                                    383           499       (23)
           Other commissions and fees                                                     448           573       (22)
           Securitization income, net                                                      71           200       (65)
           Other                                                                          449           553       (19)
                                                                                   ----------    ----------
              Total non-interest revenues                                               5,262         6,214       (15)
                                                                                   ----------    ----------
         Interest income
           Interest and fees on loans                                                   1,059         1,560       (32)
           Interest and dividends on investment securities                                229           200        15
           Deposits with banks and other                                                    9            74       (88)
                                                                                   ----------    ----------
              Total interest income                                                     1,297         1,834       (29)
                                                                                   ----------    ----------
         Interest expense
           Deposits                                                                       109           109         -
           Short-term borrowings                                                            2           114       (98)
           Long-term debt and other                                                       432           661       (35)
                                                                                   ----------    ----------
              Total interest expense                                                      543           884       (39)
                                                                                   ----------    ----------
                  Net interest income                                                     754           950       (21)
                                                                                   ----------    ----------
         Total revenues net of interest expense                                         6,016         7,164       (16)
                                                                                   ----------    ----------
         Provisions for losses
           Charge card                                                                    143           351       (59)
           Cardmember lending                                                             989           958         3
           Other                                                                           46            50        (8)
                                                                                   ----------    ----------
              Total provisions for losses                                               1,178         1,359       (13)
                                                                                   ----------    ----------
         Total revenues net of interest expense after provisions for losses             4,838         5,805       (17)
                                                                                   ----------    ----------
         Expenses
           Marketing and promotion                                                        504           649       (22)
           Cardmember rewards                                                             983         1,132       (13)
           Cardmember services                                                            132           148       (11)
           Salaries and employee benefits                                               1,261         1,465       (14)
           Professional services                                                          575           608        (5)
           Occupancy and equipment                                                        374           398        (6)
           Communications                                                                 105           118       (11)
           Other, net                                                                     (14)          209         #
                                                                                   ----------    ----------
              Total                                                                     3,920         4,727       (17)
                                                                                   ----------    ----------
         Pretax income from continuing operations                                         918         1,078       (15)
         Income tax provision                                                             276           217        27
                                                                                   ----------    ----------
         Income from continuing operations                                                642           861       (25)
         Loss from discontinued operations, net of tax                                     (2)          (46)      (96)
                                                                                   ----------    ----------
         Net income                                                                $      640    $      815       (21)
                                                                                   ==========    ==========
         Income from continuing operations attributable to common shareholders*    $      634    $      856       (26)
                                                                                   ==========    ==========
         Net income attributable to common shareholders*                           $      632    $      810       (22)
                                                                                   ==========    ==========
         Earnings Per Common Share-Basic
           Income from continuing operations attributable to common shareholders   $     0.54    $     0.74       (27)
           Loss from discontinued operations                                                -         (0.04)        #
                                                                                   ----------    ----------
           Net Income attributable to common shareholders                          $     0.54    $     0.70       (23)
                                                                                   ==========    ==========
         Earnings Per Common Share-Diluted
           Income from continuing operations attributable to common shareholders   $     0.54    $     0.74       (27)
           Loss from discontinued operations                                            (0.01)        (0.04)      (75)
                                                                                   ----------    ----------
           Net Income attributable to common shareholders                          $     0.53    $     0.70       (24)
                                                                                   ==========    ==========
         Average Shares Outstanding
           Basic                                                                        1,178         1,154         2
                                                                                   ==========    ==========
           Diluted                                                                      1,181         1,158         2
                                                                                   ==========    ==========
</Table>

         #    Denotes a variance of more than 100%.
         *    Represents income from continuing operations or net income, as
              applicable, less earnings allocated to participating share
              awards and other items of $8MM and $5MM for 3Q '09 and 3Q '08,
              respectively.

                                     - 8 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

- -    CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE: Consolidated total
     revenues net of interest expense decreased 16%, reflecting decreases
     versus last year of 16% in USCS, 7% in International Card Services
     ("ICS"), 17% in GCS and 10% 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 other commissions and fees, reduced travel commissions
     and fees, decreased other revenues and slightly lower net card fees,
     partially offset by lower total interest expense. Translation of foreign
     currency resulted in an approximately 2% 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 decreases of 10% in USCS, 21%
     in ICS, 33% in GCS and 3% in GNMS. The provision decreased primarily due
     to the impact of lower owned loan and receivable balances and improved
     charge card credit indicators, partially offset by a higher cardmember
     lending reserve level. Translation of foreign currency reduced the
     reported consolidated provisions for losses growth rate by approximately
     2%.

- -    CONSOLIDATED EXPENSES: Consolidated expenses decreased 17%, reflecting
     decreases of 11% in USCS, 16% in ICS, 17% in GCS and 11% in GNMS. The
     total expense decline reflected decreased other, net expenses, reduced
     salaries and employee benefits expenses, lower cardmember rewards
     expenses, decreased marketing and promotion expenses, lower professional
     services expenses, reduced occupancy and equipment expenses, lower
     cardmember services expenses and decreased communications expenses.
     Translation of foreign currency resulted in an approximately 2% greater
     decline in the reported consolidated expenses growth rate.

- -    PRETAX MARGIN: Was 15.3% of total revenues net of interest expense in 3Q
     '09 compared with 15.0% in 3Q '08.

- -    EFFECTIVE TAX RATE: Was 30% in 3Q '09 versus 20% in 3Q '08. The 3Q '09
     tax rate reflects higher tax expense during the quarter primarily due to
     an increase in the Company's estimated annual effective tax rate. The 3Q
     '08 rate reflects the impact of a benefit related to a reduction during
     the quarter of the estimated annual effective tax rate.

- -    DISCOUNT REVENUE: Decreased 12% on an 11% 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 2.54% in 3Q '09 versus 2.55% in 2Q
          '09 and 2.56% in 3Q '08. As indicated in prior quarters, selective
          repricing initiatives, changes in the mix of business and
          volume-related pricing discounts will likely result in some erosion
          of the average discount rate over time.

<Table>
<Caption>
                                                               Quarters Ended          Percentage
                                                                September 30,          Inc/(Dec)
                                                         -----------------------      ------------
                                                            2009         2008
                                                         ----------   ----------
            <S>                                          <C>          <C>                 <C>
            Card billed business* (billions):
                United States                            $    106.5   $    120.3          (11)%
                Outside the United States                      50.1         55.2           (9)
                                                         ----------   ----------
                Total                                    $    156.6   $    175.5          (11)
                                                         ==========   ==========
            Total cards-in-force (millions):
                United States                                  49.4         54.3           (9)
                Outside the United States                      39.0         37.8            3
                                                         ----------   ----------
                Total                                          88.4         92.1           (4)
                                                         ==========   ==========
            Basic cards-in-force (millions):
                United States                                  38.6         42.3           (9)
                Outside the United States                      34.3         32.8            5
                                                         ----------   ----------
                Total                                          72.9         75.1           (3)
                                                         ==========   ==========
            Average basic cardmember spending**
                United States                            $    3,050   $    3,167           (4)
                Outside the United States                $    2,524   $    2,752           (8)
                Total                                    $    2,898   $    3,049           (5)
</Table>

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

                                     - 9 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

- -    WORLDWIDE BILLED BUSINESS: The 11% decrease in worldwide billed business
     reflected decreases of 13% in USCS, 12% in ICS and 14% in GCS,
     respectively, partially offset by a 2% increase in GNS. The table below
     summarizes selected billed business related statistics for 3Q '09:

<Table>
<Caption>
                                                                                                           Percentage
                                                                                                        Increase/(Decrease)
                                                                                                           Assuming No
                                                                                     Percentage         Changes in Foreign
                                                                                  Increase/(Decrease)     Exchange Rates
                                                                                  -------------------   ------------------
                   <S>                                                                   <C>                   <C>
                   Worldwide*
                       Total billed business                                             (11)%                  (9)%
                       Proprietary billed business                                       (12)                  (11)
                       GNS                                                                 2                     7
                       Average spending per proprietary basic card                        (5)                   (3)
                       Basic cards-in-force                                               (3)
                   U.S.*
                       Billed business                                                   (11)
                       Average spending per proprietary basic card                        (4)
                       Basic cards-in-force                                               (9)
                       Proprietary consumer card billed business**                       (12)
                       Proprietary small business billed business**                      (15)
                       Proprietary Corporate Services billed business+                   (10)
                   Outside the U.S.*
                       Billed business                                                    (9)                   (3)
                       Average spending per proprietary basic card                        (8)                   (2)
                       Basic cards-in-force                                                5
                       Proprietary consumer and small business billed business++         (12)                   (6)
                       Proprietary Corporate Services billed business+                   (19)                  (13)
</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 10%,
               while T&E volumes declined 14%.
          --   U.S. airline-related volume, which represented approximately 9%
               of total U.S. volumes during the quarter, decreased 18% due to
               a 22% decrease in the average airline charge partially offset
               by a 6% increase in airline transactions.
          --   Worldwide airline volumes, which represented approximately 10%
               of total volumes during the quarter, decreased 21% due to a 22%
               decrease in the average airline charge partially offset by a 2%
               increase in airline transactions.
          --   Assuming no changes in foreign exchange rates: Total billed
               business outside the U.S. reflected mid-single-digit volume
               increases in Latin America, a slight increase in Asia Pacific
               and high-single-digit declines in Canada and Europe.

     -    TOTAL CARDS-IN-FORCE: Declined 4% worldwide due to decreases of 11%
          in USCS and 7% in ICS, partially offset by increases of 1% in GCS
          and 10% in GNS. The declines in USCS and ICS reflect the
          cancellation of approximately 3.3MM inactive cards during 2009
          within these segments. The increase in GCS was driven by the
          migration of CPS cards to the American Express network in 1Q '09.
          --   During the quarter, total cards-in-force decreased by 400K in
               the U.S., but increased by 300K outside the U.S. despite the
               cancellation of approximately 150K inactive cards within ICS.

- -    NET CARD FEES: Decreased 1% as the decline in total proprietary
     cards-in-force more than offset a 9% increase in the average fee per
     card.

- -    TRAVEL COMMISSIONS AND FEES: Decreased 23%, primarily reflecting a 29%
     decrease in worldwide travel sales, partly offset by a higher sales
     commission rate.

- -    OTHER COMMISSIONS AND FEES: Decreased 22%, driven primarily by lower
     delinquency fees reflecting decreased owned loan balances and the impacts
     of various customer assistance programs, in addition to reduced
     spending-related foreign currency conversion revenues.

- -    SECURITIZATION INCOME, NET: Decreased 65% to $71MM, primarily due to
     lower excess spread, net, driven by increased write-offs and lower
     interest and fee income on cardmember loans, partially offset by the 3Q
     '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/(losses) 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.

                                    - 10 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

     -    Components of Securitization Income, Net:

<Table>
<Caption>
          (millions)                                            Quarters Ended      Percentage
                                                                 September 30,       Inc/(Dec)
                                                               -----------------   ------------
                                                                2009      2008
                                                               -------   -------
            <S>                                                <C>       <C>           <C>
            Excess spread, net*                                $   (67)  $    84         #
            Servicing fees                                         142       141         1
            Loss on securitizations**                               (4)      (25)      (84)
                                                               -------   -------
            Total securitization income, net                   $    71   $   200       (65)
                                                               =======   =======
</Table>

          # Denotes a 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 $119MM and ($252MM) of impact
            from cardmember loan sales and maturities in 3Q '09 and $189MM and
            ($38MM) of impact from cardmember loan sales and maturities in 3Q
            '08, which are reflected in provisions for losses for each
            respective period.

     -    The average balance of cardmember lending securitizations was $28.4B
          in 3Q '09 compared with $28.1B in 3Q '08.

- -    OTHER REVENUES: Decreased 19%, primarily reflecting decreased revenues
     from the CPS acquisition versus 3Q '08 due to the migration of clients to
     the AXP network as well as lower publishing revenues.

- -    TOTAL INTEREST INCOME: Decreased 29%.

     -    INTEREST AND FEES ON LOANS: Decreased 32%, due to a 32% decline in
          the average owned loan balance, 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: Increased 15%,
          primarily reflecting increased investment levels partially offset by
          reduced investment yields.

     -    DEPOSITS WITH BANKS AND OTHER: Was $9MM versus $74MM in 3Q '08,
          primarily due to a reduced yield and a lower balance of deposits in
          other banks.

- -    TOTAL INTEREST EXPENSE: Decreased 39%.

     -    DEPOSITS: Was unchanged versus last year, as the significant
          increase in balances was offset by a lower cost of funds.

     -    SHORT-TERM BORROWINGS: Decreased 98%, due to significantly lower
          short-term debt levels and a lower cost of funds.

     -    LONG-TERM DEBT AND OTHER: Decreased 35%, primarily reflecting a
          lower cost of funds driven by reduced market rates on
          variably-priced debt, as well as a lower average balance of
          long-term debt outstanding.

- -    CHARGE CARD PROVISION FOR LOSSES: Decreased 59%, driven by improved
     credit indicators and lower receivable levels.

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

<Table>
<Caption>
                                                                   9/09       6/09       9/08
                                                                 --------   --------   ---------
                 <S>                                              <C>        <C>        <C>
                 USCS Net write-off rate+                            3.2%       5.2%        3.4%
                 ICS Net loss ratio as a % of charge volume         0.37%      0.36%       0.25%
                 GCS Net loss ratio as a % of charge volume         0.23%      0.22%       0.15%

                 USCS 30 days past due as a % of total+              2.2%       2.6%        3.3%
                 ICS 90 days past due as a % of total                2.5%       3.0%        2.7%
                 GCS 90 days past due as a % of total                1.5%       1.9%        1.8%

                 Worldwide Receivables (billions)                 $ 32.1     $ 31.4     $  37.6
                 Reserves (millions) +                            $  599     $  714     $ 1,134
                 % of receivables+                                   1.9%       2.3%        3.0%
</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.

- -    CARDMEMBER LENDING PROVISION FOR LOSSES: Increased 3%, primarily
     reflecting a higher cardmember reserve level, partially offset by a lower
     owned loan balance.

                                    - 11 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                                 CONSOLIDATED

- -    WORLDWIDE LENDING:*
     --   Net write-off and past due rates increased versus last year but
          decreased versus last quarter. The write-off and past due rates
          during 2009 reflect the impact of various customer assistance
          programs.

<Table>
<Caption>
                                                                9/09       6/09       9/08
                                                              --------   --------   ---------
            <S>                                                <C>        <C>        <C>
            Net write-off rate                                     9.1%       9.6%       5.8%
            30 days past due as a % of loans                       4.0%       4.3%       3.7%
            Total Loans (billions)                             $  31.5    $  32.5    $  45.7
            Reserves (millions)                                $ 3,359    $ 3,219    $ 2,640
            % of total loans                                      10.7%       9.9%       5.8%
            % of 30 days past due accounts                         264%       230%       154%
</Table>

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

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

- -    MARKETING AND PROMOTION EXPENSES: Decreased 22% versus last year due to
     the relatively lower discretionary spending level resulting from the
     Company's ongoing reengineering activities. Expenses rose 43%, or $152MM,
     versus 2Q '09, reflecting the increased spending resulting from the
     provision benefits related to better than initially forecasted 3Q '09
     credit performance.

- -    CARDMEMBER REWARDS EXPENSE: Decreased 13%, primarily reflecting lower
     overall rewards-related spending volumes, and the benefit of a revised,
     more restrictive redemption policy related to 30 day past due accounts,
     partially offset by higher redemption costs.

- -    CARDMEMBER SERVICES EXPENSES: Decreased 11%.

- -    SALARIES AND EMPLOYEE BENEFITS EXPENSE: Decreased 14%, primarily
     reflecting lower employee levels and related costs due to the Company's
     ongoing reengineering initiatives, partially offset by costs related to
     employee compensation program-related changes.

- -    PROFESSIONAL SERVICES EXPENSE: Decreased 5%, reflecting lower
     technology-related and legal costs, partially offset by higher credit and
     collection expenses.

- -    OCCUPANCY AND EQUIPMENT EXPENSE: Decreased 6%, on lower
     technology-related expenses.

- -    COMMUNICATIONS EXPENSE: Decreased 11%, driven by lower volume-related
     costs.

- -    OTHER, NET EXPENSE: Was a $14MM credit versus $209MM expense last year,
     reflecting the $180MM benefit in 3Q '09 related to the accounting for a
     net investment in the Company's consolidated foreign subsidiaries as
     further discussed on page 4, as well as lower travel and entertainment
     and other expenses due to the Company's ongoing reengineering activities.

                                    - 12 -
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD 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 September 30, 2009, the Company's
"tangible common equity" was $11B and its "total adjusted assets" as defined
in the Subordinated Debentures, were $150B. As of September 30, 2009, the
consolidated assets as reflected on the Company's balance sheet were $120B.

                           CORPORATE & OTHER SEGMENT

- -    Net income was $50MM in 3Q '09 compared with $171MM in 2Q '09 and $158MM
     in 3Q '08.

     -    3Q '09 included:
          --   $113MM of after-tax benefits related to the accounting for a
               net investment in consolidated foreign subsidiaries as further
               discussed on page 4;
          --   $93MM and $43MM of after-tax income related to the MasterCard
               and Visa litigation settlements, respectively;
          --   $41MM of tax expense primarily due to an increase in the
               Company's estimated annual effective tax rate;
          --   Higher interest expense related to the cost of carrying
               increased debt and liquidity levels;
          --   Costs related to employee compensation program-related changes;
               and
          --   $10MM of after-tax expense related to the Company's ongoing
               reengineering initiatives.

     -    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.

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

                                      13
<Page>

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

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP Basis)

(Preliminary)

<Table>
<Caption>
                                                                            Quarters Ended      Percentage
                                                                             September 30,      Inc/(Dec)
                                                                         -------------------   ------------
(millions)                                                                 2009       2008
                                                                         --------   --------
<S>                                                                      <C>        <C>           <C>
Revenues
    Discount revenue, net card fees and other                            $  2,267   $  2,597      (13)%
    Securitization income, net                                                 71        200      (65)
    Interest income                                                           772      1,190      (35)
    Interest expense                                                          207        528      (61)
                                                                         --------   --------
     Net interest income                                                      565        662      (15)
                                                                         --------   --------
Total revenues net of interest expense                                      2,903      3,459      (16)
                                                                         --------   --------
Provisions for losses                                                         850        941      (10)
                                                                         --------   --------
Total revenues net of interest expense after provisions for losses          2,053      2,518      (18)
                                                                         --------   --------
Expenses
    Marketing, promotion, rewards and cardmember services                   1,050      1,245      (16)
    Salaries and employee benefits and other operating expenses               864        909       (5)
                                                                         --------   --------
     Total                                                                  1,914      2,154      (11)
                                                                         --------   --------
Pretax segment income                                                         139        364      (62)
Income tax provision                                                           30        120      (75)
                                                                         --------   --------
Segment income                                                           $    109   $    244      (55)
                                                                         ========   ========
</Table>

STATISTICAL INFORMATION

<Table>
<Caption>
                                                                            Quarters Ended      Percentage
                                                                             September 30,      Inc/(Dec)
                                                                         -------------------   ------------
                                                                           2009       2008
                                                                         --------   --------
<S>                                                                      <C>        <C>           <C>
Card billed business (billions)                                          $   85.2   $   97.9      (13)%
Total cards-in-force (millions)                                              39.8       44.7      (11)
Basic cards-in-force (millions)                                              29.7       33.4      (11)
Average basic cardmember spending* (dollars)                             $  2,851   $  2,950       (3)
Segment capital (millions)**                                             $  5,837   $  5,069       15
Return on average segment capital**                                          (1.0)%     17.0%
Return on average tangible segment capital**                                 (1.1)%     17.7%
</Table>

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

     -    BILLED BUSINESS: The 13% decrease in billed business reflects the
          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
               12%; small business volumes declined by 15%.

     -    TOTAL CARDS-IN-FORCE: Decreased by 4.9MM, or 11%, versus last year,
          reflecting the effects of certain credit-related actions, including
          the cancellation of a total of approximately 2.7MM inactive cards
          during 2009, as well as reduced card acquisition activities in
          recent quarters.

P&L DISCUSSION:

- -    SEGMENT INCOME: Decreased 55% to $109MM, as total revenues net of
     interest expense declined 16%, provisions for losses decreased 10% and
     expenses declined by 11%.

     -    3Q '09 included $2MM ($1MM after-tax) of adjustments related to the
          Company's ongoing reengineering initiatives.

     -    3Q '08 included the $100MM ($62MM after-tax) charge to the fair
          market value of the I/O Strip.

     -    PRETAX MARGIN: Was 4.8% in 3Q '09 compared with 10.5% in 3Q '08.

     -    EFFECTIVE TAX RATE: Was 22% in 3Q '09 compared with 33% in 3Q '08.
          The rates in both quarters reflect benefits related to the
          resolution of certain prior years' tax items.

- -    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 13%, due to lower
     billed business volumes, reduced other commissions and fees, decreased
     net card fees, lower travel commissions and fees and slightly lower other
     revenues.

                                      14
<Page>

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

- -    SECURITIZATION INCOME, NET: Decreased 65% to $71MM, primarily due to
     lower excess spread, net, driven by increased write-offs and lower
     interest and fee income on cardmember loans, partially offset by the 3Q
     '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 35%, due to a decline of 36% 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 61%, 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 10%, principally due to lower loan and
     receivable balances and decreased write-offs in the charge portfolio,
     partially offset by a higher cardmember lending reserve level.

     -    CHARGE CARD: *
          --   The net write-off and past due rates decreased versus last year
               and last quarter.

<Table>
<Caption>
                                                                  9/09        6/09        9/08
                                                                --------    --------    --------
                 <S>                                            <C>         <C>         <C>
                 Total Receivables (billions)                   $   15.9    $   15.9    $   18.8
                 Net write-off rate                                  3.2%        5.2%        3.4%
                 30 days past due as a % of total                    2.2%        2.6%        3.3%
</Table>

     -    CARDMEMBER LENDING: **
          --   The net write-off and past due rates increased versus last year
               but decreased versus last quarter. The write-off and past due
               rates during 2009 reflect the impact of various customer
               assistance programs.

<Table>
<Caption>
                                                                  9/09        6/09        9/08
                                                                --------    --------    --------
                 <S>                                            <C>         <C>         <C>
                 Total Loans (billions)                         $   22.7    $   23.6    $   34.6
                 Net write-off rate                                  9.8%       10.3%        6.1%
                 30 days past due as a % of total                    4.2%        4.4%        3.9%
</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."
          ** Owned basis. See pages 16-17 for "Managed Basis" Cardmember
             lending information.

- -    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     16%, due to reduced marketing and promotion expenses and lower rewards
     costs.

- -    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Decreased
     5%, partially due to benefits from ongoing reengineering activities.

                                      15
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD 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>
             (millions)                                                    Quarters Ended         Percentage
                                                                            September 30,         Inc/(Dec)
                                                                        ---------------------    ------------
                                                                          2009        2008
                                                                        --------    --------
         <S>                                                            <C>         <C>              <C>
         -    DISCOUNT REVENUE, NET CARD FEES AND OTHER:
                Reported for the period (GAAP)                          $  2,267    $  2,597         (13)%
                Securitization adjustments                                    82         122         (33)
                                                                        --------    --------
                Managed discount revenue, net card fees and other       $  2,349    $  2,719         (14)
                                                                        ========    ========
         -    INTEREST INCOME:
                Reported for the period  (GAAP)                         $    772    $  1,190         (35)
                Securitization adjustments                                   714         883         (19)
                                                                        --------    --------
                Managed interest income                                 $  1,486    $  2,073         (28)
                                                                        ========    ========
         -    SECURITIZATION INCOME, NET:
                Reported for the period (GAAP)                          $     71    $    200         (65)
                Securitization adjustments                                   (71)       (200)        (65)
                                                                        --------    --------
                Managed securitization income, net                      $      -    $      -           -
                                                                        ========    ========
         -    INTEREST EXPENSE:
                Reported for the period  (GAAP)                         $    207    $    528         (61)
                Securitization adjustments                                    58         196         (70)
                                                                        --------    --------
                Managed interest expense                                $    265    $    724         (63)
                                                                        ========    ========
         -    PROVISIONS FOR LOSSES:
                Reported for the period (GAAP)                          $    850    $    941         (10)
                Securitization adjustments                                   529         629         (16)
                                                                        --------    --------
                Managed provisions for losses                           $  1,379    $  1,570         (12)
                                                                        ========    ========
</Table>

                                      16
<Page>

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

MANAGED P&L DISCUSSION

- -    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 14%, due to lower
     billed business volumes, reduced other commissions and fees, decreased
     net card fees, lower travel commissions and fees and slightly lower other
     revenues.

- -    INTEREST INCOME: Decreased 28%, due to a decline of 18% 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 63%, 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: Decreased 12%, principally due to lower loan and
     receivable balances and lower write-offs in the charge portfolio,
     partially offset by higher net write-offs versus last year in the lending
     portfolio.

     -    CARDMEMBER LENDING: *
          --   Net write-off and 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>
                                                                 9/09        6/09        9/08
                                                               --------    --------    --------
                 <S>                                           <C>         <C>         <C>
                 Total Loans (billions)                        $ 51.9      $ 54.0      $ 64.3
                 Net write-off rate                               8.9%       10.0%        5.9%
                 30 days past due as a % of total                 4.1%        4.4%        3.9%
</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."

                                      17
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                          INTERNATIONAL CARD SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP Basis)

(Preliminary)

<Table>
<Caption>
                                                                            Quarters Ended      Percentage
                                                                             September 30,      Inc/(Dec)
                                                                         -------------------   ------------
(millions)                                                                 2009       2008
                                                                         --------   --------
<S>                                                                      <C>        <C>            <C>
Revenues
    Discount revenue, net card fees and other                            $    866   $    965       (10)%
                                                                         --------   --------
    Interest income                                                           392        523       (25)
    Interest expense                                                          110        256       (57)
                                                                         --------   --------
      Net interest income                                                     282        267         6
                                                                         --------   --------
Total revenues net of interest expense                                      1,148      1,232        (7)
                                                                         --------   --------
Provisions for losses                                                         250        316       (21)
                                                                         --------   --------
Total revenues net of interest expense after provisions for losses            898        916        (2)
                                                                         --------   --------
Expenses
    Marketing, promotion, rewards and cardmember services                     302        388       (22)
    Salaries and employee benefits and other operating expenses               469        527       (11)
                                                                         --------   --------
      Total                                                                   771        915       (16)
                                                                         --------   --------
Pretax segment income                                                         127          1         #
Income tax benefit                                                              -        (66)        #
                                                                         --------   --------
Segment income                                                           $    127   $     67        90
                                                                         ========   ========
</Table>

STATISTICAL INFORMATION

<Table>
<Caption>
                                                                            Quarters Ended      Percentage
                                                                             September 30,      Inc/(Dec)
                                                                         -------------------   ------------
                                                                           2009       2008
                                                                         --------   --------
<S>                                                                      <C>        <C>            <C>
Card billed business (billions)                                          $   24.2    $  27.5       (12)%
Total cards-in-force (millions)                                              15.2       16.4        (7)
Basic cards-in-force (millions)                                              10.6       11.5        (8)
Average basic cardmember spending* (dollars)                             $  2,273    $ 2,393        (5)
Segment capital (millions)**                                             $  2,265    $ 2,257         -
Return on average segment capital**                                          12.4%      11.8%
Return on average tangible segment capital**                                 16.7%      15.9%
</Table>

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

     -    BILLED BUSINESS: The 12% decrease in billed business reflects a 5%
          decrease in average spending per proprietary basic cards-in-force
          and a 8% decrease in basic cards-in-force.
          --   Adjusting for the impacts of foreign exchange translation,
               billed business decreased 6% and average spending per
               proprietary basic cards-in-force increased 1%. Volume
               comparisons within the major geographic regions ranged from a
               low-single-digit increase in Latin America to high-single-digit
               decreases in Canada, Asia Pacific and Europe.

     -    TOTAL CARDS-IN-FORCE: Decreased by 1.2MM, or 7%, versus last year,
          reflecting reduced card acquisition activities and the effects of
          certain credit-related actions, including the cancellation of a
          total of approximately 550K inactive accounts during 2009.

P&L DISCUSSION

- -    SEGMENT INCOME: Increased 90% to $127MM, as total revenues net of
     interest expense decreased 7%, provisions for losses decreased 21% and
     expenses decreased by 16%. Both the revenue and expense declines were
     inflated by the translation impact of foreign currency.

     -    3Q '09 and 3Q '08 included $1MM ($1MM after-tax) and $1MM ($0MM
          after-tax) of adjustments, respectively, related to the Company's
          ongoing reengineering initiatives.

     -    PRETAX MARGIN: Was 11.1% in 3Q '09 compared with 0.1% in 3Q '08.

     -    EFFECTIVE TAX RATE: The tax rate was not meaningful in 3Q '09 and 3Q
          '08. The rates in both periods reflect the impact of recurring tax
          benefits on varying pretax income. As indicated in previous
          quarters, this segment reflects the favorable impact of the
          consolidated tax benefit related to its ongoing funding activities
          outside the U.S., which is allocated to ICS under the Company's
          internal tax allocation process and is likely to continue going
          forward.

                                      18
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                          INTERNATIONAL CARD SERVICES

- -    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 10%, driven
     primarily by the lower level of card spending, decreased other
     commissions and fees, lower other revenues and reduced travel commissions
     and fees, partially offset by an increase in net card fees.

- -    INTEREST INCOME: Decreased 25% on a 22% reduction in average loans and
     lower interest on bank and other deposits, partially offset by a higher
     cardmember loan portfolio yield.

- -    INTEREST EXPENSE: Decreased 57% on lower average loan and receivable
     balances, as well as a decreased cost of funds.

- -    PROVISIONS FOR LOSSES: Decreased 21%, primarily due to benefits of lower
     loan and receivable balances.

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

<Table>
<Caption>
                                                                 9/09        6/09        9/08
                                                               --------    --------    --------
                 <S>                                           <C>         <C>         <C>
                 Total Receivables (billions)                  $    5.6    $    5.4    $    6.1
                 Net loss ratio as a % of charge volume            0.37%       0.36%       0.25%
                 90 days past due as a % of total                   2.5%        3.0%        2.7%
</Table>

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

<Table>
<Caption>
                                                                 9/09        6/09        9/08
                                                               --------    --------    --------
                 <S>                                           <C>         <C>         <C>
                 Cardmember Loans (billions)                   $    8.8    $    8.9    $   11.1
                 Net write-off rate                                 7.1%        7.5%        5.1%
                 30 days past due as a % of total                   3.7%        4.0%        3.3%
</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
     22%, reflecting reduced marketing and promotion expenses and lower
     rewards costs.

- -    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Decreased
     11%, primarily due to the benefits from the Company's ongoing
     reengineering initiatives.

                                      19
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                          GLOBAL COMMERCIAL SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP Basis)

(Preliminary)

<Table>
<Caption>
                                                                           Quarters Ended       Percentage
                                                                            September 30,       Inc/(Dec)
                                                                         -------------------   ------------
(millions)                                                                 2009       2008
                                                                         --------   --------
<S>                                                                      <C>         <C>           <C>
Revenues
    Discount revenue, net card fees and other                            $  1,017    $  1,291      (21)%
                                                                         --------    --------
    Interest income                                                             8          43      (81)
    Interest expense                                                           28         134      (79)
                                                                         --------    --------
      Net interest income                                                     (20)        (91)     (78)
                                                                         --------    --------
Total revenues net of interest expense                                        997       1,200      (17)
                                                                         --------    --------
Provisions for losses                                                          40          60      (33)
                                                                         --------    --------
Total revenues net of interest expense after provisions for losses            957       1,140      (16)
                                                                         --------    --------
Expenses
    Marketing, promotion, rewards and cardmember services                      81         113      (28)
    Salaries and employee benefits and other operating expenses               706         836      (16)
                                                                         --------    --------
      Total                                                                   787         949      (17)
                                                                         --------    --------
Pretax segment income                                                         170         191      (11)
Income tax provision                                                           54          57       (5)
                                                                         --------    --------
Segment income                                                           $    116    $    134      (13)
                                                                         ========    ========
</Table>

STATISTICAL INFORMATION

<Table>
<Caption>
                                                                            Quarters Ended      Percentage
                                                                             September 30,      Inc/(Dec)
                                                                         -------------------   ------------
                                                                           2009       2008
                                                                         --------   --------
<S>                                                                      <C>         <C>           <C>
Card billed business (billions)                                          $   27.9    $   32.3      (14)%
Total cards-in-force (millions)                                               7.1         7.0        1
Basic cards-in-force (millions)                                               7.1         7.0        1
Average basic cardmember spending* (dollars)                             $  3,907    $  4,611      (15)
Segment capital (millions)**                                             $  3,424    $  3,564       (4)
Return on average segment capital**                                           7.7%       21.2%
Return on average tangible segment capital**                                 17.4%       43.9%
</Table>

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

     -    BILLED BUSINESS: The 14% decrease in billed business reflects a 15%
          decline in average spending per proprietary basic cards-in-force
          partially offset by a 1% increase in basic cards-in-force.
          --   Adjusting for the impacts of foreign exchange translation:
               Billed business and average spending per proprietary basic
               cards-in-force decreased 11% and 13%, respectively. Volume
               decreases of 10% within the U.S. compared to results within
               other major geographic regions ranging from double-digit
               declines in Asia Pacific, Europe and Canada to a
               high-single-digit increase in Latin America.

     -    TOTAL CARDS-IN-FORCE: Increased by 100K, or 1%, 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 13% to $116MM as total revenues net of interest
     expense decreased 17%, provisions for losses decreased by 33% and
     expenses declined by 17%. Both the revenue and expense declines were
     inflated by the translation impact of foreign currency.

     -    3Q '08 included $1MM ($0MM after-tax) of costs related to the
          Company's ongoing reengineering initiatives.

     -    PRETAX MARGIN: Was 17.1% in 3Q '09 compared with 15.9% in 3Q '08.

     -    EFFECTIVE TAX RATE: Was 32% in 3Q '09 compared with 30% in 3Q '08.

- -    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 21%, driven
     primarily by lower travel commissions and fees, the reduced level of card
     spending, decreased other revenues and reduced other commissions and
     fees.

- -    INTEREST INCOME: Decreased 81%, driven by lower rates within
     deposit-related income.

                                      20
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2009 OVERVIEW
                          GLOBAL COMMERCIAL SERVICES

- -    INTEREST EXPENSE: Decreased 79%, primarily due to a lower cost of funds.

- -    PROVISIONS FOR LOSSES: Decreased 33%, driven by lower receivable balances
     and improving past due levels.

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

<Table>
<Caption>
                                                                 9/09        6/09        9/08
                                                               --------    --------    --------
                 <S>                                           <C>         <C>         <C>
                 Total Receivables (billions)                  $   10.4    $    9.9    $   12.5
                 Net loss ratio as a % of charge volume            0.23%       0.22%       0.15%
                 90 days past due as a % of total                   1.5%        1.9%        1.8%
</Table>

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

- -    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     28%, primarily reflecting lower rewards costs.

- -    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Decreased
     16%, reflecting the benefits from the Company's ongoing reengineering
     initiatives.

                                      21
<Page>

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

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP Basis)

(Preliminary)

<Table>
<Caption>
                                                                            Quarters Ended      Percentage
                                                                             September 30,      Inc/(Dec)
                                                                         -------------------   ------------
(millions)                                                                 2009       2008
                                                                         --------   --------
<S>                                                                      <C>         <C>           <C>
Revenues
    Discount revenue, fees and other                                     $    945    $  1,015       (7)%
                                                                         --------    --------
    Interest income                                                             1           2      (50)
    Interest expense                                                          (17)        (54)     (69)
                                                                         --------    --------
      Net interest income                                                      18          56      (68)
                                                                         --------    --------
Total revenues net of interest expense                                        963       1,071      (10)
                                                                         --------    --------
Provisions for losses                                                          33          34       (3)
                                                                         --------    --------
Total revenues net of interest expense after provisions for losses            930       1,037      (10)
                                                                         --------    --------
Expenses
    Marketing and promotion                                                   157         150        5
    Salaries and employee benefits and other operating expenses               415         490      (15)
                                                                         --------    --------
      Total                                                                   572         640      (11)
                                                                         --------    --------
Pretax segment income                                                         358         397      (10)
Income tax provision                                                          118         139      (15)
                                                                         --------    --------
Segment income                                                           $    240    $    258       (7)
                                                                         ========    ========
</Table>

  STATISTICAL INFORMATION

<Table>
<Caption>
                                                                            Quarters Ended      Percentage
                                                                             September 30,      Inc/(Dec)
                                                                         -------------------   ------------
                                                                           2009       2008
                                                                         --------   --------
  <S>                                                                    <C>         <C>           <C>
  Global card billed business* (billions)                                $  156.6    $  175.5      (11)%
  Segment capital (millions)**                                           $  1,803    $  1,437       25
  Return on average segment capital**                                        56.9%       82.4%
  Return on average tangible segment capital**                               58.1%       84.7%

  GLOBAL NETWORK SERVICES:
  Card billed business (billions)                                        $   18.6    $   18.2        2
  Total cards-in-force (millions)                                            26.3        24.0       10
</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 Third Quarter 2009 Earnings Release for the components of ROSC and ROTSC.

P&L DISCUSSION

- -    SEGMENT INCOME: Decreased 7% to $240MM, as total revenues net of interest
     expense declined 10%, provisions for losses were decreased by $1MM and
     expenses decreased by 11%. Both the revenue and expense declines were
     inflated by the translation impact of foreign currency.

     -    3Q '09 and 3Q '08 included $1MM ($1MM after-tax) and $4MM ($3MM
          after-tax), respectively, of costs related to the Company's ongoing
          reengineering initiatives.

     -    PRETAX MARGIN: Was 37.2% in 3Q '09 compared with 37.1% in 3Q '08.

     -    EFFECTIVE TAX RATE: Was 33% in 3Q '09 compared with 35% in 3Q '08.

- -    DISCOUNT REVENUE, FEES AND OTHER REVENUE: Decreased 7%, primarily
     reflecting a decline in merchant-related revenues, driven by the 11%
     decrease in global card billed business.

- -    INTEREST INCOME: Decreased $1MM.

- -    INTEREST EXPENSE: The expense credit decreased 69% 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: Decreased $1MM.

- -    MARKETING AND PROMOTION EXPENSES: Increased 5%, reflecting higher
     brand-related marketing investments.

- -    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Decreased
     15%, primarily reflecting the benefits from the Company's ongoing
     reengineering initiatives.

                                      22
<Page>

               INFORMATION RELATED TO FORWARD-LOOKING STATEMENTS

THIS REPORT 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 RECENTLY
ENACTED STATUTES AND PROPOSED 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 FOURTH QUARTER 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 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, AND DURING THE REMAINDER OF 2009, THE EXTENT
OF PROVISION BENEFIT, IF ANY, FROM LOWER THAN EXPECTED WRITE OFFS; 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
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 REPORTS ON FORM 10-Q FOR THE QUARTERS ENDED MARCH 31 AND
JUNE 30, 2009, AND THE COMPANY'S OTHER REPORTS FILED WITH THE SEC.

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