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    &lt;div style="font-family: 'Times New Roman',Times,serif"&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The Company periodically securitizes cardmember receivables and loans arising from its card
    business through the transfer of those assets to securitization trusts. The trusts then issue
    securities to third-party investors, collateralized by the transferred assets.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Cardmember receivables are transferred to the American Express Issuance Trust (the Charge Trust),
    and cardmember loans are transferred to the American Express Credit Account Master Trust (the
    Lending Trust). As of December&amp;#160;31, 2009 and for all prior periods, cardmember receivables
    transferred to the Charge Trust did not qualify as accounting sales and, accordingly, the Charge
    Trust was consolidated by the Company. As a result, securitized cardmember receivables and the
    related debt securities issued to third parties by the Charge Trust were included on the Company&amp;#8217;s
    Consolidated Balance Sheets. The Lending Trust met the criteria of a QSPE for GAAP in effect
    through December&amp;#160;31, 2009 and, accordingly, cardmember loans transferred to the Lending Trust
    qualified as accounting sales. As a result, when cardmember loans were sold through
    securitizations, the Company removed the loans from its Consolidated Balance Sheets and recognized
    a gain or loss on sale, recorded certain retained interests in the securitization (i.e., retained
    subordinated securities and an interest-only strip asset) and received an undivided pro-rata
    interest in the excess loans held in the Lending Trust (historically referred to as &amp;#8220;seller&amp;#8217;s
    interest&amp;#8221;).
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Upon adoption of new GAAP effective January&amp;#160;1, 2010, the Company continues to consolidate the
    Charge Trust. In addition, the Company was required to change its accounting for the Lending Trust,
    which is now consolidated. As a result, beginning January&amp;#160;1, 2010, the securitized cardmember loans
    and the related debt securities issued to third parties by the Lending Trust are included on the
    Company&amp;#8217;s Consolidated Balance Sheets. Prior period Consolidated Financial Statements have not been
    revised for this accounting change.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The Charge Trust and the Lending Trust are consolidated by American Express Travel Related Services
    Company, Inc. (TRS), which is a consolidated subsidiary of the Company. The trusts are considered
    VIEs as they have insufficient equity at risk to finance their activities, which are to issue
    securities that are collateralized by the underlying cardmember receivables and loans.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Retained Interests in Securitized Assets &lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;As of December&amp;#160;31, 2009, the Company retained subordinated interests in the securitized cardmember
    loans. These interests included one or more A-rated, BBB-rated and unrated investments in tranches
    of the securitization (subordinated securities) of $3.6&amp;#160;billion and an interest-only strip of $20
    million. The subordinated securities were accounted for at fair value as available-for-sale
    investment securities and were reported in investments on the Company&amp;#8217;s Consolidated Balance Sheets
    with unrealized gains (losses)&amp;#160;recorded in AOCI. The interest-only strip was accounted for at fair
    value and was reported in other assets on the Company&amp;#8217;s Consolidated Balance Sheets with changes in
    fair value recorded in securitization income, net in the Company&amp;#8217;s Consolidated Statements of
    Income.
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      <ElementDefenition>Describes an entity's accounting policy for transfers and servicing financial assets, including securitization transactions as well as repurchase and resale agreements. This disclosure may include how the entity (1) determines whether a transaction should be accounted for as a sale; (2) accounts for a sale transaction, including the initial and subsequent accounting for any interests that the entity obtains or continues to hold in the transaction, how such interests are valued, and the significant assumptions used in the valuation; (3) accounts for a transaction that does not qualify for sale treatment (that is, a financing); and (4) accounts for its servicing assets and liabilities ("servicing"), including how such servicing is measured initially and subsequently, and the methodology and significant assumptions used to value such servicing.</ElementDefenition>
      <ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 140
 -Paragraph 9-15, 17

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name FASB Interpretation (FIN)
 -Number 41
 -Paragraph 3
 -Subparagraph a, b, c

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name FASB Staff Position (FSP)
 -Number FAS140-4 and FIN46(R)-8
 -Paragraph B6-B12

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 140
 -Paragraph 17
 -Subparagraph e, f

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