<SEC-DOCUMENT>0001214659-21-003794.txt : 20210401
<SEC-HEADER>0001214659-21-003794.hdr.sgml : 20210401
<ACCEPTANCE-DATETIME>20210401153628
ACCESSION NUMBER:		0001214659-21-003794
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210401
DATE AS OF CHANGE:		20210401
EFFECTIVENESS DATE:		20210401

SUBJECT COMPANY:	

	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:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07657
		FILM NUMBER:		21797809

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>r41210px14a6g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">2150 Kittredge St. Suite 450&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D">Berkeley, CA 94704</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"> &nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">
Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: American Express Company (AXP)<BR>
Name of persons relying on exemption:&nbsp;<I>As You Sow</I><BR>
Address of persons relying on exemption: 2150 Kittredge St. Suite 450, Berkeley, CA 94704</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">American Express
Company (AXP)<BR>
Vote Yes: Item # 5&ndash; Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: May 4, 2021</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Meredith Benton, Benton@whistlestop.capital</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resolved:</B> Shareholders request that American Express Company
(American Express) publish annually a report assessing the Company's diversity and inclusion efforts, at reasonable expense and excluding
proprietary information. At a minimum the report should include:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the process that the Board follows for assessing the effectiveness of its diversity, equity and inclusion programs,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Board&rsquo;s assessment of program effectiveness, as reflected in any goals, metrics, and trends related to its promotion, recruitment
and retention of protected classes of employees.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Supporting Statement: </B>Investors seek quantitative, comparable
data to understand the effectiveness of the company&rsquo;s diversity, equity, and inclusion programs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The resolution requests that American Express publish an annual report
assessing the Company&rsquo;s diversity, equity, and inclusion (DEI) efforts including the process that the Board follows for assessing
the effectiveness of its diversity and inclusion programs as well as its assessment of program effectiveness as reflected in any goals,
metrics, and trends related to its promotion, recruitment, and retention of protected classes of employees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The resolution explains that investors are seeking quantitative, comparable
data in order to understand the effectiveness of American Express&rsquo; DEI programs. It cites concerns that the Company&rsquo;s extensive
statements related to diversity and inclusion may be considered &ldquo;corporate puffery&rdquo; by stakeholders if the company does not
provide meaningful reporting on its workplace equity practices. The resolution also cites to studies which show that significant barriers
exist for diverse employees advancing within their careers, as well as studies demonstrating the corporate benefits of a diverse workforce.</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">American Express| Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #00813B"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #00813B">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #00813B"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE FOR A YES
VOTE</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Companies benefit from diverse and inclusive workplaces.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Corporate Policies that allow harassment and discrimination determine business success.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>American Express is risking the trust and confidence of its consumers and employees.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>American Express&rsquo; DEI reporting significantly lags peers.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>American Express&rsquo; diversity data is selectively presented and insufficient to address investors&rsquo; concerns.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1)</B></TD><TD><B>Companies benefit from Diverse and Inclusive Workplaces</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Multiple data points indicate that companies with diverse teams offer
better management, have stronger long-term growth prospects, and improved share value. These studies include:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>BCG found that innovation revenue was 19 percent higher in companies with above-average leadership diversity. In addition, companies
with above-average diversity had EBIT margins nine percentage points higher.<SUP>1</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>Credit Suisse, in a study of over 3,000 companies, found that companies with women representing more than 20 percent of managers have
had greater share price increases over the past decade than those companies with lower representations of women in management.<SUP>2</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>A McKinsey study found that companies in the top quartile for gender diversity in corporate leadership had a 21 percent likelihood
of outperforming bottom-quartile industry peers on profitability. Similarly, leaders in racial and ethnic diversity were 33 percent more
likely to outperform peers on profitability.<SUP>3</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>A 2019 study of the S&amp;P 500 by the Wall Street Journal found that the 20 most diverse companies had an average annual five-year
stock return that was 5.8 percent higher than the 20 least-diverse companies.<SUP>4</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>Stanford&nbsp;Graduate&nbsp;School&nbsp;of&nbsp;Business&nbsp;researchers found that share prices increased when companies reported
better than anticipated gender diversity. This was particularly true when the company had better diversity than the industry leader.<SUP>5</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://www.bcg.com/en-us/publications/2018/how-diverse-leadership-teams-boost-innovation.aspx</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://www.americanbanker.com/diversity-&amp;-inclusion-yields-strongest-returns</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://www.wsj.com/articles/the-business-case-for-more-diversity-11572091200</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://www.bloomberg.com/news/articles/2019-09-17/when-companies-improve-their-diversity-stock-prices-get-a-boost)</FONT></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Value: 2; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">American Express| Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #00813B"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Given these benefits, investors are incentivized to ensure that the
companies they hold are proactive and intentional in addressing their workplace diversity and inclusion programs. American Express&rsquo;
lack of transparent diversity and inclusion metrics undermines investors&rsquo; ability to assess and benchmark the company&rsquo;s corporate
commitment to a diverse and inclusive workplace.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2)</B></TD><TD><B>Corporate Policies that Allow Harassment and Discrimination Undermine Business Success </B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Identified benefits of diverse and inclusive
teams include access to top talent, better understanding of consumer preferences, a stronger mix of leadership skills, informed strategy
discussions, and improved risk management. Diversity, and the different perspectives it encourages, has also been shown to encourage more
creative and innovative workplace environments.<SUP>6</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In contrast, companies where harassment and discrimination exist may
experience reduced employee morale and productivity, increased absenteeism, challenges in attracting talent and difficulties in retaining
talent. Employees directly experiencing workplace discrimination are also more likely to experience anxiety and depression, potentially
hindering their ability to contribute in the workplace.<SUP>7</SUP> The implications of a non-inclusive workplace go beyond directly impacted
employees; in a Deloitte study, 80 percent of surveyed full-time employees said that inclusion was an important factor in their employer
choice. Seventy-two percent said that they would consider leaving an employer for a more inclusive work environment.<SUP>8</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3)</B></TD><TD><B>American Express is Risking the Trust and Confidence of its Consumers and Employees</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">American Express has made extensive admirable statements about its
commitment to diversity. In addition to hosting &ldquo;women&rsquo;s conferences&rdquo; the company has announced a remarkable $1 billion
action plan intended to advance diversity, equity, and inclusion. This significant sum of capital will be allocated toward achieving pay
equity; enhancing representation of underrepresented Black/African American, Latinx, and female employees; increasing spending with diverse
suppliers; expanding access to capital to Black-owned businesses; developing more inclusive marketing and financial education programs;
providing grants to nonprofit organizations led by people of color; offering leadership training; and facilitating charitable giving.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In announcing its $1 billion commitment, the company stated, &ldquo;[t]o
ensure more balanced representation at all levels of the company, American Express has a comprehensive strategy that encompasses recruitment,
hiring and promotion practices to attract, develop and retain underrepresented colleagues.&rdquo; The identification of these metrics
as essential to its comprehensive strategy indicates that American Express recognizes the utility and importance of this data set.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Unfortunately, investors have not been provided this data from the
company. Should consumers, employees and others determine that the Company has sought to build its brand by representing itself as an
ally to justice movements, termed performative allyship or &ldquo;wokewashing,&rdquo; without integrating best practices into its own
operations, may erode trust with key consumer demographics and employees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://images.forbes.com/forbesinsights/StudyPDFs/Innovation_Through_Diversity.pdf</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.apa.org/news/press/releases/stress/2015/impact</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www2.deloitte.com/us/en/pages/about-deloitte/articles/press-releases/inclusion-survey.html</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">American Express| Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #00813B"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4)</B></TD><TD><B>American Express&rsquo; DEI Reporting Significantly Lags Peers</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">American Express lags its peers in the disclosure and transparency
it provides to investors. As of March 25, 2021, American Express has not released its consolidated EEO-1 form. Seventy-one of the S&amp;P
100 release, or have committed to release, their consolidated EEO-1 forms, the best-practice standard for workforce composition disclosure.
Among those companies that American Express has identified in its proxy statement as within its executive compensation peer group, 75%
currently release this document. <B>This places, American Express in the bottom quartile relative to its peers for its workplace equity
data disclosure.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The release of workforce composition data is akin to a balance sheet,
detailing diversity at a single point in time. Just as a balance sheet would, by itself, be insufficient to identify the strength of a
company&rsquo;s financials, so too is the EEO-1, by itself, insufficient in assessing the effectiveness of DEI programs. The inclusion
factors &ndash; the hiring, retention and promotion rates of diverse employees &ndash; must also be shared for investors to have a full
understanding of the lived experience of American Express&rsquo; employees. This data is needed for investors to assess if a company is
masking a toxic workplace culture and poor retention with high recruitment, for example.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Below are examples of inclusion factor data that American Express&rsquo;
peers are disclosing, or have committed to disclose, as of March 25, 2021:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Thirty-one percent of the S&amp;P 100 release their recruitment rates of female employees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Eighteen percent of the S&amp;P 100 release their retention rates of female employees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Eighteen percent of the S&amp;P 100 release their promotion rate of female employees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Twenty-five percent of the S&amp;P 100 release at least one recruitment statistic related to race or ethnicity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Eighteen percent of the S&amp;P 100 release at least one retention statistic related to race or ethnicity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Within the peer groups that American Express identifies in its proxy statement, the following companies release more inclusion factor
data than American Express: Bank of New York Mellon, BlackRock, Citigroup, JPMorgan Chase, Mastercard, Morgan Stanley, PepsiCo, State
Street, Truist Financial, and Wells Fargo.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5)</B></TD><TD><B>American Express&rsquo; Diversity Data is Selectively Presented and Insufficient to Address Investors&rsquo; Concerns</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">American Express current makes extensive statements regarding its diversity,
equity and inclusion commitments, but is selective in the limited data it shares on the outcomes of these programs. The company does not
provide data that shows the effectiveness of the programs it has advertised.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">American Express, to be credible with investors and other external
stakeholders, needs to show that its statements are not puffery by allowing external parties to review the data which indicates the effectiveness
of its workplace programs to ensure fair and equitable treatment of the organization&rsquo;s diverse employees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">American Express| Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: #B8CCE4">NOTES ON AMERICAN
EXPRESS&rsquo; BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><U>In its statement in opposition to the resolution, the Board writes:<BR>
</U>&ldquo;&hellip;we have a long history of advocating for diversity and inclusion in all areas of our business and remain committed
to fostering a diverse, equitable and inclusive workplace for colleagues of all backgrounds.&rdquo; It also states, &ldquo;We have had
a longstanding commitment to the advancement and retention of our diverse workforce.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Proponent&rsquo;s response:<BR>
</U>In order to build external confidence in this statement, American Express has been asked to publish the metrics it uses to assess
the effectiveness of its programs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><U>In its statement in opposition to the resolution, the Board writes:</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;As a company, we want to be a leader in inclusivity where all
colleagues feel they belong and can thrive.&rdquo; The company has also said that it has &ldquo;analyzed external hiring, internal promotions
and retention &ndash; to develop actionable diversity and inclusion goals for 2020-2022&rdquo; as well as that it is &ldquo;committed
to recruiting diverse candidates and developing and advancing underrepresented groups from executive recruitment to campus hires.&rdquo;
American Express also states, &ldquo;[t]o support the integration of this strategy into our business, the ESG Steering Committee collaborates
with the Office of Enterprise Inclusion, Diversity and Business Engagement and the Colleague Experience Group to help drive the development
of our new goals and metrics focused on diversity and inclusion with respect to external hiring, internal promotions, retention and representation.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Proponent&rsquo;s response:<BR>
</U>American Express has not committed to meaningful DEI disclosure or to adopting best practices in transparency. Rather it commits to
&ldquo;continue to evolve our ESG report to provide information we believe will be useful in assessing our DEI programs.&rdquo; It has
told investors that &ldquo;external hiring, internal promotions and retention&ldquo; is the key criteria it uses to analyze success, but
it lags its peers in sharing this data set. In its Statement of Opposition, <B>American Express does not present a rationale for its continued
lack of disclosure of this data set</B>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal seeking an annual
report assessing the Company's diversity and inclusion efforts.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">A &ldquo;Yes&rdquo; vote is warranted. The Board has released insufficient
information to assure investors that it is providing effective oversight of diversity, equity, and inclusion programs at American Express.
The resistance to providing investors with supporting metrics given the extensive narrative discussion from the company is concerning.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">American Express| Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding Proposal 3 at American Express, please contact
Meredith Benton, As You Sow Workplace Equity Program Manager and Principal at Whistle Stop Capital, benton@whistlestop.capital, (415)
384-9895.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">6</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>asyousowlogo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 asyousowlogo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0!F17AI9@  34T *@    @ ! $:  4
M   !    /@$;  4    !    1@$H  ,    !  (   $Q  (    0    3@
M      !@     0   &     !<&%I;G0N;F5T(#0N,"XU /_; $,  @$! @$!
M @(" @(" @(#!0,# P,#!@0$ P4'!@<'!P8'!P@)"PD(" H(!P<*#0H*"PP,
M# P'"0X/#0P."PP,#/_; $,! @(" P,#!@,#!@P(!P@,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#/_  !$( "0
MO ,!(@ "$0$#$0'_Q  ?   !!0$! 0$! 0           0(#! 4&!P@)"@O_
MQ "U$  " 0,# @0#!04$!    7T! @, !!$%$B$Q008346$'(G$4,H&1H0@C
M0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-C<X.3I#1$5&1TA)2E-45597
M6%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJ
MLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X
M^?K_Q  ? 0 # 0$! 0$! 0$!         0(#! 4&!P@)"@O_Q "U$0 " 0($
M! ,$!P4$!  ! G<  0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B
M<M$*%B0TX27Q%Q@9&B8G*"DJ-38W.#DZ0T1%1D=(24I35%565UA96F-D969G
M:&EJ<W1U=G=X>7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>X
MN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@ , P$
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M$6_VDJ9BF>"VT 9/MT]^M5*XGBZZ=O:/[V<+Q>(3LJC^]GS+\1?CS>_LX?\
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/ **** "BBB@ HHHH __9

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