ex99_2.htm

EX-99.2 3 ex99_2.htm EXHIBIT 99.2 FINANCIALS ex99_2.htm

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. Certain reclassifications of prior period amounts have been made to conform to the current period presentation.

(Preliminary)

American Express Company

Consolidated Statements of Income

(Millions)

	Quarters Ended									Nine Months Ended
	September 30,						Percentage			September 30,						Percentage
	2013			2012			Inc/(Dec)			2013			2012			Inc/(Dec)

Revenues
Non-interest revenues
Discount revenue	$	4,659		$	4,425			5	%	$	13,826		$	13,164			5	%
Net card fees		658			633			4			1,958			1,858			5
Travel commissions and fees		490			465			5			1,422			1,437			(1	)
Other commissions and fees		610			581			5			1,788			1,739			3
Other		601			577			4			1,705			1,781			(4	)
Total non-interest revenues		7,018			6,681			5			20,699			19,979			4
Interest income
Interest on loans		1,698			1,658			2			5,003			4,851			3
Interest and dividends on investment securities		48			60			(20	)		153			193			(21	)
Deposits with banks and other		21			21			-			67			73			(8	)
Total interest income		1,767			1,739			2			5,223			5,117			2
Interest expense
Deposits		111			118			(6	)		332			362			(8	)
Long-term debt and other		373			440			(15	)		1,163			1,320			(12	)
Total interest expense		484			558			(13	)		1,495			1,682			(11	)
Net interest income		1,283			1,181			9			3,728			3,435			9
Total revenues net of interest expense		8,301			7,862			6			24,427			23,414			4
Provisions for losses
Charge card		194			190			2			590			531			11
Card Member loans		282			264			7			921			753			22
Other		16			25			(36	)		71			68			4
Total provisions for losses		492			479			3			1,582			1,352			17
Total revenues net of interest expense after provisions for losses		7,809			7,383			6			22,845			22,062			4

Expenses
Marketing and promotion		827			764			8			2,234			2,168			3
Card Member rewards		1,619			1,496			8			4,740			4,425			7
Card Member services		197			201			(2	)		579			575			1
Salaries and employee benefits		1,544			1,516			2			4,702			4,687			-
Professional services		793			690			15			2,272			2,092			9
Occupancy and equipment		462			453			2			1,394			1,337			4
Communications		94			93			1			282			284			(1	)
Other, net		269			300			(10	)		734			972			(24	)
Total		5,805			5,513			5			16,937			16,540			2
Pretax income		2,004			1,870			7			5,908			5,522			7
Income tax provision		638			620			3			1,857			1,677			11
Net income	$	1,366		$	1,250			9		$	4,051		$	3,845			5
Net income attributable to common shareholders (A)	$	1,354		$	1,236			10		$	4,015		$	3,803			6
Effective tax rate		31.8	%		33.2	%					31.4	%		30.4	%

(A) Represents net income, less earnings allocated to participating share awards of $12 million and $14 million for the three months ended September 30, 2013 and 2012, respectively, and $36 million and $42 million for the nine months ended September 30, 2013 and 2012, respectively.

-1-

(Preliminary)

American Express Company

Condensed Consolidated Balance Sheets

(Billions)

	September 30,		December 31,
	2013		2012

Assets
Cash & cash equivalents	$	22	$	22
Accounts receivable		46		46
Investment securities		5		6
Loans		62		64
Other assets		15		15
Total assets	$	150	$	153

Liabilities and Shareholders' Equity
Customer deposits	$	42	$	40
Short-term borrowings		3		3
Long-term debt		53		59
Other liabilities		33		32
Total liabilities		131		134

Shareholders' Equity		19		19
Total liabilities and shareholders' equity	$	150	$	153

-2-

(Preliminary)

American Express Company

Financial Summary

(Millions)

	Quarters Ended									Nine Months Ended
	September 30,						Percentage			September 30,						Percentage
	2013			2012			Inc/(Dec)			2013			2012			Inc/(Dec)

Total revenues net of interest expense
U.S. Card Services	$	4,286		$	4,055			6	%	$	12,607		$	11,976			5	%
International Card Services		1,356			1,313			3			3,972			3,909			2
Global Commercial Services		1,221			1,156			6			3,615			3,534			2
Global Network & Merchant Services		1,379			1,310			5			4,066			3,881			5
		8,242			7,834			5			24,260			23,300			4
Corporate & Other		59			28			#			167			114			46

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE	$	8,301		$	7,862			6		$	24,427		$	23,414			4

Pretax income (loss)
U.S. Card Services	$	1,257		$	1,128			11		$	3,702		$	3,457			7
International Card Services		186			207			(10	)		535			549			(3	)
Global Commercial Services		341			275			24			957			818			17
Global Network & Merchant Services		608			561			8			1,837			1,662			11
		2,392			2,171			10			7,031			6,486			8
Corporate & Other		(388	)		(301	)		29			(1,123	)		(964	)		16

PRETAX INCOME	$	2,004		$	1,870			7		$	5,908		$	5,522			7

Net income (loss)
U.S. Card Services	$	782		$	699			12		$	2,329		$	2,169			7
International Card Services		142			164			(13	)		528			539			(2	)
Global Commercial Services		261			183			43			678			579			17
Global Network & Merchant Services		391			360			9			1,176			1,089			8
		1,576			1,406			12			4,711			4,376			8
Corporate & Other		(210	)		(156	)		35			(660	)		(531	)		24

NET INCOME	$	1,366		$	1,250			9		$	4,051		$	3,845			5

# - Denotes a variance of more than 100 percent.

-3-

(Preliminary)

American Express Company

Financial Summary (continued)

	Quarters Ended							Nine Months Ended
	September 30,				Percentage			September 30,				Percentage
	2013		2012		Inc/(Dec)			2013		2012		Inc/(Dec)
EARNINGS PER COMMON SHARE

BASIC
Net income attributable to common shareholders	$	1.26	$	1.10		15	%	$	3.69	$	3.33		11	%

Average common shares outstanding (millions)		1,074		1,126		(5	) %		1,087		1,143		(5	) %

DILUTED
Net income attributable to common shareholders	$	1.25	$	1.09		15	%	$	3.67	$	3.31		11	%

Average common shares outstanding (millions)		1,081		1,132		(5	) %		1,094		1,149		(5	) %

Cash dividends declared per common share	$	0.23	$	0.20		15	%	$	0.66	$	0.60		10	%

Selected Statistical Information

	Quarters Ended									Nine Months Ended
	September 30,						Percentage			September 30,						Percentage
	2013			2012			Inc/(Dec)			2013			2012			Inc/(Dec)

Return on average equity (A)		24.3	%		26.3	%					24.3	%		26.3	%
Return on average common equity (A)		24.1	%		26.0	%					24.1	%		26.0	%
Return on average tangible common equity (A)		30.6	%		33.5	%					30.6	%		33.5	%
Common shares outstanding (millions)		1,071			1,122			(5	) %		1,071			1,122			(5	) %
Book value per common share	$	17.94		$	17.37			3	%	$	17.94		$	17.37			3	%
Shareholders' equity (billions)	$	19.2		$	19.5			(1	) %	$	19.2		$	19.5			(1	) %

(A) Refer to Appendix I for components of return on average equity, return on average common equity and return on average tangible common equity, a non-GAAP measure.

-4-

(Preliminary)

American Express Company

Selected Statistical Information

(Millions, except percentages and where indicated)

	Quarters Ended
	September 30,						Percentage
	2013			2012			Inc/(Dec)
Card billed business (billions) (A):
United States	$	158.2		$	146.9			8	%
Outside the United States		78.0			73.2			7
Total	$	236.2		$	220.1			7
Total cards-in-force (B):
United States		52.8			51.8			2	%
Outside the United States		52.6			49.6			6
Total		105.4			101.4			4
Basic cards-in-force (B):
United States		40.9			40.2			2	%
Outside the United States		42.6			39.8			7
Total		83.5			80.0			4

Average discount rate (C)		2.52	%		2.53	%
Average basic Card Member spending (dollars) (D)	$	4,037		$	3,885			4	%
Average fee per card (dollars) (D)	$	40		$	39			3	%
Average fee per card adjusted (dollars) (D)	$	44		$	44			-	%

(A) Card billed business includes activities (including cash advances) related to proprietary cards, cards issued under network partnership agreements (non-proprietary billed business), and certain insurance fees charged on proprietary cards. In-store spend activity within retail co-brand portfolios in Global Network Services, from which the Company earns no revenue, is not included in non-proprietary billed business. Card billed business is reflected in the United States or outside the United States based on where the Card Member 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 Card Members. Non-proprietary cards-in-force includes all cards that are issued and outstanding under network partnership agreements, except for retail co-brand Card Member accounts that have no out-of-store spend activity during the prior 12 month period.

(C) This calculation is designed to reflect pricing at merchants accepting general purpose American Express cards. 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 card member 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 divided by average worldwide proprietary cards-in-force. The adjusted average fee per card, which is a non-GAAP measure, is computed in the same manner, but excludes amortization of deferred direct acquisition costs. The amount of amortization excluded was $67 million and $65 million for the quarters ended September 30, 2013 and 2012, respectively. The Company presents adjusted average fee per card because the Company believes this metric presents a useful indicator of card fees pricing across a range of its proprietary card products.

-5-

(Preliminary)

American Express Company

Selected Statistical Information (continued)

(Billions, except percentages and where indicated)

	Quarters Ended
	September 30,						Percentage
	2013			2012			Inc/(Dec)
Worldwide Card Member receivables:
Total receivables	$	43.5		$	42.3			3	%
Loss reserves (millions):
Beginning balance	$	386		$	392			(2	)%
Provisions (A)		158			151			5
Other additions (B)		36			39			(8	)
Net write-offs (C)		(149	)		(141	)		6
Other deductions (D)		(35	)		(32	)		9
Ending balance	$	396		$	409			(3	)
% of receivables		0.9	%		1.0	%
Net write-off rate (principal only) - USCS (E)		1.4	%		1.6	%
Net write-off rate (principal and fees) - USCS (E)		1.6	%		1.7	%
30 days past due as a % of total - USCS		1.7	%		1.8	%
Net loss ratio (as a % of charge volume) - ICS/GCS		0.11	%		0.10	%
90 days past billing as a % of total - ICS/GCS		0.9	%		0.7	%

Worldwide Card Member loans:
Total loans	$	63.0		$	61.8			2	%
Loss reserves (millions):
Beginning balance	$	1,342		$	1,547			(13	)%
Provisions (A)		247			231			7
Other additions (B)		35			33			6
Net write-offs - principal (C)		(275	)		(292	)		(6	)
Net write-offs - interest and fees (C)		(36	)		(36	)		-
Other deductions (D)		(32	)		(24	)		33
Ending balance	$	1,281		$	1,459			(12	)
Ending reserves - principal	$	1,234		$	1,411			(13	)
Ending reserves - interest and fees	$	47		$	48			(2	)
% of loans		2.0	%		2.4	%
% of past due		179	%		182	%
Average loans	$	63.0		$	61.4			3	%
Net write-off rate (principal only) (E)		1.7	%		1.9	%
Net write-off rate (principal, interest and fees) (E)		2.0	%		2.1	%
30 days past due loans as a % of total		1.1	%		1.3	%
Net interest income divided by average loans (F)		8.1	%		7.7	%
Net interest yield on Card Member loans (F)		9.4	%		9.3	%

(A) Provisions for principal (resulting from authorized transactions) and fee reserve components.

(B) Provisions for unauthorized transactions.

(D) For Card Member receivables, includes net write-offs resulting from unauthorized transactions of $(37) million and $(37) million for the three months ended September 30, 2013 and 2012, respectively; foreign currency translation adjustments of $3 million and $6 million for the three months ended September 30, 2013 and 2012, respectively; and other items of $(1) million and $(1) million for the three months ended September 30, 2013 and 2012, respectively. For Card Member loans, includes net write-offs resulting from unauthorized transactions of $(34) million and $(31) million for the three months ended September 30, 2013 and 2012, respectively; foreign currency translation adjustments of $3 million and $10 million for the three months ended September 30, 2013 and 2012, respectively; and other items of $(1) million and $(3) million for the three months ended September 30, 2013 and 2012, respectively.

(E) The Company presents a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, because the Company's practice is to include uncollectible interest and/or fees as part of its total provision for losses, a net write-off rate including principal, interest and/or fees is also presented.

(F) See Appendix III for calculations of net interest yield on Card Member loans, a non-GAAP measure, and net interest income divided by average loans, a GAAP measure, and the Company's rationale for presenting net interest yield on Card Member loans.

-6-

(Preliminary)

American Express Company

Consolidated Statements of Income

(Millions)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Revenues
Non-interest revenues
Discount revenue	$	4,659		$	4,729		$	4,438		$	4,575		$	4,425
Net card fees		658			647			653			648			633
Travel commissions and fees		490			495			437			503			465
Other commissions and fees		610			605			573			578			581
Other		601			567			537			644			577
Total non-interest revenues		7,018			7,043			6,638			6,948			6,681
Interest income
Interest on loans		1,698			1,622			1,683			1,660			1,658
Interest and dividends on investment securities		48			52			53			53			60
Deposits with banks and other		21			20			26			24			21
Total interest income		1,767			1,694			1,762			1,737			1,739
Interest expense
Deposits		111			107			114			118			118
Long-term debt and other		373			385			405			426			440
Total interest expense		484			492			519			544			558
Net interest income		1,283			1,202			1,243			1,193			1,181
Total revenues net of interest expense		8,301			8,245			7,881			8,141			7,862
Provisions for losses
Charge card		194			201			195			211			190
Card Member loans		282			364			275			396			264
Other		16			28			27			31			25
Total provisions for losses		492			593			497			638			479
Total revenues net of interest expense after provisions for losses		7,809			7,652			7,384			7,503			7,383

Expenses
Marketing and promotion		827			786			621			722			764
Card Member rewards		1,619			1,601			1,520			1,857			1,496
Card Member services		197			193			189			197			201
Salaries and employee benefits		1,544			1,543			1,615			1,910			1,516
Professional services		793			763			716			871			690
Occupancy and equipment		462			460			472			486			453
Communications		94			92			96			99			93
Other, net		269			219			246			432			300
Total		5,805			5,657			5,475			6,574			5,513
Pretax income		2,004			1,995			1,909			929			1,870
Income tax provision		638			590			629			292			620
Net income	$	1,366		$	1,405		$	1,280		$	637		$	1,250
Net income attributable to common shareholders (A)	$	1,354		$	1,392		$	1,269		$	630		$	1,236
Effective tax rate		31.8	%		29.6	%		32.9	%		31.4	%		33.2	%

(A) Represents net income, less earnings allocated to participating share awards of $12 million for the quarter ended September 30, 2013, $13 million for the quarter ended June 30, 2013, $11 million for the quarter ended March 31, 2013, $7 million for the quarter ended December 31, 2012 and $14 million for the quarter ended September 30, 2012.

-7-

(Preliminary)

American Express Company

Financial Summary

(Millions)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Total revenues net of interest expense
U.S. Card Services	$	4,286		$	4,239		$	4,082		$	4,070		$	4,055
International Card Services		1,356			1,299			1,317			1,397			1,313
Global Commercial Services		1,221			1,231			1,163			1,215			1,156
Global Network & Merchant Services		1,379			1,384			1,303			1,390			1,310
		8,242			8,153			7,865			8,072			7,834
Corporate & Other		59			92			16			69			28

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE	$	8,301		$	8,245		$	7,881		$	8,141		$	7,862

Pretax income (loss)
U.S. Card Services	$	1,257		$	1,175		$	1,270		$	612		$	1,128
International Card Services		186			156			193			110			207
Global Commercial Services		341			333			283			142			275
Global Network & Merchant Services		608			647			582			557			561
		2,392			2,311			2,328			1,421			2,171
Corporate & Other		(388	)		(316	)		(419	)		(492	)		(301	)

PRETAX INCOME	$	2,004		$	1,995		$	1,909		$	929		$	1,870

Net income (loss)
U.S. Card Services	$	782		$	743		$	804		$	423		$	699
International Card Services		142			208			178			95			164
Global Commercial Services		261			226			191			65			183
Global Network & Merchant Services		391			412			373			354			360
		1,576			1,589			1,546			937			1,406
Corporate & Other		(210	)		(184	)		(266	)		(300	)		(156	)

NET INCOME	$	1,366		$	1,405		$	1,280		$	637		$	1,250

-8-

(Preliminary)

American Express Company

Financial Summary (continued)

	Quarters Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2013		2013		2013		2012		2012
EARNINGS PER COMMON SHARE

BASIC
Net income attributable to common shareholders	$	1.26	$	1.28	$	1.15	$	0.57	$	1.10

Average common shares outstanding (millions)		1,074		1,090		1,099		1,110		1,126

DILUTED
Net income attributable to common shareholders	$	1.25	$	1.27	$	1.15	$	0.56	$	1.09

Average common shares outstanding (millions)		1,081		1,097		1,106		1,116		1,132

Cash dividends declared per common share	$	0.23	$	0.23	$	0.20	$	0.20	$	0.20

Selected Statistical Information

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Return on average equity (A)		24.3	%		23.6	%		23.2	%		23.1	%		26.3	%
Return on average common equity (A)		24.1	%		23.4	%		23.0	%		22.8	%		26.0	%
Return on average tangible common equity (A)		30.6	%		29.7	%		29.3	%		29.2	%		33.5	%
Common shares outstanding (millions)		1,071			1,084			1,098			1,105			1,122
Book value per common share	$	17.94		$	17.57		$	17.56		$	17.09		$	17.37
Shareholders' equity (billions)	$	19.2		$	19.0		$	19.3		$	18.9		$	19.5

(A) Refer to Appendix I for components of return on average equity, return on average common equity and return on average tangible common equity, a non-GAAP measure.

-9-

(Preliminary)

American Express Company

Selected Statistical Information

(Millions, except percentages and where indicated)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
Card billed business (billions) (A):
United States	$	158.2		$	159.7		$	150.0		$	155.5		$	146.9
Outside the United States		78.0			78.0			74.5			80.0			73.2
Total	$	236.2		$	237.7		$	224.5		$	235.5		$	220.1
Total cards-in-force (B):
United States		52.8			52.5			52.1			52.0			51.8
Outside the United States		52.6			51.8			51.1			50.4			49.6
Total		105.4			104.3			103.2			102.4			101.4
Basic cards-in-force (B):
United States		40.9			40.7			40.5			40.3			40.2
Outside the United States		42.6			41.8			41.1			40.5			39.8
Total		83.5			82.5			81.6			80.8			80.0

Average discount rate (C)		2.52	%		2.52	%		2.52	%		2.49	%		2.53	%
Average basic Card Member spending (dollars) (D)	$	4,037		$	4,097		$	3,905		$	4,113		$	3,885
Average fee per card (dollars) (D)	$	40		$	40		$	40		$	40		$	39
Average fee per card adjusted (dollars) (D)	$	44		$	44		$	44		$	44		$	44

(D) Average basic card member 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 divided by average worldwide proprietary cards-in-force. The adjusted average fee per card, which is a non-GAAP measure, is computed in the same manner, but excludes amortization of deferred direct acquisition costs. The amount of amortization excluded for these periods was $67 million for the quarter ended September 30, 2013, $66 million for the quarter ended June 30, 2013, $65 million for the quarter ended March 31, 2013, $63 million for the quarter ended December 31, 2012 and $65 million for the quarter ended September 30, 2012. The Company presents adjusted average fee per card because the Company believes this metric presents a useful indicator of card fee pricing across a range of its proprietary card products.

-10-

(Preliminary)

American Express Company

Selected Statistical Information (continued)

(Billions, except percentages and where indicated)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Worldwide Card Member receivables:
Total receivables	$	43.5		$	44.1		$	43.4		$	42.8		$	42.3
Loss reserves (millions):
Beginning balance	$	386		$	410		$	428		$	409		$	392
Provisions (A)		158			160			154			167			151
Other additions (B)		36			41			41			44			39
Net write-offs (C)		(149	)		(180	)		(178	)		(153	)		(141	)
Other deductions (D)		(35	)		(45	)		(35	)		(39	)		(32	)
Ending balance	$	396		$	386		$	410		$	428		$	409
% of receivables		0.9	%		0.9	%		0.9	%		1.0	%		1.0	%
Net write-off rate (principal only) - USCS (E)		1.4	%		1.9	%		2.0	%		1.8	%		1.6	%
Net write-off rate (principal and fees) - USCS (E)		1.6	%		2.1	%		2.2	%		1.9	%		1.7	%
30 days past due as a % of total - USCS		1.7	%		1.6	%		1.9	%		1.8	%		1.8	%
Net loss ratio (as a % of charge volume) - ICS/GCS		0.11	%		0.13	%		0.12	%		0.09	%		0.10	%
90 days past billing as a % of total - ICS/GCS		0.9	%		0.8	%		0.8	%		0.9	%		0.7	%

Worldwide Card Member loans:
Total loans	$	63.0		$	63.1		$	62.3		$	65.2		$	61.8
Loss reserves (millions):
Beginning balance	$	1,342		$	1,367		$	1,471		$	1,459		$	1,547
Provisions (A)		247			334			243			362			231
Other additions (B)		35			30			32			34			33
Net write-offs - principal (C)		(275	)		(309	)		(304	)		(310	)		(292	)
Net write-offs - interest and fees (C)		(36	)		(39	)		(38	)		(36	)		(36	)
Other deductions (D)		(32	)		(41	)		(37	)		(38	)		(24	)
Ending balance	$	1,281		$	1,342		$	1,367		$	1,471		$	1,459
Ending reserves - principal	$	1,234		$	1,290		$	1,316		$	1,423		$	1,411
Ending reserves - interest and fees	$	47		$	52		$	51		$	48		$	48
% of loans		2.0	%		2.1	%		2.2	%		2.3	%		2.4	%
% of past due		179	%		188	%		170	%		182	%		182	%
Average loans	$	63.0		$	62.5		$	62.8		$	62.9		$	61.4
Net write-off rate (principal only) (E)		1.7	%		2.0	%		1.9	%		2.0	%		1.9	%
Net write-off rate (principal, interest and fees) (E)		2.0	%		2.2	%		2.2	%		2.2	%		2.1	%
30 days past due loans as a % of total		1.1	%		1.1	%		1.3	%		1.2	%		1.3	%
Net interest income divided by average loans (F)		8.1	%		7.7	%		8.0	%		7.5	%		7.7	%
Net interest yield on Card Member loans (F)		9.4	%		9.1	%		9.5	%		9.1	%		9.3	%

(A) Provisions for principal (resulting from authorized transactions) and fee reserve components.

(B) Provisions for unauthorized transactions.

(D) For Card Member receivables, includes net write-offs resulting from unauthorized transactions of $(37) million for the three months ended September 30, 2013, $(40) million for the three months ended June 30, 2013, $(40) million for the three months ended March 31, 2013, $(41) million for the three months ended December 31, 2012 and $(37) million for the three months ended September 30, 2012; foreign currency translation adjustments of $3 million for the three months ended September 30, 2013, $(4) million for the three months ended June 30, 2013, $(2) million for the three months ended March 31, 2013, $(2) million for the three months ended December 31, 2012 and $6 million for the three months ended September 30, 2012; and other items of $(1) million for the three months ended September 30, 2013, $(1) million for the three months ended June 30, 2013, $7 million for the three months ended March 31, 2013, $4 million for the three months ended December 31, 2012 and $(1) million for the three months ended September 30, 2012. For Card Member loans, includes net write-offs resulting from unauthorized transactions of $(34) million for the three months ended September 30, 2013, $(30) million for the three months ended June 30, 2013, $(32) million for the three months ended March 31, 2013, $(32) million for the three months ended December 31, 2012 and $(31) million for the three months ended September 30, 2012; foreign currency translation adjustments of $3 million for the three months ended September 30, 2013, $(10) million for the three months ended June 30, 2013, $(1) million for the three months ended March 31, 2013, $(2) million for the three months ended December 31, 2012 and $10 million for the three months ended September 30, 2012; and other items of $(1) million for the three months ended September 30, 2013, $(1) million for the three months ended June 30, 2013, $(4) million for the three months ended March 31, 2013, $(4) million for the three months ended December 31, 2012 and $(3) million for the three months ended September 30, 2012.

-11-

(Preliminary)

U.S. Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	September 30,						Percentage
	2013			2012			Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	3,050		$	2,887			6	%
Interest income		1,408			1,362			3
Interest expense		172			194			(11	)
Net interest income		1,236			1,168			6
Total revenues net of interest expense		4,286			4,055			6
Provisions for losses		331			339			(2	)
Total revenues net of interest expense after provisions for losses		3,955			3,716			6
Expenses
Marketing, promotion, rewards and Card Member services		1,756			1,626			8
Salaries and employee benefits and other operating expenses		942			962			(2	)
Total		2,698			2,588			4
Pretax segment income		1,257			1,128			11
Income tax provision		475			429			11
Segment income	$	782		$	699			12
Effective tax rate		37.8	%		38.0	%

-12-

(Preliminary)

U.S. Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	September 30,						Percentage
	2013			2012			Inc/(Dec)

Card billed business	$	124.6		$	115.3			8	%
Total cards-in-force (millions)		43.4			41.8			4	%
Basic cards-in-force (millions)		32.2			31.1			4	%
Average basic Card Member spending (dollars)	$	3,882		$	3,725			4	%

U.S. Consumer Travel:
Travel sales (millions)	$	900		$	989			(9	) %
Travel commissions and fees/sales		7.9	%		7.6	%

Total segment assets	$	95.2		$	96.3			(1	) %
Segment capital (millions) (A)	$	9,118		$	9,100			-	%
Return on average segment capital (B)		30.8	%		32.5	%
Return on average tangible segment capital (B)		32.0	%		34.0	%

Card Member receivables:
Total receivables	$	20.3		$	19.5			4	%
30 days past due as a % of total		1.7	%		1.8	%
Average receivables	$	20.5		$	19.4			6	%
Net write-off rate (principal only) (C)		1.4	%		1.6	%
Net write-off rate (principal and fees) (C)		1.6	%		1.7	%

Card Member loans:
Total loans	$	54.5		$	52.9			3	%
30 days past due loans as a % of total		1.1	%		1.3	%
Average loans	$	54.7		$	52.8			4	%
Net write-off rate (principal only) (C)		1.7	%		1.9	%
Net write-off rate (principal, interest and fees) (C)		1.9	%		2.1	%
Net interest income divided by average loans (D)		9.0	%		8.8	%
Net interest yield on Card Member loans (D)		9.3	%		9.2	%

(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, a non-GAAP measure.

(C) The Company presents a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, because the Company's practice is to include uncollectible interest and/or fees as part of its total provision for losses, a net write-off rate including principal, interest and/or fees is also presented.

(D) See Appendix IV for calculations of net interest yield on Card Member loans, a non-GAAP measure, and net interest income divided by average loans, a GAAP measure, and the Company's rationale for presenting net interest yield on Card Member loans.

-13-

(Preliminary)

U.S. Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Revenues
Discount revenue, net card fees and other	$	3,050		$	3,063		$	2,878		$	2,903		$	2,887
Interest income		1,408			1,354			1,386			1,364			1,362
Interest expense		172			178			182			197			194
Net interest income		1,236			1,176			1,204			1,167			1,168
Total revenues net of interest expense		4,286			4,239			4,082			4,070			4,055
Provisions for losses		331			402			338			477			339
Total revenues net of interest expense after provisions for losses		3,955			3,837			3,744			3,593			3,716
Expenses
Marketing, promotion, rewards and Card Member services		1,756			1,735			1,545			1,888			1,626
Salaries and employee benefits and other operating expenses		942			927			929			1,093			962
Total		2,698			2,662			2,474			2,981			2,588
Pretax segment income		1,257			1,175			1,270			612			1,128
Income tax provision		475			432			466			189			429
Segment income	$	782		$	743		$	804		$	423		$	699
Effective tax rate		37.8	%		36.8	%		36.7	%		30.9	%		38.0	%

-14-

(Preliminary)

U.S. Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Card billed business	$	124.6		$	125.6		$	116.7		$	123.3		$	115.3
Total cards-in-force (millions)		43.4			42.9			42.5			42.2			41.8
Basic cards-in-force (millions)		32.2			31.9			31.7			31.3			31.1
Average basic Card Member spending (dollars)	$	3,882		$	3,954		$	3,709		$	3,952		$	3,725

U.S. Consumer Travel:
Travel sales	$	0.9		$	1.2		$	1.0		$	0.9		$	1.0
Travel commissions and fees/sales		7.9	%		6.7	%		6.4	%		7.8	%		7.6	%

Total segment assets	$	95.2		$	96.5		$	97.8		$	98.3		$	96.3
Segment capital (A)	$	9.1		$	8.7		$	9.1		$	8.7		$	9.1
Return on average segment capital (B)		30.8	%		29.9	%		29.2	%		28.8	%		32.5	%
Return on average tangible segment capital (B)		32.0	%		31.2	%		30.4	%		30.1	%		34.0	%

Card Member receivables:
Total receivables	$	20.3		$	20.9		$	20.4		$	21.1		$	19.5
30 days past due as a % of total		1.7	%		1.6	%		1.9	%		1.8	%		1.8	%
Average receivables	$	20.5		$	20.5		$	20.0		$	20.1		$	19.4
Net write-off rate (principal only) (C)		1.4	%		1.9	%		2.0	%		1.8	%		1.6	%
Net write-off rate (principal and fees) (C)		1.6	%		2.1	%		2.2	%		1.9	%		1.7	%

Card Member loans:
Total loans	$	54.5		$	54.6		$	53.6		$	56.0		$	52.9
30 days past due loans as a % of total		1.1	%		1.1	%		1.2	%		1.2	%		1.3	%
Average loans	$	54.7		$	54.0		$	54.0		$	53.9		$	52.8
Net write-off rate (principal only) (C)		1.7	%		2.0	%		2.0	%		2.0	%		1.9	%
Net write-off rate (principal, interest and fees) (C)		1.9	%		2.2	%		2.2	%		2.2	%		2.1	%
Net interest income divided by average loans (D)		9.0	%		8.7	%		9.0	%		8.6	%		8.8	%
Net interest yield on Card Member loans (D)		9.3	%		9.1	%		9.4	%		9.0	%		9.2	%

(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, a non-GAAP measure.

-15-

(Preliminary)

International Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended September 30,						Percentage
	2013			2012			Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	1,161		$	1,126			3	%
Interest income		281			289			(3	)
Interest expense		86			102			(16	)
Net interest income		195			187			4
Total revenues net of interest expense		1,356			1,313			3
Provisions for losses		113			83			36
Total revenues net of interest expense after provisions for losses		1,243			1,230			1
Expenses
Marketing, promotion, rewards and Card Member services		498			466			7
Salaries and employee benefits and other operating expenses		559			557			-
Total		1,057			1,023			3
Pretax segment income		186			207			(10	)
Income tax provision		44			43			2
Segment income	$	142		$	164			(13	)
Effective tax rate		23.7	%		20.8	%

-16-

(Preliminary)

International Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	September 30,						Percentage
	2013			2012			Inc/(Dec)

Card billed business	$	32.5		$	31.9			2	%
Total cards-in-force (millions)		15.5			15.5			-	%
Basic cards-in-force (millions)		10.6			10.6			-	%
Average basic Card Member spending (dollars)	$	3,076		$	3,026			2	%

International Consumer Travel:
Travel sales (millions)	$	359		$	324			11	%
Travel commissions and fees/sales		7.0	%		7.1	%

Total segment assets	$	30.4		$	30.6			(1	) %
Segment capital (millions) (A)	$	3,065		$	2,958			4	%
Return on average segment capital (B)		20.8	%		23.7	%
Return on average tangible segment capital (B)		39.1	%		46.9	%

Card Member receivables:
Total receivables	$	7.2		$	7.2			-	%
90 days past billing as a % of total		1.1	%		0.9	%
Net loss ratio (as a % of charge volume)		0.21	%		0.17	%

Card Member loans:
Total loans	$	8.4		$	8.9			(6	) %
30 days past due loans as a % of total		1.5	%		1.6	%
Average loans	$	8.3		$	8.6			(3	) %
Net write-off rate (principal only) (C)		1.9	%		1.6	%
Net write-off rate (principal, interest and fees) (C)		2.4	%		2.2	%
Net interest income divided by average loans (D)		9.3	%		8.7	%
Net interest yield on Card Member loans (D)		10.4	%		9.8	%

(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, a non-GAAP measure.

-17-

(Preliminary)

International Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Revenues
Discount revenue, net card fees and other	$	1,161		$	1,130		$	1,124		$	1,210		$	1,126
Interest income		281			259			290			289			289
Interest expense		86			90			97			102			102
Net interest income		195			169			193			187			187
Total revenues net of interest expense		1,356			1,299			1,317			1,397			1,313
Provisions for losses		113			116			95			99			83
Total revenues net of interest expense after provisions for losses		1,243			1,183			1,222			1,298			1,230
Expenses
Marketing, promotion, rewards and Card Member services		498			478			452			525			466
Salaries and employee benefits and other operating expenses		559			549			577			663			557
Total		1,057			1,027			1,029			1,188			1,023
Pretax segment income		186			156			193			110			207
Income tax provision/(benefit)		44			(52	)		15			15			43
Segment income	$	142		$	208		$	178		$	95		$	164
Effective tax rate		23.7	%		-33.3	%		7.8	%		13.6	%		20.8	%

-18-

(Preliminary)

International Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Card billed business	$	32.5		$	32.3		$	31.3		$	34.7		$	31.9
Total cards-in-force (millions)		15.5			15.6			15.6			15.6			15.5
Basic cards-in-force (millions)		10.6			10.6			10.6			10.6			10.6
Average basic Card Member spending (dollars)	$	3,076		$	3,058		$	2,961		$	3,280		$	3,026

International Consumer Travel:
Travel sales	$	0.4		$	0.4		$	0.3		$	0.4		$	0.3
Travel commissions and fees/sales		7.0	%		6.8	%		6.8	%		7.4	%		7.1	%

Total segment assets	$	30.4		$	29.7		$	31.1		$	31.8		$	30.6
Segment capital (A)	$	3.1		$	3.1		$	3.0		$	2.9		$	3.0
Return on average segment capital (B)		20.8	%		21.9	%		20.9	%		21.8	%		23.7	%
Return on average tangible segment capital (B)		39.1	%		41.7	%		40.3	%		43.0	%		46.9	%

Card Member receivables:
Total receivables	$	7.2		$	7.2		$	7.1		$	7.8		$	7.2
90 days past billing as a % of total		1.1	%		1.1	%		1.1	%		0.9	%		0.9	%
Net loss ratio (as a % of charge volume)		0.21	%		0.21	%		0.18	%		0.16	%		0.17	%

Card Member loans:
Total loans	$	8.4		$	8.4		$	8.6		$	9.2		$	8.9
30 days past due loans as a % of total		1.5	%		1.6	%		1.7	%		1.5	%		1.6	%
Average loans	$	8.3		$	8.5		$	8.8		$	8.9		$	8.6
Net write-off rate (principal only) (C)		1.9	%		1.9	%		1.8	%		1.8	%		1.6	%
Net write-off rate (principal, interest and fees) (C)		2.4	%		2.4	%		2.3	%		2.3	%		2.2	%
Net interest income divided by average loans (D)		9.3	%		8.0	%		8.9	%		8.3	%		8.7	%
Net interest yield on Card Member loans (D)		10.4	%		9.2	%		10.0	%		9.6	%		9.8	%

(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, a non-GAAP measure.

-19-

(Preliminary)

Global Commercial Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	September 30,						Percentage
	2013			2012			Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	1,277		$	1,218			5	%
Interest income		3			3			-
Interest expense		59			65			(9	)
Net interest expense		(56	)		(62	)		(10	)
Total revenues net of interest expense		1,221			1,156			6
Provisions for losses		36			32			13
Total revenues net of interest expense after provisions for losses		1,185			1,124			5
Expenses
Marketing, promotion, rewards and Card Member services		148			139			6
Salaries and employee benefits and other operating expenses		696			710			(2	)
Total		844			849			(1	)
Pretax segment income		341			275			24
Income tax provision		80			92			(13	)
Segment income	$	261		$	183			43
Effective tax rate		23.5	%		33.5	%

-20-

(Preliminary)

Global Commercial Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	September 30,						Percentage
	2013			2012			Inc/(Dec)

Card billed business	$	43.2		$	40.6			6	%
Total cards-in-force (millions)		7.1			7.0			1
Basic cards-in-force (millions)		7.1			7.0			1
Average basic Card Member spending (dollars)	$	6,139		$	5,798			6	%

Global Corporate Travel:
Travel sales (millions)	$	4,469		$	4,352			3	%
Travel commissions and fees/sales		8.8	%		8.4	%

Total segment assets	$	20.5		$	20.4			-	%
Segment capital (millions) (A)	$	3,606		$	3,638			(1	) %
Return on average segment capital (B)		20.4	%		20.9	%
Return on average tangible segment capital (B)		39.9	%		41.9	%

Card Member receivables:
Total receivables	$	15.9		$	15.4			3	%
90 days past billing as a % of total		0.8	%		0.7	%
Net loss ratio (as a % of charge volume)		0.06	%		0.05	%

(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, a non-GAAP measure.

-21-

(Preliminary)

Global Commercial Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Revenues
Discount revenue, net card fees and other	$	1,277		$	1,290		$	1,220		$	1,277		$	1,218
Interest income		3			3			3			3			3
Interest expense		59			62			60			65			65
Net interest expense		(56	)		(59	)		(57	)		(62	)		(62	)
Total revenues net of interest expense		1,221			1,231			1,163			1,215			1,156
Provisions for losses		36			45			37			33			32
Total revenues net of interest expense after provisions for losses		1,185			1,186			1,126			1,182			1,124
Expenses
Marketing, promotion, rewards and Card Member services		148			144			150			148			139
Salaries and employee benefits and other operating expenses		696			709			693			892			710
Total		844			853			843			1,040			849
Pretax segment income		341			333			283			142			275
Income tax provision		80			107			92			77			92
Segment income	$	261		$	226		$	191		$	65		$	183
Effective tax rate		23.5	%		32.1	%		32.5	%		54.2	%		33.5	%

-22-

(Preliminary)

Global Commercial Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Card billed business	$	43.2		$	44.4		$	42.8		$	41.9		$	40.6
Total cards-in-force (millions)		7.1			7.0			7.0			7.0			7.0
Basic cards-in-force (millions)		7.1			7.0			7.0			7.0			7.0
Average basic Card Member spending (dollars)	$	6,139		$	6,317		$	6,105		$	5,978		$	5,798

Global Corporate Travel:
Travel sales	$	4.5		$	5.0		$	4.7		$	4.6		$	4.4
Travel commissions and fees/sales		8.8	%		7.9	%		7.4	%		8.7	%		8.4	%

Total segment assets	$	20.5		$	20.5		$	20.5		$	18.9		$	20.4
Segment capital (A)	$	3.6		$	3.7		$	3.6		$	3.6		$	3.6
Return on average segment capital (B)		20.4	%		18.3	%		18.0	%		17.6	%		20.9	%
Return on average tangible segment capital (B)		39.9	%		35.9	%		35.2	%		35.1	%		41.9	%

Card Member receivables:
Total receivables	$	15.9		$	15.9		$	15.7		$	13.7		$	15.4
90 days past billing as a % of total		0.8	%		0.7	%		0.7	%		0.8	%		0.7	%
Net loss ratio (as a % of charge volume)		0.06	%		0.08	%		0.08	%		0.06	%		0.05	%

(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, a non-GAAP measure.

-23-

(Preliminary)

Global Network & Merchant Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	September 30,						Percentage
	2013			2012			Inc/(Dec)
Revenues
Discount revenue, fees and other	$	1,309		$	1,238			6	%
Interest income		8			7			14
Interest expense		(62	)		(65	)		(5	)
Net interest income		70			72			(3	)
Total revenues net of interest expense		1,379			1,310			5
Provisions for losses		13			18			(28	)
Total revenues net of interest expense after provisions for losses		1,366			1,292			6
Expenses
Marketing, promotion, rewards and Card Member services		200			192			4
Salaries and employee benefits and other operating expenses		558			539			4
Total		758			731			4
Pretax segment income		608			561			8
Income tax provision		217			201			8
Segment income	$	391		$	360			9
Effective tax rate		35.7	%		35.8	%

-24-

(Preliminary)

Global Network & Merchant Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	September 30,						Percentage
	2013			2012			Inc/(Dec)

Global Card billed business (A)	$	236.2		$	220.1			7	%

Global Network & Merchant Services:
Total segment assets	$	17.8		$	21.4			(17	) %
Segment capital (millions) (B)	$	2,036		$	2,121			(4	) %
Return on average segment capital (C)		73.4	%		67.6	%
Return on average tangible segment capital (C)		81.1	%		75.0	%

Global Network Services:
Card billed business	$	35.9		$	32.0			12	%
Total cards-in-force (millions)		39.4			37.1			6	%

(A) Global Card billed business includes activities (including cash advances) related to proprietary cards, cards issued under network partnership agreements (non-proprietary billed business), and certain insurance fees charged on proprietary cards. In-store spend activity within retail co-brand portfolios in Global Network Services, from which the Company earns no revenue, is not included in non-proprietary billed business.

(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, a non-GAAP measure.

-25-

(Preliminary)

Global Network & Merchant Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
Revenues
Discount revenue, fees and other	$	1,309		$	1,313		$	1,234		$	1,322		$	1,238
Interest income		8			8			7			7			7
Interest expense		(62	)		(63	)		(62	)		(61	)		(65	)
Net interest income		70			71			69			68			72
Total revenues net of interest expense		1,379			1,384			1,303			1,390			1,310
Provisions for losses		13			22			20			21			18
Total revenues net of interest expense after provisions for losses		1,366			1,362			1,283			1,369			1,292
Expenses
Marketing, promotion, rewards and Card Member services		200			188			158			180			192
Salaries and employee benefits and other operating expenses		558			527			543			632			539
Total		758			715			701			812			731
Pretax segment income		608			647			582			557			561
Income tax provision		217			235			209			203			201
Segment income	$	391		$	412		$	373		$	354		$	360
Effective tax rate		35.7	%		36.3	%		35.9	%		36.4	%		35.8	%

-26-

(Preliminary)

Global Network & Merchant Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Global Card billed business (A)	$	236.2		$	237.7		$	224.5		$	235.5		$	220.1

Global Network & Merchant Services:
Total segment assets	$	17.8		$	22.6		$	22.0		$	16.5		$	21.4
Segment capital (B)	$	2.0		$	2.1		$	2.1		$	2.0		$	2.1
Return on average segment capital (C)		73.4	%		71.0	%		69.1	%		68.6	%		67.6	%
Return on average tangible segment capital (C)		81.1	%		78.4	%		76.4	%		75.9	%		75.0	%

Global Network Services:
Card billed business	$	35.9		$	35.8		$	33.2		$	35.1		$	32.0
Total cards-in-force (millions)		39.4			38.8			38.1			37.6			37.1

(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, a non-GAAP measure.

-27-

(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)

	For the Twelve Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

ROE

Net income	$	4,688		$	4,572		$	4,506		$	4,482		$	5,037
Average shareholders' equity	$	19,289		$	19,372		$	19,426		$	19,425		$	19,145
Return on average equity (A)		24.3	%		23.6	%		23.2	%		23.1	%		26.3	%

Reconciliation of ROCE and ROTCE

Net income	$	4,688		$	4,572		$	4,506		$	4,482		$	5,037
Earnings allocated to participating share awards and other		43			45			46			49			56
Net income attributable to common shareholders	$	4,645		$	4,527		$	4,460		$	4,433		$	4,981

Average shareholders' equity	$	19,289		$	19,372		$	19,426		$	19,425		$	19,145
Average common shareholders' equity	$	19,289		$	19,372		$	19,426		$	19,425		$	19,145
Average goodwill and other intangibles		4,091			4,128			4,181			4,232			4,272
Average tangible common shareholders' equity	$	15,198		$	15,244		$	15,245		$	15,193		$	14,873
Return on average common equity (A)		24.1	%		23.4	%		23.0	%		22.8	%		26.0	%
Return on average tangible common equity (B)		30.6	%		29.7	%		29.3	%		29.2	%		33.5	%

(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.

(B) Return on average tangible common equity, a non-GAAP measure, is computed in the same manner as return on average common equity except the computation of average tangible common shareholders' equity, a non-GAAP measure, excludes from average total shareholders' equity, 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.

-28-

(Preliminary)

American Express Company

Components of Return on Average Segment Capital (ROSC) and Return on Average Tangible Segment Capital (ROTSC)

Appendix II

(Millions)

	For the Twelve Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

U.S. Card Services
Segment income	$	2,752		$	2,669		$	2,644		$	2,592		$	2,896
Average segment capital	$	8,940		$	8,921		$	9,053		$	8,999		$	8,903
Average goodwill and other intangibles		345			357			368			379			391
Average tangible segment capital	$	8,595		$	8,564		$	8,685		$	8,620		$	8,512
Return on average segment capital (A)		30.8	%		29.9	%		29.2	%		28.8	%		32.5	%
Return on average tangible segment capital (A)		32.0	%		31.2	%		30.4	%		30.1	%		34.0	%

International Card Services
Segment income	$	623		$	645		$	615		$	634		$	691
Average segment capital	$	2,990		$	2,946		$	2,937		$	2,909		$	2,919
Average goodwill and other intangibles		1,398			1,398			1,412			1,433			1,446
Average tangible segment capital	$	1,592		$	1,548		$	1,525		$	1,476		$	1,473
Return on average segment capital (A)		20.8	%		21.9	%		20.9	%		21.8	%		23.7	%
Return on average tangible segment capital (A)		39.1	%		41.7	%		40.3	%		43.0	%		46.9	%

Global Commercial Services
Segment income	$	743		$	665		$	658		$	644		$	759
Average segment capital	$	3,637		$	3,639		$	3,663		$	3,649		$	3,629
Average goodwill and other intangibles		1,775			1,785			1,796			1,812			1,819
Average tangible segment capital	$	1,862		$	1,854		$	1,867		$	1,837		$	1,810
Return on average segment capital (A)		20.4	%		18.3	%		18.0	%		17.6	%		20.9	%
Return on average tangible segment capital (A)		39.9	%		35.9	%		35.2	%		35.1	%		41.9	%

Global Network & Merchant Services
Segment income	$	1,530		$	1,499		$	1,459		$	1,443		$	1,413
Average segment capital	$	2,084		$	2,111		$	2,110		$	2,104		$	2,090
Average goodwill and other intangibles		197			199			201			203			205
Average tangible segment capital	$	1,887		$	1,912		$	1,909		$	1,901		$	1,885
Return on average segment capital (A)		73.4	%		71.0	%		69.1	%		68.6	%		67.6	%
Return on average tangible segment capital (A)		81.1	%		78.4	%		76.4	%		75.9	%		75.0	%

(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, a non-GAAP measure, is computed in the same manner as return on average segment capital except the computation of average tangible segment capital, a non-GAAP measure, 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.

-29-

(Preliminary)

American Express Company

Net Interest Yield on Card Member Loans

Appendix III

(Millions)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012

Net interest income	$	1,283		$	1,202		$	1,243		$	1,193		$	1,181

Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio	$	296		$	295		$	311		$	324		$	338

Interest income not attributable to the Company's Card Member loan portfolio	$	(87	)	$	(88	)	$	(95	)	$	(91	)	$	(97	)

Adjusted net interest income (A)	$	1,492		$	1,409		$	1,459		$	1,426		$	1,422

Average loans (billions)	$	63.0		$	62.5		$	62.8		$	62.9		$	61.4

Exclude:
Unamortized deferred card fees, net of direct acquisition costs of Card Member loans, and other (billions)	$	(0.2	)	$	(0.3	)	$	(0.3	)	$	(0.2	)	$	(0.2	)

Adjusted average loans (billions) (B)	$	62.8		$	62.2		$	62.5		$	62.7		$	61.2

Net interest income divided by average loans (C)		8.1	%		7.7	%		8.0	%		7.5	%		7.7	%
Net interest yield on Card Member loans (D)		9.4	%		9.1	%		9.5	%		9.1	%		9.3	%

(A) Adjusted net interest income, a non-GAAP measure, represents net interest income allocated to the Company's Card Member loan portfolio excluding the impact of interest expense and interest income not attributable to the Company's Card Member loan portfolio. The Company believes adjusted net interest income is useful to investors because it is a component of net interest yield on Card Member loans.

(B) Adjusted average loans, a non-GAAP measure, represents average Card Member loans excluding the impact of deferred card fees, net of deferred direct acquisition costs of Card Member loans, and other. The Company believes adjusted average loans is useful to investors because it is a component of net interest yield on Card Member loans.

(C) This calculation includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on Card Member loans. The calculation includes interest income and interest expense attributable to investment securities and other interest-bearing deposits as well as to Card Member loans, and interest expense attributable to other activities, including Card Member receivables.

(D) Net interest yield on Card Member loans, a non-GAAP measure, is computed by dividing adjusted net interest income by adjusted average loans, computed on an annualized basis. The calculation of net interest yield on Card Member loans includes interest that is deemed uncollectible. For all presentations of net interest yield on Card Member loans, reserves and net write-offs related to uncollectible interest are recorded through provisions for losses - Card Member loans; therefore, such reserves and net write-offs are not included in the net interest yield calculation. The Company believes net interest yield on Card Member loans is useful to investors because it provides a measure of profitability of the Company's Card Member loan portfolio.

-30-

(Preliminary)

U. S. Card Services and International Card Services

Net Interest Yield on Card Member Loans

Appendix IV

(Millions)

	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
USCS:
Net interest income	$	1,236		$	1,176		$	1,204		$	1,167		$	1,168

Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio	$	45		$	47		$	48		$	51		$	51

Interest income not attributable to the Company's Card Member loan portfolio	$	(3	)	$	(2	)	$	(2	)	$	(2	)	$	(3	)

Adjusted net interest income (A)	$	1,278		$	1,221		$	1,250		$	1,216		$	1,216

Average loans (billions)	$	54.7		$	54.0		$	54.0		$	53.9		$	52.8

Exclude:
Unamortized deferred card fees, net of direct acquisition costs of Card Member loans (billions)	$	-		$	-		$	-		$	-		$	-

Adjusted average loans (billions) (B)	$	54.7		$	54.0		$	54.0		$	53.9		$	52.8

Net interest income divided by average loans (C)		9.0	%		8.7	%		9.0	%		8.6	%		8.8	%
Net interest yield on Card Member loans (D)		9.3	%		9.1	%		9.4	%		9.0	%		9.2	%

ICS:
Net interest income	$	195		$	169		$	193		$	187		$	187

Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio	$	23		$	26		$	23		$	27		$	26

Interest income not attributable to the Company's Card Member loan portfolio	$	(6	)	$	(5	)	$	(7	)	$	(3	)	$	(7	)

Adjusted net interest income (A)	$	212		$	190		$	209		$	211		$	206

Average loans (billions)	$	8.3		$	8.5		$	8.8		$	8.9		$	8.6

Exclude:
Unamortized deferred card fees, net of direct acquisition costs of Card Member loans, and other (billions)	$	(0.2	)	$	(0.2	)	$	(0.3	)	$	(0.2	)	$	(0.2	)

Adjusted average loans (billions) (B)	$	8.1		$	8.3		$	8.5		$	8.7		$	8.4

Net interest income divided by average loans (C)		9.3	%		8.0	%		8.9	%		8.3	%		8.7	%
Net interest yield on Card Member loans (D)		10.4	%		9.2	%		10.0	%		9.6	%		9.8	%

-31-