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. Prior period amounts were revised in the first quarter of 2011 to reflect various changes associated with the Company's reclassification of certain contractual lump sum payments to partners, previously recognized in Other, net, expenses, as either contra Discount revenue or Marketing and promotion expense. Additionally, the tables reflect changes to the Company's segment allocation methodology due to reorganization of certain businesses, such as Enterprise Growth, across its reportable operating segments.

(Preliminary)

American Express Company

Consolidated Statements of Income

(Millions)

	Quarters Ended December 31,				Percentage			Years Ended December 31,				Percentage
	2011		2010		Inc/(Dec)			2011		2010		Inc/(Dec)

Revenues
Non-interest revenues
Discount revenue	$	4,336	$	4,017		8	%	$	16,734	$	14,880		12	%
Net card fees		545		534		2			2,183		2,102		4
Travel commissions and fees		514		471		9			1,971		1,773		11
Other commissions and fees		552		519		6			2,269		2,031		12
Other		618		513		20			2,164		1,927		12
Total non-interest revenues		6,565		6,054		8			25,321		22,713		11
Interest income
Interest and fees on loans		1,654		1,676		(1	)		6,537		6,783		(4	)
Interest and dividends on investment securities		72		98		(27	)		327		443		(26	)
Deposits with banks and other		26		21		24			97		66		47
Total interest income		1,752		1,795		(2	)		6,961		7,292		(5	)
Interest expense
Deposits		133		140		(5	)		528		546		(3	)
Short-term borrowings		5		1		#			11		3		#
Long-term debt and other		437		464		(6	)		1,781		1,874		(5	)
Total interest expense		575		605		(5	)		2,320		2,423		(4	)
Net interest income		1,177		1,190		(1	)		4,641		4,869		(5	)
Total revenues net of interest expense		7,742		7,244		7			29,962		27,582		9
Provisions for losses
Charge card		237		183		30			770		595		29
Cardmember loans		149		37		#			253		1,527		(83	)
Other		23		19		21			89		85		5
Total provisions for losses		409		239		71			1,112		2,207		(50	)
Total revenues net of interest expense after provisions for losses		7,333		7,005		5			28,850		25,375		14

Expenses
Marketing and promotion		735		833		(12	)		2,996		3,147		(5	)
Cardmember rewards		1,463		1,334		10			6,218		5,000		24
Cardmember services		190		166		14			716		591		21
Salaries and employee benefits		1,537		1,570		(2	)		6,252		5,566		12
Professional services		853		908		(6	)		2,951		2,806		5
Occupancy and equipment		467		428		9			1,685		1,562		8
Communications		98		99		(1	)		378		383		(1	)
Other, net		242		190		27			698		356		96
Total		5,585		5,528		1			21,894		19,411		13
Pretax income from continuing operations		1,748		1,477		18			6,956		5,964		17
Income tax provision		556		415		34			2,057		1,907		8
Income from continuing operations		1,192		1,062		12			4,899		4,057		21
Income from discontinued operations, net of tax		-		-		-			36		-		#
Net income	$	1,192	$	1,062		12		$	4,935	$	4,057		22
Income from continuing operations attributable to common shareholders (A)	$	1,178	$	1,050		12		$	4,841	$	4,006		21
Net income attributable to common shareholders (A)	$	1,178	$	1,050		12		$	4,877	$	4,006		22

# - Denotes a variance of more than 100%.

(A) Represents income from continuing operations or net income, as applicable, less earnings allocated to participating share awards and other items of $14 million and $12 million for the three months ended December 31, 2011 and 2010, and $58 million and $51 million for the twelve months ended December 31, 2011 and 2010, respectively.

(Preliminary)

American Express Company

Condensed Consolidated Balance Sheets

(Billions)

	December 31, 2011		December 31, 2010

Assets
Cash	$	25	$	16
Accounts receivable		44		40
Investment securities		7		14
Loans		61		58
Other assets		16		19
Total assets	$	153	$	147

Liabilities and Shareholders' Equity
Customer deposits	$	38	$	30
Short-term borrowings		3		3
Long-term debt		60		66
Other liabilities		33		32
Total liabilities		134		131

Shareholders' Equity		19		16
Total liabilities and shareholders' equity	$	153	$	147

(Preliminary)

American Express Company

Financial Summary

(Millions)

	Quarters Ended December 31,						Percentage			Years Ended December 31,						Percentage
	2011			2010			Inc/(Dec)			2011			2010			Inc/(Dec)

Total revenues net of interest expense
U.S. Card Services	$	3,897		$	3,728			5	%	$	15,071		$	14,462			4	%
International Card Services		1,333			1,238			8			5,239			4,643			13
Global Commercial Services		1,183			1,067			11			4,625			4,127			12
Global Network & Merchant Services		1,316			1,172			12			4,942			4,305			15
		7,729			7,205			7			29,877			27,537			8
Corporate & Other		13			39			(67	)		85			45			89

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE	$	7,742		$	7,244			7		$	29,962		$	27,582			9

Pretax income (loss) from continuing operations
U.S. Card Services	$	1,168		$	1,059			10		$	4,129		$	3,504			18
International Card Services		137			102			34			762			589			29
Global Commercial Services		276			140			97			1,075			723			49
Global Network & Merchant Services		502			381			32			1,979			1,589			25
		2,083			1,682			24			7,945			6,405			24
Corporate & Other		(335	)		(205	)		63			(989	)		(441	)		#

PRETAX INCOME FROM CONTINUING OPERATIONS	$	1,748		$	1,477			18		$	6,956		$	5,964			17

Net income (loss)
U.S. Card Services	$	727		$	700			4		$	2,680		$	2,225			20
International Card Services		152			99			54			723			537			35
Global Commercial Services		180			103			75			738			450			64
Global Network & Merchant Services		324			259			25			1,293			1,025			26
		1,383			1,161			19			5,434			4,237			28
Corporate & Other		(191	)		(99	)		93			(535	)		(180	)		#
Income from continuing operations		1,192			1,062			12			4,899			4,057			21
Income from discontinued operations, net of tax		-			-			-			36			-			#


NET INCOME	$	1,192		$	1,062			12		$	4,935		$	4,057			22

# - Denotes a variance of more than 100%.

(Preliminary)

American Express Company

Financial Summary (continued)

	Quarters Ended December 31,				Percentage			Years Ended December 31,				Percentage
	2011		2010		Inc/(Dec)			2011		2010		Inc/(Dec)
EARNINGS PER COMMON SHARE

BASIC
Income from continuing operations attributable to common shareholders	$	1.02	$	0.88		16	%	$	4.11	$	3.37		22	%
Income from discontinued operations		-		-		-			0.03		-		#
Net income attributable to common shareholders	$	1.02	$	0.88		16	%	$	4.14	$	3.37		23	%

Average common shares outstanding (millions)		1,157		1,188		(3	)%		1,178		1,188		(1	)%

DILUTED
Income from continuing operations attributable to common shareholders	$	1.01	$	0.88		15	%	$	4.09	$	3.35		22	%
Income from discontinued operations		-		-		-			0.03		-		#
Net income attributable to common shareholders	$	1.01	$	0.88		15	%	$	4.12	$	3.35		23	%

Average common shares outstanding (millions)		1,163		1,194		(3	)%		1,184		1,195		(1	)%

Cash dividends declared per common share	$	0.18	$	0.18		-		$	0.72	$	0.72		-

Selected Statistical Information

	Quarters Ended December 31,						Percentage			Years Ended December 31,						Percentage
	2011			2010			Inc/(Dec)			2011			2010			Inc/(Dec)

Return on average equity (A)		27.7	%		27.5	%					27.7	%		27.5	%
Return on average common equity (A)		27.3	%		27.2	%					27.3	%		27.2	%
Return on average tangible common equity (A)		35.8	%		35.1	%					35.8	%		35.1	%
Common shares outstanding (millions)		1,164			1,197			(3	)%		1,164			1,197			(3)	%
Book value per common share	$	16.15		$	13.56			19	%	$	16.15		$	13.56			19	%
Shareholders' equity (billions)	$	18.8		$	16.2			16	%	$	18.8		$	16.2			16	%

# - Denotes a variance of more than 100%.

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

(Preliminary)

American Express Company

Selected Statistical Information

(Millions, except percentages and where indicated)

	Quarters Ended December 31,						Percentage			Years Ended December 31,						Percentage
	2011			2010			Inc/(Dec)			2011			2010			Inc/(Dec)
Card billed business (billions) (A):
United States	$	145.5		$	131.1			11	%	$	542.8		$	479.3			13	%
Outside the United States		73.5			66.6			10			279.4			234.0			19
Total	$	219.0		$	197.7			11		$	822.2		$	713.3			15

Total cards-in-force (B):
United States		50.6			48.9			3	%		50.6			48.9			3	%
Outside the United States		46.8			42.1			11			46.8			42.1			11
Total		97.4			91.0			7			97.4			91.0			7

Basic cards-in-force (B) (C):
United States		39.3			37.9			4	%		39.3			37.9			4	%
Outside the United States		37.4			33.7			11			37.4			33.7			11
Total		76.7			71.6			7			76.7			71.6			7

Average discount rate (D)		2.51	%		2.52	%					2.54	%		2.55	%
Average basic cardmember spending (dollars) (E)	$	3,933		$	3,629			8	%	$	14,881		$	13,259			12	%
Average fee per card (dollars) (E)	$	39		$	38			3	%	$	39		$	38			3	%
Average fee per card adjusted (dollars) (E)	$	42		$	42			-	%	$	43		$	41			5	%

(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 cardmember is domiciled.

(B) Total cards-in-force represents the number of cards that are issued and outstanding. Proprietary basic consumer cards-in-force includes basic cards issued to the primary account owner and does not include additional supplemental cards issued on that account. Proprietary basic small business and corporate cards-in-force include basic and supplemental cards issued to employee cardmembers. Non-proprietary cards-in-force includes all cards that are issued and outstanding under network partnership agreements, except for retail co-brand cardmember accounts that have no out-of-store spend activity during the prior 12 month period.

(C) Prior to and including the fourth quarter of 2010, the Company did not have the data necessary to separately report Basic and Supplementary cards-in-force (CIF) for Global Network Services; therefore, all cards-in-force for Global Network Services was reported as Basic CIF. Starting in the first quarter of 2011, as the necessary data became available, the Company began to separately report Basic and Supplementary CIF for Global Network Services. The Company has accordingly revised prior periods to conform with the current period presentation.

(D) 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.

(E) Average basic cardmember spending and average fee per card are computed from proprietary card activities only. Average fee per card is computed based on net card fees, including the amortization of deferred direct acquisition costs, plus card fees included in interest and fees on loans (including related amortization of deferred direct acquisition costs), divided by average worldwide proprietary cards-in-force. The card fees related to cardmember loans included in interest and fees on loans were $67 million and $63 million for the quarters ended December 31, 2011 and 2010, respectively, and $265 million and $220 million for the years ended December 31, 2011and 2010, respectively. 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 (a portion of which is charge card related and included in net card fees and a portion of which is lending related and included in interest and fees on loans). The amount of amortization excluded was $57 million and $51 million for the quarters ended December 31, 2011 and 2010, respectively, and $219 million and $207 million for the years ended Decemer 31, 2011 and 2010, respectively. 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.

(Preliminary)

American Express Company

Selected Statistical Information (continued)

(Billions, except percentages and where indicated)

	Quarters Ended December 31,						Percentage			Years Ended December 31,						Percentage
	2011			2010			Inc/(Dec)			2011			2010			Inc/(Dec)
Worldwide cardmember receivables:
Total receivables	$	40.9		$	37.3			10	%	$	40.9		$	37.3			10	%
Loss reserves (millions):
Beginning balance	$	388		$	364			7	%	$	386		$	546			(29	)%
Provisions for losses on authorized transactions (A)		199			147			35			603			439			37
Net write-offs		(154	)		(117	)		32			(560	)		(598	)		(6	)
Other		5			(8	)		#			9			(1	)		#
Ending balance	$	438		$	386			13		$	438		$	386			13
% of receivables		1.1	%		1.0	%					1.1	%		1.0	%
Net write-off rate (principal only) - USCS (B)		1.9	%		1.4	%					1.7	%		1.6	%
Net write-off rate (principal and fees) - USCS (B)		2.0	%		1.6	%					1.9	%		1.8	%
30 days past due as a % of total - USCS		1.9	%		1.5	%					1.9	%		1.5	%
Net loss ratio (as a % of charge volume) - ICS/GCS		0.10	%		0.09	%					0.09	%		0.16	%
90 days past billing as a % of total - ICS/GCS		0.9	%		0.9	%					0.9	%		0.9	%

Worldwide cardmember loans:
Total loans	$	62.6		$	60.9			3	%	$	62.6		$	60.9			3	%
30 days past due loans as a % of total		1.5	%		2.1	%					1.5	%		2.1	%
Loss reserves (millions):
Beginning balance	$	2,139		$	4,318			(50	)%	$	3,646		$	3,268			12	%
Adoption of new GAAP consolidation standard (C)		N/A			N/A			-			N/A		$	2,531			-
Provisions for losses on authorized transactions		122			16			#			145			1,445			(90	)
Net write-offs - principal		(345	)		(630	)		(45	)		(1,720	)		(3,260	)		(47	)
Net write-offs - interest and fees		(42	)		(72	)		(42	)		(201	)		(359	)		(44	)
Other		-			14			#			4			21			(81	)
Ending balance	$	1,874		$	3,646			(49	)	$	1,874		$	3,646			(49	)
Ending Reserves - principal	$	1,818		$	3,551			(49	)	$	1,818		$	3,551			(49	)
Ending Reserves - interest and fees	$	56		$	95			(41	)	$	56		$	95			(41	)
% of loans		3.0	%		6.0	%					3.0	%		6.0	%
% of past due		206	%		287	%					206	%		287	%
Average loans	$	59.9		$	58.5			2	%	$	59.1		$	58.4			1	%
Net write-off rate (principal only) (B)		2.3	%		4.3	%					2.9	%		5.6	%
Net write-off rate (principal, interest and fees) (B)		2.6	%		4.8	%					3.3	%		6.2	%
Net interest income divided by average loans (D) (E)		7.8	%		8.1	%					7.9	%		8.3	%
Net interest yield on cardmember loans (D)		8.9	%		9.3	%					9.1	%		9.7	%

# - Denotes a variance of more than 100%.

(A) Represents loss provisions for cardmember receivables consisting of principal (resulting from authorized transactions) and fee reserve components.

(B) 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.

(C) Effective January 1, 2010, $29.0 billion of the Company’s securitized portfolio of cardmember loans along with a $2.5 billion loan loss reserve were consolidated on the Company's balance sheets due to the consolidation of the American Express Credit Account Master Trust upon the adoption of GAAP governing the accounting for transfers of financial assets and consolidation of variable interest entities.

(D) See Appendix III for calculations of net interest yield on cardmember loans, a non-GAAP measure, and net interest income divided by average loans, a GAAP measure. The Company believes net interest yield on cardmember loans is useful to investors because it provides a measure of profitability of the Company’s cardmember loan portfolio.

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

(Preliminary)

American Express Company

Consolidated Statements of Income

(Millions)

	Quarters Ended
	December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011			December 31, 2010

Revenues
Non-interest revenues
Discount revenue	$	4,336	$	4,218	$	4,278	$	3,902		$	4,017
Net card fees		545		556		545		537			534
Travel commissions and fees		514		480		523		454			471
Other commissions and fees		552		604		584		529			519
Other		618		534		537		475			513
Total non-interest revenues		6,565		6,392		6,467		5,897			6,054
Interest income
Interest and fees on loans		1,654		1,653		1,611		1,619			1,676
Interest and dividends on investment securities		72		68		99		88			98
Deposits with banks and other		26		33		18		20			21
Total interest income		1,752		1,754		1,728		1,727			1,795
Interest expense
Deposits		133		127		131		137			140
Short-term borrowings		5		5		1		-			1
Long-term debt and other		437		443		445		456			464
Total interest expense		575		575		577		593			605
Net interest income		1,177		1,179		1,151		1,134			1,190
Total revenues net of interest expense		7,742		7,571		7,618		7,031			7,244
Provisions for losses
Charge card		237		174		161		198			183
Cardmember loans		149		48		176		(120	)		37
Other		23		27		20		19			19
Total provisions for losses		409		249		357		97			239
Total revenues net of interest expense after provisions for losses		7,333		7,322		7,261		6,934			7,005

Expenses
Marketing and promotion		735		757		795		709			833
Cardmember rewards		1,463		1,565		1,613		1,577			1,334
Cardmember services		190		189		173		164			166
Salaries and employee benefits		1,537		1,598		1,595		1,522			1,570
Professional services		853		690		745		663			908
Occupancy and equipment		467		433		391		394			428
Communications		98		93		92		95			99
Other, net		242		286		92		78			190
Total		5,585		5,611		5,496		5,202			5,528
Pretax income from continuing operations		1,748		1,711		1,765		1,732			1,477
Income tax provision		556		476		470		555			415
Income from continuing operations		1,192		1,235		1,295		1,177			1,062
Income from discontinued operations, net of tax		-		-		36		-			-
Net income	$	1,192	$	1,235	$	1,331	$	1,177		$	1,062
Income from continuing operations attributable to common shareholders (A)	$	1,178	$	1,220	$	1,280	$	1,163		$	1,050
Net income attributable to common shareholders (A)	$	1,178	$	1,220	$	1,316	$	1,163		$	1,050

(A) Represents income from continuing operations or net income, as applicable, less earnings allocated to participating share awards and other items of $14 million for the quarter ended December 31, 2011, $15 million for the quarter ended September 30, 2011, $15 million for the quarter ended June 30, 2011, $14 million for the quarter ended March 31, 2011 and $12 million for the quarter ended December 31, 2010.

(Preliminary)

American Express Company

Financial Summary

(Millions)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

Total revenues net of interest expense
U.S. Card Services	$	3,897		$	3,838		$	3,759		$	3,577		$	3,728
International Card Services		1,333			1,347			1,351			1,208			1,238
Global Commercial Services		1,183			1,130			1,191			1,121			1,067
Global Network & Merchant Services		1,316			1,250			1,239			1,137			1,172
		7,729			7,565			7,540			7,043			7,205

Corporate & Other		13			6			78			(12	)		39

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE	$	7,742		$	7,571		$	7,618		$	7,031		$	7,244

Pretax income (loss) from continuing operations
U.S. Card Services	$	1,168		$	1,151		$	900		$	910		$	1,059
International Card Services		137			189			196			240			102
Global Commercial Services		276			269			265			265			140
Global Network & Merchant Services		502			514			487			476			381
		2,083			2,123			1,848			1,891			1,682
Corporate & Other		(335	)		(412	)		(83	)		(159	)		(205	)

PRETAX INCOME FROM CONTINUING OPERATIONS	$	1,748		$	1,711		$	1,765		$	1,732		$	1,477

Net income (loss)
U.S. Card Services	$	727		$	733		$	665		$	555		$	700
International Card Services		152			221			161			189			99
Global Commercial Services		180			197			177			184			103
Global Network & Merchant Services		324			332			324			313			259
		1,383			1,483			1,327			1,241			1,161
Corporate & Other		(191	)		(248	)		(32	)		(64	)		(99	)
Income from continuing operations		1,192			1,235			1,295			1,177			1,062
Income from discontinued operations, net of tax		-			-			36			-			-

NET INCOME	$	1,192		$	1,235		$	1,331		$	1,177		$	1,062

(Preliminary)

American Express Company

Financial Summary (continued)

	Quarters Ended
	December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011		December 31, 2010
EARNINGS PER COMMON SHARE

BASIC
Income from continuing operations attributable to common shareholders	$	1.02	$	1.04	$	1.08	$	0.98	$	0.88
Income from discontinued operations		-		-		0.03		-		-
Net income attributable to common shareholders	$	1.02	$	1.04	$	1.11	$	0.98	$	0.88

Average common shares outstanding (millions)		1,157		1,175		1,190		1,192		1,188

DILUTED
Income from continuing operations attributable to common shareholders	$	1.01	$	1.03	$	1.07	$	0.97	$	0.88
Income from discontinued operations		-		-		0.03		-		-
Net income attributable to common shareholders	$	1.01	$	1.03	$	1.10	$	0.97	$	0.88

Average common shares outstanding (millions)		1,163		1,181		1,197		1,198		1,194

Cash dividends declared per common share	$	0.18	$	0.18	$	0.18	$	0.18	$	0.18

Selected Statistical Information

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

Return on average equity (A)		27.7	%		27.8	%		28.2	%		27.9	%		27.5	%
Return on average common equity (A)		27.3	%		27.5	%		27.9	%		27.6	%		27.2	%
Return on average tangible common equity (A)		35.8	%		35.7	%		36.1	%		35.6	%		35.1	%
Common shares outstanding (millions)		1,164			1,169			1,193			1,202			1,197
Book value per common share	$	16.15		$	15.49		$	15.26		$	14.54		$	13.56
Shareholders' equity (billions)	$	18.8		$	18.1		$	18.2		$	17.5		$	16.2

(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.

(Preliminary)

American Express Company

Selected Statistical Information

(Millions, except percentages and where indicated)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010
Card billed business (billions) (A):
United States	$	145.5		$	136.4		$	136.8		$	124.1		$	131.1
Outside the United States		73.5			71.3			70.8			63.8			66.6
Total	$	219.0		$	207.7		$	207.6		$	187.9		$	197.7
Total cards-in-force (B):
United States		50.6			50.2			49.8			49.4			48.9
Outside the United States		46.8			45.6			44.2			43.0			42.1
Total		97.4			95.8			94.0			92.4			91.0
Basic cards-in-force (B) (C):
United States		39.3			38.9			38.7			38.3			37.9
Outside the United States		37.4			36.4			35.3			34.4			33.7
Total		76.7			75.3			74.0			72.7			71.6

Average discount rate (D)		2.51	%		2.54	%		2.54	%		2.55	%		2.52	%
Average basic cardmember spending (dollars) (E)	$	3,933		$	3,739		$	3,767		$	3,438		$	3,629
Average fee per card (dollars) (E)	$	39		$	40		$	39		$	39		$	38
Average fee per card adjusted (dollars) (E)	$	42		$	43		$	43		$	42		$	42

(E) Average basic cardmember spending and average fee per card are computed from proprietary card activities only. Average fee per card is computed based on net card fees, including the amortization of deferred direct acquisition costs, plus card fees included in interest and fees on loans (including related amortization of deferred direct acquisition costs), divided by average worldwide proprietary cards-in-force. The card fees related to cardmember loans included in interest and fees on loans were $67 million for the quarter ended December 31, 2011, $66 million for the quarter ended September 30, 2011, $68 million for the quarter ended June 30, 2011, $64 million for the quarter ended March 31, 2011 and $63 million for the quarter ended December 31, 2010. The adjusted average fee per card, a non-GAAP measure, is computed in the same manner, but excludes amortization of deferred direct acquisition costs (a portion of which is charge card related and included in net card fees and a portion of which is lending related and included in interest and fees on loans). The amount of amortization excluded for these periods were $57 million for the quarter ended December 31, 2011, $52 million for the quarter ended September 30, 2011, $56 million for the quarter ended June 30, 2011, $54 million for the quarter ended March 31, 2011 and $51 million for the quarter ended December 31, 2010. 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.

(Preliminary)

American Express Company

Selected Statistical Information (continued)

(Billions, except percentages and where indicated)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

Worldwide cardmember receivables:
Total receivables	$	40.9		$	39.8		$	40.1		$	37.7		$	37.3
Loss reserves (millions):
Beginning balance	$	388		$	415		$	421		$	386		$	364
Provisions for losses on authorized transactions (A)		199			125			119			160			147
Net write-offs		(154	)		(146	)		(128	)		(132	)		(117	)
Other		5			(6	)		3			7			(8	)
Ending balance	$	438		$	388		$	415		$	421		$	386
% of receivables		1.1	%		1.0	%		1.0	%		1.1	%		1.0	%
Net write-off rate (principal only) - USCS (B)		1.9	%		1.8	%		1.5	%		1.7	%		1.4	%
Net write-off rate (principal and fees) - USCS (B)		2.0	%		1.9	%		1.7	%		1.8	%		1.6	%
30 days past due as a % of total - USCS		1.9	%		2.0	%		1.7	%		1.8	%		1.5	%
Net loss ratio (as a % of charge volume) - ICS/GCS		0.10	%		0.10	%		0.09	%		0.09	%		0.09	%
90 days past billing as a % of total - ICS/GCS		0.9	%		0.8	%		0.8	%		0.8	%		0.9	%

Worldwide cardmember loans:
Total loans	$	62.6		$	58.2		$	58.7		$	57.8		$	60.9
30 days past due loans as a % of total		1.5	%		1.5	%		1.6	%		1.9	%		2.1	%
Loss reserves (millions):
Beginning balance	$	2,139		$	2,560		$	2,921		$	3,646		$	4,318
Provisions for losses on authorized transactions		122			16			146			(139	)		16
Net write-offs - principal		(345	)		(383	)		(457	)		(535	)		(630	)
Net write-offs - interest and fees		(42	)		(44	)		(54	)		(61	)		(72	)
Other		-			(10	)		4			10			14
Ending balance	$	1,874		$	2,139		$	2,560		$	2,921		$	3,646
Ending Reserves - principal	$	1,818		$	2,080		$	2,488		$	2,839		$	3,551
Ending Reserves - interest and fees	$	56		$	59		$	72		$	82		$	95
% of loans		3.0	%		3.7	%		4.4	%		5.1	%		6.0	%
% of past due		206	%		238	%		273	%		263	%		287	%
Average loans	$	59.9		$	58.9		$	58.5		$	58.5		$	58.5
Net write-off rate (principal only) (B)		2.3	%		2.6	%		3.1	%		3.7	%		4.3	%
Net write-off rate (principal, interest and fees) (B)		2.6	%		2.9	%		3.5	%		4.1	%		4.8	%
Net interest income divided by average loans (C) (D)		7.8	%		7.9	%		7.9	%		7.9	%		8.1	%
Net interest yield on cardmember loans (C)		8.9	%		9.1	%		9.0	%		9.2	%		9.3	%

(A) Represents loss provisions for cardmember receivables consisting of principal (resulting from authorized transactions) and fee reserve components.

(C) See Appendix III for calculations of net interest yield on cardmember loans, a non-GAAP measure, and net interest income divided by average loans, a GAAP measure. The Company believes net interest yield on cardmember loans is useful to investors because it provides a measure of profitability of the Company’s cardmember loan portfolio.

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

(Preliminary)

U.S. Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended December 31,				Percentage			Years Ended December 31,				Percentage
	2011		2010		Inc/(Dec)			2011		2010		Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	2,756	$	2,606		6	%	$	10,648	$	9,884		8	%
Interest income		1,344		1,330		1			5,230		5,390		(3	)
Interest expense		203		208		(2	)		807		812		(1	)
Net interest income		1,141		1,122		2			4,423		4,578		(3	)
Total revenues net of interest expense		3,897		3,728		5			15,071		14,462		4
Provisions for losses		269		111		#			687		1,591		(57	)
Total revenues net of interest expense after provisions for losses		3,628		3,617		-			14,384		12,871		12
Expenses
Marketing, promotion, rewards and cardmember services		1,540		1,533		-			6,593		5,744		15
Salaries and employee benefits and other operating expenses		920		1,025		(10	)		3,662		3,623		1
Total		2,460		2,558		(4	)		10,255		9,367		9
Pretax segment income		1,168		1,059		10			4,129		3,504		18
Income tax provision		441		359		23			1,449		1,279		13
Segment income	$	727	$	700		4		$	2,680	$	2,225		20

# - Denotes a variance of more than 100%.

(Preliminary)

U.S. Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended December 31,						Percentage			Years Ended December 31,						Percentage
	2011			2010			Inc/(Dec)			2011			2010			Inc/(Dec)

Card billed business	$	114.6		$	103.4			11	%	$	424.3		$	378.1			12	%
Total cards-in-force (millions)		40.9			39.9			3	%		40.9			39.9			3	%
Basic cards-in-force (millions)		30.4			29.7			2	%		30.4			29.7			2	%
Average basic cardmember spending (dollars)	$	3,779		$	3,480			9	%	$	14,124		$	12,795			10	%

U.S. Consumer Travel:
Travel sales (millions)	$	834		$	713			17	%	$	3,603		$	3,116			16	%
Travel commissions and fees/sales		8.3	%		8.8	%					8.3	%		8.2	%

Total segment assets	$	97.8		$	91.3			7	%	$	97.8		$	91.3			7	%
Segment capital (millions) (A)	$	8,804		$	7,411			19	%	$	8,804		$	7,411			19	%
Return on average segment capital (B)		33.0	%		35.0	%					33.0	%		35.0	%
Return on average tangible segment capital (B)		34.8	%		37.8	%					34.8	%		37.8	%

Cardmember receivables:
Total receivables	$	20.6		$	19.2			7	%	$	20.6		$	19.2			7	%
30 days past due as a % of total		1.9	%		1.5	%					1.9	%		1.5	%
Average receivables	$	19.7		$	17.5			13	%	$	18.8		$	17.1			10	%
Net write-off rate (principal only) (C)		1.9	%		1.4	%					1.7	%		1.6	%
Net write-off rate (principal and fees) (C)		2.0	%		1.6	%					1.9	%		1.8	%

Cardmember loans:
Total loans	$	53.7		$	51.6			4	%	$	53.7		$	51.6			4	%
30 days past due loans as a % of total		1.4	%		2.1	%					1.4	%		2.1	%
Average loans	$	51.4		$	49.8			3	%	$	50.3		$	49.8			1	%
Net write-off rate (principal only) (C)		2.3	%		4.4	%					2.9	%		5.8	%
Net write-off rate (principal, interest and fees) (C)		2.5	%		4.8	%					3.2	%		6.3	%
Net interest income divided by average loans (D) (E)		8.8	%		8.9	%					8.8	%		9.2	%
Net interest yield on cardmember loans (D)		8.9	%		9.1	%					8.9	%		9.4	%

(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 cardmember loans, a non-GAAP measure, and net interest income divided by average loans, a GAAP measure. The Company believes net interest yield on cardmember loans is useful to investors because it provides a measure of profitability of the Company’s cardmember loan portfolio.

(Preliminary)

U.S. Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011		December 31, 2010

Revenues
Discount revenue, net card fees and other	$	2,756	$	2,710	$	2,696	$	2,486	$	2,606
Interest income		1,344		1,329		1,263		1,294		1,330
Interest expense		203		201		200		203		208
Net interest income		1,141		1,128		1,063		1,091		1,122
Total revenues net of interest expense		3,897		3,838		3,759		3,577		3,728
Provisions for losses		269		143		228		47		111
Total revenues net of interest expense after provisions for losses		3,628		3,695		3,531		3,530		3,617
Expenses
Marketing, promotion, rewards and cardmember services		1,540		1,646		1,689		1,718		1,533
Salaries and employee benefits and other operating expenses		920		898		942		902		1,025
Total		2,460		2,544		2,631		2,620		2,558
Pretax segment income		1,168		1,151		900		910		1,059
Income tax provision		441		418		235		355		359
Segment income	$	727	$	733	$	665	$	555	$	700

(Preliminary)

U.S. Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

Card billed business	$	114.6		$	106.8		$	106.8		$	96.1		$	103.4
Total cards-in-force (millions)		40.9			40.7			40.4			40.1			39.9
Basic cards-in-force (millions)		30.4			30.2			30.1			29.8			29.7
Average basic cardmember spending (dollars)	$	3,779		$	3,542		$	3,567		$	3,231		$	3,480

U.S. Consumer Travel:
Travel sales	$	0.8		$	0.9		$	1.0		$	0.8		$	0.7
Travel commissions and fees/sales		8.3	%		8.5	%		8.4	%		7.9	%		8.8	%

Total segment assets	$	97.8		$	87.9		$	85.8		$	81.2		$	91.3
Segment capital (A)	$	8.8		$	8.2		$	8.2		$	8.0		$	7.4
Return on average segment capital (B)		33.0	%		34.2	%		34.4	%		35.1	%		35.0	%
Return on average tangible segment capital (B)		34.8	%		36.2	%		36.6	%		37.6	%		37.8	%

Cardmember receivables:
Total receivables	$	20.6		$	19.0		$	19.2		$	17.6		$	19.2
30 days past due as a % of total		1.9	%		2.0	%		1.7	%		1.8	%		1.5	%
Average receivables	$	19.7		$	19.1		$	18.4		$	17.9		$	17.5
Net write-off rate (principal only) (C)		1.9	%		1.8	%		1.5	%		1.7	%		1.4	%
Net write-off rate (principal and fees) (C)		2.0	%		1.9	%		1.7	%		1.8	%		1.6	%

Cardmember loans:
Total loans	$	53.7		$	49.9		$	49.9		$	49.2		$	51.6
30 days past due loans as a % of total		1.4	%		1.5	%		1.5	%		1.8	%		2.1	%
Average loans	$	51.4		$	50.2		$	49.7		$	49.6		$	49.8
Net write-off rate (principal only) (C)		2.3	%		2.6	%		3.2	%		3.7	%		4.4	%
Net write-off rate (principal, interest and fees) (C)		2.5	%		2.9	%		3.5	%		4.1	%		4.8	%
Net interest income divided by average loans (D) (E)		8.8	%		8.9	%		8.6	%		8.9	%		8.9	%
Net interest yield on cardmember loans (D)		8.9	%		9.0	%		8.7	%		9.1	%		9.1	%

(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.

(Preliminary)

International Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended December 31,					Percentage			Years Ended December 31,				Percentage
	2011			2010		Inc/(Dec)			2011		2010		Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	1,128		$	1,010		12	%	$	4,361	$	3,678		19	%
Interest income		309			346		(11	)		1,304		1,393		(6	)
Interest expense		104			118		(12	)		426		428		-
Net interest income		205			228		(10	)		878		965		(9	)
Total revenues net of interest expense		1,333			1,238		8			5,239		4,643		13
Provisions for losses		84			80		5			268		392		(32	)
Total revenues net of interest expense after provisions for losses		1,249			1,158		8			4,971		4,251		17
Expenses
Marketing, promotion, rewards and cardmember services		497			458		9			1,857		1,612		15
Salaries and employee benefits and other operating expenses		615			598		3			2,352		2,050		15
Total		1,112			1,056		5			4,209		3,662		15
Pretax segment income		137			102		34			762		589		29
Income tax (benefit)/provision		(15	)		3		#			39		52		(25	)
Segment income	$	152		$	99		54		$	723	$	537		35

# - Denotes a variance of more than 100%.

(Preliminary)

International Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended December 31,						Percentage			Years Ended December 31,						Percentage
	2011			2010			Inc/(Dec)			2011			2010			Inc/(Dec)

Card billed business	$	32.8		$	30.9			6	%	$	124.2		$	107.9			15	%
Total cards-in-force (millions)		15.3			15.0			2	%		15.3			15.0			2	%
Basic cards-in-force (millions)		10.5			10.4			1	%		10.5			10.4			1	%
Average basic cardmember spending (dollars)	$	3,137		$	2,971			6	%	$	11,935		$	10,366			15	%

International Consumer Travel:
Travel sales (millions)	$	335		$	312			7	%	$	1,324		$	1,126			18	%
Travel commissions and fees/sales		8.4	%		8.7	%					7.8	%		8.0	%

Total segment assets	$	29.1		$	25.3			15	%	$	29.1		$	25.3			15	%
Segment capital (millions) (A)	$	2,840		$	2,199			29	%	$	2,840		$	2,199			29	%
Return on average segment capital (B)		25.8	%		25.1	%					25.8	%		25.1	%
Return on average tangible segment capital (B)		49.8	%		34.8	%					49.8	%		34.8	%

Cardmember receivables:
Total receivables	$	7.2		$	6.7			7	%	$	7.2		$	6.7			7	%
90 days past billing as a % of total		0.9	%		1.0	%					0.9	%		1.0	%
Net loss ratio (as a % of charge volume)		0.15	%		0.15	%					0.15	%		0.24	%

Cardmember loans:
Total loans	$	8.9		$	9.3			(4	)%	$	8.9		$	9.3			(4	)%
30 days past due loans as a % of total		1.7	%		2.3	%					1.7	%		2.3	%
Average loans	$	8.5		$	8.7			(2	)%	$	8.8		$	8.6			2	%
Net write-off rate (principal only) (C)		2.2	%		4.0	%					2.7	%		4.6	%
Net write-off rate (principal, interest and fees) (C)		2.8	%		4.7	%					3.3	%		5.5	%
Net interest income divided by average loans (D) (E)		9.6	%		10.4	%					10.0	%		11.2	%
Net interest yield on cardmember loans (D)		9.2	%		10.6	%					9.9	%		11.1	%

(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.

(Preliminary)

International Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011		March 31, 2011		December 31, 2010

Revenues
Discount revenue, net card fees and other	$	1,128		$	1,132		$	1,112	$	989	$	1,010
Interest income		309			323			347		325		346
Interest expense		104			108			108		106		118
Net interest income		205			215			239		219		228
Total revenues net of interest expense		1,333			1,347			1,351		1,208		1,238
Provisions for losses		84			101			78		5		80
Total revenues net of interest expense after provisions for losses		1,249			1,246			1,273		1,203		1,158
Expenses
Marketing, promotion, rewards and cardmember services		497			460			493		407		458
Salaries and employee benefits and other operating expenses		615			597			584		556		598
Total		1,112			1,057			1,077		963		1,056
Pretax segment income		137			189			196		240		102
Income tax (benefit)/provision		(15	)		(32	)		35		51		3
Segment income	$	152		$	221		$	161	$	189	$	99

(Preliminary)

International Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

Card billed business	$	32.8		$	31.6		$	31.5		$	28.4		$	30.9
Total cards-in-force (millions)		15.3			15.2			15.1			15.0			15.0
Basic cards-in-force (millions)		10.5			10.4			10.4			10.4			10.4
Average basic cardmember spending (dollars)	$	3,137		$	3,032		$	3,032		$	2,735		$	2,971

International Consumer Travel:
Travel sales	$	0.3		$	0.3		$	0.3		$	0.3		$	0.3
Travel commissions and fees/sales		8.4	%		7.5	%		7.6	%		7.6	%		8.7	%

Total segment assets	$	29.1		$	27.8		$	28.2		$	26.7		$	25.3
Segment capital (A)	$	2.8		$	2.9		$	3.0		$	3.0		$	2.2
Return on average segment capital (B)		25.8	%		25.3	%		24.1	%		25.8	%		25.1	%
Return on average tangible segment capital (B)		49.8	%		45.5	%		40.1	%		39.4	%		34.8	%

Cardmember receivables:
Total receivables	$	7.2		$	6.7		$	6.9		$	6.5		$	6.7
90 days past billing as a % of total		0.9	%		0.9	%		1.0	%		1.0	%		1.0	%
Net loss ratio (as a % of charge volume)		0.15	%		0.16	%		0.15	%		0.15	%		0.15	%

Cardmember loans:
Total loans	$	8.9		$	8.3		$	8.8		$	8.5		$	9.3
30 days past due loans as a % of total		1.7	%		1.9	%		2.1	%		2.4	%		2.3	%
Average loans	$	8.5		$	8.7		$	8.8		$	8.8		$	8.7
Net write-off rate (principal only) (C)		2.2	%		2.5	%		2.9	%		3.2	%		4.0	%
Net write-off rate (principal, interest and fees) (C)		2.8	%		3.1	%		3.6	%		3.9	%		4.7	%
Net interest income divided by average loans (D) (E)		9.6	%		9.8	%		10.9	%		10.1	%		10.4	%
Net interest yield on cardmember loans (D)		9.2	%		9.9	%		10.7	%		10.0	%		10.6	%

(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.

(Preliminary)

Global Commercial Services

Selected Income Statement Data

(Millions)

	Quarters Ended December 31,						Percentage			Years Ended December 31,						Percentage
	2011			2010			Inc/(Dec)			2011			2010			Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	1,249		$	1,130			11	%	$	4,880		$	4,347			12	%
Interest income		2			2			-			9			7			29
Interest expense		68			65			5			264			227			16
Net interest expense		(66	)		(63	)		5			(255	)		(220	)		16
Total revenues net of interest expense		1,183			1,067			11			4,625			4,127			12
Provisions for losses		35			30			17			76			157			(52	)
Total revenues net of interest expense after provisions for losses		1,148			1,037			11			4,549			3,970			15
Expenses
Marketing, promotion, rewards and cardmember services		127			112			13			547			439			25
Salaries and employee benefits and other operating expenses		745			785			(5	)		2,927			2,808			4
Total		872			897			(3	)		3,474			3,247			7
Pretax segment income		276			140			97			1,075			723			49
Income tax provision		96			37			#			337			273			23
Segment income	$	180		$	103			75		$	738		$	450			64

# - Denotes a variance of more than 100%.

(Preliminary)

Global Commercial Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended December 31,						Percentage			Years Ended December 31,						Percentage
	2011			2010			Inc/(Dec)			2011			2010			Inc/(Dec)

Card billed business	$	39.6		$	35.9			10	%	$	154.2		$	132.8			16	%
Total cards-in-force (millions)		7.0			7.1			(1	)%		7.0			7.1			(1	)%
Basic cards-in-force (millions)		7.0			7.1			(1	)%		7.0			7.1			(1	)%
Average basic cardmember spending (dollars)	$	5,661		$	5,083			11	%	$	21,898		$	18,927			16	%

Global Corporate Travel:
Travel sales	$	4.7		$	4.6			2	%	$	19.6		$	17.5			12	%
Travel commissions and fees/sales		8.8	%		8.3	%					8.0	%		8.2	%

Total segment assets	$	18.8		$	18.1			4	%	$	18.8		$	18.1			4	%
Segment capital (millions) (A)	$	3,564		$	3,650			(2	)%	$	3,564		$	3,650			(2	)%
Return on average segment capital (B)		20.4	%		12.6	%					20.4	%		12.6	%
Return on average tangible segment capital (B)		42.1	%		27.1	%					42.1	%		27.1	%

Cardmember receivables:
Total receivables	$	12.8		$	11.3			13	%	$	12.8		$	11.3			13	%
90 days past billing as a % of total		0.8	%		0.8	%					0.8	%		0.8	%
Net loss ratio (as a % of charge volume)		0.06	%		0.06	%					0.06	%		0.11	%

(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.

(Preliminary)

Global Commercial Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

Revenues
Discount revenue, net card fees and other	$	1,249		$	1,195		$	1,259		$	1,177		$	1,130
Interest income		2			3			2			2			2
Interest expense		68			68			70			58			65
Net interest expense		(66	)		(65	)		(68	)		(56	)		(63	)
Total revenues net of interest expense		1,183			1,130			1,191			1,121			1,067
Provisions for losses		35			(17	)		35			23			30
Total revenues net of interest expense after provisions for losses		1,148			1,147			1,156			1,098			1,037
Expenses
Marketing, promotion, rewards and cardmember services		127			157			138			125			112
Salaries and employee benefits and other operating expenses		745			721			753			708			785
Total		872			878			891			833			897
Pretax segment income		276			269			265			265			140
Income tax provision		96			72			88			81			37
Segment income	$	180		$	197		$	177		$	184		$	103

(Preliminary)

Global Commercial Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

Card billed business	$	39.6		$	38.7		$	39.3		$	36.6		$	35.9
Total cards-in-force (millions)		7.0			7.0			7.1			7.1			7.1
Basic cards-in-force (millions)		7.0			7.0			7.1			7.1			7.1
Average basic cardmember spending (dollars)	$	5,661		$	5,520		$	5,533		$	5,175		$	5,083

Global Corporate Travel:
Travel sales	$	4.7		$	4.8		$	5.3		$	4.9		$	4.6
Travel commissions and fees/sales		8.8	%		7.8	%		7.8	%		7.4	%		8.3	%

Total segment assets	$	18.8		$	20.3		$	20.3		$	20.5		$	18.1
Segment capital (A)	$	3.6		$	3.5		$	3.8		$	3.6		$	3.7
Return on average segment capital (B)		20.4	%		18.2	%		16.9	%		15.5	%		12.6	%
Return on average tangible segment capital (B)		42.1	%		37.7	%		35.4	%		33.5	%		27.1	%

Cardmember receivables:
Total receivables	$	12.8		$	13.9		$	13.8		$	13.3		$	11.3
90 days past billing as a % of total		0.8	%		0.7	%		0.7	%		0.7	%		0.8	%
Net loss ratio (as a % of charge volume)		0.06	%		0.06	%		0.06	%		0.06	%		0.06	%

(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.

(Preliminary)

Global Network & Merchant Services

Selected Income Statement Data

(Millions)

	Quarters Ended December 31,						Percentage			Years Ended December 31,						Percentage
	2011			2010			Inc/(Dec)			2011			2010			Inc/(Dec)
Revenues
Discount revenue, fees and other	$	1,254		$	1,115			12	%	$	4,713		$	4,101			15	%
Interest income		1			1			-			5			4			25
Interest expense		(61	)		(56	)		9			(224	)		(200	)		12
Net interest income		62			57			9			229			204			12
Total revenues net of interest expense		1,316			1,172			12			4,942			4,305			15
Provisions for losses		20			15			33			75			61			23
Total revenues net of interest expense after provisions for losses		1,296			1,157			12			4,867			4,244			15
Expenses
Marketing, promotion, rewards and cardmember services		180			172			5			755			755			-
Salaries and employee benefits and other operating expenses		614			604			2			2,133			1,900			12
Total		794			776			2			2,888			2,655			9
Pretax segment income		502			381			32			1,979			1,589			25
Income tax provision		178			122			46			686			564			22
Segment income	$	324		$	259			25		$	1,293		$	1,025			26

(Preliminary)

Global Network & Merchant Services

Selected Statistical Information

(Billions, except percentages and where indicated)	Quarters Ended December 31,						Percentage			Years Ended December 31,						Percentage
	2011			2010			Inc/(Dec)			2011			2010			Inc/(Dec)

Global Card billed business (A)	$	219.0		$	197.7			11	%	$	822.2		$	713.3			15	%

Global Network & Merchant Services:
Total segment assets	$	17.8		$	13.6			31	%	$	17.8		$	13.6			31	%
Segment capital (millions) (B)	$	2,037		$	1,922			6	%	$	2,037		$	1,922			6	%
Return on average segment capital (C)		66.3	%		61.6	%					66.3	%		61.6	%
Return on average tangible segment capital (C)		74.3	%		64.3	%					74.3	%		64.3	%

Global Network Services (D):
Card billed business	$	31.4		$	26.9			17	%	$	116.8		$	91.7			27	%
Total cards-in-force (millions)		34.2			29.0			18	%		34.2			29.0			18	%

(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.

(D) Since third quarter of 2010, for non-proprietary retail co-brand partners, Global Network Services metrics exclude cardmember accounts that have no out-of-store spend activity during the prior 12 month period.

(Preliminary)

Global Network & Merchant Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010
Revenues
Discount revenue, fees and other	$	1,254		$	1,188		$	1,183		$	1,088		$	1,115
Interest income		1			2			1			1			1
Interest expense		(61	)		(60	)		(55	)		(48	)		(56	)
Net interest income		62			62			56			49			57
Total revenues net of interest expense		1,316			1,250			1,239			1,137			1,172
Provisions for losses		20			21			13			21			15
Total revenues net of interest expense after provisions for losses		1,296			1,229			1,226			1,116			1,157
Expenses
Marketing, promotion, rewards and cardmember services		180			196			213			166			172
Salaries and employee benefits and other operating expenses		614			519			526			474			604
Total		794			715			739			640			776
Pretax segment income		502			514			487			476			381
Income tax provision		178			182			163			163			122
Segment income	$	324		$	332		$	324		$	313		$	259

(Preliminary)

Global Network & Merchant Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

Global Card billed business (A)	$	219.0		$	207.7		$	207.6		$	187.9		$	197.7

Global Network & Merchant Services:
Total segment assets	$	17.8		$	16.0		$	16.7		$	14.2		$	13.6
Segment capital (B)	$	2.0		$	2.0		$	2.0		$	1.9		$	1.9
Return on average segment capital (C)		66.3	%		64.4	%		61.5	%		62.1	%		61.6	%
Return on average tangible segment capital (C)		74.3	%		70.8	%		66.5	%		66.1	%		64.3	%

Global Network Services (D):
Card billed business	$	31.4		$	30.1		$	29.3		$	26.0		$	26.9
Total cards-in-force (millions)		34.2			32.9			31.4			30.2			29.0

(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.

(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
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

ROE

Net income	$	4,935		$	4,805		$	4,663		$	4,349		$	4,057
Average shareholders' equity	$	17,842		$	17,277		$	16,508		$	15,564		$	14,755
Return on average equity (A)		27.7	%		27.8	%		28.2	%		27.9	%		27.5	%

Reconciliation of ROCE and ROTCE

Net income	$	4,935		$	4,805		$	4,663		$	4,349		$	4,057
Earnings allocated to participating share awards and other		58			56			55			52			51
Net income attributable to common shareholders	$	4,877		$	4,749		$	4,608		$	4,297		$	4,006

Average shareholders' equity	$	17,842		$	17,277		$	16,508		$	15,564		$	14,755
Average common shareholders' equity	$	17,842		$	17,277		$	16,508		$	15,564		$	14,755
Average goodwill and other intangibles		4,215			3,992			3,744			3,487			3,334
Average tangible common shareholders' equity	$	13,627		$	13,285		$	12,764		$	12,077		$	11,421
Return on average common equity (A)		27.3	%		27.5	%		27.9	%		27.6	%		27.2	%
Return on average tangible common equity (B)		35.8	%		35.7	%		36.1	%		35.6	%		35.1	%

(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 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 of $4.2 billion for the quarter ended December 31, 2011, $4.0 billion for the quarter ended September 30, 2011, $3.7 billion for the quarter ended June 30, 2011, $3.5 billion for the quarter ended March 31, 2011 and $3.3 billion for the quarter ended December 31, 2010. The Company believes that return on average tangible common equity is a useful measure of the profitability of its business.

(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
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

U.S. Card Services
Segment income	$	2,680		$	2,653		$	2,515		$	2,366		$	2,225
Average segment capital	$	8,121		$	7,762		$	7,315		$	6,746		$	6,350
Average goodwill and other intangibles		425			436			446			457			459
Average tangible segment capital	$	7,696		$	7,326		$	6,869		$	6,289		$	5,891
Return on average segment capital (A)		33.0	%		34.2	%		34.4	%		35.1	%		35.0	%
Return on average tangible segment capital (A)		34.8	%		36.2	%		36.6	%		37.6	%		37.8	%

International Card Services
Segment income	$	723		$	670		$	593		$	587		$	537
Average segment capital	$	2,797		$	2,644		$	2,464		$	2,279		$	2,136
Average goodwill and other intangibles		1,346			1,170			987			788			592
Average tangible segment capital	$	1,451		$	1,474		$	1,477		$	1,491		$	1,544
Return on average segment capital (A)		25.8	%		25.3	%		24.1	%		25.8	%		25.1	%
Return on average tangible segment capital (A)		49.8	%		45.5	%		40.1	%		39.4	%		34.8	%

Global Commercial Services
Segment income	$	738		$	661		$	614		$	549		$	450
Average segment capital	$	3,619		$	3,632		$	3,628		$	3,548		$	3,581
Average goodwill and other intangibles		1,867			1,881			1,895			1,908			1,923
Average tangible segment capital	$	1,752		$	1,751		$	1,733		$	1,640		$	1,658
Return on average segment capital (A)		20.4	%		18.2	%		16.9	%		15.5	%		12.6	%
Return on average tangible segment capital (A)		42.1	%		37.7	%		35.4	%		33.5	%		27.1	%

Global Network & Merchant Services
Segment income	$	1,293		$	1,228		$	1,148		$	1,085		$	1,025
Average segment capital	$	1,949		$	1,908		$	1,866		$	1,746		$	1,664
Average goodwill and other intangibles		209			174			140			105			70
Average tangible segment capital	$	1,740		$	1,734		$	1,726		$	1,641		$	1,594
Return on average segment capital (A)		66.3	%		64.4	%		61.5	%		62.1	%		61.6	%
Return on average tangible segment capital (A)		74.3	%		70.8	%		66.5	%		66.1	%		64.3	%

(A) Return on average segment capital is calculated by dividing one year period segment income by one year average segment capital. Return on average tangible segment capital is computed in the same manner as return on average segment capital except the computation of average tangible segment capital, 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.

(Preliminary)

American Express Company

Net Interest Yield on Cardmember Loans

Appendix III

(Millions)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

Net interest income	$	1,177		$	1,179		$	1,151		$	1,134		$	1,190
Average loans (billions)	$	59.9		$	58.9		$	58.5		$	58.5		$	58.5
Adjusted net interest income (A)	$	1,350		$	1,356		$	1,313		$	1,326		$	1,371
Adjusted average loans (billions) (B)	$	59.9		$	58.8		$	58.2		$	58.3		$	58.4
Net interest income divided by average loans (C)		7.8	%		7.9	%		7.9	%		7.9	%		8.1	%
Net interest yield on cardmember loans (D)		8.9	%		9.1	%		9.0	%		9.2	%		9.3	%

(A) Represents net interest income allocated to the Company's cardmember loan portfolio excluding the impact of card fees on loans and balance transfer fees attributable to the Company's cardmember loans.

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

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

(D) Net interest yield on cardmember 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 cardmember loans includes interest that is deemed uncollectible. For all presentations of net interest yield on cardmember loans, reserves and net write-offs related to uncollectible interest are recorded through provisions for losses - cardmember loans; therefore, such reserves and net write-offs are not included in the net interest yield calculation.

(Preliminary)

U. S. Card Services and International Card Services

Net Interest Yield on Cardmember Loans

Appendix IV

(Millions)

	Quarters Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010
USCS:
Net interest income	$	1,141		$	1,128		$	1,063		$	1,091		$	1,122
Average loans (billions)	$	51.4		$	50.2		$	49.7		$	49.6		$	49.8
Adjusted net interest income (A)	$	1,156		$	1,142		$	1,080		$	1,112		$	1,143
Adjusted average loans (billions) (B)	$	51.5		$	50.2		$	49.5		$	49.6		$	49.8
Net interest income divided by average loans (C)		8.8	%		8.9	%		8.6	%		8.9	%		8.9	%
Net interest yield on cardmember loans (D)		8.9	%		9.0	%		8.7	%		9.1	%		9.1	%

ICS:
Net interest income	$	205		$	215		$	239		$	219		$	228
Average loans (billions)	$	8.5		$	8.7		$	8.8		$	8.8		$	8.7
Adjusted net interest income (A)	$	194		$	214		$	233		$	214		$	228
Adjusted average loans (billions) (B)	$	8.4		$	8.6		$	8.7		$	8.7		$	8.5
Net interest income divided by average loans (C)		9.6	%		9.8	%		10.9	%		10.1	%		10.4	%
Net interest yield on cardmember loans (D)		9.2	%		9.9	%		10.7	%		10.0	%		10.6	%

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