American Express 8K Reports First Quarter Eps of $1.07, Up 10% from a Year Ago | AXP 18 Apr 12

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. The Company revised the income statement reporting of card fees on lending products increasing Net card fees and reducing Interest and fees on loans. Corresponding amounts in prior periods have been reclassified to conform to the current period presentation. This change does not impact Total revenues net of interest expense in the income statement, or the Net interest yield on cardmember loans, a non-GAAP measure.

(Preliminary)

American Express Company

Consolidated Statements of Income

(Millions)
	Quarters Ended March 31,					Percentage
	2012		2011			Inc/(Dec)

Revenues
Non-interest revenues
Discount revenue	$	4,257	$	3,902			9	%
Net card fees		610		601			1
Travel commissions and fees		451		454			(1	)
Other commissions and fees		583		529			10
Other		580		475			22
Total non-interest revenues		6,481		5,961			9
Interest income
Interest and fees on loans		1,611		1,555			4
Interest and dividends on investment securities		66		88			(25	)
Deposits with banks and other		30		20			50
Total interest income		1,707		1,663			3
Interest expense
Deposits		129		137			(6	)
Short-term borrowings		5		-			#
Long-term debt and other		440		456			(4	)
Total interest expense		574		593			(3	)
Net interest income		1,133		1,070			6
Total revenues net of interest expense		7,614		7,031			8
Provisions for losses
Charge card		178		198			(10	)
Cardmember loans		212		(120	)		#
Other		22		19			16
Total provisions for losses		412		97			#
Total revenues net of interest expense after provisions for losses		7,202		6,934			4

Expenses
Marketing and promotion		631		709			(11	)
Cardmember rewards		1,467		1,577			(7	)
Cardmember services		221		164			35
Salaries and employee benefits		1,635		1,522			7
Professional services		691		663			4
Occupancy and equipment		438		394			11
Communications		96		95			1
Other, net		250		78			#
Total		5,429		5,202			4
Pretax income		1,773		1,732			2
Income tax provision		517		555			(7	)
Net income	$	1,256	$	1,177			7
Net income attributable to common shareholders (A)	$	1,242	$	1,163			7

# - Denotes a variance of more than 100%.

(A) Represents net income less earnings allocated to participating share awards of $14 million for both three months ended March 31, 2012 and 2011.

(Preliminary)

American Express Company

Condensed Consolidated Balance Sheets

(Billions)

	March 31, 2012		December 31, 2011

Assets
Cash	$	27	$	25
Accounts receivable		44		44
Investment securities		7		7
Loans		59		61
Other assets		15		16
Total assets	$	152	$	153

Liabilities and Shareholders' Equity
Customer deposits	$	38	$	38
Short-term borrowings		4		3
Long-term debt		57		60
Other liabilities		33		33
Total liabilities		132		134

Shareholders' Equity		20		19
Total liabilities and shareholders' equity	$	152	$	153

(Preliminary)

American Express Company

Financial Summary

(Millions)
	Quarters Ended March 31,						Percentage
	2012			2011			Inc/(Dec)

Total revenues net of interest expense
U.S. Card Services	$	3,884		$	3,577			9	%
International Card Services		1,299			1,208			8
Global Commercial Services		1,157			1,121			3
Global Network & Merchant Services		1,248			1,137			10
		7,588			7,043			8
Corporate & Other		26			(12	)		#

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE	$	7,614		$	7,031			8

Pretax income (loss)
U.S. Card Services	$	1,180		$	910			30
International Card Services		196			240			(18	)
Global Commercial Services		244			265			(8	)
Global Network & Merchant Services		539			476			13
		2,159			1,891			14
Corporate & Other		(386	)		(159	)		#

PRETAX INCOME	$	1,773		$	1,732			2

Net income (loss)
U.S. Card Services	$	752		$	555			35
International Card Services		197			189			4
Global Commercial Services		177			184			(4	)
Global Network & Merchant Services		357			313			14
		1,483			1,241			20
Corporate & Other		(227	)		(64	)		#

NET INCOME	$	1,256		$	1,177			7

# - Denotes a variance of more than 100%.

(Preliminary)

American Express Company

Financial Summary (continued)

	Quarters Ended March 31,				Percentage
	2012		2011		Inc/(Dec)
EARNINGS PER COMMON SHARE

BASIC
Net income attributable to common shareholders	$	1.07	$	0.98	9	%

Average common shares outstanding (millions)		1,160		1,192	(3	)%

DILUTED
Net income attributable to common shareholders	$	1.07	$	0.97	10	%

Average common shares outstanding (millions)		1,166		1,198	(3	)%

Cash dividends declared per common share	$	0.20	$	0.18	11	%

Selected Statistical Information

	Quarters Ended
	March 31,						Percentage
		2012			2011		Inc/(Dec)

Return on average equity (A)		27.1	%		27.9	%
Return on average common equity (A)		26.8	%		27.6	%
Return on average tangible common equity (A)		35.0	%		35.6	%
Common shares outstanding (millions)		1,166			1,202		(3	)%
Book value per common share	$	17.08		$	14.54		17	%
Shareholders' equity (billions)	$	19.9		$	17.5		14	%

# - 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 March 31,						Percentage
	2012			2011			Inc/(Dec)
Card billed business (billions) (A):
United States	$	139.6		$	124.1			12	%
Outside the United States		71.6			63.8			12
Total	$	211.2		$	187.9			12
Total cards-in-force (B):
United States		50.9			49.4			3	%
Outside the United States		47.8			43.0			11
Total		98.7			92.4			7
Basic cards-in-force (B):
United States		39.6			38.3			3	%
Outside the United States		38.2			34.4			11
Total		77.8			72.7			7

Average discount rate (C)		2.53	%		2.55	%
Average basic cardmember spending (dollars) (D)	$	3,772		$	3,438			10	%
Average fee per card (dollars) (D)	$	38		$	39			(3	)%
Average fee per card adjusted (dollars) (D)	$	42		$	42			-

(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) 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 card-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 $65 million and $54 million for the quarter ended March 31, 2012 and 2011, 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.

(Preliminary)

American Express Company

Selected Statistical Information (continued)

(Billions, except percentages and where indicated)
	Quarters Ended March 31,						Percentage
	2012			2011			Inc/(Dec)
Worldwide cardmember receivables:
Total receivables	$	41.5		$	37.7			10	%
Loss reserves (millions):
Beginning balance	$	438		$	386			13	%
Provisions for losses on authorized transactions (A)		149			160			(7	)
Net write-offs		(182	)		(132	)		38
Other		19			7			#
Ending balance	$	424		$	421			1
% of receivables		1.0	%		1.1	%
Net write-off rate (principal only) - USCS (B)		2.3	%		1.7	%
Net write-off rate (principal and fees) - USCS (B)		2.5	%		1.8	%
30 days past due as a % of total – USCS		1.9	%		1.8	%
Net loss ratio (as a % of charge volume) - ICS/GCS		0.11	%		0.09	%
90 days past billing as a % of total - ICS/GCS		0.7	%		0.8	%

Worldwide cardmember loans:
Total loans	$	60.1		$	57.8			4	%
30 days past due loans as a % of total		1.4	%		1.9	%
Loss reserves (millions):
Beginning balance	$	1,874		$	3,646			(49	) %
Provisions for losses on authorized transactions		185			(139	)		#
Net write-offs - principal		(349	)		(535	)		(35	)
Net write-offs - interest and fees		(44	)		(61	)		(28	)
Other		14			10			40
Ending balance	$	1,680		$	2,921			(42	)
Ending Reserves - principal	$	1,622		$	2,839			(43	)
Ending Reserves - interest and fees	$	58		$	82			(29	)
% of loans		2.8	%		5.1	%
% of past due		201	%		263	%
Average loans	$	60.7		$	58.5			4	%
Net write-off rate (principal only) (B)		2.3	%		3.7	%
Net write-off rate (principal, interest and fees) (B)		2.6	%		4.1	%
Net interest income divided by average loans (C) (D)		7.5	%		7.4	%
Net interest yield on cardmember loans (C)		9.2	%		9.2	%

# - 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) 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)

American Express Company

Consolidated Statements of Income

(Millions)
	Quarters Ended
	March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011
Revenues
Non-interest revenues
Discount revenue	$	4,257	$	4,336	$	4,218	$	4,278	$	3,902
Net card fees		610		612		622		613		601
Travel commissions and fees		451		514		480		523		454
Other commissions and fees		583		552		604		584		529
Other		580		618		534		537		475
Total non-interest revenues		6,481		6,632		6,458		6,535		5,961
Interest income
Interest and fees on loans		1,611		1,587		1,587		1,543		1,555
Interest and dividends on investment securities		66		72		68		99		88
Deposits with banks and other		30		26		33		18		20
Total interest income		1,707		1,685		1,688		1,660		1,663
Interest expense
Deposits		129		133		127		131		137
Short-term borrowings		5		5		5		1		-
Long-term debt and other		440		437		443		445		456
Total interest expense		574		575		575		577		593
Net interest income		1,133		1,110		1,113		1,083		1,070
Total revenues net of interest expense		7,614		7,742		7,571		7,618		7,031
Provisions for losses
Charge card		178		237		174		161		198
Cardmember loans		212		149		48		176		(120	)
Other		22		23		27		20		19
Total provisions for losses		412		409		249		357		97
Total revenues net of interest expense after provisions for losses		7,202		7,333		7,322		7,261		6,934

Expenses
Marketing and promotion		631		735		757		795		709
Cardmember rewards		1,467		1,463		1,565		1,613		1,577
Cardmember services		221		190		189		173		164
Salaries and employee benefits		1,635		1,537		1,598		1,595		1,522
Professional services		691		853		690		745		663
Occupancy and equipment		438		467		433		391		394
Communications		96		98		93		92		95
Other, net		250		242		286		92		78
Total		5,429		5,585		5,611		5,496		5,202
Pretax income from continuing operations		1,773		1,748		1,711		1,765		1,732
Income tax provision		517		556		476		470		555
Income from continuing operations		1,256		1,192		1,235		1,295		1,177
Income from discontinued operations, net of tax		-		-		-		36		-
Net income	$	1,256	$	1,192	$	1,235	$	1,331	$	1,177
Income from continuing operations attributable to common shareholders (A)	$	1,242	$	1,178	$	1,220	$	1,280	$	1,163
Net income attributable to common shareholders (A)	$	1,242	$	1,178	$	1,220	$	1,316	$	1,163

(A) Represents income from continuing operations or net income, as applicable, less earnings allocated to participating share awards of $14 million for the quarter ended March 31, 2012, $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 and $14 million for the quarter ended March 31, 2011.

(Preliminary)

American Express Company

Financial Summary

(Millions)
	Quarters Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Total revenues net of interest expense
U.S. Card Services	$	3,884		$	3,897		$	3,838		$	3,759		$	3,577
International Card Services		1,299			1,333			1,347			1,351			1,208
Global Commercial Services		1,157			1,183			1,130			1,191			1,121
Global Network & Merchant Services		1,248			1,316			1,250			1,239			1,137
		7,588			7,729			7,565			7,540			7,043
Corporate & Other		26			13			6			78			(12	)

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE	$	7,614		$	7,742		$	7,571		$	7,618		$	7,031

Pretax income (loss) from continuing operations
U.S. Card Services	$	1,180		$	1,168		$	1,151		$	900		$	910
International Card Services		196			137			189			196			240
Global Commercial Services		244			276			269			265			265
Global Network & Merchant Services		539			502			514			487			476
		2,159			2,083			2,123			1,848			1,891
Corporate & Other		(386	)		(335	)		(412	)		(83	)		(159	)

PRETAX INCOME FROM CONTINUING OPERATIONS	$	1,773		$	1,748		$	1,711		$	1,765		$	1,732

Net income (loss)
U.S. Card Services	$	752		$	727		$	733		$	665		$	555
International Card Services		197			152			221			161			189
Global Commercial Services		177			180			197			177			184
Global Network & Merchant Services		357			324			332			324			313
		1,483			1,383			1,483			1,327			1,241
Corporate & Other		(227	)		(191	)		(248	)		(32	)		(64	)
Income from continuing operations		1,256			1,192			1,235			1,295			1,177
Income from discontinued operations, net of tax		-			-			-			36			-

NET INCOME	$	1,256		$	1,192		$	1,235		$	1,331		$	1,177

(Preliminary)

American Express Company

Financial Summary (continued)

	Quarters Ended
	March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011
EARNINGS PER COMMON SHARE

BASIC
Income from continuing operations attributable to common shareholders	$	1.07	$	1.02	$	1.04	$	1.08	$	0.98
Income from discontinued operations		-		-		-		0.03		-
Net income attributable to common shareholders	$	1.07	$	1.02	$	1.04	$	1.11	$	0.98

Average common shares outstanding (millions)		1,160		1,157		1,175		1,190		1,192

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

Average common shares outstanding (millions)		1,166		1,163		1,181		1,197		1,198

Cash dividends declared per common share	$	0.20	$	0.18	$	0.18	$	0.18	$	0.18

Selected Statistical Information

	Quarters Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Return on average equity (A)		27.1	%		27.7	%		27.8	%		28.2	%		27.9	%
Return on average common equity (A)		26.8	%		27.3	%		27.5	%		27.9	%		27.6	%
Return on average tangible common equity (A)		35.0	%		35.8	%		35.7	%		36.1	%		35.6	%
Common shares outstanding (millions)		1,166			1,164			1,169			1,193			1,202
Book value per common share	$	17.08		$	16.15		$	15.49		$	15.26		$	14.54
Shareholders' equity (billions)	$	19.9		$	18.8		$	18.1		$	18.2		$	17.5

(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.

(Preliminary)

American Express Company

Selected Statistical Information

(Millions, except percentages and where indicated)
	Quarters Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Card billed business (billions) (A):
United States	$	139.6		$	145.5		$	136.4		$	136.8		$	124.1
Outside the United States		71.6			73.5			71.3			70.8			63.8
Total	$	211.2		$	219.0		$	207.7		$	207.6		$	187.9
Total cards-in-force (B):
United States		50.9			50.6			50.2			49.8			49.4
Outside the United States		47.8			46.8			45.6			44.2			43.0
Total		98.7			97.4			95.8			94.0			92.4
Basic cards-in-force (B):
United States		39.6			39.3			38.9			38.7			38.3
Outside the United States		38.2			37.4			36.4			35.3			34.4
Total		77.8			76.7			75.3			74.0			72.7

Average discount rate (C)		2.53	%		2.51	%		2.54	%		2.54	%		2.55	%
Average basic cardmember spending (dollars) (D)	$	3,772		$	3,933		$	3,739		$	3,767		$	3,438
Average fee per card (dollars) (D)	$	38		$	39		$	40		$	39		$	39
Average fee per card adjusted (dollars) (D)	$	42		$	42		$	43		$	43		$	42

(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 card-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 were $65 million for the quarter ended March 31, 2012, $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 and $54 million for the quarter ended March 31, 2011. 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
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Worldwide cardmember receivables:
Total receivables	$	41.5		$	40.9		$	39.8		$	40.1		$	37.7
Loss reserves (millions):
Beginning balance	$	438		$	388		$	415		$	421		$	386
Provisions for losses on authorized transactions (A)		149			199			125			119			160
Net write-offs		(182	)		(154	)		(146	)		(128	)		(132	)
Other		19			5			(6	)		3			7
Ending balance	$	424		$	438		$	388		$	415		$	421
% of receivables		1.0	%		1.1	%		1.0	%		1.0	%		1.1	%
Net write-off rate (principal only) - USCS (B)		2.3	%		1.9	%		1.8	%		1.5	%		1.7	%
Net write-off rate (principal and fees) - USCS (B)		2.5	%		2.0	%		1.9	%		1.7	%		1.8	%
30 days past due as a % of total - USCS		1.9	%		1.9	%		2.0	%		1.7	%		1.8	%
Net loss ratio (as a % of charge volume) - ICS/GCS		0.11	%		0.10	%		0.10	%		0.09	%		0.09	%
90 days past billing as a % of total - ICS/GCS		0.7	%		0.9	%		0.8	%		0.8	%		0.8	%

Worldwide cardmember loans:
Total loans	$	60.1		$	62.6		$	58.2		$	58.7		$	57.8
30 days past due loans as a % of total		1.4	%		1.5	%		1.5	%		1.6	%		1.9	%
Loss reserves (millions):
Beginning balance	$	1,874		$	2,139		$	2,560		$	2,921		$	3,646
Provisions for losses on authorized transactions		185			122			16			146			(139	)
Net write-offs - principal		(349	)		(345	)		(383	)		(457	)		(535	)
Net write-offs - interest and fees		(44	)		(42	)		(44	)		(54	)		(61	)
Other		14			-			(10	)		4			10
Ending balance	$	1,680		$	1,874		$	2,139		$	2,560		$	2,921
Ending reserves - principal	$	1,622		$	1,818		$	2,080		$	2,488		$	2,839
Ending reserves - interest and fees	$	58		$	56		$	59		$	72		$	82
% of loans		2.8	%		3.0	%		3.7	%		4.4	%		5.1	%
% of past due		201	%		206	%		238	%		273	%		263	%
Average loans	$	60.7		$	59.9		$	58.9		$	58.5		$	58.5
Net write-off rate (principal only) (B)		2.3	%		2.3	%		2.6	%		3.1	%		3.7	%
Net write-off rate (principal, interest and fees) (B)		2.6	%		2.6	%		2.9	%		3.5	%		4.1	%
Net interest income divided by average loans (C) (D)		7.5	%		7.4	%		7.5	%		7.4	%		7.4	%
Net interest yield on cardmember loans (C)		9.2	%		8.9	%		9.1	%		9.0	%		9.2	%

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

(Preliminary)

U.S. Card Services

Selected Income Statement Data

(Millions)
	Quarters Ended March 31,				Percentage
	2012		2011		Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	2,754	$	2,522		9	%
Interest income		1,314		1,258		4
Interest expense		184		203		(9	)
Net interest income		1,130		1,055		7
Total revenues net of interest expense		3,884		3,577		9
Provisions for losses		301		47		#
Total revenues net of interest expense after provisions for losses		3,583		3,530		2
Expenses
Marketing, promotion, rewards and cardmember services		1,472		1,718		(14	)
Salaries and employee benefits and other operating expenses		931		902		3
Total		2,403		2,620		(8	)
Pretax segment income		1,180		910		30
Income tax provision		428		355		21
Segment income	$	752	$	555		35

# - Denotes a variance of more than 100%.

(Preliminary)

U.S. Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)
	Quarters Ended March 31,						Percentage
	2012			2011			Inc/(Dec)

Card billed business	$	107.7		$	96.1			12	%
Total cards-in-force (millions)		41.2			40.1			3	%
Basic cards-in-force (millions)		30.6			29.8			3	%
Average basic cardmember spending (dollars)	$	3,529		$	3,231			9	%

U.S. Consumer Travel:
Travel sales (millions)	$	1,023		$	849			20	%
Travel commissions and fees/sales		7.4	%		7.9	%

Total segment assets	$	90.7		$	81.2			12	%
Segment capital (millions) (A)	$	9,350		$	8,000			17	%
Return on average segment capital (B)		33.8	%		35.1	%
Return on average tangible segment capital (B)		35.5	%		37.6	%

Cardmember receivables:
Total receivables	$	19.3		$	17.6			10	%
30 days past due as a % of total		1.9	%		1.8	%
Average receivables	$	19.6		$	17.9			9	%
Net write-off rate (principal only) (C)		2.3	%		1.7	%
Net write-off rate (principal and fees) (C)		2.5	%		1.8	%

Cardmember loans:
Total loans	$	51.4		$	49.2			4	%
30 days past due loans as a % of total		1.3	%		1.8	%
Average loans	$	51.9		$	49.6			5	%
Net write-off rate (principal only) (C)		2.3	%		3.7	%
Net write-off rate (principal, interest and fees) (C)		2.6	%		4.1	%
Net interest income divided by average loans (D) (E)		8.8	%		8.6	%
Net interest yield on cardmember loans (D)		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.

(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.

(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)

U.S. Card Services

Selected Income Statement Data

(Millions)
	Quarters Ended
	March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011

Revenues
Discount revenue, net card fees and other	$	2,754	$	2,796	$	2,752	$	2,734	$	2,522
Interest income		1,314		1,304		1,287		1,225		1,258
Interest expense		184		203		201		200		203
Net interest income		1,130		1,101		1,086		1,025		1,055
Total revenues net of interest expense		3,884		3,897		3,838		3,759		3,577
Provisions for losses		301		269		143		228		47
Total revenues net of interest expense after provisions for losses		3,583		3,628		3,695		3,531		3,530
Expenses
Marketing, promotion, rewards and cardmember services		1,472		1,540		1,646		1,689		1,718
Salaries and employee benefits and other operating expenses		931		920		898		942		902
Total		2,403		2,460		2,544		2,631		2,620
Pretax segment income		1,180		1,168		1,151		900		910
Income tax provision		428		441		418		235		355
Segment income	$	752	$	727	$	733	$	665	$	555

(Preliminary)

U.S. Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)
	Quarters Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Card billed business	$	107.7		$	114.6		$	106.8		$	106.8		$	96.1
Total cards-in-force (millions)		41.2			40.9			40.7			40.4			40.1
Basic cards-in-force (millions)		30.6			30.4			30.2			30.1			29.8
Average basic cardmember spending (dollars)	$	3,529		$	3,779		$	3,542		$	3,567		$	3,231

U.S. Consumer Travel:
Travel sales	$	1.0		$	0.8		$	0.9		$	1.0		$	0.8
Travel commissions and fees/sales		7.4	%		8.3	%		8.5	%		8.4	%		7.9	%

Total segment assets	$	90.7		$	97.8		$	87.9		$	85.8		$	81.2
Segment capital (A)	$	9.3		$	8.8		$	8.2		$	8.2		$	8.0
Return on average segment capital (B)		33.8	%		33.0	%		34.2	%		34.4	%		35.1	%
Return on average tangible segment capital (B)		35.5	%		34.8	%		36.2	%		36.6	%		37.6	%

Cardmember receivables:
Total receivables	$	19.3		$	20.6		$	19.0		$	19.2		$	17.6
30 days past due as a % of total		1.9	%		1.9	%		2.0	%		1.7	%		1.8	%
Average receivables	$	19.6		$	19.7		$	19.1		$	18.4		$	17.9
Net write-off rate (principal only) (C)		2.3	%		1.9	%		1.8	%		1.5	%		1.7	%
Net write-off rate (principal and fees) (C)		2.5	%		2.0	%		1.9	%		1.7	%		1.8	%

Cardmember loans:
Total loans	$	51.4		$	53.7		$	49.9		$	49.9		$	49.2
30 days past due loans as a % of total		1.3	%		1.4	%		1.5	%		1.5	%		1.8	%
Average loans	$	51.9		$	51.4		$	50.2		$	49.7		$	49.6
Net write-off rate (principal only) (C)		2.3	%		2.3	%		2.6	%		3.2	%		3.7	%
Net write-off rate (principal, interest and fees) (C)		2.6	%		2.5	%		2.9	%		3.5	%		4.1	%
Net interest income divided by average loans (D) (E)		8.8	%		8.5	%		8.6	%		8.3	%		8.6	%
Net interest yield on cardmember loans (D)		9.1	%		8.9	%		9.0	%		8.7	%		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 March 31,					Percentage
	2012			2011		Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	1,106		$	1,017		9	%
Interest income		293			297		(1	)
Interest expense		100			106		(6	)
Net interest income		193			191		1
Total revenues net of interest expense		1,299			1,208		8
Provisions for losses		54			5		#
Total revenues net of interest expense after provisions for losses		1,245			1,203		3
Expenses
Marketing, promotion, rewards and cardmember services		461			407		13
Salaries and employee benefits and other operating expenses		588			556		6
Total		1,049			963		9
Pretax segment income		196			240		(18	)
Income tax (benefit)/provision		(1	)		51		#
Segment income	$	197		$	189		4

# - Denotes a variance of more than 100%.

(Preliminary)

International Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)
	Quarters Ended March 31,						Percentage
	2012			2011			Inc/(Dec)

Card billed business	$	30.7		$	28.4			8	%
Total cards-in-force (millions)		15.4			15.0			3	%
Basic cards-in-force (millions)		10.5			10.4			1	%
Average basic cardmember spending (dollars)	$	2,927		$	2,735			7	%

International Consumer Travel:
Travel sales (millions)	$	345		$	315			10	%
Travel commissions and fees/sales		7.2	%		7.6	%

Total segment assets	$	30.9		$	26.7			16	%
Segment capital (millions) (A)	$	3,023		$	2,978			2	%
Return on average segment capital (B)		24.7	%		25.8	%
Return on average tangible segment capital (B)		50.0	%		39.4	%

Cardmember receivables:
Total receivables	$	6.7		$	6.5			3	%
90 days past billing as a % of total		1.0	%		1.0	%
Net loss ratio (as a % of charge volume)		0.15	%		0.15	%

Cardmember loans:
Total loans	$	8.6		$	8.5			1	%
30 days past due loans as a % of total		1.8	%		2.4	%
Average loans	$	8.8		$	8.8			-
Net write-off rate (principal only) (C)		2.1	%		3.2	%
Net write-off rate (principal, interest and fees) (C)		2.7	%		3.9	%
Net interest income divided by average loans (D) (E)		8.8	%		8.8	%
Net interest yield on cardmember loans (D)		9.8	%		10.0	%

(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
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011		March 31, 2011

Revenues
Discount revenue, net card fees and other	$	1,106		$	1,155		$	1,156		$	1,142	$	1,017
Interest income		293			282			299			317		297
Interest expense		100			104			108			108		106
Net interest income		193			178			191			209		191
Total revenues net of interest expense		1,299			1,333			1,347			1,351		1,208
Provisions for losses		54			84			101			78		5
Total revenues net of interest expense after provisions for losses		1,245			1,249			1,246			1,273		1,203
Expenses
Marketing, promotion, rewards and cardmember services		461			497			460			493		407
Salaries and employee benefits and other operating expenses		588			615			597			584		556
Total		1,049			1,112			1,057			1,077		963
Pretax segment income		196			137			189			196		240
Income tax (benefit)/provision		(1	)		(15	)		(32	)		35		51
Segment income	$	197		$	152		$	221		$	161	$	189

(Preliminary)

International Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)
	Quarters Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Card billed business	$	30.7		$	32.8		$	31.6		$	31.5		$	28.4
Total cards-in-force (millions)		15.4			15.3			15.2			15.1			15.0
Basic cards-in-force (millions)		10.5			10.5			10.4			10.4			10.4
Average basic cardmember spending (dollars)	$	2,927		$	3,137		$	3,032		$	3,032		$	2,735

International Consumer Travel:
Travel sales	$	0.3		$	0.3		$	0.3		$	0.3		$	0.3
Travel commissions and fees/sales		7.2	%		8.4	%		7.5	%		7.6	%		7.6	%

Total segment assets	$	30.9		$	29.1		$	27.8		$	28.2		$	26.7
Segment capital (A)	$	3.0		$	2.8		$	2.9		$	3.0		$	3.0
Return on average segment capital (B)		24.7	%		25.8	%		25.3	%		24.1	%		25.8	%
Return on average tangible segment capital (B)		50.0	%		49.8	%		45.5	%		40.1	%		39.4	%

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

Cardmember loans:
Total loans	$	8.6		$	8.9		$	8.3		$	8.8		$	8.5
30 days past due loans as a % of total		1.8	%		1.7	%		1.9	%		2.1	%		2.4	%
Average loans	$	8.8		$	8.5		$	8.7		$	8.8		$	8.8
Net write-off rate (principal only) (C)		2.1	%		2.2	%		2.5	%		2.9	%		3.2	%
Net write-off rate (principal, interest and fees) (C)		2.7	%		2.8	%		3.1	%		3.6	%		3.9	%
Net interest income divided by average loans (D) (E)		8.8	%		8.3	%		8.7	%		9.5	%		8.8	%
Net interest yield on cardmember loans (D)		9.8	%		9.2	%		9.9	%		10.7	%		10.0	%

(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 March 31,						Percentage
	2012			2011			Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	1,216		$	1,177			3	%
Interest income		3			2			50
Interest expense		62			58			7
Net interest expense		(59	)		(56	)		5
Total revenues net of interest expense		1,157			1,121			3
Provisions for losses		35			23			52
Total revenues net of interest expense after provisions for losses		1,122			1,098			2
Expenses
Marketing, promotion, rewards and cardmember services		154			125			23
Salaries and employee benefits and other operating expenses		724			708			2
Total		878			833			5
Pretax segment income		244			265			(8	)
Income tax provision		67			81			(17	)
Segment income	$	177		$	184			(4	)

(Preliminary)

Global Commercial Services

Selected Statistical Information

(Billions, except percentages and where indicated)
	Quarters Ended March 31,						Percentage
	2012			2011			Inc/(Dec)

Card billed business	$	41.4		$	36.6			13	%
Total cards-in-force (millions)		7.0			7.1			(1	)%
Basic cards-in-force (millions)		7.0			7.1			(1	)%
Average basic cardmember spending (dollars)	$	5,920		$	5,175			14	%

Global Corporate Travel:
Travel sales	$	4.8		$	4.9			(2	)%
Travel commissions and fees/sales		7.2	%		7.4	%

Total segment assets	$	21.9		$	20.5			7	%
Segment capital (millions) (A)	$	3,800		$	3,556			7	%
Return on average segment capital (B)		20.0	%		15.5	%
Return on average tangible segment capital (B)		40.6	%		33.5	%

Cardmember receivables:
Total receivables	$	15.3		$	13.3			15	%
90 days past billing as a % of total		0.6	%		0.7	%
Net loss ratio (as a % of charge volume)		0.08	%		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 Commercial Services

Selected Income Statement Data

(Millions)
	Quarters Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Revenues
Discount revenue, net card fees and other	$	1,216		$	1,249		$	1,195		$	1,259		$	1,177
Interest income		3			2			3			2			2
Interest expense		62			68			68			70			58
Net interest expense		(59	)		(66	)		(65	)		(68	)		(56	)
Total revenues net of interest expense		1,157			1,183			1,130			1,191			1,121
Provisions for losses		35			35			(17	)		35			23
Total revenues net of interest expense after provisions for losses		1,122			1,148			1,147			1,156			1,098
Expenses
Marketing, promotion, rewards and cardmember services		154			127			157			138			125
Salaries and employee benefits and other operating expenses		724			745			721			753			708
Total		878			872			878			891			833
Pretax segment income		244			276			269			265			265
Income tax provision		67			96			72			88			81
Segment income	$	177		$	180		$	197		$	177		$	184

(Preliminary)

Global Commercial Services

Selected Statistical Information

(Billions, except percentages and where indicated)
	Quarters Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Card billed business	$	41.4		$	39.6		$	38.7		$	39.3		$	36.6
Total cards-in-force (millions)		7.0			7.0			7.0			7.1			7.1
Basic cards-in-force (millions)		7.0			7.0			7.0			7.1			7.1
Average basic cardmember spending (dollars)	$	5,920		$	5,661		$	5,520		$	5,533		$	5,175

Global Corporate Travel:
Travel sales	$	4.8		$	4.7		$	4.8		$	5.3		$	4.9
Travel commissions and fees/sales		7.2	%		8.8	%		7.8	%		7.8	%		7.4	%

Total segment assets	$	21.9		$	18.8		$	20.3		$	20.3		$	20.5
Segment capital (A)	$	3.8		$	3.6		$	3.5		$	3.8		$	3.6
Return on average segment capital (B)		20.0	%		20.4	%		18.2	%		16.9	%		15.5	%
Return on average tangible segment capital (B)		40.6	%		42.1	%		37.7	%		35.4	%		33.5	%

Cardmember receivables:
Total receivables	$	15.3		$	12.8		$	13.9		$	13.8		$	13.3
90 days past billing as a % of total		0.6	%		0.8	%		0.7	%		0.7	%		0.7	%
Net loss ratio (as a % of charge volume)		0.08	%		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 March 31,						Percentage
	2012			2011			Inc/(Dec)
Revenues
Discount revenue, fees and other	$	1,186		$	1,088			9	%
Interest income		4			1			#
Interest expense		(58	)		(48	)		21
Net interest income		62			49			27
Total revenues net of interest expense		1,248			1,137			10
Provisions for losses		18			21			(14	)
Total revenues net of interest expense after provisions for losses		1,230			1,116			10
Expenses
Marketing, promotion, rewards and cardmember services		172			166			4
Salaries and employee benefits and other operating expenses		519			474			9
Total		691			640			8
Pretax segment income		539			476			13
Income tax provision		182			163			12
Segment income	$	357		$	313			14

# - Denotes a variance of more than 100%.

(Preliminary)

Global Network & Merchant Services

Selected Statistical Information

(Billions, except percentages and where indicated)	Quarters Ended
	March 31,						Percentage
	2012			2011			Inc/(Dec)

Global Card billed business (A)	$	211.2		$	187.9			12	%

Global Network & Merchant Services:
Total segment assets	$	20.1		$	14.2			42	%
Segment capital (millions) (B)	$	2,141		$	1,855			15	%
Return on average segment capital (C)		67.1	%		62.1	%
Return on average tangible segment capital (C)		74.9	%		66.1	%

Global Network Services:
Card billed business	$	30.4		$	26.0			17	%
Total cards-in-force (millions)		35.1			30.2			16	%

(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.

(Preliminary)

Global Network & Merchant Services

Selected Income Statement Data

(Millions)
	Quarters Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Revenues
Discount revenue, fees and other	$	1,186		$	1,254		$	1,188		$	1,183		$	1,088
Interest income		4			1			2			1			1
Interest expense		(58	)		(61	)		(60	)		(55	)		(48	)
Net interest income		62			62			62			56			49
Total revenues net of interest expense		1,248			1,316			1,250			1,239			1,137
Provisions for losses		18			20			21			13			21
Total revenues net of interest expense after provisions for losses		1,230			1,296			1,229			1,226			1,116
Expenses
Marketing, promotion, rewards and cardmember services		172			180			196			213			166
Salaries and employee benefits and other operating expenses		519			614			519			526			474
Total		691			794			715			739			640
Pretax segment income		539			502			514			487			476
Income tax provision		182			178			182			163			163
Segment income	$	357		$	324		$	332		$	324		$	313

(Preliminary)

Global Network & Merchant Services

Selected Statistical Information

(Billions, except percentages and where indicated)	Quarters Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Global Card billed business (A)	$	211.2		$	219.0		$	207.7		$	207.6		$	187.9

Global Network & Merchant Services:
Total segment assets	$	20.1		$	17.8		$	16.0		$	16.7		$	14.2
Segment capital (B)	$	2.1		$	2.0		$	2.0		$	2.0		$	1.9
Return on average segment capital (C)		67.1	%		66.3	%		64.4	%		61.5	%		62.1	%
Return on average tangible segment capital (C)		74.9	%		74.3	%		70.8	%		66.5	%		66.1	%

Global Network Services:
Card billed business	$	30.4		$	31.4		$	30.1		$	29.3		$	26.0
Total cards-in-force (millions)		35.1			34.2			32.9			31.4			30.2

(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
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

ROE

Net income	$	5,014		$	4,935		$	4,805		$	4,663		$	4,349
Average shareholders' equity	$	18,525		$	17,842		$	17,277		$	16,508		$	15,564
Return on average equity (A)		27.1	%		27.7	%		27.8	%		28.2	%		27.9	%

Reconciliation of ROCE and ROTCE

Net income	$	5,014		$	4,935		$	4,805		$	4,663		$	4,349
Earnings allocated to participating share awards and other		58			58			56			55			52
Net income attributable to common shareholders	$	4,956		$	4,877		$	4,749		$	4,608		$	4,297

Average shareholders' equity	$	18,525		$	17,842		$	17,277		$	16,508		$	15,564
Average common shareholders' equity	$	18,525		$	17,842		$	17,277		$	16,508		$	15,564
Average goodwill and other intangibles		4,380			4,215			3,992			3,744			3,487
Average tangible common shareholders' equity	$	14,145		$	13,627		$	13,285		$	12,764		$	12,077
Return on average common equity (A)		26.8	%		27.3	%		27.5	%		27.9	%		27.6	%
Return on average tangible common equity (B)		35.0	%		35.8	%		35.7	%		36.1	%		35.6	%

(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.

(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
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

U.S. Card Services
Segment income	$	2,877		$	2,680		$	2,653		$	2,515		$	2,366
Average segment capital	$	8,508		$	8,121		$	7,762		$	7,315		$	6,746
Average goodwill and other intangibles		414			425			436			446			457
Average tangible segment capital	$	8,094		$	7,696		$	7,326		$	6,869		$	6,289
Return on average segment capital (A)		33.8	%		33.0	%		34.2	%		34.4	%		35.1	%
Return on average tangible segment capital (A)		35.5	%		34.8	%		36.2	%		36.6	%		37.6	%

International Card Services
Segment income	$	731		$	723		$	670		$	593		$	587
Average segment capital	$	2,962		$	2,797		$	2,644		$	2,464		$	2,279
Average goodwill and other intangibles		1,500			1,346			1,170			987			788
Average tangible segment capital	$	1,462		$	1,451		$	1,474		$	1,477		$	1,491
Return on average segment capital (A)		24.7	%		25.8	%		25.3	%		24.1	%		25.8	%
Return on average tangible segment capital (A)		50.0	%		49.8	%		45.5	%		40.1	%		39.4	%

Global Commercial Services
Segment income	$	731		$	738		$	661		$	614		$	549
Average segment capital	$	3,649		$	3,619		$	3,632		$	3,628		$	3,548
Average goodwill and other intangibles		1,847			1,867			1,881			1,895			1,908
Average tangible segment capital	$	1,802		$	1,752		$	1,751		$	1,733		$	1,640
Return on average segment capital (A)		20.0	%		20.4	%		18.2	%		16.9	%		15.5	%
Return on average tangible segment capital (A)		40.6	%		42.1	%		37.7	%		35.4	%		33.5	%

Global Network & Merchant Services
Segment income	$	1,337		$	1,293		$	1,228		$	1,148		$	1,085
Average segment capital	$	1,993		$	1,949		$	1,908		$	1,866		$	1,746
Average goodwill and other intangibles		209			209			174			140			105
Average tangible segment capital	$	1,784		$	1,740		$	1,734		$	1,726		$	1,641
Return on average segment capital (A)		67.1	%		66.3	%		64.4	%		61.5	%		62.1	%
Return on average tangible segment capital (A)		74.9	%		74.3	%		70.8	%		66.5	%		66.1	%

(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.

(Preliminary)

American Express Company

Net Interest Yield on Cardmember Loans

Appendix III

(Millions)
	Quarters Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Net interest income	$	1,133		$	1,110		$	1,113		$	1,083		$	1,070
Average loans (billions)	$	60.7		$	59.9		$	58.9		$	58.5		$	58.5
Adjusted net interest income (A)	$	1,388		$	1,350		$	1,356		$	1,313		$	1,326
Adjusted average loans (billions) (B)	$	60.5		$	59.9		$	58.8		$	58.2		$	58.3
Net interest income divided by average loans (C)		7.5	%		7.4	%		7.5	%		7.4	%		7.4	%
Net interest yield on cardmember loans (D)		9.2	%		8.9	%		9.1	%		9.0	%		9.2	%

(A) Represents net interest income allocated to the Company's cardmember loan portfolio excluding the impact of 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
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
USCS:
Net interest income	$	1,130		$	1,101		$	1,086		$	1,025		$	1,055
Average loans (billions)	$	51.9		$	51.4		$	50.2		$	49.7		$	49.6
Adjusted net interest income (A)	$	1,179		$	1,156		$	1,142		$	1,080		$	1,112
Adjusted average loans (billions) (B)	$	51.9		$	51.5		$	50.2		$	49.5		$	49.6
Net interest income divided by average loans (C)		8.8	%		8.5	%		8.6	%		8.3	%		8.6	%
Net interest yield on cardmember loans (D)		9.1	%		8.9	%		9.0	%		8.7	%		9.1	%

ICS:
Net interest income	$	193		$	178		$	191		$	209		$	191
Average loans (billions)	$	8.8		$	8.5		$	8.7		$	8.8		$	8.8
Adjusted net interest income (A)	$	209		$	194		$	214		$	233		$	214
Adjusted average loans (billions) (B)	$	8.6		$	8.4		$	8.6		$	8.7		$	8.7
Net interest income divided by average loans (C)		8.8	%		8.3	%		8.7	%		9.5	%		8.8	%
Net interest yield on cardmember loans (D)		9.8	%		9.2	%		9.9	%		10.7	%		10.0	%

(A) Represents net interest income allocated to the Company's cardmember loan portfolio excluding the impact of 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.

American Express (AXP) 8-KAmerican Express Reports First Quarter Eps of $1.07, Up 10% from a Year Ago