American Express (AXP) 8-K Results of Operations and Financial Condition

Exhibit 99.2

All information in the following tables is presented on a basis prepared in accordance with U.S. generally accepted accounting principles (GAAP), unless otherwise indicated.  Certain reclassifications of prior period amounts have been made to conform to the current period presentation.

(Preliminary)

American Express Company

Consolidated Statements of Income

(Millions)

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Revenues
Non-interest revenues
Discount revenue	$	4,646		$	4,438			5	%
Net card fees		674			653			3
Travel commissions and fees		423			437			(3	)
Other commissions and fees		618			573			8
Other		501			537			(7	)
Total non-interest revenues		6,862			6,638			3
Interest income
Interest on loans		1,711			1,683			2
Interest and dividends on investment securities		46			53			(13	)
Deposits with banks and other		19			26			(27	)
Total interest income		1,776			1,762			1
Interest expense
Deposits		94			114			(18	)
Long-term debt and other		345			405			(15	)
Total interest expense		439			519			(15	)
Net interest income		1,337			1,243			8
Total revenues net of interest expense		8,199			7,881			4
Provisions for losses
Charge card		215			154			40
Card Member loans		250			243			3
Other		20			19			5
Total provisions for losses		485			416			17
Total revenues net of interest expense after provisions for losses		7,714			7,465			3
Expenses
Marketing and promotion		613			621			(1	)
Card Member rewards		1,582			1,520			4
Card Member services and other		222			189			17
Salaries and employee benefits		1,540			1,615			(5	)
Professional services		692			716			(3	)
Occupancy and equipment		462			472			(2	)
Communications		93			96			(3	)
Other, net		302			327			(8	)
Total		5,506			5,556			(1	)
Pretax income		2,208			1,909			16
Income tax provision		776			629			23
Net income	$	1,432		$	1,280			12
Net income attributable to common shareholders (A)	$	1,420		$	1,269			12
Effective tax rate		35.1	%		32.9	%

# - Denotes a variance of more than 100 percent.

(A) Represents net income, less earnings allocated to participating share awards of $12 million and $11 million for the three months ended March 31, 2014 and 2013, respectively.

-1-

(Preliminary)

American Express Company

Condensed Consolidated Balance Sheets

(Billions)

	March 31, 2014		December 31, 2013
Assets
Cash & cash equivalents	$	21	$	19
Accounts receivable		47		47
Investment securities		5		5
Loans		63		67
Other assets		15		15
Total assets	$	151	$	153
Liabilities and Shareholders' Equity
Customer deposits	$	43	$	42
Short-term borrowings		3		5
Long-term debt		54		55
Other liabilities		31		32
Total liabilities		131		134
Shareholders' Equity		20		19
Total liabilities and shareholders' equity	$	151	$	153

-2-

(Preliminary)

American Express Company

Financial Summary

(Millions)

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Total revenues net of interest expense
U.S. Card Services	$	4,290		$	4,082			5	%
International Card Services		1,352			1,317			3
Global Commercial Services		1,194			1,163			3
Global Network & Merchant Services		1,365			1,303			5
		8,201			7,865			4
Corporate & Other		(2	)		16			#
CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE	$	8,199		$	7,881			4
Pretax income (loss)
U.S. Card Services	$	1,406		$	1,270			11
International Card Services		203			193			5
Global Commercial Services		285			283			1
Global Network & Merchant Services		702			582			21
		2,596			2,328			12
Corporate & Other		(388	)		(419	)		(7	)
PRETAX INCOME	$	2,208		$	1,909			16
Net income (loss)
U.S. Card Services	$	876		$	804			9
International Card Services		159			178			(11	)
Global Commercial Services		184			191			(4	)
Global Network & Merchant Services		443			373			19
		1,662			1,546			8
Corporate & Other		(230	)		(266	)		(14	)
NET INCOME	$	1,432		$	1,280			12

# - Denotes a variance of more than 100 percent.

-3-

(Preliminary)

American Express Company

Financial Summary (continued)

	Quarters Ended  March 31,				Percentage
	2014		2013		Inc/(Dec)
EARNINGS PER COMMON SHARE
BASIC
Net income attributable to common shareholders	$	1.34	$	1.15		17
Average common shares outstanding (millions)		1,060		1,099		(4	) %
DILUTED
Net income attributable to common shareholders	$	1.33	$	1.15		16
Average common shares outstanding (millions)		1,067		1,106		(4	) %
Cash dividends declared per common share	$	0.23	$	0.20		15	%

Selected Statistical Information

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Return on average equity (A)		28.3	%		23.2	%
Return on average common equity (A)		28.1	%		23.0	%
Return on average tangible common equity (A)		35.4	%		29.3	%
Common shares outstanding (millions)		1,059			1,098			(4	)%
Book value per common share	$	18.87		$	17.56			7	%
Shareholders' equity (billions)	$	20.0		$	19.3			4	%

# - Denotes a variance of more than 100 percent.

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

-4-

(Preliminary)

American Express Company

Selected Statistical Information

(Millions, except percentages and where indicated)

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Card billed business (billions) (A):
United States	$	159.2		$	150.0			6	%
Outside the United States		78.9			74.5			6
Total	$	238.1		$	224.5			6
Total cards-in-force (B):
United States		53.5			52.1			3	%
Outside the United States		54.7			51.1			7
Total		108.2			103.2			5
Basic cards-in-force (B):
United States		41.5			40.5			2	%
Outside the United States		44.6			41.1			9
Total		86.1			81.6			6
Average discount rate (C)		2.52	%		2.52	%
Average basic Card Member spending (dollars) (D)	$	3,991		$	3,905			2	%
Average fee per card (dollars) (D)	$	40		$	40			-
Average fee per card adjusted (dollars) (D)	$	45		$	44			2

(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 issuer is located.

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

(C)  This calculation is designed to reflect pricing at merchants accepting general purpose American Express cards.  It represents the percentage of billed business (both proprietary and Global Network Services) retained by the Company from merchants it acquires, prior to payments to third parties unrelated to merchant acceptance.

(D)  Average basic Card Member spending and average fee per card are computed from proprietary card activities only. Average fee per card is computed based on net card fees, including the amortization of deferred direct acquisition costs divided by average worldwide proprietary cards-in-force.  The adjusted average fee per card, which is a non-GAAP measure, is computed in the same manner, but excludes amortization of deferred direct acquisition costs. The amount of amortization excluded was $73 million and $65 million for the quarters ended March 31, 2014 and 2013, respectively. The Company presents adjusted average fee per card because the Company believes this metric presents a useful indicator of card fees pricing across a range of its proprietary card products.

-5-

(Preliminary)

American Express Company

Selected Statistical Information (continued)

(Billions, except percentages and where indicated)

	Quarter Ended  March 31,						Percentage
	2014			2013			Inc/(Dec)
Worldwide Card Member receivables:
Total receivables	$	44.7		$	43.4			3	%
Loss reserves (millions):
Beginning balance	$	386		$	428			(10	)%
Provisions  (A)		215			154			40
Net write-offs (B)		(170	)		(178	)		(4	)
Other (C)		(17	)		6			#
Ending balance	$	414		$	410			1
% of receivables		0.9	%		0.9	%
Net write-off rate (principal only) - USCS/ICS (D)		1.8	%	(F)
Net write-off rate (principal and fees) - USCS/ICS (D)		2.0	%	(F)
30 days past due as a % of total - USCS/ICS		1.7	%	(F)
Net loss ratio (as a % of charge volume) - GCS		0.09	%		0.08	%
90 days past billing as a % of total - GCS		0.7	%		0.7	%
Worldwide Card Member loans:
Total loans	$	64.0		$	62.3			3	%
Loss reserves (millions):
Beginning balance	$	1,261		$	1,471			(14	) %
Provisions (A)		250			243			3
Net write-offs - principal (B)		(280	)		(304	)		(8	)
Net write-offs - interest and fees (B)		(42	)		(38	)		11
Other (C)		2			(5	)		#
Ending balance	$	1,191		$	1,367			(13	)
Ending reserves - principal	$	1,135		$	1,316			(14	)
Ending reserves - interest and fees	$	56		$	51			10
% of loans		1.9	%		2.2	%
% of past due		159	%		170	%
Average loans	$	64.5		$	62.8			3	%
Net write-off rate (principal only) (D)		1.7	%		1.9	%
Net write-off rate (principal, interest and fees) (D)		2.0	%		2.2	%
30 days past due loans as a % of total		1.2	%		1.3	%
Net interest income divided by average loans (E)		8.4	%		8.0	%
Net interest yield on Card Member loans (E)		9.5	%		9.5	%

# - Denotes a variance of more than 100 percent.

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

(B) Consists of principal (resulting from authorized transactions), interest and/or fees, less recoveries.

(C) As of the three months ended March 31, 2014, reserves related to unauthorized transactions are reflected in Other liabilities.  All periods include foreign currency translation adjustments and other items.

(D)  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.

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

(F) Historically, net  loss ratio as a % of charge volume and 90 days past billings as a % of receivables were presented for ICS and GCS.  As a result of system enhancements, effective March 31, 2014, 30 days past due as a % of total, Net write-off rate (principal only) and Net write-off rate (principal and fees) will be presented for ICS.

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(Preliminary)

American Express Company

Consolidated Statements of Income

(Millions)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Revenues
Non-interest revenues
Discount revenue	$	4,646		$	4,869		$	4,659		$	4,729		$	4,438
Net card fees		674			673			658			647			653
Travel commissions and fees		423			491			490			495			437
Other commissions and fees		618			626			610			605			573
Other		501			569			601			567			537
Total non-interest revenues		6,862			7,228			7,018			7,043			6,638
Interest income
Interest on loans		1,711			1,715			1,698			1,622			1,683
Interest and dividends on investment securities		46			48			48			52			53
Deposits with banks and other		19			19			21			20			26
Total interest income		1,776			1,782			1,767			1,694			1,762
Interest expense
Deposits		94			110			111			107			114
Long-term debt and other		345			353			373			385			405
Total interest expense		439			463			484			492			519
Net interest income		1,337			1,319			1,283			1,202			1,243
Total revenues net of interest expense		8,199			8,547			8,301			8,245			7,881
Provisions for losses
Charge card		215			174			159			161			154
Card Member loans		250			290			248			334			243
Other		20			15			12			23			19
Total provisions for losses		485			479			419			518			416
Total revenues net of interest expense after provisions for losses		7,714			8,068			7,882			7,727			7,465
Expenses
Marketing and promotion		613			809			827			786			621
Card Member rewards		1,582			1,717			1,619			1,601			1,520
Card Member services and other		222			188			197			193			189
Salaries and employee benefits		1,540			1,489			1,544			1,543			1,615
Professional services		692			830			793			763			716
Occupancy and equipment		462			510			462			460			472
Communications		93			97			94			92			96
Other, net		302			448			342			294			327
Total		5,506			6,088			5,878			5,732			5,556
Pretax income		2,208			1,980			2,004			1,995			1,909
Income tax provision		776			672			638			590			629
Net income	$	1,432		$	1,308		$	1,366		$	1,405		$	1,280
Net income attributable to common shareholders (A)	$	1,420		$	1,297		$	1,354		$	1,392		$	1,269
Effective tax rate		35.1	%		33.9	%		31.8	%		29.6	%		32.9	%

(A) Represents net income, less earnings allocated to participating share awards of $12 million for the quarter ended March 31, 2014, $11 million for the quarter ended December 31, 2013, $12 million for the quarter ended September 30, 2013, $13 million for the quarter ended June 30, 2013 and $11 million for the quarter ended March 31, 2013.

-7-

(Preliminary)

American Express Company

Financial Summary

(Millions)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Total revenues net of interest expense
U.S. Card Services	$	4,290		$	4,388		$	4,286		$	4,239		$	4,082
International Card Services		1,352			1,429			1,356			1,299			1,317
Global Commercial Services		1,194			1,238			1,221			1,231			1,163
Global Network & Merchant Services		1,365			1,447			1,379			1,384			1,303
		8,201			8,502			8,242			8,153			7,865
Corporate & Other		(2	)		45			59			92			16
CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE	$	8,199		$	8,547		$	8,301		$	8,245		$	7,881
Pretax income (loss)
U.S. Card Services	$	1,406		$	1,292		$	1,257		$	1,175		$	1,270
International Card Services		203			108			186			156			193
Global Commercial Services		285			287			341			333			283
Global Network & Merchant Services		702			632			608			647			582
		2,596			2,319			2,392			2,311			2,328
Corporate & Other		(388	)		(339	)		(388	)		(316	)		(419	)
PRETAX INCOME	$	2,208		$	1,980		$	2,004		$	1,995		$	1,909
Net income (loss)
U.S. Card Services	$	876		$	864		$	782		$	743		$	804
International Card Services		159			103			142			208			178
Global Commercial Services		184			182			261			226			191
Global Network & Merchant Services		443			399			391			412			373
		1,662			1,548			1,576			1,589			1,546
Corporate & Other		(230	)		(240	)		(210	)		(184	)		(266	)
NET INCOME	$	1,432		$	1,308		$	1,366		$	1,405		$	1,280

-8-

(Preliminary)

American Express Company

Financial Summary (continued)

	Quarters Ended
	March 31, 2014		December 31, 2013		September 30, 2013		June 30, 2013		March 31, 2013
EARNINGS PER COMMON SHARE
BASIC
Net income attributable to common shareholders	$	1.34	$	1.22	$	1.26	$	1.28	$	1.15
Average common shares outstanding (millions)		1,060		1,067		1,074		1,090		1,099
DILUTED
Net income attributable to common shareholders	$	1.33	$	1.21	$	1.25	$	1.27	$	1.15
Average common shares outstanding (millions)		1,067		1,073		1,081		1,097		1,106
Cash dividends declared per common share	$	0.23	$	0.23	$	0.23	$	0.23	$	0.20

Selected Statistical Information

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Return on average equity (A)		28.3	%		27.8	%		24.3	%		23.6	%		23.2	%
Return on average common equity (A)		28.1	%		27.6	%		24.1	%		23.4	%		23.0	%
Return on average tangible common equity (A)		35.4	%		34.9	%		30.6	%		29.7	%		29.3	%
Common shares outstanding (millions)		1,059			1,064			1,071			1,084			1,098
Book value per common share	$	18.87		$	18.32		$	17.94		$	17.57		$	17.56
Shareholders' equity (billions)	$	20.0		$	19.5		$	19.2		$	19.0		$	19.3

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

-9-

(Preliminary)

American Express Company

Selected Statistical Information

(Millions, except percentages and where indicated)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Card billed business (billions) (A):
United States	$	159.2		$	169.1		$	158.2		$	159.7		$	150.0
Outside the United States		78.9			84.9			78.0			78.0			74.5
Total	$	238.1		$	254.0		$	236.2		$	237.7		$	224.5
Total cards-in-force (B):
United States		53.5			53.1			52.8			52.5			52.1
Outside the United States		54.7			54.1			52.6			51.8			51.1
Total		108.2			107.2			105.4			104.3			103.2
Basic cards-in-force (B):
United States		41.5			41.1			40.9			40.7			40.5
Outside the United States		44.6			44.0			42.6			41.8			41.1
Total		86.1			85.1			83.5			82.5			81.6
Average discount rate (C)		2.52	%		2.48	%		2.52	%		2.52	%		2.52	%
Average basic Card Member spending (dollars) (D)	$	3,991		$	4,292		$	4,037		$	4,097		$	3,905
Average fee per card (dollars) (D)	$	40		$	41		$	40		$	40		$	40
Average fee per card adjusted (dollars) (D)	$	45		$	44		$	44		$	44		$	44

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

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

(C) This calculation is designed to reflect pricing at merchants accepting general purpose American Express cards.  It represents the percentage of billed business (both proprietary and Global Network Services) retained by the Company from merchants it acquires, prior to payments to third parties unrelated to merchant acceptance.

(D) Average basic Card Member spending and average fee per card are computed from proprietary card activities only. Average fee per card is computed based on net card fees, including the amortization of deferred direct acquisition costs divided by average worldwide proprietary cards-in-force.  The adjusted average fee per card, which is a non-GAAP measure, is computed in the same manner, but excludes amortization of deferred direct acquisition costs. The amount of amortization excluded for these periods was $73 million for the quarter ended March 31, 2014, $64 million for the quarter ended December 31, 2013, $67 million for the quarter ended September 30, 2013, $66 million for the quarter ended June 30, 2013 and $65 million for the quarter ended March 31, 2013. The Company presents adjusted average fee per card because the Company believes this metric presents a useful indicator of card fee pricing across a range of its proprietary card products.

-10-

(Preliminary)

American Express Company

Selected Statistical Information (continued)

(Billions, except percentages and where indicated)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Worldwide Card Member receivables:
Total receivables	$	44.7		$	44.2		$	43.5		$	44.1		$	43.4
Loss reserves (millions):
Beginning balance	$	386		$	396		$	386		$	410		$	428
Provisions (A)		215			174			159			161			154
Net write-offs (B)		(170	)		(162	)		(149	)		(180	)		(178	)
Other (C)		(17	)		(22	)		-			(5	)		6
Ending balance	$	414		$	386		$	396		$	386		$	410
% of receivables		0.9	%		0.9	%		0.9	%		0.9	%		0.9	%
Net write-off rate (principal only) - USCS/ICS (D)		1.8	%	(F)			(F)			(F)			(F)
Net write-off rate (principal and fees) - USCS/ICS (D)		2.0	%	(F)			(F)			(F)			(F)
30 days past due as a % of total - USCS/ICS		1.7	%	(F)			(F)			(F)			(F)
Net loss ratio (as a % of charge volume) - GCS		0.09	%		0.08	%		0.06	%		0.08	%		0.08	%
90 days past billing as a % of total - GCS		0.7	%		0.9	%		0.8	%		0.7	%		0.7	%
Worldwide Card Member loans:
Total loans	$	64.0		$	67.2		$	63.0		$	63.1		$	62.3
Loss reserves (millions):
Beginning balance	$	1,261		$	1,281		$	1,342		$	1,367		$	1,471
Provisions (A)		250			290			248			334			243
Net write-offs - principal (B)		(280	)		(253	)		(275	)		(309	)		(304	)
Net write-offs - interest and fees (B)		(42	)		(37	)		(36	)		(39	)		(38	)
Other (C)		2			(20	)		2			(11	)		(5	)
Ending balance	$	1,191		$	1,261		$	1,281		$	1,342		$	1,367
Ending reserves - principal	$	1,135		$	1,212		$	1,234		$	1,290		$	1,316
Ending reserves - interest and fees	$	56		$	49		$	47		$	52		$	51
% of loans		1.9	%		1.9	%		2.0	%		2.1	%		2.2	%
% of past due		159	%		169	%		179	%		188	%		170	%
Average loans	$	64.5		$	64.4		$	63.0		$	62.5		$	62.8
Net write-off rate (principal only) (D)		1.7	%		1.6	%		1.7	%		2.0	%		1.9	%
Net write-off rate (principal, interest and fees) (D)		2.0	%		1.8	%		2.0	%		2.2	%		2.2	%
30 days past due loans as a % of total		1.2	%		1.1	%		1.1	%		1.1	%		1.3	%
Net interest income divided by average loans (E)		8.4	%		8.1	%		8.1	%		7.7	%		8.0	%
Net interest yield on Card Member loans (E)		9.5	%		9.3	%		9.4	%		9.1	%		9.5	%

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

(B) Consists of principal (resulting from authorized transactions), interest and/or fees, less recoveries.

(C) As of the three months ended March 31, 2014, reserves related to unauthorized transactions are reflected in Other liabilities.  All periods include foreign currency translation adjustments and other items.

(D)  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.

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

(F) Historically, net  loss ratio as a % of charge volume and 90 days past billings as a % of receivables were presented for ICS and GCS.  As a result of system enhancements, effective March 31, 2014, 30 days past due as a % of total, Net write-off rate (principal only) and Net write-off rate (principal and fees) will be presented for ICS.

-11-

(Preliminary)

U.S. Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Revenues
Discount revenue, net card fees and other	$	3,017		$	2,878			5	%
Interest income		1,423			1,386			3
Interest expense		150			182			(18	)
Net interest income		1,273			1,204			6
Total revenues net of interest expense		4,290			4,082			5
Provisions for losses		342			290			18
Total revenues net of interest expense after provisions for losses		3,948			3,792			4
Expenses
Marketing, promotion, rewards, Card Member services and other		1,582			1,545			2
Salaries and employee benefits and other operating expenses		960			977			(2	)
Total		2,542			2,522			1
Pretax segment income		1,406			1,270			11
Income tax provision		530			466			14
Segment income	$	876		$	804			9
Effective tax rate		37.7	%		36.7	%

# - Denotes a variance of more than 100 percent.

-12-

(Preliminary)

U.S. Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Card billed business	$	124.3		$	116.7			7	%
Total cards-in-force (millions)		44.1			42.5			4	%
Basic cards-in-force (millions)		32.8			31.7			3	%
Average basic Card Member spending (dollars)	$	3,805		$	3,709			3	%
U.S. Consumer Travel:
Travel sales (millions)	$	974		$	1,044			(7	)%
Travel commissions and fees/sales		6.5	%		6.4	%
Total segment assets	$	98.9		$	97.8			1	%
Segment capital (millions) (A)	$	9,743		$	9,073			7	%
Return on average segment capital (B)		35.6	%		29.2	%
Return on average tangible segment capital (B)		36.9	%		30.4	%
Card Member receivables:
Total receivables	$	20.7		$	20.4			1	%
30 days past due as a % of total		1.8	%		1.9	%
Average receivables	$	20.6		$	20.0			3	%
Net write-off rate (principal only) (C)		1.8	%		2.0	%
Net write-off rate (principal and fees) (C)		2.0	%		2.2	%
Card Member loans:
Total loans	$	55.8		$	53.6			4	%
30 days past due loans as a % of total		1.1	%		1.2	%
Average loans	$	56.1		$	54.0			4	%
Net write-off rate (principal only) (C)		1.7	%		2.0	%
Net write-off rate (principal, interest and fees) (C)		1.9	%		2.2	%
Net interest income divided by average loans (D)		9.2	%		9.0	%
Net interest yield on Card Member loans (D)		9.4	%		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 Card Member loans, a non-GAAP measure, and net interest income divided by average loans, a GAAP measure, and the Company's rationale for presenting net interest yield on Card Member loans.

-13-

(Preliminary)

U.S. Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Revenues
Discount revenue, net card fees and other	$	3,017		$	3,132		$	3,050		$	3,063		$	2,878
Interest income		1,423			1,417			1,408			1,354			1,386
Interest expense		150			161			172			178			182
Net interest income		1,273			1,256			1,236			1,176			1,204
Total revenues net of interest expense		4,290			4,388			4,286			4,239			4,082
Provisions for losses		342			319			285			356			290
Total revenues net of interest expense after provisions for losses		3,948			4,069			4,001			3,883			3,792
Expenses
Marketing, promotion, rewards, Card Member services and other		1,582			1,789			1,756			1,735			1,545
Salaries and employee benefits and other operating expenses		960			988			988			973			977
Total		2,542			2,777			2,744			2,708			2,522
Pretax segment income		1,406			1,292			1,257			1,175			1,270
Income tax provision		530			428			475			432			466
Segment income	$	876		$	864		$	782		$	743		$	804
Effective tax rate		37.7	%		33.1	%		37.8	%		36.8	%		36.7	%

-14-

(Preliminary)

U.S. Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Card billed business	$	124.3		$	134.1		$	124.6		$	125.6		$	116.7
Total cards-in-force (millions)		44.1			43.7			43.4			42.9			42.5
Basic cards-in-force (millions)		32.8			32.5			32.2			31.9			31.7
Average basic Card Member spending (dollars)	$	3,805		$	4,138		$	3,882		$	3,954		$	3,709
U.S. Consumer Travel:
Travel sales	$	1.0		$	0.9		$	0.9		$	1.2		$	1.0
Travel commissions and fees/sales		6.5	%		7.4	%		7.9	%		6.7	%		6.4	%
Total segment assets	$	98.9		$	103.5		$	95.2		$	96.5		$	97.8
Segment capital (A)	$	9.7		$	9.3		$	9.1		$	8.7		$	9.1
Return on average segment capital (B)		35.6	%		35.6	%		30.8	%		29.9	%		29.2	%
Return on average tangible segment capital (B)		36.9	%		37.0	%		32.0	%		31.2	%		30.4	%
Card Member receivables:
Total receivables	$	20.7		$	21.8		$	20.3		$	20.9		$	20.4
30 days past due as a % of total		1.8	%		1.6	%		1.7	%		1.6	%		1.9	%
Average receivables	$	20.6		$	21.2		$	20.5		$	20.5		$	20.0
Net write-off rate (principal only) (C)		1.8	%		1.5	%		1.4	%		1.9	%		2.0	%
Net write-off rate (principal and fees) (C)		2.0	%		1.7	%		1.6	%		2.1	%		2.2	%
Card Member loans:
Total loans	$	55.8		$	58.4		$	54.5		$	54.6		$	53.6
30 days past due loans as a % of total		1.1	%		1.1	%		1.1	%		1.1	%		1.2	%
Average loans	$	56.1		$	55.8		$	54.7		$	54.0		$	54.0
Net write-off rate (principal only) (C)		1.7	%		1.5	%		1.7	%		2.0	%		2.0	%
Net write-off rate (principal, interest and fees) (C)		1.9	%		1.7	%		1.9	%		2.2	%		2.2	%
Net interest income divided by average loans (D)		9.2	%		8.9	%		9.0	%		8.7	%		9.0	%
Net interest yield on Card Member loans (D)		9.4	%		9.2	%		9.3	%		9.1	%		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 Card Member loans, a non-GAAP measure, and net interest income divided by average loans, a GAAP measure, and the Company's rationale for presenting net interest yield on Card Member loans.

-15-

(Preliminary)

International Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Revenues
Discount revenue, net card fees and other	$	1,157		$	1,124			3	%
Interest income		277			290			(4	)
Interest expense		82			97			(15	)
Net interest income		195			193			1
Total revenues net of interest expense		1,352			1,317			3
Provisions for losses		87			81			7
Total revenues net of interest expense after provisions for losses		1,265			1,236			2
Expenses
Marketing, promotion, rewards, Card Member services and other		496			452			10
Salaries and employee benefits and other operating expenses		566			591			(4	)
Total		1,062			1,043			2
Pretax segment income		203			193			5
Income tax provision		44			15			#
Segment income	$	159		$	178			(11	)
Effective tax rate		21.7	%		7.8	%

# - Denotes a variance of more than 100 percent.

-16-

(Preliminary)

International Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Card billed business	$	31.9		$	31.3			2	%
Total cards-in-force (millions)		15.7			15.6			1	%
Basic cards-in-force (millions)		10.9			10.6			3	%
Average basic Card Member spending (dollars)	$	2,942		$	2,961			(1	)%
International Consumer Travel:
Travel sales (millions)	$	353		$	340			4
Travel commissions and fees/sales		6.2	%		6.8	%
Total segment assets	$	30.4		$	31.1			(2	)%
Segment capital (millions) (A)	$	3,019		$	2,981			1	%
Return on average segment capital (B)		20.0	%		20.9	%
Return on average tangible segment capital (B)		36.8	%		40.3	%
Card Member receivables:
Total receivables	$	7.2		$	7.1			1
30 days past billing as a % of total		1.4	%	(E)
Net write-off rate (principal only) (C)		1.9	%	(E)
Net write-off rate (principal and fees) (C)		2.0	%	(E)
90 days past billing as a % of total	(E)				1.1	%
Net loss ratio (as a % of charge volume)	(E)				0.18	%
Card Member loans:
Total loans	$	8.2		$	8.6			(5	)%
30 days past due loans as a % of total		1.7	%		1.7	%
Average loans	$	8.3		$	8.8			(6	)%
Net write-off rate (principal only) (C)		2.2	%		1.8	%
Net write-off rate (principal, interest and fees) (C)		2.7	%		2.3	%
Net interest income divided by average loans (D)		9.5	%		8.9	%
Net interest yield on Card Member loans (D)		10.1	%		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.

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

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

(E) Historically, net  loss ratio as a % of charge volume and 90 days past billings as a % of receivables were presented.  As a result of system enhancements, effective March 31, 2014, 30 days past due as a % of total, Net write-off rate (principal only) and Net write-off rate (principal and fees) will be presented.

-17-

(Preliminary)

International Card Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Revenues
Discount revenue, net card fees and other	$	1,157		$	1,229		$	1,161		$	1,130		$	1,124
Interest income		277			288			281			259			290
Interest expense		82			88			86			90			97
Net interest income		195			200			195			169			193
Total revenues net of interest expense		1,352			1,429			1,356			1,299			1,317
Provisions for losses		87			110			96			101			81
Total revenues net of interest expense after provisions for losses		1,265			1,319			1,260			1,198			1,236
Expenses
Marketing, promotion, rewards, Card Member services and other		496			585			498			478			452
Salaries and employee benefits and other operating expenses		566			626			576			564			591
Total		1,062			1,211			1,074			1,042			1,043
Pretax segment income		203			108			186			156			193
Income tax provision/(benefit)		44			5			44			(52	)		15
Segment income	$	159		$	103		$	142		$	208		$	178
Effective tax rate		21.7	%		4.6	%		23.7	%		-33.3	%		7.8	%

-18-

(Preliminary)

International Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Card billed business	$	31.9		$	35.5		$	32.5		$	32.3		$	31.3
Total cards-in-force (millions)		15.7			15.7			15.5			15.6			15.6
Basic cards-in-force (millions)		10.9			10.7			10.6			10.6			10.6
Average basic Card Member spending (dollars)	$	2,942		$	3,336		$	3,076		$	3,058		$	2,961
International Consumer Travel:
Travel sales	$	0.4		$	0.4		$	0.4		$	0.4		$	0.3
Travel commissions and fees/sales		6.2	%		7.1	%		7.0	%		6.8	%		6.8	%
Total segment assets	$	30.4		$	31.1		$	30.4		$	29.7		$	31.1
Segment capital (A)	$	3.0		$	3.1		$	3.1		$	3.1		$	3.0
Return on average segment capital (B)		20.0	%		20.9	%		20.8	%		21.9	%		20.9	%
Return on average tangible segment capital (B)		36.8	%		38.8	%		39.1	%		41.7	%		40.3	%
Card Member receivables:
Total receivables	$	7.2		$	7.8		$	7.2		$	7.2		$	7.1
30 days past billing as a % of total		1.4	%	(E)			(E)			(E)			(E)
Net write-off rate (principal only) (C)		1.9	%	(E)			(E)			(E)			(E)
Net write-off rate (principal and fees) (C)		2.0	%	(E)			(E)			(E)			(E)
90 days past billing as a % of total	(E)				1.1	%		1.1	%		1.1	%		1.1	%
Net loss ratio (as a % of charge volume)	(E)				0.19	%		0.21	%		0.21	%		0.18	%
Card Member loans:
Total loans	$	8.2		$	8.8		$	8.4		$	8.4		$	8.6
30 days past due loans as a % of total		1.7	%		1.4	%		1.5	%		1.6	%		1.7	%
Average loans	$	8.3		$	8.5		$	8.3		$	8.5		$	8.8
Net write-off rate (principal only) (C)		2.2	%		1.8	%		1.9	%		1.9	%		1.8	%
Net write-off rate (principal, interest and fees) (C)		2.7	%		2.2	%		2.4	%		2.4	%		2.3	%
Net interest income divided by average loans (D)		9.5	%		9.3	%		9.3	%		8.0	%		8.9	%
Net interest yield on Card Member loans (D)		10.1	%		10.0	%		10.4	%		9.2	%		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.

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

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

(E) Historically, net  loss ratio as a % of charge volume and 90 days past billings as a % of receivables were presented.  As a result of system enhancements, effective March 31, 2014, 30 days past due as a % of total, Net write-off rate (principal only) and Net write-off rate (principal and fees) will be presented.

-19-

(Preliminary)

Global Commercial Services

Selected Income Statement Data

(Millions)

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Revenues
Discount revenue, net card fees and other	$	1,249		$	1,220			2	%
Interest income		4			3			33
Interest expense		59			60			(2	)
Net interest expense		(55	)		(57	)		(4	)
Total revenues net of interest expense		1,194			1,163			3
Provisions for losses		38			28			36
Total revenues net of interest expense after provisions for losses		1,156			1,135			2
Expenses
Marketing, promotion, rewards, Card Member services and other		166			150			11
Salaries and employee benefits and other operating expenses		705			702			-
Total		871			852			2
Pretax segment income		285			283			1
Income tax provision		101			92			10
Segment income	$	184		$	191			(4	)
Effective tax rate		35.4	%		32.5	%

-20-

(Preliminary)

Global Commercial Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Card billed business	$	45.5		$	42.8			6	%
Total cards-in-force (millions)		7.1			7.0			1
Basic cards-in-force (millions)		7.1			7.0			1
Average basic Card Member spending (dollars)	$	6,429		$	6,105			5	%
Global Corporate Travel:
Travel sales (millions)	$	4,698		$	4,653			1	%
Travel commissions and fees/sales		7.2	%		7.4	%
Total segment assets	$	21.6		$	20.5			5	%
Segment capital (millions) (A)	$	3,786		$	3,636			4	%
Return on average segment capital (B)		23.2	%		18.0	%
Return on average tangible segment capital (B)		44.4	%		35.2	%
Card Member receivables:
Total receivables	$	16.6		$	15.7			6	%
90 days past billing as a % of total		0.7	%		0.7	%
Net loss ratio (as a % of charge volume)		0.09	%		0.08	%

(A) Segment capital represents capital allocated to a segment based upon specific business operational needs, risk measures, and regulatory capital requirements.

(B) Refer to Appendix II for components of return on average segment capital and return on average tangible segment capital, a non-GAAP measure.

-21-

(Preliminary)

Global Commercial Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Revenues
Discount revenue, net card fees and other	$	1,249		$	1,298		$	1,277		$	1,290		$	1,220
Interest income		4			4			3			3			3
Interest expense		59			64			59			62			60
Net interest expense		(55	)		(60	)		(56	)		(59	)		(57	)
Total revenues net of interest expense		1,194			1,238			1,221			1,231			1,163
Provisions for losses		38			36			29			36			28
Total revenues net of interest expense after provisions for losses		1,156			1,202			1,192			1,195			1,135
Expenses
Marketing, promotion, rewards, Card Member services and other		166			162			148			144			150
Salaries and employee benefits and other operating expenses		705			753			703			718			702
Total		871			915			851			862			852
Pretax segment income		285			287			341			333			283
Income tax provision		101			105			80			107			92
Segment income	$	184		$	182		$	261		$	226		$	191
Effective tax rate		35.4	%		36.6	%		23.5	%		32.1	%		32.5	%

-22-

(Preliminary)

Global Commercial Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Card billed business	$	45.5		$	45.0		$	43.2		$	44.4		$	42.8
Total cards-in-force (millions)		7.1			7.1			7.1			7.0			7.0
Basic cards-in-force (millions)		7.1			7.1			7.1			7.0			7.0
Average basic Card Member spending (dollars)	$	6,429		$	6,361		$	6,139		$	6,317		$	6,105
Global Corporate Travel:
Travel sales	$	4.7		$	4.8		$	4.5		$	5.0		$	4.7
Travel commissions and fees/sales		7.2	%		8.3	%		8.8	%		7.9	%		7.4	%
Total segment assets	$	21.6		$	19.2		$	20.5		$	20.5		$	20.5
Segment capital (A)	$	3.8		$	3.7		$	3.6		$	3.7		$	3.6
Return on average segment capital (B)		23.2	%		23.6	%		20.4	%		18.3	%		18.0	%
Return on average tangible segment capital (B)		44.4	%		45.8	%		39.9	%		35.9	%		35.2	%
Card Member receivables:
Total receivables	$	16.6		$	14.4		$	15.9		$	15.9		$	15.7
90 days past billing as a % of total		0.7	%		0.9	%		0.8	%		0.7	%		0.7	%
Net loss ratio (as a % of charge volume)		0.09	%		0.08	%		0.06	%		0.08	%		0.08	%

(A) Segment capital represents capital allocated to a segment based upon specific business operational needs, risk measures, and regulatory capital requirements.

(B) Refer to Appendix II for components of return on average segment capital and return on average tangible segment capital, a non-GAAP measure.

-23-

(Preliminary)

Global Network & Merchant Services

Selected Income Statement Data

(Millions)

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Revenues
Discount revenue, fees and other	$	1,293		$	1,234			5	%
Interest income		10			7			43
Interest expense		(62	)		(62	)		-
Net interest income		72			69			4
Total revenues net of interest expense		1,365			1,303			5
Provisions for losses		16			19			(16	)
Total revenues net of interest expense after provisions for losses		1,349			1,284			5
Expenses
Marketing, promotion, rewards, Card Member services and other		156			158			(1	)
Salaries and employee benefits and other operating expenses		491			544			(10	)
Total		647			702			(8	)
Pretax segment income		702			582			21
Income tax provision		259			209			24
Segment income	$	443		$	373			19
Effective tax rate		36.9	%		35.9	%

-24-

(Preliminary)

Global Network & Merchant Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended March 31,						Percentage
	2014			2013			Inc/(Dec)
Global Card billed business (A)	$	238.1		$	224.5			6	%
Global Network & Merchant Services:
Total segment assets	$	18.3		$	22.0			(17	)%
Segment capital (millions) (B)	$	1,931		$	2,068			(7	)%
Return on average segment capital (C)		81.2	%		69.1	%
Return on average tangible segment capital (C)		89.7	%		76.4	%
Global Network Services:
Card billed business	$	36.6		$	33.2			10	%
Total cards-in-force (millions)		41.3			38.1			8	%

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

(B) Segment capital represents capital allocated to a segment based upon specific business operational needs, risk measures, and regulatory capital requirements.

(C) Refer to Appendix II for components of return on average segment capital and return on average tangible segment capital, a non-GAAP measure.

-25-

(Preliminary)

Global Network & Merchant Services

Selected Income Statement Data

(Millions)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Revenues
Discount revenue, fees and other	$	1,293		$	1,373		$	1,309		$	1,313		$	1,234
Interest income		10			9			8			8			7
Interest expense		(62	)		(65	)		(62	)		(63	)		(62	)
Net interest income		72			74			70			71			69
Total revenues net of interest expense		1,365			1,447			1,379			1,384			1,303
Provisions for losses		16			14			13			21			19
Total revenues net of interest expense after provisions for losses		1,349			1,433			1,366			1,363			1,284
Expenses
Marketing, promotion, rewards, Card Member services and other		156			158			200			188			158
Salaries and employee benefits and other operating expenses		491			643			558			528			544
Total		647			801			758			716			702
Pretax segment income		702			632			608			647			582
Income tax provision		259			233			217			235			209
Segment income	$	443		$	399		$	391		$	412		$	373
Effective tax rate		36.9	%		36.9	%		35.7	%		36.3	%		35.9	%

-26-

(Preliminary)

Global Network & Merchant Services

Selected Statistical Information

(Billions, except percentages and where indicated)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Global Card billed business (A)	$	238.1		$	254.0		$	236.2		$	237.7		$	224.5
Global Network & Merchant Services:
Total segment assets	$	18.3		$	17.1		$	17.8		$	22.6		$	22.0
Segment capital (B)	$	1.9		$	2.0		$	2.0		$	2.1		$	2.1
Return on average segment capital (C)		81.2	%		76.8	%		73.4	%		71.0	%		69.1	%
Return on average tangible segment capital (C)		89.7	%		84.9	%		81.1	%		78.4	%		76.4	%
Global Network Services:
Card billed business	$	36.6		$	39.3		$	35.9		$	35.8		$	33.2
Total cards-in-force (millions)		41.3			40.7			39.4			38.8			38.1

(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.

-27-

(Preliminary)

American Express Company

Components of Return on Average Equity (ROE), Return on Average Common Equity (ROCE),

and Return on Average Tangible Common Equity (ROTCE)

Appendix I

(Millions)

	For the Twelve Months Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
ROE
Net income	$	5,511		$	5,359		$	4,688		$	4,572		$	4,506
Average shareholders' equity	$	19,442		$	19,254		$	19,289		$	19,372		$	19,426
Return on average equity (A)		28.3	%		27.8	%		24.3	%		23.6	%		23.2	%
Reconciliation of ROCE and ROTCE
Net income	$	5,511		$	5,359		$	4,688		$	4,572		$	4,506
Earnings allocated to participating share awards and other		48			47			43			45			46
Net income attributable to common shareholders	$	5,463		$	5,312		$	4,645		$	4,527		$	4,460
Average shareholders' equity	$	19,442		$	19,254		$	19,289		$	19,372		$	19,426
Average common shareholders' equity	$	19,442		$	19,254		$	19,289		$	19,372		$	19,426
Average goodwill and other intangibles		4,012			4,055			4,091			4,128			4,181
Average tangible common shareholders' equity	$	15,430		$	15,199		$	15,198		$	15,244		$	15,245
Return on average common equity (A)		28.1	%		27.6	%		24.1	%		23.4	%		23.0	%
Return on average tangible common equity (B)		35.4	%		34.9	%		30.6	%		29.7	%		29.3	%

(A) Return on average equity and return on average common equity are calculated by dividing one year period net income/net income attributable to common shareholders by one year average total shareholders’ equity/average common shareholders' equity, respectively.

(B) Return on average tangible common equity, a non-GAAP measure, is computed in the same manner as return on average common equity except the computation of average tangible common shareholders' equity, a non-GAAP measure, excludes from average total shareholders' equity, average goodwill and other intangibles. The Company believes that return on average tangible common equity is a useful measure of the profitability of its business.

-28-

(Preliminary)

American Express Company

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

Appendix II

(Millions)

	For the Twelve Months Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
U.S. Card Services
Segment income	$	3,265		$	3,193		$	2,752		$	2,669		$	2,644
Average segment capital	$	9,180		$	8,974		$	8,940		$	8,921		$	9,053
Average goodwill and other intangibles		323			334			345			357			368
Average tangible segment capital	$	8,857		$	8,640		$	8,595		$	8,564		$	8,685
Return on average segment capital (A)		35.6	%		35.6	%		30.8	%		29.9	%		29.2	%
Return on average tangible segment capital (A)		36.9	%		37.0	%		32.0	%		31.2	%		30.4	%
International Card Services
Segment income	$	612		$	631		$	623		$	645		$	615
Average segment capital	$	3,053		$	3,024		$	2,990		$	2,946		$	2,937
Average goodwill and other intangibles		1,389			1,396			1,398			1,398			1,412
Average tangible segment capital	$	1,664		$	1,628		$	1,592		$	1,548		$	1,525
Return on average segment capital (A)		20.0	%		20.9	%		20.8	%		21.9	%		20.9	%
Return on average tangible segment capital (A)		36.8	%		38.8	%		39.1	%		41.7	%		40.3	%
Global Commercial Services
Segment income	$	853		$	860		$	743		$	665		$	658
Average segment capital	$	3,679		$	3,647		$	3,637		$	3,639		$	3,663
Average goodwill and other intangibles		1,759			1,768			1,775			1,785			1,796
Average tangible segment capital	$	1,920		$	1,879		$	1,862		$	1,854		$	1,867
Return on average segment capital (A)		23.2	%		23.6	%		20.4	%		18.3	%		18.0	%
Return on average tangible segment capital (A)		44.4	%		45.8	%		39.9	%		35.9	%		35.2	%
Global Network & Merchant Services
Segment income	$	1,645		$	1,575		$	1,530		$	1,499		$	1,459
Average segment capital	$	2,026		$	2,050		$	2,084		$	2,111		$	2,110
Average goodwill and other intangibles		193			195			197			199			201
Average tangible segment capital	$	1,833		$	1,855		$	1,887		$	1,912		$	1,909
Return on average segment capital (A)		81.2	%		76.8	%		73.4	%		71.0	%		69.1	%
Return on average tangible segment capital (A)		89.7	%		84.9	%		81.1	%		78.4	%		76.4	%

(A) Return on average segment capital is calculated by dividing one year period segment income by one year average segment capital.  Return on average tangible segment capital, a non-GAAP measure, is computed in the same manner as return on average segment capital except the computation of average tangible segment capital, a non-GAAP measure, excludes average goodwill and other intangibles.  The Company believes that return on average tangible segment capital is a useful measure of the profitability of its business.

-29-

(Preliminary)

American Express Company

Net Interest Yield on Card Member Loans

Appendix III

(Millions)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Net interest income	$	1,337		$	1,319		$	1,283		$	1,202		$	1,243
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio	$	263		$	279		$	296		$	295		$	311
Interest income not attributable to the Company's Card Member loan portfolio	$	(88	)	$	(91	)	$	(87	)	$	(88	)	$	(95	)
Adjusted net interest income (A)	$	1,512		$	1,507		$	1,492		$	1,409		$	1,459
Average loans (billions)	$	64.5		$	64.4		$	63.0		$	62.5		$	62.8
Exclude:
Unamortized deferred card fees, net of direct acquisition costs of Card Member loans, and other (billions)	$	(0.2	)	$	(0.2	)	$	(0.2	)	$	(0.3	)	$	(0.3	)
Adjusted average loans (billions) (B)	$	64.3		$	64.2		$	62.8		$	62.2		$	62.5
Net interest income divided by average loans (C)		8.4	%		8.1	%		8.1	%		7.7	%		8.0	%
Net interest yield on Card Member loans (D)		9.5	%		9.3	%		9.4	%		9.1	%		9.5	%

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

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

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

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

-30-

(Preliminary)

U. S. Card Services and International Card Services

Net Interest Yield on Card Member Loans

Appendix IV

(Millions)

	Quarters Ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
USCS:
Net interest income	$	1,273		$	1,256		$	1,236		$	1,176		$	1,204
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio	$	39		$	43		$	45		$	47		$	48
Interest income not attributable to the Company's Card Member loan portfolio	$	(3	)	$	(2	)	$	(3	)	$	(2	)	$	(2	)
Adjusted net interest income (A)	$	1,309		$	1,297		$	1,278		$	1,221		$	1,250
Average loans (billions)	$	56.1		$	55.8		$	54.7		$	54.0		$	54.0
Exclude:
Unamortized deferred card fees, net of direct acquisition costs of Card Member loans (billions)	$	0.1		$	-		$	-		$	-		$	-
Adjusted average loans (billions) (B)	$	56.2		$	55.8		$	54.7		$	54.0		$	54.0
Net interest income divided by average loans (C)		9.2	%		8.9	%		9.0	%		8.7	%		9.0	%
Net interest yield on Card Member loans (D)		9.4	%		9.2	%		9.3	%		9.1	%		9.4	%
ICS:
Net interest income	$	195		$	200		$	195		$	169		$	193
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio	$	18		$	21		$	23		$	26		$	23
Interest income not attributable to the Company's Card Member loan portfolio	$	(10	)	$	(11	)	$	(6	)	$	(5	)	$	(7	)
Adjusted net interest income (A)	$	203		$	210		$	212		$	190		$	209
Average loans (billions)	$	8.3		$	8.5		$	8.3		$	8.5		$	8.8
Exclude:
Unamortized deferred card fees, net of direct acquisition costs of Card Member loans, and other (billions)	$	(0.2	)	$	(0.2	)	$	(0.2	)	$	(0.2	)	$	(0.3	)
Adjusted average loans (billions) (B)	$	8.1		$	8.3		$	8.1		$	8.3		$	8.5
Net interest income divided by average loans (C)		9.5	%		9.3	%		9.3	%		8.0	%		8.9	%
Net interest yield on Card Member loans (D)		10.1	%		10.0	%		10.4	%		9.2	%		10.0	%

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

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

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

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

-31-