American Express (AXP) 8-K American Express Reports Second Quarter Eps of $1.42, Versus $1.43 a Year Ago

EXHIBIT 99.1

News Release News Release News Release News Release News Release News Release

FOR IMMEDIATE RELEASE

Media Contact:

Marina H. Norville, marina.h.norville@aexp.com, +1.212.640.2832

Investors/Analysts Contacts:

Ken Paukowits, ken.f.paukowits@aexp.com, +1.212.640.6348

Toby Willard, sherwood.s.willardjr@aexp.com, +1.212.640.5574

AMERICAN EXPRESS REPORTS SECOND QUARTER EPS OF $1.42, VERSUS $1.43 A YEAR AGO

PERFORMANCE REFLECTS EXPENSE CONTROLS, HIGHER LOANS AND

CARD MEMBER SPENDING, WHICH HELPED TO MITIGATE THE IMPACT OF STRONGER U.S. DOLLAR AND YEAR-AGO BUSINESS TRAVEL BENEFITS

(Millions, except percentages and per share amounts)

	Quarters Ended June 30,						Percentage Inc/(Dec)			Six Months Ended June 30,						Percentage Inc/(Dec)
	2015			2014						2015			2014
Total Revenues Net of Interest Expense	$	8,284		$	8,631			(4	)%	$	16,234		$	16,804			(3	)%
Net Income	$	1,473		$	1,529			(4	)%	$	2,998		$	2,961			1	%
Earnings Per Common Share – Diluted:
Net Income Attributable to Common Shareholders1	$	1.42		$	1.43			(1	)%	$	2.90		$	2.77			5	%
Average Diluted Common Shares Outstanding		1,013			1,058			(4	)%		1,018			1,062			(4	)%
Return on Average Equity		28.1	%		28.8	%					28.1	%		28.8	%

New York – July 22, 2015 - American Express Company (NYSE: AXP) today reported second-quarter net income of $1.47 billion, down from $1.53 billion a year ago. Diluted earnings per share decreased 1 percent to $1.42, from $1.43 a year ago.

Results for the quarter were negatively affected by the significant impact of a stronger U.S. dollar on international operations. The year-ago quarter included business travel operations and a gain related to the business travel joint venture transaction.

Consolidated total revenues net of interest expense totaled $8.3 billion for the second quarter, down 4 percent from $8.6 billion a year ago. Excluding the impact of foreign exchange rates² and business travel results in the year-ago period, adjusted revenues rose 5 percent.³ The increase primarily reflected higher Card Member spending and growth in the loan portfolio.

¹ Represents net income less earnings allocated to participating share awards of $11 million and $12 million for the three months ended June 30, 2015 and 2014, respectively, and $22 million and $24 million for the six months ended June 30, 2015 and 2014, respectively. In addition, net income is further reduced by dividends on preferred shares of $20 million for both the three and six months ended June 30, 2015. No preferred dividends were paid in 2014.

² As reported in this release, FX adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the three months ended June 30, 2015 apply to the period(s) against which such results are being compared). Certain amounts included in the calculations of FX-adjusted revenues and expenses, which constitute non-GAAP measures, are subject to management allocations. The company believes the presentation of information on an FX adjusted basis is helpful to investors by making it easier to compare the company's performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

³ Adjusted revenue growth is a non-GAAP measure and excludes the impact of changes in foreign exchange rates and the company's business travel operations in Q2'14 from total revenues net of interest expense. Management believes this metric is useful in evaluating the ongoing operating performance of the company. See Appendix V in the selected statistical tables for a reconciliation to total revenues net of interest expense on a GAAP basis.

-1-

Consolidated provisions for losses totaled $467 million, down 4 percent from $489 million a year ago. The decrease reflected lower net write-offs in the current quarter, offset, in part, by the effect of a larger reserve release a year ago.

Consolidated expenses totaled $5.6 billion, down 4 percent (flat FX-adjusted²) from $5.8 billion a year ago. The year-ago quarter included business travel operations and the previously mentioned joint venture transaction gain (which was reported as an expense reduction). The gain was partially offset by several other year-ago items, including incremental investments, a restructuring charge and transaction-related costs.

The effective tax rate for the quarter remained unchanged from a year ago at 34 percent.

The company's return on average equity (ROE) was 28.1 percent, down from28.8 percent a year ago.

"We delivered solid underlying earnings performance this quarter," said Kenneth I. Chenault, chairman and chief executive officer. "Disciplined expense control and a substantial return of capital to shareholders through share repurchases together with higher Card Member spending and loan volumes helped to mitigate the negative impact of a strong U.S. dollar and the year-ago benefits from Global Business Travel, which now operates as a joint venture.

"Against the backdrop of an uneven global economy, Card Member spending grew 6 percent, adjusted for FX, with strong performance in most international regions. Our credit metrics remained at, or near, historically low levels.

"Lower operating expenses this quarter largely offset the higher costs related to previously renewed co-brand partnerships.

"We continue to see opportunities across the company and this quarter marked the initial stage of a ramp up in investment spending on growth initiatives. As planned, we expect to increase our investments substantially in the second half of the year. Our focus will be on: acquiring new Card Members; gaining additional business from consumer, small business and middle market customers; expanding our presence internationally; growing our merchant network; building our loyalty coalition business; and introducing new digital capabilities."

-2-

Segment Results

U.S. Card Services reported second-quarter net income of $886 million, up 15 percent from $770 million a year ago.

Total revenues net of interest expense increased 6 percent to $4.7 billion from $4.5 billion a year ago. The rise largely reflected an increase in Card Member spending and higher net interest income from the growth in the loan portfolio.

Provisions for losses totaled $327 million, down 4 percent from $339 million a year ago. The decrease reflected lower net write-offs in the current quarter, offset, in part, by a larger reserve release a year ago.

Total expenses increased 4 percent to $3.0 billion from $2.9 billion a year ago. The rise primarily reflected higher rewards and Card Member services expenses driven by increased Card Member spending volumes and increased costs related to certain previously renewed co-brand partnerships.

The effective tax rate was 35 percent compared to 36 percent a year ago.

International Card Services reported second-quarter net income of $125million, up 62 percent from $77 million a year ago.

Total revenues net of interest expense were $1.3 billion, down 10 percent from $1.4 billion a year ago. Revenues rose 5 percent on an FX-adjusted basis,² primarily reflecting higher FX-adjusted net interest income and net card fees.

Total expenses were $1.0 billion, down 16 percent (down 8 percent FX-adjusted²) from $1.2 billion a year ago. The year-ago period included a portion of the incremental investments and restructuring charge mentioned earlier.

The effective tax rate was 13 percent compared to (12) percent a year ago, reflecting the impact of recurring permanent tax benefits on varying levels of pretax income.

Global Commercial Services reported second-quarter net income of $203million, down 64 percent from $561 million a year ago, which included the joint venture transaction gain.

Total revenues net of interest expense were $881 million, down 31 percent (down 27 percent FX-adjusted²) from $1.3 billion a year ago. Year-ago revenues included the company's business travel operations.

Total expenses increased 45 percent (up 67 percent FX-adjusted²) to $525 million from $361 million a year ago. The increase primarily reflected the joint venture transaction gain in the prior year (which was reported as an expense reduction).

-3-

Global Network & Merchant Services reported second-quarter net income of $448million, up 20 percent from $373 million a year ago.

Total revenues net of interest expense decreased 4 percent to $1.4 billion from $1.5 billion a year ago. Revenues increased 2 percent on an FX-adjusted basis,² reflecting higher global Card Member spending.

Total expenses decreased 20 percent to $688 million from $859 million a year ago. The year-ago period included a portion of the incremental investments mentioned earlier.

Corporate and Other reported second-quarter net loss of $189 million compared with net loss of $252 million in the year-ago period.

# # #

About American Express

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products and services: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card and business travel.

The 2015 Second Quarter Earnings Supplement will be available today on the American Express website at http://ir.americanexpress.com. An investor conference call will be held at 5:00 p.m. (ET) today to discuss second-quarter earnings results. Live audio and presentation slides for the investor conference call will be available to the general public at the same website. A replay of the conference call will be available later today at the same website address.

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the company's expected business and financial performance and are subject to risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including those described in the 2015 Second Quarter Earnings Supplement of American Express Company furnished today as an exhibit to a Current Report on Form 8-K, the company's Annual Report on Form 10-K for the year ended December 31, 2014 and the company's other reports on file with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements.

-4-

American Express Company	(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)

	Quarters Ended															% Change			Six Months Ended						% Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30, 2015 vs.			Jun 30,						Jun 30, 2015 vs.
	2015			2015			2014			2014			2014			Jun 30, 2014			2015			2014			Jun 30, 2014
Revenues
Non-interest revenues
Discount revenue (A)	$	4,946		$	4,660		$	4,961		$	4,889		$	4,919			1		$	9,606		$	9,539			1
Net card fees		667			667			671			680			687			(3	)		1,334			1,361			(2	)
Travel commissions and fees		95			89			91			104			500			(81	)		184			923			(80	)
Other commissions and fees		632			619			624			642			624			1			1,251			1,242			1
Other		521			468			1,310			593			585			(11	)		989			1,086			(9	)
Total non-interest revenues		6,861			6,503			7,657			6,908			7,315			(6	)		13,364			14,151			(6	)
Interest income
Interest on loans		1,776			1,795			1,769			1,753			1,696			5			3,571			3,407			5
Interest and dividends on     investment securities		41			41			43			45			45			(9	)		82			91			(10	)
Deposits with banks and other		20			21			17			17			18			11			41			37			11
Total interest income		1,837			1,857			1,829			1,815			1,759			4			3,694			3,535			4
Interest expense
Deposits		109			103			97			91			91			20			212			185			15
Long-term debt and other		305			307			308			329			352			(13	)		612			697			(12	)
Total interest expense		414			410			405			420			443			(7	)		824			882			(7	)
Net interest income		1,423			1,447			1,424			1,395			1,316			8			2,870			2,653			8
Total revenues net of interest     expense		8,284			7,950			9,081			8,303			8,631			(4	)		16,234			16,804			(3	)
Provisions for losses
Charge card		165			174			198			196			183			(10	)		339			398			(15	)
Card Member loans		285			235			341			265			282			1			520			532			(2	)
Other		17			11			43			27			24			(29	)		28			44			(36	)
Total provisions for losses		467			420			582			488			489			(4	)		887			974			(9	)
Total revenues net of interest      expense after provisions for      losses		7,817			7,530			8,499			7,815			8,142			(4	)		15,347			15,830			(3	)
Expenses
Marketing and promotion (A)		761			609			887			783			959			(21	)		1,370			1,546			(11	)
Card Member rewards		1,799			1,640			1,881			1,695			1,773			1			3,439			3,355			3
Card Member services and other		242			261			203			205			192			26			503			414			21
Salaries and employee benefits		1,250			1,305			1,607			1,290			1,658			(25	)		2,555			3,198			(20	)
Professional services		655			624			768			731			817			(20	)		1,279			1,509			(15	)
Occupancy and equipment		415			434			446			432			467			(11	)		849			929			(9	)
Communications		85			88			98			91			101			(16	)		173			194			(11	)
Other, net		380			253			384			342			(137	)		#			633			165			#
Total		5,587			5,214			6,274			5,569			5,830			(4	)		10,801			11,310			(5	)
Pretax income		2,230			2,316			2,225			2,246			2,312			(4	)		4,546			4,520			1
Income tax provision		757			791			778			769			783			(3	)		1,548			1,559			(1	)
Net income	$	1,473		$	1,525		$	1,447		$	1,477		$	1,529			(4	)	$	2,998		$	2,961			1
Net income attributable to     common shareholders (B)	$	1,442		$	1,514		$	1,436		$	1,466		$	1,517			(5	)	$	2,956		$	2,937			1
Effective tax rate		33.9	%		34.2	%		35.0	%		34.2	%		33.9	%					34.0	%		34.5	%
Earnings Per Common Share
BASIC
Net income attributable to         common shareholders	$	1.43		$	1.49		$	1.40		$	1.41		$	1.44			(1	)	$	2.92		$	2.78			5
Average common shares         outstanding		1,009			1,019			1,028			1,041			1,052			(4	)		1,013			1,056			(4	)
DILUTED
Net income attributable to         common shareholders	$	1.42		$	1.48		$	1.39		$	1.40		$	1.43			(1	)	$	2.90		$	2.77			5
Average common shares         outstanding		1,013			1,023			1,033			1,047			1,058			(4	)		1,018			1,062			(4	)
Cash dividends declared per         common share	$	0.29		$	0.26		$	0.26		$	0.26		$	0.26			12		$	0.55		$	0.49			12

# - Denotes a variance of more than 100 percent.

See Appendix VI for footnote references

-5-

American Express Company

Condensed Consolidated Balance Sheets

(Billions, except percentages, per share amounts and where indicated)

	Quarters Ended															% Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30, 2015 vs.
	2015			2015			2014			2014			2014			Jun 30, 2014
Assets
Cash & cash equivalents	$	21		$	24		$	22		$	21		$	18			17
Accounts receivable		47			46			47			47			49			(4	)
Investment securities		5			4			4			5			5			-
Loans		69			67			70			66			66			5
Other assets		15			14			16			15			14			7
Total assets	$	157		$	155		$	159		$	154		$	152			3
Liabilities and Shareholders' Equity
Customer deposits	$	47		$	45		$	44		$	43		$	42			12
Short-term borrowings		4			2			3			3			3			33
Long-term debt		53			55			58			56			55			(4	)
Other liabilities		31			31			33			32			32			(3	)
Total liabilities		135			133			138			134			132			2
Shareholders' Equity		22			22			21			20			20			10
Total liabilities and shareholders' equity	$	157		$	155		$	159		$	154		$	152			3
Selected Statistical Information
Return on average equity (C)		28.1	%		29.0	%		29.1	%		28.8	%		28.8	%
Return on average common equity (C)		28.8	%		29.3	%		29.0	%		28.6	%		28.5	%
Return on average tangible common equity (C)		35.4	%		36.2	%		35.9	%		35.6	%		35.8	%
Common shares outstanding (millions)		1,002			1,016			1,023			1,035			1,046			(4	)
Book value per common share (dollars)	$	21.85		$	21.49		$	20.21		$	19.54		$	19.32			13
Shareholders' equity	$	21.9		$	21.8		$	20.7		$	20.2		$	20.2			8

# - Denotes a variance of more than 100 percent.

See Appendix VI for footnote references

-6-

American Express Company

Financial Summary

(Millions)

	Quarters Ended															% Change			Six Months Ended						% Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30, 2015 vs.			Jun 30,						Jun 30, 2015 vs.
	2015			2015			2014			2014			2014			Jun 30, 2014			2015			2014			Jun 30, 2014
Total revenues net of interest expense
U.S. Card Services	$	4,726		$	4,525		$	4,594		$	4,501		$	4,451			6		$	9,251		$	8,715			6
International Card Services		1,258			1,241			1,355			1,394			1,391			(10	)		2,499			2,743			(9	)
Global Commercial Services		881			827			1,585			900			1,269			(31	)		1,708			2,463			(31	)
Global Network & Merchant Services		1,396			1,344			1,477			1,450			1,455			(4	)		2,740			2,820			(3	)
		8,261			7,937			9,011			8,245			8,566			(4	)		16,198			16,741			(3	)
Corporate & Other		23			13			70			58			65			(65	)		36			63			(43	)
CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE	$	8,284		$	7,950		$	9,081		$	8,303		$	8,631			(4	)	$	16,234		$	16,804			(3	)
Pretax income (loss)
U.S. Card Services	$	1,366		$	1,480		$	1,083		$	1,411		$	1,200			14		$	2,846		$	2,606			9
International Card Services		144			184			1			176			69			#			328			272			21
Global Commercial Services		314			284			949			309			865			(64	)		598			1,150			(48	)
Global Network & Merchant Services		695			698			670			670			578			20			1,393			1,280			9
		2,519			2,646			2,703			2,566			2,712			(7	)		5,165			5,308			(3	)
Corporate & Other		(289	)		(330	)		(478	)		(320	)		(400	)		(28	)		(619	)		(788	)		(21	)
PRETAX INCOME	$	2,230		$	2,316		$	2,225		$	2,246		$	2,312			(4	)	$	4,546		$	4,520			1
Net income (loss)
U.S. Card Services	$	886		$	934		$	665		$	889		$	770			15		$	1,820		$	1,646			11
International Card Services		125			134			33			142			77			62			259			236			10
Global Commercial Services		203			180			594			204			561			(64	)		383			745			(49	)
Global Network & Merchant Services		448			444			417			427			373			20			892			816			9
		1,662			1,692			1,709			1,662			1,781			(7	)		3,354			3,443			(3	)
Corporate & Other		(189	)		(167	)		(262	)		(185	)		(252	)		(25	)		(356	)		(482	)		(26	)
NET INCOME	$	1,473		$	1,525		$	1,447		$	1,477		$	1,529			(4	)	$	2,998		$	2,961			1

# - Denotes a variance of more than 100 percent.

See Appendix VI for footnote references

-7-

American Express Company	(Preliminary)
Selected Statistical Information
(Billions, except percentages and where indicated)

	Quarters Ended															% Change			Six Months Ended						% Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30, 2015 vs.			Jun 30,						Jun 30, 2015 vs.
	2015			2015			2014			2014			2014			Jun 30, 2014			2015			2014			Jun 30, 2014
Card billed business (D):
United States	$	181.6		$	169.2		$	182.5		$	173.0		$	173.4			5		$	350.8		$	332.6			5
Outside the United States		80.4			76.4			86.0			85.1			84.7			(5	)		156.8			163.6			(4	)
Total	$	262.0		$	245.6		$	268.5		$	258.1		$	258.1			2		$	507.6		$	496.2			2
Total cards-in-force (E) (millions):
United States		55.3			54.8			54.9			54.5			54.1			2			55.3			54.1			2
Outside the United States		58.5			57.4			57.3			56.6			55.8			5			58.5			55.8			5
Total		113.8			112.2			112.2			111.1			109.9			4			113.8			109.9			4
Basic cards-in-force (E) (millions):
United States		42.8			42.4			42.6			42.2			42.0			2			42.8			42.0			2
Outside the United States		48.2			47.3			47.0			46.3			45.6			6			48.2			45.6			6
Total		91.0			89.7			89.6			88.5			87.6			4			91.0			87.6			4
Average discount rate (A) (F)		2.49	%		2.49	%		2.44	%		2.48	%		2.48	%					2.49	%		2.49	%
Average basic Card Member spending     (dollars) (G)	$	4,272		$	4,008		$	4,377		$	4,223		$	4,288			(0	)	$	8,277		$	8,281			(0	)
Average fee per card (dollars) (G)	$	39		$	39		$	39		$	40		$	41			(5	)	$	39		$	41			(5	)
Average fee per card adjusted (dollars) (G)	$	43		$	44		$	44		$	45		$	45			(4	)	$	44		$	45			(2	)
Worldwide Card Member receivables:
Total receivables	$	44.9		$	43.7		$	44.9		$	45.1		$	45.3			(1	)	$	44.9		$	45.3			(1	)
Loss reserves (millions):
Beginning balance	$	429		$	465		$	432		$	413		$	414			4		$	465		$	386			20
Provisions (H)		165			174			198			196			183			(10	)		339			398			(15	)
Net write-offs (I)		(171	)		(199	)		(156	)		(168	)		(182	)		(6	)		(370	)		(359	)		3
Other (J)		(3	)		(11	)		(9	)		(9	)		(2	)		50			(14	)		(12	)		17
Ending balance	$	420		$	429		$	465		$	432		$	413			2		$	420		$	413			2
% of receivables		0.9	%		1.0	%		1.0	%		1.0	%		0.9	%					0.9	%		0.9	%
Net write-off rate (principal only) -     USCS/ICS (K)		1.7	%		2.1	%		1.5	%		1.6	%		1.8	%					1.9	%		1.9	%
Net write-off rate (principal and fees)     - USCS/ICS (K)		1.9	%		2.3	%		1.7	%		1.8	%		2.0	%					2.1	%		2.0	%
30 days past due as a % of total -     USCS/ICS		1.5	%		1.6	%		1.6	%		1.6	%		1.5	%					1.5	%		1.5	%
Net loss ratio (as a % of charge     volume) - GCS		0.09	%		0.10	%		0.08	%		0.09	%		0.09	%					0.10	%		0.09	%
90 days past billing as a % of total -      GCS		0.7	%		0.7	%		0.8	%		0.8	%		0.7	%					0.7	%		0.7	%
Worldwide Card Member loans:
Total loans	$	69.0		$	66.8		$	70.4		$	66.1		$	66.3			4		$	69.0		$	66.3			4
Loss reserves (millions):
Beginning balance	$	1,130		$	1,201		$	1,146		$	1,170		$	1,191			(5	)	$	1,201		$	1,261			(5	)
Provisions (H)		285			235			341			265			282			1			520			532			(2	)
Net write-offs - principal (I)		(243	)		(259	)		(237	)		(245	)		(267	)		(9	)		(502	)		(541	)		(7	)
Net write-offs - interest and fees (I)		(42	)		(43	)		(40	)		(40	)		(42	)		-			(85	)		(84	)		1
Other (J)		2			(4	)		(9	)		(4	)		6			(67	)		(2	)		2			#
Ending balance	$	1,132		$	1,130		$	1,201		$	1,146		$	1,170			(3	)	$	1,132		$	1,170			(3	)
Ending reserves - principal	$	1,076		$	1,074		$	1,149		$	1,093		$	1,114			(3	)	$	1,076		$	1,114			(3	)
Ending reserves - interest and fees	$	56		$	56		$	52		$	53		$	56			-		$	56		$	56			-
% of loans		1.6	%		1.7	%		1.7	%		1.7	%		1.8	%					1.6	%		1.8	%
% of past due		171	%		163	%		167	%		165	%		171	%					171	%		171	%
Average loans	$	68.0		$	67.6		$	67.7		$	66.4		$	65.2			4		$	68.0		$	65.0			5
Net write-off rate (principal only) (K)		1.4	%		1.5	%		1.4	%		1.5	%		1.6	%					1.5	%		1.7	%
Net write-off rate (principal, interest     and fees) (K)		1.7	%		1.8	%		1.6	%		1.7	%		1.9	%					1.7	%		1.9	%
30 days past due loans as a % of total		1.0	%		1.0	%		1.0	%		1.1	%		1.0	%					1.0	%		1.0	%
Net interest income divided by     average loans (L)		8.4	%		8.6	%		8.4	%		8.5	%		8.1	%					8.4	%		8.2	%
Net interest yield on Card Member     loans (L)		9.3	%		9.6	%		9.3	%		9.3	%		9.2	%					9.4	%		9.3	%

# - Denotes a variance of more than 100 percent.

See Appendix VI for footnote references

-8-

U.S. Card Services	(Preliminary)
Selected Income Statement Data
(Millions, except percentages)

	Quarters Ended															% Change			Six Months Ended						% Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30, 2015 vs.			Jun 30,						Jun 30, 2015 vs.
	2015			2015			2014			2014			2014			Jun 30, 2014			2015			2014			Jun 30, 2014
Revenues
Non-interest revenues (A)	$	3,372		$	3,148		$	3,253		$	3,188		$	3,196			6		$	6,520		$	6,187			5
Interest income		1,517			1,529			1,490			1,465			1,408			8			3,046			2,831			8
Interest expense		163			152			149			152			153			7			315			303			4
Net interest income		1,354			1,377			1,341			1,313			1,255			8			2,731			2,528			8
Total revenues net of interest     expense		4,726			4,525			4,594			4,501			4,451			6			9,251			8,715			6
Provisions for losses		327			296			399			316			339			(4	)		623			681			(9	)
Total revenues net of interest     expense after provisions for losses		4,399			4,229			4,195			4,185			4,112			7			8,628			8,034			7
Expenses
Marketing, promotion, rewards,
Card Member services and other    (A)		1,996			1,733			2,038			1,764			1,839			9			3,729			3,395			10
Salaries and employee benefits
and other operating expenses		1,037			1,016			1,074			1,010			1,073			(3	)		2,053			2,033			1
Total		3,033			2,749			3,112			2,774			2,912			4			5,782			5,428			7
Pretax segment income		1,366			1,480			1,083			1,411			1,200			14			2,846			2,606			9
Income tax provision		480			546			418			522			430			12			1,026			960			7
Segment income	$	886		$	934		$	665		$	889		$	770			15		$	1,820		$	1,646			11
Effective tax rate		35.1	%		36.9	%		38.6	%		37.0	%		35.8	%					36.1	%		36.8	%
Selected Statistical Information
(Billions, except percentages and     where indicated)
Card billed business	$	144.1		$	132.5		$	145.0		$	136.2		$	136.5			6		$	276.7		$	260.8			6
Total cards-in-force (millions)		46.3			45.9			45.6			45.2			44.7			4			46.3			44.7			4
Basic cards-in-force (millions)		34.6			34.2			34.0			33.7			33.3			4			34.6			33.3			4
Average basic Card Member     spending (dollars)	$	4,210		$	3,875		$	4,281		$	4,069		$	4,133			2		$	8,073		$	7,938			2
U.S. Consumer Travel:
Travel sales (millions)	$	1,020		$	988		$	817		$	956		$	1,027			(1	)	$	2,008		$	2,001			0
Travel commissions and fees/sales		7.1	%		6.6	%		7.5	%		7.4	%		7.4	%					6.8	%		6.9	%
Total segment assets	$	108.2		$	107.7		$	113.2		$	103.3		$	101.1			7		$	108.2		$	101.1			7
Segment capital (M)	$	10.8		$	10.8		$	10.4		$	9.9		$	9.9			9		$	10.8		$	9.9			9
Return on average segment capital (N)		32.6	%		32.1	%		32.5	%		35.5	%		35.3	%					32.6	%		35.3	%
Return on average tangible segment     capital (N)		33.8	%		33.2	%		33.6	%		36.6	%		36.5	%					33.8	%		36.5	%
Card Member receivables:
Total receivables	$	22.1		$	21.5		$	22.5		$	21.3		$	21.2			4		$	22.1		$	21.2			4
30 days past due as a % of total		1.5	%		1.7	%		1.7	%		1.6	%		1.5	%					1.5	%		1.5	%
Average receivables	$	22.0		$	21.3		$	21.8		$	21.4		$	21.3			3		$	21.7		$	21.0			3
Net write-off rate (principal only) (K)		1.6	%		2.2	%		1.4	%		1.5	%		1.8	%					1.9	%		1.8	%
Net write-off rate (principal and     fees) (K)		1.8	%		2.4	%		1.6	%		1.7	%		2.0	%					2.1	%		2.0	%
Card Member loans:
Total loans	$	61.7		$	59.9		$	62.6		$	58.0		$	57.7			7		$	61.7		$	57.7			7
30 days past due loans as a % of     total		0.9	%		1.0	%		1.0	%		1.0	%		0.9	%					0.9	%		0.9	%
Average loans	$	60.9		$	60.4		$	59.7		$	58.0		$	56.8			7		$	60.8		$	56.6			7
Net write-off rate (principal only) (K)		1.4	%		1.5	%		1.3	%		1.4	%		1.6	%					1.4	%		1.6	%
Net write-off rate (principal,     interest and fees) (K)		1.6	%		1.7	%		1.5	%		1.6	%		1.8	%					1.6	%		1.9	%
Net interest income divided by     average loans (L)		8.9	%		9.1	%		9.0	%		9.1	%		8.9	%					9.0	%		8.9	%
Net interest yield on Card Member     loans (L)		9.2	%		9.5	%		9.1	%		9.2	%		9.1	%					9.3	%		9.3	%

# - Denotes a variance of more than 100 percent.

See Appendix VI for footnote references

-9-

International Card Services	(Preliminary)
Selected Income Statement Data
(Millions, except percentages)

	Quarters Ended																% Change			Six Months Ended						% Change
	Jun 30,				Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30, 2015 vs.			Jun 30,						Jun 30, 2015 vs.
	2015				2015			2014			2014			2014			Jun 30, 2014			2015			2014			Jun 30, 2014
Revenues
Non-interest revenues	$	1,082			$	1,061		$	1,166		$	1,206		$	1,208			(10	)	$	2,143		$	2,365			(9	)
Interest income		236				244			260			273			275			(14	)		480			552			(13	)
Interest expense		60				64			71			85			92			(35	)		124			174			(29	)
Net interest income		176				180			189			188			183			(4	)		356			378			(6	)
Total revenues net of interest expense		1,258				1,241			1,355			1,394			1,391			(10	)		2,499			2,743			(9	)
Provisions for losses		83				76			95			98			90			(8	)		159			177			(10	)
Total revenues net of interest expense     after provisions for losses		1,175				1,165			1,260			1,296			1,301			(10	)		2,340			2,566			(9	)
Expenses
Marketing, promotion, rewards,
Card Member services and other		472				437			555			532			577			(18	)		909			1,073			(15	)
Salaries and employee benefits
and other operating expenses		559				544			704			588			655			(15	)		1,103			1,221			(10	)
Total		1,031				981			1,259			1,120			1,232			(16	)		2,012			2,294			(12	)
Pretax segment income		144				184			1			176			69			#			328			272			21
Income tax provision/(benefit)		19				50			(32	)		34			(8	)		#			69			36			92
Segment income	$	125			$	134		$	33		$	142		$	77			62		$	259		$	236			10
Effective tax rate		13.2	%			27.2	%		#			19.3	%		-11.6	%					21.0	%		13.2	%
Selected Statistical Information
(Billions, except percentages and     where indicated)
Card billed business	$	30.0			$	28.7		$	34.0		$	33.9		$	34.1			(12	)	$	58.7		$	66.0			(11	)
Total cards-in-force (millions)		15.0				14.9			15.7			15.8			15.7			(4	)		15.0			15.7			(4	)
Basic cards-in-force (millions)		10.4				10.4			11.0			10.9			10.9			(5	)		10.4			10.9			(5	)
Average basic Card Member spending     (dollars)	$	2,888			$	2,729		$	3,109		$	3,100		$	3,137			(8	)	$	5,609		$	6,084			(8	)
International Consumer Travel:				��
Travel sales (millions)	$	333			$	334		$	353		$	362		$	354			(6	)	$	667		$	707			(6	)
Travel commissions and fees/sales		6.9	%			7.2	%		7.4	%		6.9	%		6.8	%					7.0	%		6.5	%
Total segment assets	$	29.2			$	29.0		$	30.7		$	31.1		$	31.6			(8	)	$	29.2		$	31.6			(8	)
Segment capital (M)	$	3.5			$	3.2		$	3.0		$	3.0		$	3.0			15		$	3.5		$	3.0			15
Return on average segment capital (N)		13.9	%			12.7	%		13.6	%		15.8	%		15.7	%					13.9	%		15.7	%
Return on average tangible segment      capital (N)		23.3	%			22.3	%		24.6	%		28.9	%		28.8	%					23.3	%		28.8	%
Card Member receivables:
Total receivables	$	6.8			$	6.4		$	7.7		$	7.3		$	7.5			(9	)	$	6.8		$	7.5			(9	)
30 days past billing as a % of total		1.4	%			1.6	%		1.3	%		1.4	%		1.3	%					1.4	%		1.3	%
Net write-off rate (principal only) (K)		2.1	%			1.9	%		1.8	%		1.9	%		1.9	%					2.0	%		2.0	%
Net write-off rate (principal and fees) (K)		2.3	%			2.0	%		1.9	%		2.1	%		2.0	%					2.1	%		2.2	%
Card Member loans:
Total loans	$	7.2			$	6.8		$	7.7		$	8.0		$	8.6			(16	)	$	7.2		$	8.6			(16	)
30 days past due loans as a % of total		1.6	%			1.8	%		1.6	%		1.6	%		1.6	%					1.6	%		1.6	%
Average loans	$	7.0			$	7.2		$	7.9		$	8.3		$	8.3			(16	)	$	7.1		$	8.3			(14	)
Net write-off rate (principal only) (K)		2.0	%			2.0	%		1.9	%		1.9	%		2.0	%					2.0	%		2.0	%
Net write-off rate (principal, interest     and fees) (K)		2.5	%			2.5	%		2.4	%		2.4	%		2.4	%					2.5	%		2.4	%
Net interest income divided by     average loans (O)		10.1	%			10.0	%		9.6	%		9.1	%		8.8	%					10.0	%		9.1	%
Net interest yield on Card Member     loans (O)		10.7	%			10.9	%		10.5	%		9.9	%		9.6	%					10.7	%		9.8	%

# - Denotes a variance of more than 100 percent.

See Appendix VI for footnote references

-10-

Global Commercial Services	(Preliminary)
Selected Income Statement Data
(Millions, except percentages)

	Quarters Ended															% Change			Six Months Ended						% Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30, 2015 vs.			Jun 30,						Jun 30, 2015 vs.
	2015			2015			2014			2014			2014			Jun 30, 2014			2015			2014			Jun 30, 2014
Revenues
Non-interest revenues	$	924		$	871		$	1,635		$	957		$	1,332			(31	)	$	1,795		$	2,581			(30	)
Interest income		3			4			4			4			3			-			7			7			-
Interest expense		46			48			54			61			66			(30	)		94			125			(25	)
Net interest expense		(43	)		(44	)		(50	)		(57	)		(63	)		(32	)		(87	)		(118	)		(26	)
Total revenues net of interest expense		881			827			1,585			900			1,269			(31	)		1,708			2,463			(31	)
Provisions for losses		42			35			50			49			43			(2	)		77			81			(5	)
Total revenues net of interest expense after provisions     for losses		839			792			1,535			851			1,226			(32	)		1,631			2,382			(32	)
Expenses
Marketing, promotion, rewards,
Card Member services and other		156			164			178			161			177			(12	)		320			343			(7	)
Salaries and employee benefits
and other operating expenses		369			344			408			381			184			#			713			889			(20	)
Total		525			508			586			542			361			45			1,033			1,232			(16	)
Pretax segment income		314			284			949			309			865			(64	)		598			1,150			(48	)
Income tax provision		111			104			355			105			304			(63	)		215			405			(47	)
Segment income	$	203		$	180		$	594		$	204		$	561			(64	)	$	383		$	745			(49	)
Effective tax rate		35.4	%		36.6	%		37.4	%		34.0	%		35.1	%					36.0	%		35.2	%
Selected Statistical Information
(Billions, except percentages and where indicated)
Card billed business	$	46.4		$	45.3		$	47.1		$	46.5		$	47.6			(3	)	$	91.6		$	93.1			(2	)
Total cards-in-force (millions)		6.9			6.9			6.9			6.9			7.0			(1	)		6.9			7.0			(1	)
Basic cards-in-force (millions)		6.9			6.9			6.9			6.9			7.0			(1	)		6.9			7.0			(1	)
Average basic Card Member spending (dollars)	$	6,739		$	6,567		$	6,817		$	6,691		$	6,781			(1	)	$	13,313		$	13,216			1
Total segment assets	$	19.7		$	19.6		$	18.5		$	20.6		$	20.8			(5	)	$	19.7		$	20.8			(5	)
Segment capital (M)	$	4.0		$	4.1		$	3.8		$	3.8		$	3.8			5		$	4.0		$	3.8			5
Return on average segment capital (N)		30.3	%		39.9	%		40.9	%		30.3	%		32.0	%					30.3	%		32.0	%
Return on average tangible segment capital (N)		52.8	%		70.6	%		74.4	%		56.0	%		60.3	%					52.8	%		60.3	%
Card Member receivables:
Total receivables	$	15.9		$	15.7		$	14.6		$	16.4		$	16.5			(4	)	$	15.9		$	16.5			(4	)
90 days past billing as a % of total		0.7	%		0.7	%		0.8	%		0.8	%		0.7	%					0.7	%		0.7	%
Net loss ratio (as a % of charge volume)		0.09	%		0.10	%		0.08	%		0.09	%		0.09	%					0.10	%		0.09	%

# - Denotes a variance of more than 100 percent.

See Appendix VI for footnote references
 

-11-

Global Network & Merchant Services	(Preliminary)
Selected Income Statement Data
(Millions, except percentages)

	Quarters Ended															% Change			Six Months Ended						% Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30, 2015 vs.			Jun 30,						Jun 30, 2015 vs.
	2015			2015			2014			2014			2014			Jun 30, 2014			2015			2014			Jun 30, 2014
Revenues
Non-interest revenues	$	1,326		$	1,270		$	1,399		$	1,368		$	1,366			(3	)	$	2,596		$	2,659			(2	)
Interest income		23			20			17			14			11			#			43			21			#
Interest expense		(47	)		(54	)		(61	)		(68	)		(78	)		(40	)		(101	)		(140	)		(28	)
Net interest income		70			74			78			82			89			(21	)		144			161			(11	)
Total revenues net of interest expense		1,396			1,344			1,477			1,450			1,455			(4	)		2,740			2,820			(3	)
Provisions for losses		13			11			35			24			18			(28	)		24			34			(29	)
Total revenues net of interest expense after provisions     for losses		1,383			1,333			1,442			1,426			1,437			(4	)		2,716			2,786			(3	)
Expenses
Marketing, promotion, rewards, Card Member     services and other		164			147			185			201			277			(41	)		311			433			(28	)
Salaries and employee benefits
and other operating expenses		524			488			587			555			582			(10	)		1,012			1,073			(6	)
Total		688			635			772			756			859			(20	)		1,323			1,506			(12	)
Pretax segment income		695			698			670			670			578			20			1,393			1,280			9
Income tax provision		247			254			253			243			205			20			501			464			8
Segment income	$	448		$	444		$	417		$	427		$	373			20		$	892		$	816			9
Effective tax rate		35.5	%		36.4	%		37.8	%		36.3	%		35.5	%					36.0	%		36.3	%
Selected Statistical Information
(Billions, except percentages and where indicated)
Global Card billed business (P)	$	262.0		$	245.6		$	268.5		$	258.1		$	258.1			2		$	507.6		$	496.2			2
Global Network & Merchant Services:
Total segment assets	$	17.6		$	17.8		$	18.1		$	18.2		$	18.7			(6	)	$	17.6		$	18.7			(6	)
Segment capital (M)	$	2.2		$	2.2		$	2.0		$	2.0		$	2.0			8		$	2.2		$	2.0			8
Return on average segment capital (N)		83.5	%		82.1	%		84.0	%		82.6	%		79.4	%					83.5	%		79.4	%
Return on average tangible segment capital (N)		92.0	%		90.6	%		92.9	%		91.3	%		87.8	%					92.0	%		87.8	%
Global Network Services:
Card billed business	$	41.9		$	39.1		$	42.5		$	41.6		$	40.1			4		$	81.0		$	76.7			6
Total cards-in-force (millions)		45.6			44.5			44.0			43.2			42.5			7			45.6			42.5			7

# - Denotes a variance of more than 100 percent.

See Appendix VI for footnote references

-12-

American Express Company	(Preliminary)
Components of Return on Average Equity (ROE), Return on Average Common Equity (ROCE), and Return on Average Tangible Common Equity (ROTCE)
Appendix I
(Millions, except percentages)

	For the Twelve Months Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2015			2015			2014			2014			2014
ROE
Net income	$	5,922		$	5,978		$	5,885		$	5,746		$	5,635
Average shareholders' equity	$	21,050		$	20,606		$	20,254		$	19,948		$	19,591
Return on average equity (Q)		28.1	%		29.0	%		29.1	%		28.8	%		28.8	%
Reconciliation of ROCE and ROTCE
Net income	$	5,922		$	5,978		$	5,885		$	5,746		$	5,635
Preferred shares dividends and related accretion		20			-			-			-			-
Earnings allocated to participating share awards and other		44			45			46			46			47
Net income attributable to common shareholders	$	5,858		$	5,933		$	5,839		$	5,700		$	5,588
Average shareholders' equity	$	21,050		$	20,606		$	20,254		$	19,948		$	19,591
Average preferred shares		716			350			114			-			-
Average common shareholders' equity	$	20,334		$	20,256		$	20,140		$	19,948		$	19,591
Average goodwill and other intangibles		3,802			3,845			3,888			3,941			3,994
Average tangible common shareholders' equity	$	16,532		$	16,411		$	16,252		$	16,007		$	15,597
Return on average common equity (Q)		28.8	%		29.3	%		29.0	%		28.6	%		28.5	%
Return on average tangible common equity (R)		35.4	%		36.2	%		35.9	%		35.6	%		35.8	%

See Appendix VI for footnote references

-13-

American Express Company	(Preliminary)
Components of Return on Average Segment Capital (ROSC) and Return on Average Tangible Segment Capital (ROTSC)
Appendix II
(Millions, except percentages)

	For the Twelve Months Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2015			2015			2014			2014			2014
U.S. Card Services
Segment income	$	3,374		$	3,258		$	3,200		$	3,399		$	3,292
Average segment capital	$	10,352		$	10,148		$	9,843		$	9,580		$	9,337
Average goodwill and other intangibles		358			339			319			299			311
Average tangible segment capital	$	9,994		$	9,809		$	9,524		$	9,281		$	9,026
Return on average segment capital (S)		32.6	%		32.1	%		32.5	%		35.5	%		35.3	%
Return on average tangible segment capital (S)		33.8	%		33.2	%		33.6	%		36.6	%		36.5	%
International Card Services
Segment income	$	434		$	386		$	411		$	481		$	481
Average segment capital	$	3,133		$	3,043		$	3,020		$	3,043		$	3,063
Average goodwill and other intangibles		1,273			1,311			1,350			1,376			1,394
Average tangible segment capital	$	1,860		$	1,732		$	1,670		$	1,667		$	1,669
Return on average segment capital (S)		13.9	%		12.7	%		13.6	%		15.8	%		15.7	%
Return on average tangible segment capital (S)		23.3	%		22.3	%		24.6	%		28.9	%		28.8	%
Global Commercial Services
Segment income	$	1,181		$	1,539		$	1,543		$	1,131		$	1,188
Average segment capital	$	3,897		$	3,859		$	3,771		$	3,736		$	3,707
Average goodwill and other intangibles		1,661			1,678			1,696			1,715			1,736
Average tangible segment capital	$	2,236		$	2,181		$	2,075		$	2,021		$	1,971
Return on average segment capital (S)		30.3	%		39.9	%		40.9	%		30.3	%		32.0	%
Return on average tangible segment capital (S)		52.8	%		70.6	%		74.4	%		56.0	%		60.3	%
Global Network & Merchant Services
Segment income	$	1,736		$	1,661		$	1,660		$	1,642		$	1,606
Average segment capital	$	2,080		$	2,024		$	1,976		$	1,989		$	2,022
Average goodwill and other intangibles		194			190			189			190			192
Average tangible segment capital	$	1,886		$	1,834		$	1,787		$	1,799		$	1,830
Return on average segment capital (S)		83.5	%		82.1	%		84.0	%		82.6	%		79.4	%
Return on average tangible segment capital (S)		92.0	%		90.6	%		92.9	%		91.3	%		87.8	%

See Appendix VI for footnote references

-14-

 

American Express Company	(Preliminary)
Net Interest Yield on Card Member Loans
Appendix III
(Millions, except percentages and where indicated)

	Quarters Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2015			2015			2014			2014			2014
Net interest income	$	1,423		$	1,447		$	1,424		$	1,395		$	1,316
Exclude:
Interest expense not attributable to the Company's
Card Member loan portfolio	$	249		$	249		$	250		$	247		$	259
Interest income not attributable to the Company's
Card Member loan portfolio	$	(97	)	$	(95	)	$	(92	)	$	(90	)	$	(89	)
Adjusted net interest income (T)	$	1,575		$	1,601		$	1,582		$	1,552		$	1,486
Average loans (billions)	$	68.0		$	67.6		$	67.7		$	66.4		$	65.2
Exclude:
Certain non-traditional Card Member loans and other fees (billions)	$	(0.2	)	$	(0.2	)	$	(0.2	)	$	(0.2	)	$	(0.2	)
Adjusted average loans (billions) (U)	$	67.8		$	67.4		$	67.5		$	66.2		$	65.0
Net interest income divided by average loans (V)		8.4	%		8.6	%		8.4	%		8.5	%		8.1	%
Net interest yield on Card Member loans (W)		9.3	%		9.6	%		9.3	%		9.3	%		9.2	%

-15-

 

U.S. Card Services and International Card Services	(Preliminary)
Net Interest Yield on Card Member Loans
Appendix IV
(Millions, except percentages and where indicated)

	Quarters Ended															Six Months Ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30,			Jun 30,
	2015			2015			2014			2014			2014			2015			2014
USCS:
Net interest income	$	1,354		$	1,377		$	1,341		$	1,313		$	1,255		$	2,731		$	2,528
Exclude:
Interest expense not attributable to the Company's
Card Member loan portfolio	$	41		$	38		$	39		$	39		$	40		$	79		$	79
Interest income not attributable to the Company's
Card Member loan portfolio	$	(4	)	$	(3	)	$	(3	)	$	(3	)	$	(3	)	$	(7	)	$	(6	)
Adjusted net interest income (T)	$	1,391		$	1,412		$	1,377		$	1,349		$	1,292		$	2,803		$	2,602
Average loans (billions)	$	60.9		$	60.4		$	59.7		$	58.0		$	56.8		$	60.8		$	56.6
Exclude:
Certain non-traditional Card Member loans and other fees (billions)	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Adjusted average loans (billions) (U)	$	60.9		$	60.4		$	59.7		$	58.0		$	56.8		$	60.8		$	56.6
Net interest income divided by average loans (V)		8.9	%		9.1	%		9.0	%		9.1	%		8.9	%		9.0	%		8.9	%
Net interest yield on Card Member loans (W)		9.2	%		9.5	%		9.1	%		9.2	%		9.1	%		9.3	%		9.3	%
ICS:
Net interest income	$	176		$	180		$	189		$	188		$	183		$	356		$	378
Exclude:
Interest expense not attributable to the Company's
Card Member loan portfolio	$	16		$	18		$	26		$	24		$	21		$	34		$	39
Interest income not attributable to the Company's
Card Member loan portfolio	$	(8	)	$	(8	)	$	(9	)	$	(10	)	$	(10	)	$	(17	)	$	(20	)
Adjusted net interest income (T)	$	184		$	190		$	206		$	202		$	194		$	373		$	397
Average loans (billions)	$	7.0		$	7.2		$	7.9		$	8.3		$	8.3		$	7.1		$	8.3
Exclude:
Certain non-traditional Card Member loans and other fees (billions)	$	(0.1	)	$	(0.1	)	$	(0.2	)	$	(0.2	)	$	(0.2	)	$	(0.1	)	$	(0.2	)
Adjusted average loans (billions) (U)	$	6.9		$	7.1		$	7.7		$	8.1		$	8.1		$	7.0		$	8.1
Net interest income divided by average loans (V)		10.1	%		10.0	%		9.6	%		9.1	%		8.8	%		10.0	%		9.1	%
Net interest yield on Card Member loans (W)		10.7	%		10.9	%		10.5	%		9.9	%		9.6	%		10.7	%		9.8	%

See Appendix VI for footnote references
 

-16-

 

American Express Company	(Preliminary)
Revenue and Expense Reconciliation
Appendix V
(Millions, except percentages)

	Quarters Ended
	Jun 30,		Jun 30,		% Change
	2015		2014
Consolidated:
Reported total revenues net of interest expense	$	8,284	$	8,631		(4	)
Global Business Travel ("GBT") revenues net of interest expense		-		402
Adjusted total revenues net of interest expense		8,284		8,229		1
FX and GBT adjusted total revenues net of interest expense (X)				7,909		5

Note: GBT revenues represent operating performance as reported in Q2'14.

See Appendix VI for footnote references
 

-17-

Appendix VI (Preliminary)

	All Information in the preceding tables is presented on a basis prepared in accordance with U.S. generally accepted accounting principles (GAAP), unless otherwise indicated.
(A)	In Q1'15, the Company changed the classification related to certain payments to co-brand partners reducing both marketing and promotion and discount revenue. The misclassification in prior periods has been conformed to the current period presentation. The discount rate for prior periods has also been revised accordingly, resulting in a reduction of between zero and one basis point in any period from what was originally reported.
(B)	Represents net income, less (i) earnings allocated to participating share awards of $11 million for the quarter ended June 30, 2015, $11 million for the quarter ended March 31, 2015, $11 million for the quarter ended December 31, 2014, $11 million for the quarter ended September 30, 2014 and $12 million for the quarter ended June 30, 2014; and (ii) dividends on preferred shares of $20 million for the quarter ended June 30, 2015, and nil for all other comparative periods.
(C)	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.
(D)	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.
(E)	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.
(F)	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.
(G)	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 $62 million for the quarter ended June 30, 2015, $83 million for the quarter ended March 31, 2015, $79 million for the quarter ended December 31, 2014, $77 million for the quarter ended September 30, 2014 and $77 million for the quarter ended June 30, 2014. 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.
(H)	Provisions for principal (resulting from authorized transactions) and fee reserve components.
(I)	Consists of principal (resulting from authorized transactions), interest and/or fees, less recoveries.
(J)	Beginning in first quarter 2014, reserves related for card-related fraud losses are reflected in Other liabilities.  All periods include foreign currency translation adjustments and other items.
(K)	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. Beginning in January 2015, timing of charge-offs for loans in certain modification programs changed from 180 days past due to 120 days past due. Excluding the impact of the change, which was fully recognized in the first quarter, the Q1'15 USCS/ICS Charge net write-off rate – principal only was 1.9% and the USCS Lending net write-off rate - principal only was 1.4%.
(L)	See Appendix III for quarterly 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. For calculations for the twelve months ended December 31, 2014 and 2013, please refer to Annex 3 of the Company's 2014 Fourth Quarter/ Full Year Earnings Supplement on file with the Securities and Exchange Commission.
(M)	Segment capital represents capital allocated to a segment based upon specific business operational needs, risk measures, and regulatory capital requirements.
(N)	Refer to Appendix II for components of return on average segment capital and return on average tangible segment capital, a non-GAAP measure.
(O)	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.
(P)	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.
(Q)	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.
(R)	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 common 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.
(S)	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.
(T)	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.
(U)	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.
(V)	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.
(W)	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.
(X)	Revenue net of interest expense on an FX-adjusted basis and excluding the Company's business travel operations in Q2'14 is a non-GAAP measure. FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes Q2'15 foreign exchange rates apply to Q2'14 results). Country results used to calculate FX-adjusted revenues, are subject to management allocations. Management believes this metric is useful in evaluating the ongoing operating performance of the Company. The Company's calculations of non-GAAP measures may differ from the calculations of similarly titled measures of other companies.

-18-