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

EXHIBIT 99.2

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

	Q4'17			Q3'17			Q2'17			Q1'17			Q4'16			YOY % change			FY'17			FY'16			YOY % change
Non-interest revenues
Discount revenue	$	5,080		$	4,772		$	4,815		$	4,519		$	4,697			8		$	19,186		$	18,680			3
Net card fees		785			786			771			748			725			8			3,090			2,886			7
Other fees and commissions		790			767			752			713			677			17			3,022			2,753			10
Other		448			436			439			409			515			(13	)		1,732			2,029			(15	)
Total non-interest revenues		7,103			6,761			6,777			6,389			6,614			7			27,030			26,348			3
Interest income
Interest on loans		2,202			2,129			1,947			1,860			1,759			25			8,138			7,205			13
Interest and dividends on investment securities		21			22			23			23			27			(22	)		89			131			(32	)
Deposits with banks and other		93			91			82			60			35			#			326			139			#
Total interest income		2,316			2,242			2,052			1,943			1,821			27			8,553			7,475			14
Interest expense
Deposits		241			213			176			149			148			63			779			598			30
Long-term debt and other		339			354			346			294			265			28			1,333			1,106			21
Total interest expense		580			567			522			443			413			40			2,112			1,704			24
Net interest income		1,736			1,675			1,530			1,500			1,408			23			6,441			5,771			12
Total revenues net of interest expense		8,839			8,436			8,307			7,889			8,022			10			33,471			32,119			4
Provisions for losses
Charge card		205			214			163			213			200			3			795			696			14
Card Member loans		596			531			404			337			404			48			1,868			1,235			51
Other		32			24			17			23			21			52			96			95			1
Total provisions for losses		833			769			584			573			625			33			2,759			2,026			36
Total revenues net of interest expense after provisions for losses		8,006			7,667			7,723			7,316			7,397			8			30,712			30,093			2
Expenses
Marketing and promotion		873			814			830			700			1,205			(28	)		3,217			3,650			(12	)
Card Member rewards		1,975			1,900			1,926			1,807			1,758			12			7,608			6,793			12
Card Member services and other		406			363			349			321			292			39			1,439			1,133			27
Salaries and employee benefits		1,436			1,265			1,293			1,264			1,207			19			5,258			5,259			-
Professional services		536			501			521			512			721			(26	)		2,070			2,583			(20	)
Occupancy and equipment		492			568			484			475			506			(3	)		2,019			1,838			10
Other, net		467			429			371			420			547			(15	)		1,687			741			#
Total expenses		6,185			5,840			5,774			5,499			6,236			(1	)		23,298			21,997			6
Pretax income		1,821			1,827			1,949			1,817			1,161			57			7,414			8,096			(8	)
Income tax provision		3,018			471			609			580			336			#			4,678			2,688			74
Net income (loss)	$	(1,197	)	$	1,356		$	1,340		$	1,237		$	825			#		$	2,736		$	5,408			(49	)
Net income (loss) attributable to common shareholders (A)	$	(1,219	)	$	1,324		$	1,310		$	1,206		$	800			#		$	2,634		$	5,285			(50	)
Effective tax rate		165.7	%		25.8	%		31.2	%		31.9	%		28.9	%					63.1	%		33.2	%
Earnings Per Common Share
Basic
Net income (loss) attributable to common shareholders	$	(1.41	)	$	1.51		$	1.47		$	1.34		$	0.88			#		$	2.98		$	5.67			(47	)
Average common shares outstanding		865			878			890			899			910			(5	)		883			933			(5	)
Diluted
Net income (loss) attributable to common shareholders	$	(1.41	)	$	1.50		$	1.47		$	1.34		$	0.88			#		$	2.97		$	5.65			(47	)
Average common shares outstanding		865			881			893			903			913			(5	)		886			935			(5	)
Cash dividends declared per common share	$	0.35		$	0.35		$	0.32		$	0.32		$	0.32			9		$	1.34		$	1.22			10

# - Denotes a variance of more than 100 percent.

Please see Appendix IV for footnote references

-1-

American Express Company	(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Billions, except percentages, per share amounts and where indicated)

	Q4'17			Q3'17			Q2'17			Q1'17			Q4'16			YOY % change
Assets
Cash & cash equivalents	$	33		$	26		$	30		$	29		$	25			32
Card Member receivables, less reserves		54			51			49			47			47			15
Card Member Loans, less reserves		72			66			65			62			64			13
Investment securities		3			3			3			4			3			-
Other (B)		19			23			20			19			20			(5	)
Total assets	$	181		$	169		$	167		$	161		$	159			14
Liabilities and Shareholders' Equity
Customer deposits	$	64		$	61		$	58		$	54		$	53			21
Short-term borrowings		3			2			3			4			6			(50	)
Long-term debt		56			49			52			52			47			19
Other (B)		40			36			33			30			32			25
Total liabilities		163			148			146			140			138			18
Shareholders' Equity		18			21			21			21			21			(14	)
Total liabilities and shareholders' equity	$	181		$	169		$	167		$	161		$	159			14
Return on average equity (C)		13.1	%		22.7	%		21.7	%		25.1	%		26.0	%
Return on average common equity (C)		13.7	%		23.9	%		22.9	%		26.5	%		27.5	%
Book value per common share (dollars)	$	19.38		$	22.39		$	22.14		$	21.62		$	20.93			(7	)

# - Denotes a variance of more than 100 percent.

Please see Appendix IV for footnote references

-2-

American Express Company	(Preliminary)
Consolidated Capital

	Q4'17			Q3'17			Q2'17			Q1'17			Q4'16
Shares Outstanding (in millions)
Beginning of period		871			885			895			904			917
Repurchase of common shares		(14	)		(15	)		(10	)		(11	)		(15	)
Net impact of employee benefit plans and others		2			1			-			2			2
End of period		859			871			885			895			904
Risk-Based Capital Ratios - Transitional Basel III ($ in billions) (D)
Common Equity Tier 1/Risk Weighted Assets (RWA)		9.0	%		11.9	%		12.3	%		12.7	%		12.3	%
Tier 1		10.1	%		13.0	%		13.5	%		13.9	%		13.5	%
Total		11.8	%		14.7	%		15.2	%		15.6	%		15.2	%
Common Equity Tier 1	$	13.2		$	16.4		$	16.4		$	16.3		$	16.1
Tier 1 Capital	$	14.7		$	17.9		$	18.0		$	17.8		$	17.7
Tier 2 Capital	$	2.4		$	2.3		$	2.3		$	2.2		$	2.2
Total Capital	$	17.1		$	20.2		$	20.3		$	20.0		$	19.9
RWA	$	145.9		$	138.0		$	133.5		$	128.6		$	131.0
Tier 1 Leverage		8.6	%		10.9	%		11.0	%		11.5	%		11.6	%
Supplementary Leverage Ratio (SLR) (E)		7.4	%		9.3	%		9.4	%		9.9	%		10.0	%
Average Total Assets to calculate the Tier 1 Leverage Ratio (F)	$	171.2		$	164.6		$	164.2		$	155.0		$	152.7
Total Leverage Exposure to calculate SLR	$	198.8		$	191.7		$	190.4		$	180.5		$	177.5
Risk-Based Capital Ratios - Estimated fully phased-in Basel III ($ in billions) (D) (G)
RWA	$	146.7		$	139.2		$	135.0		$	130.3		$	131.9
Risk-Based Capital (Common Equity Tier 1)	$	12.9		$	16.1		$	16.1		$	16.0		$	15.6
Risk-Based Capital (Tier 1)	$	14.4		$	17.6		$	17.7		$	17.5		$	17.2
Common Equity Tier 1 ratio (H)		8.8	%		11.5	%		12.0	%		12.3	%		11.8	%
Tier 1 Risk-Based Capital Ratio (I)		9.9	%		12.7	%		13.1	%		13.5	%		13.0	%
Supplementary Leverage Ratio (J)		7.3	%		9.2	%		9.3	%		9.7	%		9.7	%

Please see Appendix IV for footnote references

-3-

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

	Q4'17			Q3'17			Q2'17			Q1'17			Q4'16			YOY % change			FY'17			FY'16			YOY % change
Card billed business (K)
United States	$	188.9		$	176.4		$	177.6		$	165.4		$	174.4			8		$	708.3		$	700.4			1
Outside the United States		102.5			95.5			92.0			86.9			88.8			15			376.9			337.1			12
Worldwide	$	291.4		$	271.9		$	269.6		$	252.3		$	263.2			11		$	1,085.2		$	1,037.5			5
Proprietary	$	242.6		$	225.3		$	223.8		$	208.9		$	218.6			11		$	900.6		$	863.8			4
Global Network Services (GNS)		48.8			46.6			45.8			43.4			44.6			9			184.6			173.7			6
Worldwide	$	291.4		$	271.9		$	269.6		$	252.3		$	263.2			11		$	1,085.2		$	1,037.5			5
Total cards-in-force (millions) (L)
United States		50.0			49.5			48.9			48.2			47.5			5			50.0			47.5			5
Outside the United States		62.8			63.4			63.3			63.0			62.4			1			62.8			62.4			1
Worldwide		112.8			112.9			112.2			111.2			109.9			3			112.8			109.9			3
Proprietary		64.6			63.9			63.0			62.2			61.3			5			64.6			61.3			5
GNS		48.2			49.0			49.2			49.0			48.6			(1	)		48.2			48.6			(1	)
Worldwide		112.8			112.9			112.2			111.2			109.9			3			112.8			109.9			3
Basic cards-in-force (millions) (L)
United States		39.4			39.0			38.6			38.1			37.4			5			39.4			37.4			5
Outside the United States		52.2			52.7			52.6			52.2			51.7			1			52.2			51.7			1
Worldwide		91.6			91.7			91.2			90.3			89.1			3			91.6			89.1			3
Average basic Card Member spending (dollars) (M)
United States	$	5,300		$	5,018		$	5,128		$	4,859		$	5,181			2		$	20,317		$	18,808			8
Outside the United States	$	3,918		$	3,598		$	3,468		$	3,283		$	3,401			15		$	14,277		$	13,073			9
Worldwide	$	4,890		$	4,596		$	4,633		$	4,387		$	4,647			5		$	18,519		$	17,216			8
Card Member loans
United States	$	64.5		$	59.9		$	58.5		$	56.6		$	58.3			11		$	64.5		$	58.3			11
Outside the United States		8.9			8.0			7.5			7.0			7.0			27			8.9			7.0			27
Worldwide	$	73.4		$	67.9		$	66.0		$	63.6		$	65.3			12		$	73.4		$	65.3			12
Average discount rate (N)		2.40	%		2.42	%		2.44	%		2.45	%		2.44	%					2.43	%		2.45	%
Average fee per card (dollars) (M)	$	49		$	49		$	49		$	48		$	47			4		$	49		$	44			11

# - Denotes a variance of 100 percent or more.

Please see Appendix IV for footnote references

-4-

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

	Q4'17			Q3'17			Q2'17			Q1'17			Q4'16			YOY % change			FY'17			FY'16			YOY % change
Worldwide Card Member receivables (O)
Total receivables	$	54.0		$	51.5		$	49.4		$	47.6		$	47.3			14		$	54.0		$	47.3			14
Loss reserves (millions):
Beginning balance	$	512		$	475		$	491		$	467		$	437			17		$	467		$	462			1
Provisions (P)		205			214			163			213			200			3			795			696			14
Net write-offs (Q)		(188	)		(175	)		(179	)		(194	)		(156	)		21			(736	)		(674	)		9
Other (R)		(8	)		(2	)		-			5			(14	)		(43	)		(5	)		(17	)		(71	)
Ending balance	$	521		$	512		$	475		$	491		$	467			12		$	521		$	467			12
% of receivables		1.0	%		1.0	%		1.0	%		1.0	%		1.0	%					1.0	%		1.0	%
Net write-off rate, excluding Global Corporate Payments (GCP) (principal only) (S)		1.5	%		1.5	%		1.5	%		1.7	%		1.3	%					1.6	%		1.5	%
Net write-off rate, excluding GCP (principal and fees) (S)		1.6	%		1.7	%		1.7	%		2.0	%		1.5	%					1.7	%		1.8	%
30+ days past due as a % of total, excluding GCP		1.4	%		1.3	%		1.3	%		1.5	%		1.4	%					1.4	%		1.4	%
GCP Net loss ratio (as a % of charge volume) (T)		0.11	%		0.09	%		0.10	%		0.11	%		0.10	%					0.10	%		0.09	%
GCP 90+ days past billing as a % of total (T)		0.9	%		0.9	%		0.8	%		0.7	%		0.9	%					0.9	%		0.9	%
Worldwide Card Member loans (O)
Total loans	$	73.4		$	67.9		$	66.0		$	63.6		$	65.3			12		$	73.4		$	65.3			12
Loss reserves (millions):
Beginning balance	$	1,502		$	1,320		$	1,248		$	1,223		$	1,114			35		$	1,223		$	1,028			19
Provisions (P)		596			531			404			337			404			48			1,868			1,235			51
Net write-offs - principal (Q)		(325	)		(299	)		(285	)		(272	)		(243	)		34			(1,181	)		(930	)		27
Net write-offs - interest and fees (Q)		(64	)		(57	)		(55	)		(51	)		(47	)		36			(227	)		(175	)		30
Other (R)		(3	)		7			8			11			(5	)		(40	)		23			65			(65	)
Ending balance	$	1,706		$	1,502		$	1,320		$	1,248		$	1,223			39		$	1,706		$	1,223			39
Ending reserves - principal	$	1,622		$	1,427		$	1,247		$	1,179		$	1,160			40		$	1,622		$	1,160			40
Ending reserves - interest and fees	$	84		$	75		$	73		$	69		$	63			33		$	84		$	63			33
% of loans		2.3	%		2.2	%		2.0	%		2.0	%		1.9	%					2.3	%		1.9	%
% of past due		177	%		174	%		167	%		158	%		161	%					177	%		161	%
Average loans	$	70.1		$	67.1		$	65.1		$	63.9		$	62.6			12		$	66.7		$	59.9			11
Net write-off rate (principal only) (S)		1.8	%		1.8	%		1.8	%		1.7	%		1.6	%					1.8	%		1.6	%
Net write-off rate (principal, interest and fees) (S)		2.2	%		2.1	%		2.1	%		2.0	%		1.9	%					2.1	%		1.8	%
30+ days past due loans as a % of total		1.3	%		1.3	%		1.2	%		1.2	%		1.2	%					1.3	%		1.2	%
Net interest income divided by average Card Member loans (U)		9.9	%		10.0	%		9.4	%		9.4	%		9.0	%					9.7	%		8.8	%
Net interest yield on average Card Member loans (U)		10.5	%		10.7	%		10.3	%		10.3	%		9.9	%					10.5	%		9.6	%

# - Denotes a variance of 100 percent or more.

Please see Appendix IV for footnote references

-5-

American Express Company	(Preliminary)
Selected Income Statement Information by Segment
(Millions)

	U.S. Consumer Services		International Consumer and Network Services			Global Commercial Services		Global Merchant Services			Corporate and Other			Consolidated
	(USCS)		(ICNS)			(GCS)		(GMS)
Q4'17
Non-interest revenues	$	2,091	$	1,333		$	2,464	$	1,142		$	73		$	7,103
Interest income		1,569		277			357		-			113			2,316
Interest expense		223		73			158		(74	)		200			580
Total revenues net of interest expense		3,437		1,537			2,663		1,216			(14	)		8,839
Total provision		532		111			188		4			(2	)		833
Pretax income (loss)		734		219			824		625			(581	)		1,821
Income tax provision (benefit)		227		20			244		212			2,315			3,018
Net income (loss)		507		199			580		413			(2,896	)		(1,197	)
Q4'16
Non-interest revenues	$	1,927	$	1,198		$	2,297	$	1,063		$	129		$	6,614
Interest income		1,235		230			296		-			60			1,821
Interest expense		132		52			104		(57	)		182			413
Total revenues net of interest expense		3,030		1,376			2,489		1,120			7			8,022
Total provision		363		92			171		4			(5	)		625
Pretax income (loss)		481		82			545		556			(503	)		1,161
Income tax provision (benefit)		130		(2	)		163		187			(142	)		336
Net income (loss)		351		84			382		369			(361	)		825
YOY % change
Non-interest revenues		9		11			7		7			(43	)		7
Interest income		27		20			21		-			88			27
Interest expense		69		40			52		30			10			40
Total revenues net of interest expense		13		12			7		9			#			10
Total provision		47		21			10		-			(60	)		33
Pretax income (loss)		53		#			51		12			16			57
Income tax provision (benefit)		75		#			50		13			#			#
Net income (loss)		44		#			52		12			#			#

# - Denotes a variance of 100 percent or more.

Please see Appendix IV for footnote references

-6-

American Express Company	(Preliminary)
Billed Business Growth Trend

	YOY % change
	Reported															FX-Adjusted (V)															Reported			FX-Adjusted (V)
	Q4'17			Q3'17			Q2'17			Q1'17			Q4'16			Q4'17			Q3'17			Q2'17			Q1'17			Q4'16			FY'17			FY'17
Worldwide (W)
Total Billed Business		11	%		8	%		-			(1	%)		(4	%)		9	%		8	%		1	%		-			(3	%)		5	%		4	%
Proprietary billed business		11			9			(1	)		(2	)		(5	)		10			9			-			(2	)		(4	)		4			4
GNS billed business (X)		9			4			5			7			3			6			4			5			6			4			6			5
Airline-related volume (7% of Q4'17 worldwide billed business)		7			5			1			1			(3	)		4			3			1			2			(1	)		3			3
United States (W)
Billed Business		8			7			(4	)		(6	)		(8	)		n/a			n/a			n/a			n/a			n/a			1			n/a
Proprietary consumer card billed business (Y)		8			7			(9	)		(13	)		(14	)		n/a			n/a			n/a			n/a			n/a			(2	)		n/a
Proprietary small business and corporate services billed business (Z)		9			9			4			2			1			n/a			n/a			n/a			n/a			n/a			6			n/a
T&E-related volume (23% of Q4'17 U.S. billed business)		6			3			(3	)		(5	)		(6	)		n/a			n/a			n/a			n/a			n/a			-			n/a
Non-T&E-related volume (77% of Q4'17 U.S. billed business)		9			8			(4	)		(7	)		(9	)		n/a			n/a			n/a			n/a			n/a			1			n/a
Airline-related volume (6% of Q4'17 U.S. billed business)		5			2			(1	)		(4	)		(6	)		n/a			n/a			n/a			n/a			n/a			-			n/a
Outside the United States (W)
Billed Business		15			10			9			12			7			10			9			11			13			11			12			11
Japan, Asia Pacific & Australia ("JAPA") billed business		15			8			12			16			14			11			9			13			14			13			13			12
Latin America & Canada ("LACC") billed business		11			10			8			10			1			8			8			9			9			7			10			9
Europe, Middle East & Africa ("EMEA") billed business		19			13			7			7			1			10			10			10			12			9			12			10
Proprietary consumer card billed business (X)		20			15			9			8			4			14			13			12			11			10			13			13
Proprietary small business and corporate services billed business (Z)		19			14			8			13			7			13			11			10			14			11			14			12

Please see Appendix IV for footnote references

-7-

U.S. Consumer Services	(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)

	Q4'17			Q3'17			Q2'17			Q1'17			Q4'16			YOY % change			FY'17			FY'16			YOY % change
Non-interest revenues	$	2,091		$	1,976		$	1,999		$	1,857		$	1,927			9		$	7,923		$	7,874			1
Interest income		1,569			1,509			1,369			1,308			1,235			27			5,755			5,082			13
Interest expense		223			202			171			146			132			69			742			536			38
Net interest income		1,346			1,307			1,198			1,162			1,103			22			5,013			4,546			10
Total revenues net of interest expense		3,437			3,283			3,197			3,019			3,030			13			12,936			12,420			4
Provisions for losses		532			459			345			294			363			47			1,630			1,065			53
Total revenues net of interest expense after provisions for losses		2,905			2,824			2,852			2,725			2,667			9			11,306			11,355			-
Expenses
Marketing, promotion, rewards, Card Member services and other		1,489			1,440			1,469			1,297			1,425			4			5,695			5,416			5
Salaries and employee benefits and other operating expenses		682			684			714			728			761			(10	)		2,808			2,058			36
Total expenses		2,171			2,124			2,183			2,025			2,186			(1	)		8,503			7,474			14
Pretax segment income		734			700			669			700			481			53			2,803			3,881			(28	)
Income tax provision		227			225			229			231			130			75			912			1,368			(33	)
Segment income	$	507		$	475		$	440		$	469		$	351			44		$	1,891		$	2,513			(25	)
Effective tax rate		30.9	%		32.1	%		34.2	%		33.0	%		27.0	%					32.5	%		35.2	%
(Billions, except percentages and where indicated)
Card billed business	$	91.0		$	83.7		$	84.8		$	77.5		$	84.3			8		$	337.0		$	345.3			(2	)
Total cards-in-force (millions)		34.9			34.4			33.8			33.2			32.7			7			34.9			32.7			7
Basic cards-in-force (millions)		25.0			24.6			24.2			23.7			23.3			7			25.0			23.3			7
Average basic Card Member spending (dollars) (M)	$	3,672		$	3,433		$	3,538		$	3,297		$	3,643			1		$	13,950		$	13,447			4
Total segment assets	$	94.2		$	87.7		$	86.8		$	81.2		$	87.4			8		$	94.2		$	87.4			8
Card Member receivables
Total receivables	$	13.1		$	11.2		$	11.3		$	10.9		$	12.3			7		$	13.1		$	12.3			7
30+ days past due as a % of total		1.1	%		1.2	%		1.1	%		1.3	%		1.2	%					1.1	%		1.2	%
Net write-off rate (principal only) (S)		1.3	%		1.2	%		1.2	%		1.5	%		1.3	%					1.3	%		1.4	%
Net write-off rate (principal and fees) (S)		1.4	%		1.3	%		1.4	%		1.7	%		1.5	%					1.4	%		1.6	%
Card Member loans
Total loans	$	53.7		$	49.3		$	48.3		$	46.7		$	48.8			10		$	53.7		$	48.8			10
30+ days past due loans as a % of total		1.3	%		1.3	%		1.1	%		1.2	%		1.1	%					1.3	%		1.1	%
Average loans	$	51.1		$	49.0		$	47.7		$	47.2		$	46.5			10		$	48.9		$	44.4			10
Net write-off rate (principal only) (S)		1.9	%		1.8	%		1.8	%		1.7	%		1.5	%					1.8	%		1.5	%
Net write-off rate (principal, interest and fees) (S)		2.2	%		2.1	%		2.1	%		2.0	%		1.8	%					2.1	%		1.8	%
Net interest income divided by average Card Member loans (U)		10.5	%		10.7	%		10.0	%		9.8	%		9.5	%					10.3	%		9.2	%
Net interest yield on average Card Member loans (U)		10.5	%		10.6	%		10.1	%		10.0	%		9.6	%					10.3	%		9.3	%

# - Denotes a variance of 100 percent or more.

Please see Appendix IV for footnote references

-8-

International Consumer and Network Services	(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)

	Q4'17			Q3'17			Q2'17			Q1'17			Q4'16			YOY % change			FY'17			FY'16			YOY % change
Non-interest revenues	$	1,333		$	1,277		$	1,247		$	1,195		$	1,198			11		$	5,052		$	4,785			6
Interest income		277			271			246			235			230			20			1,029			922			12
Interest expense		73			65			60			53			52			40			251			219			15
Net interest income		204			206			186			182			178			15			778			703			11
Total revenues net of interest expense		1,537			1,483			1,433			1,377			1,376			12			5,830			5,488			6
Provisions for losses		111			106			84			66			92			21			367			325			13
Total revenues net of interest expense after provisions for losses		1,426			1,377			1,349			1,311			1,284			11			5,463			5,163			6
Marketing, promotion, rewards, Card Member services and other		688			587			561			505			642			7			2,341			2,177			8
Salaries and employee benefits and other operating expenses		519			483			513			514			560			(7	)		2,029			2,168			(6	)
Total expenses		1,207			1,070			1,074			1,019			1,202			-			4,370			4,345			1
Pretax segment income		219			307			275			292			82			#			1,093			818			34
Income tax provision/(benefit)		20			21			66			74			(2	)		#			181			163			11
Segment income	$	199		$	286		$	209		$	218		$	84			#		$	912		$	655			39
Effective tax rate		9.1	%		6.8	%		24.0	%		25.3	%		(2.4	%)					16.6	%		19.9	%
(Billions, except percentages and where indicated)
Card billed business
Proprietary	$	33.7		$	30.5		$	28.9		$	26.6		$	28.1			20		$	119.7		$	105.9			13
Global Network Services (GNS)		48.8			46.6			45.8			43.4			44.6			9			184.6			173.7			6
Total	$	82.5		$	77.1		$	74.7		$	70.0		$	72.7			13		$	304.3		$	279.6			9
Total cards-in-force (millions)
Proprietary		15.7			15.6			15.4			15.3			15.0			5			15.7			15.0			5
GNS		48.2			49.0			49.2			49.0			48.6			(1	)		48.2			48.6			(1	)
Total		63.9			64.6			64.6			64.3			63.6			-			63.9			63.6			-
Proprietary basic cards-in-force (millions)		10.8			10.8			10.6			10.5			10.3			5			10.8			10.3			5
Average basic Card Member spending (dollars) (M)	$	3,106		$	2,840		$	2,726		$	2,542		$	2,720			14		$	11,225		$	10,386			8
Total segment assets	$	38.9		$	38.9		$	37.6		$	36.1		$	35.7			9		$	38.9		$	35.7			9
Card Member receivables
Total receivables	$	7.8		$	6.5		$	6.0		$	5.5		$	6.0			30		$	7.8		$	6.0			30
30+ days past due as a % of total		1.3	%		1.4	%		1.4	%		1.5	%		1.3	%					1.3	%		1.3	%
Net write-off rate (principal only) (S)		1.8	%		2.2	%		1.9	%		2.1	%		1.8	%					2.0	%		2.0	%
Net write-off rate (principal and fees) (S)		1.9	%		2.4	%		2.0	%		2.3	%		1.9	%					2.1	%		2.2	%
Card Member loans
Total loans	$	8.7		$	7.8		$	7.2		$	6.8		$	7.0			24		$	8.7		$	7.0			24
30+ days past due loans as a % of total		1.4	%		1.6	%		1.7	%		1.7	%		1.6	%					1.4	%		1.6	%
Average loans	$	8.1		$	7.5		$	7.1		$	6.9		$	6.8			19		$	7.4		$	6.8			9
Net write-off rate (principal only) (S)		2.0	%		2.2	%		2.0	%		2.0	%		2.0	%					2.1	%		2.0	%
Net write-off rate (principal, interest and fees) (S)		2.4	%		2.7	%		2.5	%		2.5	%		2.5	%					2.5	%		2.5	%
Net interest income divided by average Card Member loans (U)		10.1	%		11.0	%		10.5	%		10.6	%		10.5	%					10.5	%		10.3	%
Net interest yield on average Card Member loans (U)		10.8	%		11.6	%		11.2	%		11.1	%		11.0	%					11.1	%		10.9	%

# - Denotes a variance of 100 percent or more.

Please see Appendix IV for footnote references

-9-

Global Commercial Services	(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)

	Q4'17			Q3'17			Q2'17			Q1'17			Q4'16			YOY % change			FY'17			FY'16			YOY % change
Non-interest revenues	$	2,464		$	2,360		$	2,368		$	2,271		$	2,297			7		$	9,463		$	9,007			5
Interest income		357			351			334			319			296			21			1,361			1,209			13
Interest expense		158			144			129			109			104			52			540			401			35
Net interest income		199			207			205			210			192			4			821			808			2
Total revenues net of interest expense		2,663			2,567			2,573			2,481			2,489			7			10,284			9,815			5
Provisions for losses		188			194			154			208			171			10			744			604			23
Total revenues net of interest expense after provisions for losses		2,475			2,373			2,419			2,273			2,318			7			9,540			9,211			4
Marketing, promotion, rewards, Card Member services and other		932			905			949			938			983			(5	)		3,724			3,398			10
Salaries and employee benefits and other operating expenses		719			696			697			705			790			(9	)		2,817			2,868			(2	)
Total expenses		1,651			1,601			1,646			1,643			1,773			(7	)		6,541			6,266			4
Pretax segment income		824			772			773			630			545			51			2,999			2,945			2
Income tax provision		244			243			273			212			163			50			972			1,036			(6	)
Segment income	$	580		$	529		$	500		$	418		$	382			52		$	2,027		$	1,909			6
Effective tax rate		29.6	%		31.5	%		35.3	%		33.7	%		29.9	%					32.4	%		35.2	%
(Billions, except percentages and where indicated)
Card billed business	$	116.6		$	109.7		$	109.0		$	102.8		$	105.1			11		$	438.1		$	408.0			7
Total cards-in-force (millions)		14.0			13.9			13.8			13.7			13.6			3			14.0			13.6			3
Basic cards-in-force (millions)		14.0			13.9			13.8			13.7			13.6			3			14.0			13.6			3
Average basic Card Member spending (dollars) (M)	$	8,356		$	7,907		$	7,920		$	7,533		$	7,729			8		$	31,729		$	28,515			11
								��
Total segment assets	$	52.6		$	52.7		$	51.0		$	48.3		$	46.5			13		$	52.6		$	46.5			13
Card Member receivables	$	33.1		$	33.8		$	32.1		$	31.2		$	29.0			14		$	33.1		$	29.0			14
Card Member loans	$	11.1		$	10.7		$	10.4		$	10.0		$	9.5			17		$	11.1		$	9.5			17
Card Member receivables
Total receivables - GCP  (T)	$	17.0		$	17.9		$	16.9		$	16.6		$	14.8			15		$	17.0		$	14.8			15
90+ days past billing as a % of total - GCP (T)		0.9	%		0.9	%		0.8	%		0.7	%		0.9	%					0.9	%		0.9	%
Net loss ratio (as a % of charge volume) - GCP (T)		0.11	%		0.09	%		0.10	%		0.11	%		0.10	%					0.10	%		0.09	%
Total receivables - Global Small Business Services (GSBS) (AA)	$	16.1		$	15.9		$	15.2		$	14.6		$	14.3			13		$	16.1		$	14.3			13
30+ days past due as a % of total - GSBS		1.6	%		1.4	%		1.4	%		1.6	%		1.6	%					1.6	%		1.6	%
Net write-off rate (principal only) - GSBS (S)		1.5	%		1.5	%		1.6	%		1.8	%		1.2	%					1.6	%		1.5	%
Net write-off rate (principal and fees) - GSBS (S)		1.7	%		1.7	%		1.8	%		2.0	%		1.4	%					1.8	%		1.7	%
Card Member loans (AB)
Total loans - GSBS	$	11.0		$	10.7		$	10.3		$	10.0		$	9.5			16		$	11.0		$	9.5			16
30+ days past due as a % of total - GSBS		1.2	%		1.1	%		1.1	%		1.2	%		1.1	%					1.2	%		1.1	%
Average loans - GSBS	$	10.9		$	10.5		$	10.1		$	9.6		$	9.3			17		$	10.3		$	8.6			20
Net write-off rate (principal only) - GSBS (S)		1.6	%		1.6	%		1.5	%		1.6	%		1.4	%					1.6	%		1.4	%
Net write-off rate (principal, interest and fees) - GSBS (S)		1.9	%		1.9	%		1.8	%		1.8	%		1.7	%					1.9	%		1.7	%
Net interest income divided by average Card Member loans (U)		7.3	%		7.9	%		8.0	%		8.7	%		8.3	%					8.0	%		8.3	%
Net interest yield on average Card Member loans (U)		10.5	%		10.8	%		10.9	%		11.1	%		10.6	%					10.8	%		10.4	%

# - Denotes a variance of 100 percent or more.

Please see Appendix IV for footnote references

-10-

Global Merchant Services	(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)

	Q4'17			Q3'17			Q2'17			Q1'17			Q4'16			YOY % change		FY'17			FY'16			YOY % change
Non-interest revenues	$	1,142		$	1,088		$	1,086		$	1,017		$	1,063			7	$	4,333		$	4,235			2
Interest income		-			-			1			-			-			-		1			1			-
Interest expense		(74	)		(65	)		(65	)		(58	)		(57	)		30		(262	)		(237	)		11
Net interest income		74			65			66			58			57			30		263			238			11
Total revenues net of interest expense		1,216			1,153			1,152			1,075			1,120			9		4,596			4,473			3
Provisions for losses		4			8			-			3			4			-		15			25			(40	)
Total revenues net of interest expense after provisions for losses		1,212			1,145			1,152			1,072			1,116			9		4,581			4,448			3
Marketing, promotion, rewards, Card Member services and other		65			48			37			32			61			7		182			232			(22	)
Salaries and employee benefits and other operating expenses		522			580			435			473			499			5		2,010			1,921			5
Total expenses		587			628			472			505			560			5		2,192			2,153			2
Pretax segment income		625			517			680			567			556			12		2,389			2,295			4
Income tax provision		212			149			250			204			187			13		815			837			(3	)
Segment income	$	413		$	368		$	430		$	363		$	369			12	$	1,574		$	1,458			8
Effective tax rate		33.9	%		28.8	%		36.8	%		36.0	%		33.6	%				34.1	%		36.5	%
Loyalty Coalition revenue	$	121		$	116		$	114		$	102		$	106			14	$	453		$	410			10
(Billions, except percentages and where indicated)
Average discount rate (N)		2.40	%		2.42	%		2.44	%		2.45	%		2.44	%				2.43	%		2.45	%
Total segment assets	$	29.0		$	26.7		$	25.5		$	24.5		$	24.3			19	$	29.0		$	24.3			19

# - Denotes a variance of 100 percent or more.

Please see Appendix IV for footnote references

-11-

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

	For the Twelve Months Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2017			2017			2017			2017			2016
ROE
Net income	$	2,736		$	4,758		$	4,544		$	5,219		$	5,408
Average shareholders' equity	$	20,820		$	21,000		$	20,909		$	20,786		$	20,805
Return on average equity (C)		13.1	%		22.7	%		21.7	%		25.1	%		26.0	%
Reconciliation of ROCE
Net income	$	2,736		$	4,758		$	4,544		$	5,219		$	5,408
Preferred shares dividends and related accretion		81			80			80			80			80
Earnings allocated to participating share awards and other		21			38			36			42			43
Net income attributable to common shareholders	$	2,634		$	4,640		$	4,428		$	5,097		$	5,285
Average shareholders' equity	$	20,820		$	21,000		$	20,909		$	20,786		$	20,805
Average preferred shares		1,584			1,584			1,584			1,584			1,584
Average common shareholders' equity	$	19,236		$	19,416		$	19,325		$	19,202		$	19,221
Return on average common equity (C)		13.7	%		23.9	%		22.9	%		26.5	%		27.5	%

Please see Appendix IV for footnote references

-12-

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

	Q4'17			Q3'17			Q2'17			Q1'17			Q4'16			FY'17			FY'16
Consolidated
Net interest income	$	1,736		$	1,675		$	1,530		$	1,500		$	1,408		$	6,441		$	5,771
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (AC)		301			315			302			252			238			1,170			984
Interest income not attributable to the Company's Card Member loan portfolio (AD)		(177	)		(174	)		(155	)		(130	)		(94	)		(636	)		(403	)
Adjusted net interest income (AE)	$	1,860		$	1,816		$	1,677		$	1,622		$	1,552		$	6,975		$	6,352
Average Card Member loans including Held for Sale (billions)	$	70.1		$	67.1		$	65.1		$	63.9		$	62.6		$	66.7		$	65.8
Net interest income divided by average Card Member loans (AF)		9.9	%		10.0	%		9.4	%		9.4	%		9.0	%		9.7	%		8.8	%
Net interest yield on average Card Member loans (AG)		10.5	%		10.7	%		10.3	%		10.3	%		9.9	%		10.5	%		9.6	%
U.S. Consumer Services
Net interest income	$	1,346		$	1,307		$	1,198		$	1,162		$	1,103		$	5,013		$	4,546
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (AC)		36			33			28			23			21			120			80
Interest income not attributable to the Company's Card Member loan portfolio (AD)		(31	)		(29	)		(23	)		(18	)		(8	)		(101	)		(24	)
Adjusted net interest income (AE)	$	1,351		$	1,311		$	1,203		$	1,167		$	1,116		$	5,032		$	4,602
Average Card Member loans including Held for Sale (billions)	$	51.1		$	49.0		$	47.7		$	47.2		$	46.5		$	48.9		$	49.4
Net interest income divided by average Card Member loans (AF)		10.5	%		10.7	%		10.0	%		9.8	%		9.5	%		10.3	%		9.2	%
Net interest yield on average Card Member loans (AG)		10.5	%		10.6	%		10.1	%		10.0	%		9.6	%		10.3	%		9.3	%
International Consumer and Network Services
Net interest income	$	204		$	206		$	186		$	182		$	178		$	778		$	703
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (AC)		20			17			14			10			11			61			44
Interest income not attributable to the Company's Card Member loan portfolio (AD)		(3	)		(4	)		(3	)		(3	)		-			(13	)		(7	)
Adjusted net interest income (AE)	$	221		$	219		$	197		$	189		$	189		$	826		$	740
Average Card Member loans (billions)	$	8.1		$	7.5		$	7.1		$	6.9		$	6.8		$	7.4		$	6.8
Net interest income divided by average Card Member loans (AF)		10.1	%		11.0	%		10.5	%		10.6	%		10.5	%		10.5	%		10.3	%
Net interest yield on average Card Member loans (AG)		10.8	%		11.6	%		11.2	%		11.1	%		11.0	%		11.1	%		10.9	%
Global Commercial Services
Net interest income	$	199		$	207		$	205		$	210		$	193		$	821		$	809
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (AC)		119			108			99			83			81			409			312
Interest income not attributable to the Company's Card Member loan portfolio (AD)		(30	)		(29	)		(27	)		(27	)		(26	)		(113	)		(111	)
Adjusted net interest income (AE)	$	288		$	286		$	277		$	266		$	248		$	1,117		$	1,010
Average Card Member loans including Held for Sale (billions)	$	10.9		$	10.5		$	10.2		$	9.7		$	9.3		$	10.3		$	9.7
Net interest income divided by average Card Member loans (AF)		7.3	%		7.9	%		8.0	%		8.7	%		8.3	%		8.0	%		8.3	%
Net interest yield on average Card Member loans (AG)		10.5	%		10.8	%		10.9	%		11.1	%		10.6	%		10.8	%		10.4	%

Please see Appendix IV for footnote references

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American Express Company	(Preliminary)
Appendix III
Reconciliations of Adjustments
(Millions, except percentages and per share amounts)

	Q4'17			FY'17		FY'16			YOY % Change
Adjusted Total Revenues Net of Interest Expense
Total revenues net of interest expense	$	8,839		$	33,471	$	32,119			4
Estimated Costco-related revenues (AH)					-		(1,193	)
Adjusted Total revenues net of interest expense				$	33,471	$	30,926			8
FX-adjusted Adjusted Total revenues net of interest expense (V)						$	30,996			8
Earnings per Share Excluding the Tax Charge
Diluted earnings per share	$	(1.41	)	$	2.97
Tax Act impacts (AI)		2.99			2.90
Diluted earnings per share excluding the tax charge	$	1.58		$	5.87
Effective Tax Rate Excluding the Tax Charge
Effective tax rate		165.7	%
Tax Act impacts (AI)		141.4	%
Effective tax rate excluding the tax charge		24.3	%

Please see Appendix IV for footnote references

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Appendix IV (Preliminary)

All Information in the preceding tables is presented on a basis prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), unless otherwise indicated.  Certain reclassifications of prior period amounts have been made to conform to the current period presentation.  None of the prior period financial information was materially misstated.

(A)	Represents net income, less (i) earnings allocated to participating share awards of $2 million, $11 million, $11 million, $10 million and $6 million in Q4'17, Q3'17, Q2'17, Q1'17 and Q4'16, respectively, and full year of $21 million and $43 million for the years ending December 31, 2017 and 2016, respectively; and (ii) dividends on preferred shares of $20 million, $21 million, $19 million, $21 million and $19 million in Q4'17, Q3'17, Q2'17, Q1'17 and Q4'16, respectively, and full year of $81 million and $80 million for the years ending December 31, 2017 and 2016, respectively.
(B)	Within assets, "other" includes the following items as presented in the Company's Consolidated Balance Sheets: Other receivables, Other loans (including merchant financing loans), Premises and equipment and Other assets; and within liabilities, "other" includes the following items: Travelers Cheques and other prepaid products, Accounts payable and Other liabilities.
(C)	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.  Refer to Appendix I for components of return on average equity and return on average common equity.
(D)	These ratios represent preliminary estimates for the current period as of the date of Fourth Quarter 2017 Earnings Release and may be revised in the Company's 2017 Form 10-K for period ended December 31, 2017.
(E)	The Company is required to calculate a Supplementary Leverage Ratio, which is defined as Tier 1 Capital divided by Total Leverage Exposure. The Total Leverage Exposure reflects average total consolidated assets with adjustments for Tier 1 Capital deductions and includes off-balance sheet derivatives exposures, repo-style transactions and credit equivalents of undrawn commitments that are both conditionally and unconditionally cancellable.
(F)	Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(G)	Estimated Common Equity Tier 1 Capital, Tier 1 Capital, Risk-Weighted Assets and Average Total Assets for Supplementary Leverage Capital purposes under the fully phased-in Basel III rules reflect the Company's current interpretation of the fully phased-in Basel III rules using the standardized approach. The estimated fully phased-in Basel III amounts could change in the future if the Company's business changes.
(H)	The Common Equity Tier 1 Capital ratio under the fully phased-in Basel III rules is calculated as Common Equity Tier 1 Capital under fully phased-in Basel III rules divided by estimated Risk-Weighted Assets under fully phased-in Basel III rules.
(I)	The Tier 1 Risk-Based Capital ratio under the fully phased-in Basel III rules is calculated as Tier 1 Risk-Based Capital under the fully phased-in Basel III rules divided by estimated Risk-Weighted Assets under the fully phased-in Basel III rules.
(J)	The fully phased-in Basel III Supplementary Leverage Ratio is calculated by dividing fully phased-in Basel III Tier 1 Capital by Total Leverage Exposure (refer to Footnote E for a definition of Total Leverage Exposure).
(K)	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 cobrand portfolios in GNS, from which the Company earns no revenue, is not included.  Card billed business is reflected in the United States or outside the United States based on where the issuer is located.
(L)	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 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 cobrand Card Member accounts that have no out-of-store spend activity during the prior 12-month period.
(M)	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 divided by average worldwide proprietary cards-in-force.
(N)	This calculation is generally designed to reflect pricing at merchants accepting general-purpose American Express cards.  It represents the percentage of billed business (generated from both proprietary and GNS Card Member spending) retained by the Company from merchants it acquires, or for merchants acquired by a third party on its behalf, net of amounts retained by such third party.
(O)	Effective December 1, 2015, the Company reclassified the Card Member loans and receivables related to its cobrand partnerships with Costco in the U.S. and JetBlue, to reflect them as Held for Sale (HFS) on the Consolidated Balance Sheets.  The loans were reclassified at their net carrying amount, inclusive of the related reserves for losses.  Accordingly, Card Member loans and receivables and the related credit metrics are presented excluding the HFS loans and receivables for periods subsequent to the reclassification through the sale completion dates.
(P)	Provisions for principal, interest and/or fee reserve components.
(Q)	Consists of principal, interest and/or fees, less recoveries.
(R)	Card Member loans includes a reserve of $60 million related to loan balances of $245 million in Q2'16, reclassified from HFS to held for investment.  In addition, Other includes foreign currency translation adjustments and other items for all periods.
(S)	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.
(T)	GCP includes global, large and middle markets corporate accounts.
(U)	See Appendix II for calculations of net interest yield on average Card Member loans, a non-GAAP measure, and net interest income divided by average Card Member loans, a GAAP measure, and the Company's rationale for presenting net interest yield on average Card Member loans.
(V)	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 the foreign exchange rates used to determine results for Q4'17 apply to the period(s) against which such results are being compared).  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.
(W)	Captions not designated as "proprietary" or "GNS" include both proprietary and GNS data.
(X)	Included in ICNS.
(Y)	Included in USCS.
(Z)	Included in GCS.
(AA)	GSBS includes small business in the U.S. and international small business services.
(AB)	Effective Q3'17, GSBS loans and associated metrics include small business in the U.S. and international small business services.  Prior to Q3'17, due to certain system limitations, international small business services loans and associated credit metrics were reported within the international consumer business, in the ICNS segment, which were insignificant to both ICNS and GCS.
(AC)	Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(AD)	Primarily represents interest income attributable to Other loans, interest-bearing deposits and our Travelers Cheque and other stored-value investment portfolio.
(AE)	Adjusted net interest income, a non-GAAP measure that represents net interest income attributable to our Card Member loans and loans HFS (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans.  The Company believes adjusted net interest income is useful to investors because it represents the interest expense and interest income attributable to our Card Member loan portfolio and is a component of net interest yield on average Card Member loans, which provides a measure of profitability of our Card Member loan portfolio.
(AF)	Net interest income divided by average Card Member loans, computed on an annualized basis, a GAAP measure, 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 average Card Member loans.
(AG)	Net interest yield on average Card Member loans, a non-GAAP measure that is computed by dividing adjusted net interest income by average loans, computed on an annualized basis.  Reserves and net write-offs related to uncollectible interest are recorded through provisions for losses and are thus not included in the net interest yield calculation.  The Company believes net interest yield on average Card Member loans is useful to investors because it provides a measure of profitability of the Company's Card Member loan portfolio.
(AH)	Represents estimated Discount revenue from Costco in the U.S. for spend on American Express cards and from other merchants for spend on the Costco cobrand card as well as Other fees and commissions and Interest income from Costco cobrand Card Members.
(AI)	This estimate may be refined in the future as additional guidance and interpretations become available.

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