EXHIBIT 99.1
The following is a presentation of historical Consolidated Statements of
Income for American Express Company and its Travel Related Services (TRS)
segment after applying reclassifications related to securitization activity,
other revenues and other expenses. Management believes this presentation
better emphasizes various revenue and expense impacts to the Company and is
more consistent with industry practice.
American Express Company
Consolidated Statements of Income
(Dollars in millions)
(Unaudited)
<Table>
<Caption>
Quarter
Ended Quarters Ended Year Ended
--------- ------------------------------------------------------ ------------
March 31, March 31, June 30, September 30, December 31, December 31,
2003 2002 2002 2002 2002 2002
(audited)
Revenues:
Discount revenue $ 1,976 $ 1,845 $ 1,997 $ 1,967 $ 2,122 $ 7,931
Interest and dividends, net 767 758 658 759 816 2,991
Management and distribution fees 520 597 609 551 528 2,285
Cardmember lending
net finance charge revenue 508 449 411 380 430 1,670
Net card fees 451 423 429 439 435 1,726
Travel commissions and fees 340 328 369 342 369 1,408
Other commissions and fees(1) 497 453 480 490 505 1,928
Insurance and annuity revenues(2) 314 287 311 303 317 1,218
Securitization income, net(3) 255 231 354 298 324 1,207
Other 395 388 327 378 350 1,443
--------- --------- -------- ------------- ------------ ------------
Total 6,023 5,759 5,945 5,907 6,196 23,807
--------- --------- -------- ------------- ------------ ------------
Expenses:
Human resources 1,490 1,478 1,454 1,414 1,379 5,725
Provision for losses and benefits:
Annuities and investment certificates 314 299 277 305 336 1,217
Life insurance,
international banking and other 257 262 257 258 263 1,040
Charge card 208 252 280 191 237 960
Cardmember lending 331 346 290 319 414 1,369
Marketing, promotion, rewards
and cardmember services (4) 775 717 775 805 822 3,119
Professional services 498 392 484 521 624 2,021
Occupancy and equipment 338 369 328 349 412 1,458
Interest 230 271 277 264 270 1,082
Communications 131 124 128 126 136 514
Restructuring charges - (13) (6) (2) 14 (7)
Disaster recovery charge - - (7) - - (7)
Other 455 404 447 398 340 1,589
--------- --------- -------- ------------- ------------ ------------
Total 5,027 4,901 4,984 4,948 5,247 20,080
--------- --------- -------- ------------- ------------ ------------
Pretax income 996 858 961 959 949 3,727
Income tax provision 304 240 278 272 266 1,056
--------- --------- -------- ------------- ------------ ------------
Net income $ 692 $ 618 $ 683 $ 687 $ 683 $ 2,671
========= ========= ======== ============= ============ ============
</Table>
(1) Reduced for fees related to securitization activity previously included
in this item, which were netted in cardmember lending net finance
charge revenue.
(2) Includes insurance and annuity policyholder and contractholder revenues
previously included in other revenues.
(3) Includes discounts related to securitized loans outstanding previously
included in other revenues.
(4) Includes rewards and cardmember services expenses previously included
in other expenses.
1
<Page>
American Express Company
Consolidated Statements of Income
(Dollars in millions)
(Unaudited)
<Table>
<Caption>
Quarters Ended Year Ended
-------------------------------------------------- ------------
March 31, June 30, September 30, December 31, December 31,
2001 2001 2001 2001 2001
(audited)
Revenues:
Discount revenue $ 1,925 $ 2,007 $ 1,870 $ 1,913 $ 7,714
Interest and dividends, net 611 12 736 777 2,137
Management and distribution fees 638 623 595 603 2,458
Cardmember lending net finance charge revenue 364 373 405 435 1,577
Net card fees 422 404 423 426 1,675
Travel commissions and fees 418 427 358 334 1,537
Other commissions and fees(1) 488 486 474 488 1,935
Insurance and annuity revenues(2) 246 254 278 285 1,063
Securitization income, net(3) 217 281 225 250 973
Other 390 401 360 360 1,513
--------- -------- ------------- ------------ ------------
Total 5,719 5,268 5,724 5,871 22,582
--------- -------- ------------- ------------ ------------
Expenses:
Human resources 1,668 1,650 1,540 1,412 6,271
Provision for losses and benefits:
Annuities and investment certificates 319 352 313 333 1,318
Life insurance, international banking and other 198 193 247 271 909
Charge card 249 319 284 343 1,195
Cardmember lending 287 346 302 383 1,318
Marketing, promotion, rewards
and cardmember services (4) 653 686 690 689 2,718
Professional services 375 412 413 451 1,651
Occupancy and equipment 371 395 398 410 1,574
Interest 361 412 385 342 1,501
Communications 130 133 125 140 528
Restructuring charges - - 326 279 605
Disaster recovery charge - - 90 - 90
Other 367 217 257 471 1,308
--------- -------- ------------- ------------ ------------
Total 4,978 5,115 5,370 5,524 20,986
--------- -------- ------------- ------------ ------------
Pretax income 741 153 354 347 1,596
Income tax provision 203 (25) 56 50 285
--------- -------- ------------- ------------ ------------
Net income $ 538 $ 178 $ 298 $ 297 $ 1,311
========= ======== ============= ============ ============
</Table>
(1) Reduced for fees related to securitization activity previously included
in this item, which were netted in cardmember lending net finance
charge revenue.
(2) Includes insurance and annuity policyholder and contractholder revenues
previously included in other revenues.
(3) Includes discounts related to securitized loans outstanding previously
included in other revenues.
(4) Includes rewards and cardmember services expenses previously included
in other expenses.
2
<Page>
Travel Related Services
Consolidated Statements of Income
(Dollars in millions)
(Unaudited)
<Table>
<Caption>
Quarter
Ended Quarters Ended Year Ended
----------- --------------------------------------------------------- -------------
March 31, March 31, June 30, September 30, December 31, December 31,
2003 2002 2002 2002 2002 2002
(audited)
Net Revenues:
Discount revenue $ 1,976 $ 1,845 $ 1,997 $ 1,967 $ 2,122 $ 7,931
Net card fees 451 423 429 439 435 1,726
Lending:
Finance charge revenue 637 576 538 504 562 2,180
Interest expense 129 127 127 124 132 510
----------- ----------- ---------- -------------- -----------------------------
Net finance charge revenue 508 449 411 380 430 1,670
Travel commissions and fees 340 328 369 342 369 1,408
Other commissions and fees (1),(2) 464 442 448 467 476 1,833
Travelers Cheque investment
income 92 90 95 96 94 375
Securitization income, net (3) 255 231 354 298 324 1,207
Other revenues 400 391 359 406 415 1,571
----------- ----------- ---------- -------------- -----------------------------
Total net revenues 4,486 4,199 4,462 4,395 4,665 17,721
----------- ----------- ---------- -------------- -----------------------------
Expenses:
Marketing, promotion, rewards
and cardmember services (4) 761 681 754 796 796 3,027
Provision for losses and claims:
Charge card 208 252 280 191 237 960
Lending 331 346 290 319 414 1,369
Other 31 48 37 38 26 149
----------- ----------- ---------- -------------- -----------------------------
Total 570 646 607 548 677 2,478
Charge card interest expense 209 244 256 249 252 1,001
Human resources 916 901 879 871 852 3,503
Other operating expenses 1,172 1,074 1,150 1,133 1,279 4,636
Restructuring charges - (13) (6) - 15 (4)
----------- ----------- ---------- -------------- -----------------------------
Total expenses 3,628 3,533 3,640 3,597 3,871 14,641
----------- ----------- ---------- -------------- -----------------------------
Pretax income 858 666 822 798 794 3,080
Income tax provision 274 199 257 245 244 945
----------- ----------- ---------- -------------- -----------------------------
Net income $ 584 $ 467 $ 565 $ 553 $ 550 $ 2,135
=========== =========== ========== ============== =============================
</Table>
(1) Reduced for fees related to securitization activity previously included
in this item, which were netted in cardmember lending net finance
charge revenue.
(2) Represents other commissions and fees previously included in other
revenues.
(3) Includes discounts related to securitized loans outstanding previously
included in other revenues.
(4) Includes rewards and cardmember services expenses previously included
in other operating expenses.
3
<Page>
Travel Related Services
Consolidated Statements of Income
(Dollars in millions)
(Unaudited)
<Table>
<Caption>
Quarters Ended Year Ended
-------------------------------------------------------------------- --------------
March 31, June 30, September 30, December 31, December 31,
2001 2001 2001 2001 2001
(audited)
Net Revenues:
Discount revenue $ 1,925 $ 2,007 $ 1,870 $ 1,913 $ 7,714
Net card fees 422 404 423 426 1,675
Lending:
Finance charge revenue 639 631 638 608 2,516
Interest expense 275 258 234 173 939
--------------- --------------- --------------- ------------- --------------
Net finance charge revenue 364 373 404 435 1,577
Travel commissions and fees 418 427 358 334 1,537
Other commissions and fees (1), (2) 450 463 476 472 1,861
Travelers Cheque investment income 98 100 103 94 394
Securitization income, net (3) 217 281 225 250 973
Other revenues 432 441 369 383 1,628
--------------- --------------- --------------- ------------- --------------
Total net revenues 4,326 4,496 4,228 4,307 17,359
--------------- --------------- --------------- ------------- --------------
Expenses:
Marketing, promotion, rewards
and cardmember services (4) 636 674 677 667 2,654
Provision for losses and claims:
Charge card 249 319 284 343 1,195
Lending 287 346 302 381 1,318
Other 24 25 34 81 164
--------------- --------------- --------------- ------------- --------------
Total 560 690 620 805 2,677
Charge card interest expense 349 387 369 339 1,443
Human resources 1,034 1,053 987 918 3,992
Net discount expense 113 (17) - - 96
Other operating expenses 897 979 985 1,163 4,025
Restructuring charges - - 195 219 414
Disaster recovery charges - - 79 - 79
--------------- --------------- --------------- ------------- --------------
Total expenses 3,589 3,766 3,912 4,111 15,380
--------------- --------------- --------------- ------------- --------------
Pretax income 737 730 316 196 1,979
Income tax provision 215 211 68 26 520
--------------- --------------- --------------- ------------- --------------
Net income $ 522 $ 519 $ 248 $ 170 $ 1,459
=============== =============== =============== ============= ==============
</Table>
(1) Reduced for fees related to securitization activity previously included
in this item, which were netted in cardmember lending net finance
charge revenue.
(2) Represents other commissions and fees previously included in other
revenues.
(3) Includes discounts related to securitized loans outstanding previously
included in other revenues.
(4) Includes rewards and cardmember services expenses previously included
in other operating expenses.
4