ex99_2.htm

EXHIBIT 99.2

All information in the following tables is presented on a basis prepared in accordance with U.S. generally accepted accounting principles (GAAP), unless otherwise indicated. The Company revised the income statement reporting of card fees on lending products in the first quarter of 2012, increasing Net card fees and reducing Interest on loans. Corresponding amounts in prior periods have been reclassified to conform to the current period presentation. This change does not impact Total revenues net of interest expense in the income statement, or the Net interest yield on cardmember loans, a non-GAAP measure.

(Preliminary)

American Express Company

Consolidated Statements of Income

(Millions)
	Quarters Ended									Nine Months Ended
	September 30,						Percentage			September 30,						Percentage
	2012			2011			Inc/(Dec)			2012			2011			Inc/(Dec)

Revenues
Non-interest revenues
Discount revenue	$	4,425		$	4,218			5	%	$	13,164		$	12,398			6	%
Net card fees		633			622			2			1,858			1,836			1
Travel commissions and fees		465			480			(3	)		1,437			1,457			(1	)
Other commissions and fees		581			604			(4	)		1,739			1,717			1
Other		577			534			8			1,808			1,546			17
Total non-interest revenues		6,681			6,458			3			20,006			18,954			6
Interest income
Interest on loans		1,658			1,587			4			4,851			4,685			4
Interest and dividends on investment securities		60			68			(12	)		193			255			(24	)
Deposits with banks and other		21			33			(36	)		73			71			3
Total interest income		1,739			1,688			3			5,117			5,011			2
Interest expense
Deposits		118			127			(7	)		362			395			(8	)
Long-term debt and other		440			448			(2	)		1,320			1,350			(2	)
Total interest expense		558			575			(3	)		1,682			1,745			(4	)
Net interest income		1,181			1,113			6			3,435			3,266			5
Total revenues net of interest expense		7,862			7,571			4			23,441			22,220			5
Provisions for losses
Charge card		190			174			9			531			533			-
Cardmember loans		264			48			#			753			104			#
Other		25			27			(7	)		68			66			3
Total provisions for losses		479			249			92			1,352			703			92
Total revenues net of interest expense after provisions for losses		7,383			7,322			1			22,089			21,517			3

Expenses
Marketing and promotion		764			757			1			2,168			2,261			(4	)
Cardmember rewards		1,496			1,565			(4	)		4,425			4,755			(7	)
Cardmember services		201			189			6			602			526			14
Salaries and employee benefits		1,516			1,598			(5	)		4,687			4,715			(1	)
Professional services		690			690			-			2,092			2,098			-
Occupancy and equipment		453			433			5			1,337			1,218			10
Communications		93			93			-			284			280			1
Other, net		300			286			5			972			456			#
Total		5,513			5,611			(2	)		16,567			16,309			2
Pretax income from continuing operations		1,870			1,711			9			5,522			5,208			6
Income tax provision		620			476			30			1,677			1,501			12
Income from continuing operations		1,250			1,235			1			3,845			3,707			4
Income from discontinued operations, net of tax		-			-			-			-			36			#
Net income	$	1,250		$	1,235			1		$	3,845		$	3,743			3
Income from continuing operations attributable to common shareholders (A)	$	1,236		$	1,220			1		$	3,803		$	3,663			4
Net income attributable to common shareholders (A)	$	1,236		$	1,220			1		$	3,803		$	3,699			3
Effective tax rate		33.2	%		27.8	%					30.4	%		28.8	%

# - Denotes a variance of more than 100%.

(A) Represents income from continuing operations or net income, as applicable, less earnings allocated to participating share awards of $14 million and $15 million for the three months ended September 30, 2012 and 2011, respectively, and $42 million and $44 million for the nine months ended September 30, 2012 and 2011, respectively.

(Preliminary)

American Express Company

Condensed Consolidated Balance Sheets

(Billions)

	September 30,		December 31,
	2012		2011

Assets
Cash & cash equivalents	$	25	$	25
Accounts receivable		45		44
Investment securities		6		7
Loans		61		61
Other assets		16		16
Total assets	$	153	$	153

Liabilities and Shareholders' Equity
Customer deposits	$	37	$	38
Short-term borrowings		4		4
Long-term debt		56		60
Other liabilities		37		32
Total liabilities		134		134

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

(Preliminary)

American Express Company

Financial Summary

(Millions)
	Quarters Ended									Nine Months Ended
	September 30,						Percentage			September 30,						Percentage
	2012			2011			Inc/(Dec)			2012			2011			Inc/(Dec)

Total revenues net of interest expense
U.S. Card Services	$	4,055		$	3,838			6	%	$	11,976		$	11,174			7	%
International Card Services		1,313			1,347			(3	)		3,909			3,906			-
Global Commercial Services		1,156			1,130			2			3,534			3,442			3
Global Network & Merchant Services		1,310			1,250			5			3,881			3,626			7
		7,834			7,565			4			23,300			22,148			5
Corporate & Other		28			6			#			141			72			96

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE	$	7,862		$	7,571			4		$	23,441		$	22,220			5

Pretax income (loss) from continuing operations
U.S. Card Services	$	1,128		$	1,151			(2	)	$	3,457		$	2,961			17
International Card Services		207			189			10			549			625			(12	)
Global Commercial Services		275			269			2			818			799			2
Global Network & Merchant Services		561			514			9			1,662			1,477			13
		2,171			2,123			2			6,486			5,862			11
Corporate & Other		(301	)		(412	)		(27	)		(964	)		(654	)		47

PRETAX INCOME FROM CONTINUING OPERATIONS	$	1,870		$	1,711			9		$	5,522		$	5,208			6

Net income (loss)
U.S. Card Services	$	699		$	733			(5	)	$	2,169		$	1,953			11
International Card Services		164			221			(26	)		539			571			(6	)
Global Commercial Services		183			197			(7	)		579			558			4
Global Network & Merchant Services		360			332			8			1,089			969			12
		1,406			1,483			(5	)		4,376			4,051			8
Corporate & Other		(156	)		(248	)		(37	)		(531	)		(344	)		54
Income from continuing operations		1,250			1,235			1			3,845			3,707			4
Income from discontinued operations, net of tax		-			-			-			-			36			#
NET INCOME	$	1,250		$	1,235			1		$	3,845		$	3,743			3

# - Denotes a variance of more than 100%.

(Preliminary)

American Express Company

Financial Summary (continued)

	Quarters Ended							Nine Months Ended
	September 30,				Percentage			September 30,				Percentage
	2012		2011		Inc/(Dec)			2012		2011		Inc/(Dec)
EARNINGS PER COMMON SHARE

BASIC
Income from continuing operations attributable to common shareholders	$	1.10	$	1.04		6	%	$	3.33	$	3.09		8	%
Income from discontinued operations		-		-		-			-		0.03		#
Net income attributable to common shareholders	$	1.10	$	1.04		6	%	$	3.33	$	3.12		7	%

Average common shares outstanding (millions)		1,126		1,175		(4	) %		1,143		1,184		(3	) %

DILUTED
Income from continuing operations attributable to common shareholders	$	1.09	$	1.03		6	%	$	3.31	$	3.08		7	%
Income from discontinued operations		-		-		-			-		0.03		#
Net income attributable to common shareholders	$	1.09	$	1.03		6	%	$	3.31	$	3.11		6	%

Average common shares outstanding (millions)		1,132		1,181		(4	) %		1,149		1,191		(4	) %

Cash dividends declared per common share	$	0.20	$	0.18		11	%	$	0.60	$	0.54		11	%

Selected Statistical Information

	Quarters Ended									Nine Months Ended
	September 30,						Percentage			September 30,						Percentage
	2012			2011			Inc/(Dec)			2012			2011			Inc/(Dec)

Return on average equity (A)		26.3	%		27.8	%					26.3	%		27.8	%
Return on average common equity (A)		26.0	%		27.5	%					26.0	%		27.5	%
Return on average tangible common equity (A)		33.5	%		35.7	%					33.5	%		35.7	%
Common shares outstanding (millions)		1,122			1,169			(4	) %		1,122			1,169			(4	) %
Book value per common share	$	17.37		$	15.49			12	%	$	17.37		$	15.49			12	%
Shareholders' equity (billions)	$	19.5		$	18.1			8	%	$	19.5		$	18.1			8	%

# - Denotes a variance of more than 100%.

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

(Preliminary)

American Express Company

Selected Statistical Information

(Millions, except percentages and where indicated)
	Quarters Ended
	September 30,						Percentage
	2012			2011			Inc/(Dec)
Card billed business (billions) (A):
United States	$	146.9		$	136.4			8	%
Outside the United States		73.2			71.3			3
Total	$	220.1		$	207.7			6
Total cards-in-force (B):
United States		51.8			50.2			3	%
Outside the United States		49.6			45.6			9
Total		101.4			95.8			6
Basic cards-in-force (B):
United States		40.2			38.9			3	%
Outside the United States		39.8			36.4			9
Total		80.0			75.3			6

Average discount rate (C)		2.53	%		2.54	%
Average basic cardmember spending (dollars) (D)	$	3,885		$	3,739			4	%
Average fee per card (dollars) (D)	$	39		$	40			(3	) %
Average fee per card adjusted (dollars) (D)	$	44		$	43			2	%

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

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

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

(D) Average basic card member spending and average fee per card are computed from proprietary card activities only. Average fee per card is computed based on net card fees, including the amortization of deferred direct acquisition costs divided by average worldwide proprietary cards-in-force. The adjusted average fee per card, which is a non-GAAP measure, is computed in the same manner, but excludes amortization of deferred direct acquisition costs. The amount of amortization excluded was $65 million and $52 million for the quarters ended September 30, 2012 and 2011, respectively. The Company presents adjusted average fee per card because the Company believes this metric presents a useful indicator of card fees pricing across a range of its proprietary card products.

(Preliminary)

American Express Company

Selected Statistical Information (continued)

(Billions, except percentages and where indicated)
	Quarters Ended
	September 30,						Percentage
	2012			2011			Inc/(Dec)
Worldwide cardmember receivables:
Total receivables	$	42.3		$	39.8			6	%
Loss reserves (millions):
Beginning balance	$	392		$	415			(6	) %
Provisions (A)		151			125			21
Other additions (B)		39			49			(20	)
Net write-offs (C)		(141	)		(146	)		(3	)
Other deductions (D)		(32	)		(55	)		(42	)
Ending balance	$	409		$	388			5
% of receivables		1.0	%		1.0	%
Net write-off rate (principal only) - USCS (E)		1.6	%		1.8	%
Net write-off rate (principal and fees) - USCS (E)		1.7	%		1.9	%
30 days past due as a % of total - USCS		1.8	%		2.0	%
Net loss ratio (as a % of charge volume) - ICS/GCS		0.10	%		0.10	%
90 days past billing as a % of total - ICS/GCS		0.7	%		0.8	%

Worldwide cardmember loans:
Total loans	$	61.8		$	58.2			6	%
Loss reserves (millions):
Beginning balance	$	1,547		$	2,560			(40	) %
Provisions (A)		231			16			#
Other additions (B)		33			32			3
Net write-offs - principal (C)		(292	)		(383	)		(24	)
Net write-offs - interest and fees (C)		(36	)		(44	)		(18	)
Other deductions (D)		(24	)		(42	)		(43	)
Ending balance	$	1,459		$	2,139			(32	)
Ending reserves - principal	$	1,411		$	2,080			(32	)
Ending reserves - interest and fees	$	48		$	59			(18	)
% of loans		2.4	%		3.7	%
% of past due		182	%		238	%
Average loans	$	61.4		$	58.9			4	%
Net write-off rate (principal only) (E)		1.9	%		2.6	%
Net write-off rate (principal, interest and fees) (E)		2.1	%		2.9	%
30 days past due loans as a % of total		1.3	%		1.5	%
Net interest income divided by average loans (F)		7.7	%		7.5	%
Net interest yield on cardmember loans (F)		9.3	%		9.1	%

# - Denotes a variance of more than 100%.

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

(B) Provisions for unauthorized transactions.

(D) For cardmember receivables, includes net write-offs for unauthorized transactions of $(37) million and $(46) million for the three months ended September 30, 2012 and 2011, respectively; foreign currency translation adjustments of $6 million and $(5) million for the three months ended September 30, 2012 and 2011, respectively; and other adjustments of $(1) million and $(4) million for the three months ended September 30, 2012 and 2011, respectively. For cardmember loans, includes net write-offs for unauthorized transactions of $(31) million and $(29) million for the three months ended September 30, 2012 and 2011, respectively; foreign currency translation adjustments of $10 million and $(14) million for the three months ended September 30, 2012 and 2011, respectively; and other adjustments of $(3) million and $1 million for the three months ended September 30, 2012 and 2011, respectively.

(E) 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.

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

(Preliminary)

American Express Company

Consolidated Statements of Income

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

Revenues
Non-interest revenues
Discount revenue	$	4,425		$	4,482		$	4,257		$	4,336		$	4,218
Net card fees		633			615			610			612			622
Travel commissions and fees		465			521			451			514			480
Other commissions and fees		581			575			583			552			604
Other		577			651			580			618			534
Total non-interest revenues		6,681			6,844			6,481			6,632			6,458
Interest income
Interest on loans		1,658			1,582			1,611			1,587			1,587
Interest and dividends on investment securities		60			67			66			72			68
Deposits with banks and other		21			22			30			26			33
Total interest income		1,739			1,671			1,707			1,685			1,688
Interest expense
Deposits		118			115			129			133			127
Long-term debt and other		440			435			445			442			448
Total interest expense		558			550			574			575			575
Net interest income		1,181			1,121			1,133			1,110			1,113
Total revenues net of interest expense		7,862			7,965			7,614			7,742			7,571
Provisions for losses
Charge card		190			163			178			237			174
Cardmember loans		264			277			212			149			48
Other		25			21			22			23			27
Total provisions for losses		479			461			412			409			249
Total revenues net of interest expense after provisions for losses		7,383			7,504			7,202			7,333			7,322

Expenses
Marketing and promotion		764			773			631			735			757
Cardmember rewards		1,496			1,462			1,467			1,463			1,565
Cardmember services		201			180			221			190			189
Salaries and employee benefits		1,516			1,536			1,635			1,537			1,598
Professional services		690			711			691			853			690
Occupancy and equipment		453			446			438			467			433
Communications		93			95			96			98			93
Other, net		300			422			250			242			286
Total		5,513			5,625			5,429			5,585			5,611
Pretax income		1,870			1,879			1,773			1,748			1,711
Income tax provision		620			540			517			556			476
Net income	$	1,250		$	1,339		$	1,256		$	1,192		$	1,235
Net income attributable to common shareholders (A)	$	1,236		$	1,325		$	1,242		$	1,178		$	1,220
Effective tax rate		33.2	%		28.7	%		29.2	%		31.8	%		27.8	%

(A) Represents net income, less earnings allocated to participating share awards of $14 million for the quarter ended September 30, 2012, $14 million for the quarter ended June 30, 2012, $14 million for the quarter ended March 31, 2012, $14 million for the quarter ended December 31, 2011 and $15 million for the quarter ended September 30, 2011.

(Preliminary)

American Express Company

Financial Summary

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

Total revenues net of interest expense
U.S. Card Services	$	4,055		$	4,037		$	3,884		$	3,897		$	3,838
International Card Services		1,313			1,297			1,299			1,333			1,347
Global Commercial Services		1,156			1,221			1,157			1,183			1,130
Global Network & Merchant Services		1,310			1,323			1,248			1,316			1,250
		7,834			7,878			7,588			7,729			7,565
Corporate & Other		28			87			26			13			6

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE	$	7,862		$	7,965		$	7,614		$	7,742		$	7,571

Pretax income (loss)
U.S. Card Services	$	1,128		$	1,149		$	1,180		$	1,168		$	1,151
International Card Services		207			146			196			137			189
Global Commercial Services		275			299			244			276			269
Global Network & Merchant Services		561			562			539			502			514
		2,171			2,156			2,159			2,083			2,123
Corporate & Other		(301	)		(277	)		(386	)		(335	)		(412	)

PRETAX INCOME	$	1,870		$	1,879		$	1,773		$	1,748		$	1,711

Net income (loss)
U.S. Card Services	$	699		$	718		$	752		$	727		$	733
International Card Services		164			178			197			152			221
Global Commercial Services		183			219			177			180			197
Global Network & Merchant Services		360			372			357			324			332
		1,406			1,487			1,483			1,383			1,483
Corporate & Other		(156	)		(148	)		(227	)		(191	)		(248	)

NET INCOME	$	1,250		$	1,339		$	1,256		$	1,192		$	1,235

(Preliminary)

American Express Company

Financial Summary (continued)

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

BASIC
Net income attributable to common shareholders	$	1.10	$	1.16	$	1.07	$	1.02	$	1.04

Average common shares outstanding (millions)		1,126		1,145		1,160		1,157		1,175

DILUTED
Net income attributable to common shareholders	$	1.09	$	1.15	$	1.07	$	1.01	$	1.03

Average common shares outstanding (millions)		1,132		1,152		1,166		1,163		1,181

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

Selected Statistical Information

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

Return on average equity (A)		26.3	%		26.6	%		27.1	%		27.7	%		27.8	%
Return on average common equity (A)		26.0	%		26.3	%		26.8	%		27.3	%		27.5	%
Return on average tangible common equity (A)		33.5	%		34.1	%		35.0	%		35.8	%		35.7	%
Common shares outstanding (millions)		1,122			1,139			1,166			1,164			1,169
Book value per common share	$	17.37		$	16.92		$	17.08		$	16.15		$	15.49
Shareholders' equity (billions)	$	19.5		$	19.3		$	19.9		$	18.8		$	18.1

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

(Preliminary)

American Express Company

Selected Statistical Information

(Millions, except percentages and where indicated)
	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2012			2012			2012			2011			2011
Card billed business (billions) (A):
United States	$	146.9		$	148.7		$	139.6		$	145.5		$	136.4
Outside the United States		73.2			72.9			71.6			73.5			71.3
Total	$	220.1		$	221.6		$	211.2		$	219.0		$	207.7
Total cards-in-force (B):
United States		51.8			51.2			50.9			50.6			50.2
Outside the United States		49.6			48.9			47.8			46.8			45.6
Total		101.4			100.1			98.7			97.4			95.8
Basic cards-in-force (B):
United States		40.2			39.8			39.6			39.3			38.9
Outside the United States		39.8			39.2			38.2			37.4			36.4
Total		80.0			79.0			77.8			76.7			75.3

Average discount rate (C)		2.53	%		2.54	%		2.53	%		2.51	%		2.54	%
Average basic cardmember spending (dollars) (D)	$	3,885		$	3,948		$	3,772		$	3,933		$	3,739
Average fee per card (dollars) (D)	$	39		$	39		$	38		$	39		$	40
Average fee per card adjusted (dollars) (D)	$	44		$	43		$	42		$	42		$	43

(D) Average basic card member spending and average fee per card are computed from proprietary card activities only. Average fee per card is computed based on net card fees, including the amortization of deferred direct acquisition costs divided by average worldwide proprietary cards-in-force. The adjusted average fee per card, which is a non-GAAP measure, is computed in the same manner, but excludes amortization of deferred direct acquisition costs. The amount of amortization excluded for these periods was $65 million for the quarter ended September 30, 2012, $64 million for the quarter ended June 30, 2012, $65 million for the quarter ended March 31, 2012, $57 million for the quarter ended December 31, 2011 and $52 million for the quarter ended September 30, 2011. The Company presents adjusted average fee per card because the Company believes this metric presents a useful indicator of card fee pricing across a range of its proprietary card products.

(Preliminary)

American Express Company

Selected Statistical Information (continued)

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

Worldwide cardmember receivables:
Total receivables	$	42.3		$	41.5		$	41.5		$	40.9		$	39.8
Loss reserves (millions):
Beginning balance	$	392		$	424		$	438		$	388		$	415
Provisions (A)		151			134			149			199			125
Other additions (B)		39			29			29			38			49
Net write-offs (C)		(141	)		(164	)		(182	)		(154	)		(146	)
Other deductions (D)		(32	)		(31	)		(10	)		(33	)		(55	)
Ending balance	$	409		$	392		$	424		$	438		$	388
% of receivables		1.0	%		0.9	%		1.0	%		1.1	%		1.0	%
Net write-off rate (principal only) - USCS (E)		1.6	%		2.0	%		2.3	%		1.9	%		1.8	%
Net write-off rate (principal and fees) - USCS (E)		1.7	%		2.2	%		2.5	%		2.0	%		1.9	%
30 days past due as a % of total - USCS		1.8	%		1.7	%		1.9	%		1.9	%		2.0	%
Net loss ratio (as a % of charge volume) - ICS/GCS		0.10	%		0.10	%		0.11	%		0.10	%		0.10	%
90 days past billing as a % of total - ICS/GCS		0.7	%		0.7	%		0.7	%		0.9	%		0.8	%

Worldwide cardmember loans:
Total loans	$	61.8		$	61.0		$	60.1		$	62.6		$	58.2
Loss reserves (millions):
Beginning balance	$	1,547		$	1,680		$	1,874		$	2,139		$	2,560
Provisions (A)		231			253			185			122			16
Other additions (B)		33			24			27			27			32
Net write-offs - principal (C)		(292	)		(329	)		(349	)		(345	)		(383	)
Net write-offs - interest and fees (C)		(36	)		(41	)		(44	)		(42	)		(44	)
Other deductions (D)		(24	)		(40	)		(13	)		(27	)		(42	)
Ending balance	$	1,459		$	1,547		$	1,680		$	1,874		$	2,139
Ending reserves - principal	$	1,411		$	1,492		$	1,622		$	1,818		$	2,080
Ending reserves - interest and fees	$	48		$	55		$	58		$	56		$	59
% of loans		2.4	%		2.5	%		2.8	%		3.0	%		3.7	%
% of past due		182	%		202	%		201	%		206	%		238	%
Average loans	$	61.4		$	60.6		$	60.7		$	59.9		$	58.9
Net write-off rate (principal only) (E)		1.9	%		2.2	%		2.3	%		2.3	%		2.6	%
Net write-off rate (principal, interest and fees) (E)		2.1	%		2.4	%		2.6	%		2.6	%		2.9	%
30 days past due loans as a % of total		1.3	%		1.3	%		1.4	%		1.5	%		1.5	%
Net interest income divided by average loans (F)		7.7	%		7.4	%		7.5	%		7.4	%		7.5	%
Net interest yield on cardmember loans (F)		9.3	%		9.0	%		9.2	%		8.9	%		9.1	%

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

(B) Provisions for unauthorized transactions.

(D) For cardmember receivables, includes net write-offs for unauthorized transactions of $(37) million for the three months ended September 30, 2012, $(30) million for the three months ended June 30, 2012, $(33) million for the three months ended March 31, 2012, $(38) million for the three months ended December 31, 2011 and $(46) million for the three months ended September 30, 2011; foreign currency translation adjustments of $6 million for the three months ended September 30, 2012, $(5) million for the three months ended June 30, 2012, $3 million for the three months ended March 31, 2012, $(3) million for the three months ended December 31, 2011 and $(5) million for the three months September 30, 2011; reclassified cardmember bankruptcy reserves of $18 million for the three months ended March 31, 2012, only (cardmember bankruptcy reserves were classified as other liabilities in prior periods); and other adjustments of $(1) million for the three months ended September 30, 2012, $4 million for the three months ended June 30, 2012, $2 million for the three months ended March 31, 2012, $8 million for the three months ended December 31, 2011 and $(4) million for the three months ended September 30, 2011. For cardmember loans, includes net write-offs for unauthorized transactions of $(31) million for the three months ended September 30, 2012, $(25) million for the three months ended June 30, 2012, $(28) million for the three months ended March 31, 2012, $(27) million for the three months ended December 31, 2011 and $(29) million for the three months ended September 30, 2011; foreign currency translation adjustments of $10 million for the three months ended September 30, 2012, $(11) million for the three months ended June 30, 2012, $10 million for the three months ended March 31, 2012, $(1) million for the three months ended December 31, 2011 and $(14) million for the three months ended September 30, 2011; reclassified cardmember bankruptcy reserves of $4 million for the three months ended March 31, 2012, only (cardmember bankruptcy reserves were classified as other liabilities in prior periods); and other adjustments of $(3) million for the three months ended September 30, 2012, $(4) million for the three months ended June 30, 2012, $1 million for the three months ended March 31, 2012, $1 million for the three months ended December 31, 2011 and $1 million for the three months ended September 30, 2011.

(Preliminary)

U.S. Card Services

Selected Income Statement Data

(Millions)
	Quarters Ended
	September 30,						Percentage
	2012			2011			Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	2,887		$	2,752			5	%
Interest income		1,362			1,287			6
Interest expense		194			201			(3	)
Net interest income		1,168			1,086			8
Total revenues net of interest expense		4,055			3,838			6
Provisions for losses		339			143			#
Total revenues net of interest expense after provisions for losses		3,716			3,695			1
Expenses
Marketing, promotion, rewards and cardmember services		1,626			1,646			(1	)
Salaries and employee benefits and other operating expenses		962			898			7
Total		2,588			2,544			2
Pretax segment income		1,128			1,151			(2	)
Income tax provision		429			418			3
Segment income	$	699		$	733			(5	)
Effective tax rate		38.0	%		36.3	%

# - Denotes a variance of more than 100%.

(Preliminary)

U.S. Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)
	Quarters Ended
	September 30,						Percentage
	2012			2011			Inc/(Dec)

Card billed business	$	115.3		$	106.8			8	%
Total cards-in-force (millions)		41.8			40.7			3	%
Basic cards-in-force (millions)		31.1			30.2			3	%
Average basic cardmember spending (dollars)	$	3,725		$	3,542			5	%

U.S. Consumer Travel:
Travel sales (millions)	$	989		$	920			8	%
Travel commissions and fees/sales		7.6	%		8.5	%

Total segment assets	$	96.3		$	87.9			10	%
Segment capital (millions) (A)	$	9,100		$	8,233			11	%
Return on average segment capital (B)		32.5	%		34.2	%
Return on average tangible segment capital (B)		34.0	%		36.2	%

Cardmember receivables:
Total receivables	$	19.5		$	19.0			3	%
30 days past due as a % of total		1.8	%		2.0	%
Average receivables	$	19.4		$	19.1			2	%
Net write-off rate (principal only) (C)		1.6	%		1.8	%
Net write-off rate (principal and fees) (C)		1.7	%		1.9	%

Cardmember loans:
Total loans	$	52.9		$	49.9			6	%
30 days past due loans as a % of total		1.3	%		1.5	%
Average loans	$	52.8		$	50.2			5	%
Net write-off rate (principal only) (C)		1.9	%		2.6	%
Net write-off rate (principal, interest and fees) (C)		2.1	%		2.9	%
Net interest income divided by average loans (D)		8.8	%		8.6	%
Net interest yield on cardmember loans (D)		9.2	%		9.0	%

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

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

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

(D) See Appendix IV for calculations of net interest yield on cardmember 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 cardmember loans.

(Preliminary)

U.S. Card Services

Selected Income Statement Data

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

Revenues
Discount revenue, net card fees and other	$	2,887		$	2,925		$	2,754		$	2,796		$	2,752
Interest income		1,362			1,302			1,314			1,304			1,287
Interest expense		194			190			184			203			201
Net interest income		1,168			1,112			1,130			1,101			1,086
Total revenues net of interest expense		4,055			4,037			3,884			3,897			3,838
Provisions for losses		339			312			301			269			143
Total revenues net of interest expense after provisions for losses		3,716			3,725			3,583			3,628			3,695
Expenses
Marketing, promotion, rewards and cardmember services		1,626			1,566			1,472			1,540			1,646
Salaries and employee benefits and other operating expenses		962			1,010			931			920			898
Total		2,588			2,576			2,403			2,460			2,544
Pretax segment income		1,128			1,149			1,180			1,168			1,151
Income tax provision		429			431			428			441			418
Segment income	$	699		$	718		$	752		$	727		$	733
Effective tax rate		38.0	%		37.5	%		36.3	%		37.8	%		36.3	%

(Preliminary)

U.S. Card Services

Selected Statistical Information

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

Card billed business	$	115.3		$	116.0		$	107.7		$	114.6		$	106.8
Total cards-in-force (millions)		41.8			41.5			41.2			40.9			40.7
Basic cards-in-force (millions)		31.1			30.8			30.6			30.4			30.2
Average basic cardmember spending (dollars)	$	3,725		$	3,776		$	3,529		$	3,779		$	3,542

U.S. Consumer Travel:
Travel sales	$	1.0		$	1.1		$	1.0		$	0.8		$	0.9
Travel commissions and fees/sales		7.6	%		7.7	%		7.4	%		8.3	%		8.5	%

Total segment assets	$	96.3		$	95.5		$	90.7		$	97.8		$	87.9
Segment capital (A)	$	9.1		$	9.0		$	9.3		$	8.8		$	8.2
Return on average segment capital (B)		32.5	%		33.6	%		33.8	%		33.0	%		34.2	%
Return on average tangible segment capital (B)		34.0	%		35.3	%		35.5	%		34.8	%		36.2	%

Cardmember receivables:
Total receivables	$	19.5		$	19.6		$	19.3		$	20.6		$	19.0
30 days past due as a % of total		1.8	%		1.7	%		1.9	%		1.9	%		2.0	%
Average receivables	$	19.4		$	19.8		$	19.6		$	19.7		$	19.1
Net write-off rate (principal only) (C)		1.6	%		2.0	%		2.3	%		1.9	%		1.8	%
Net write-off rate (principal and fees) (C)		1.7	%		2.2	%		2.5	%		2.0	%		1.9	%

Cardmember loans:
Total loans	$	52.9		$	52.5		$	51.4		$	53.7		$	49.9
30 days past due loans as a % of total		1.3	%		1.2	%		1.3	%		1.4	%		1.5	%
Average loans	$	52.8		$	52.1		$	51.9		$	51.4		$	50.2
Net write-off rate (principal only) (C)		1.9	%		2.2	%		2.3	%		2.3	%		2.6	%
Net write-off rate (principal, interest and fees) (C)		2.1	%		2.4	%		2.6	%		2.5	%		2.9	%
Net interest income divided by average loans (D)		8.8	%		8.6	%		8.8	%		8.5	%		8.6	%
Net interest yield on cardmember loans (D)		9.2	%		9.0	%		9.1	%		8.9	%		9.0	%

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

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

(Preliminary)

International Card Services

Selected Income Statement Data

(Millions)
	Quarters Ended
	September 30,						Percentage
	2012			2011			Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	1,126		$	1,156			(3	) %
Interest income		289			299			(3	)
Interest expense		102			108			(6	)
Net interest income		187			191			(2	)
Total revenues net of interest expense		1,313			1,347			(3	)
Provisions for losses		83			101			(18	)
Total revenues net of interest expense after provisions for losses		1,230			1,246			(1	)
Expenses
Marketing, promotion, rewards and cardmember services		466			460			1
Salaries and employee benefits and other operating expenses		557			597			(7	)
Total		1,023			1,057			(3	)
Pretax segment income		207			189			10
Income tax provision/(benefit)		43			(32	)		#
Segment income	$	164		$	221			(26	)
Effective tax rate		20.8	%		-16.9	%

# - Denotes a variance of more than 100%.

(Preliminary)

International Card Services

Selected Statistical Information

(Billions, except percentages and where indicated)
	Quarters Ended
	September 30,						Percentage
	2012			2011			Inc/(Dec)

Card billed business	$	31.9		$	31.6			1	%
Total cards-in-force (millions)		15.5			15.2			2	%
Basic cards-in-force (millions)		10.6			10.4			2	%
Average basic cardmember spending (dollars)	$	3,026		$	3,032			-

International Consumer Travel:
Travel sales (millions)	$	324		$	346			(6	) %
Travel commissions and fees/sales		7.1	%		7.5	%

Total segment assets	$	30.6		$	27.8			10	%
Segment capital (millions) (A)	$	2,958		$	2,927			1	%
Return on average segment capital (B)		23.7	%		25.3	%
Return on average tangible segment capital (B)		46.9	%		45.5	%

Cardmember receivables:
Total receivables	$	7.2		$	6.7			7	%
90 days past billing as a % of total		0.9	%		0.9	%
Net loss ratio (as a % of charge volume)		0.17	%		0.16	%

Cardmember loans:
Total loans	$	8.9		$	8.3			7	%
30 days past due loans as a % of total		1.6	%		1.9	%
Average loans	$	8.6		$	8.7			(1	) %
Net write-off rate (principal only) (C)		1.6	%		2.5	%
Net write-off rate (principal, interest and fees) (C)		2.2	%		3.1	%
Net interest income divided by average loans (D)		8.7	%		8.7	%
Net interest yield on cardmember loans (D)		9.8	%		9.9	%

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

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

(Preliminary)

International Card Services

Selected Income Statement Data

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

Revenues
Discount revenue, net card fees and other	$	1,126		$	1,119		$	1,106		$	1,155		$	1,156
Interest income		289			276			293			282			299
Interest expense		102			98			100			104			108
Net interest income		187			178			193			178			191
Total revenues net of interest expense		1,313			1,297			1,299			1,333			1,347
Provisions for losses		83			94			54			84			101
Total revenues net of interest expense after provisions for losses		1,230			1,203			1,245			1,249			1,246
Expenses
Marketing, promotion, rewards and cardmember services		466			475			461			497			460
Salaries and employee benefits and other operating expenses		557			582			588			615			597
Total		1,023			1,057			1,049			1,112			1,057
Pretax segment income		207			146			196			137			189
Income tax provision/(benefit)		43			(32	)		(1	)		(15	)		(32	)
Segment income	$	164		$	178		$	197		$	152		$	221
Effective tax rate		20.8	%		-21.9	%		-0.5	%		-10.9	%		-16.9	%

(Preliminary)

International Card Services

Selected Statistical Information

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

Card billed business	$	31.9		$	31.5		$	30.7		$	32.8		$	31.6
Total cards-in-force (millions)		15.5			15.5			15.4			15.3			15.2
Basic cards-in-force (millions)		10.6			10.6			10.5			10.5			10.4
Average basic cardmember spending (dollars)	$	3,026		$	2,985		$	2,927		$	3,137		$	3,032

International Consumer Travel:
Travel sales	$	0.3		$	0.3		$	0.3		$	0.3		$	0.3
Travel commissions and fees/sales		7.1	%		7.1	%		7.2	%		8.4	%		7.5	%

Total segment assets	$	30.6		$	29.3		$	30.9		$	29.1		$	27.8
Segment capital (A)	$	3.0		$	2.8		$	3.0		$	2.8		$	2.9
Return on average segment capital (B)		23.7	%		25.5	%		24.7	%		25.8	%		25.3	%
Return on average tangible segment capital (B)		46.9	%		51.1	%		50.0	%		49.8	%		45.5	%

Cardmember receivables:
Total receivables	$	7.2		$	6.8		$	6.7		$	7.2		$	6.7
90 days past billing as a % of total		0.9	%		1.0	%		1.0	%		0.9	%		0.9	%
Net loss ratio (as a % of charge volume)		0.17	%		0.16	%		0.15	%		0.15	%		0.16	%

Cardmember loans:
Total loans	$	8.9		$	8.4		$	8.6		$	8.9		$	8.3
30 days past due loans as a % of total		1.6	%		1.7	%		1.8	%		1.7	%		1.9	%
Average loans	$	8.6		$	8.5		$	8.8		$	8.5		$	8.7
Net write-off rate (principal only) (C)		1.6	%		2.0	%		2.1	%		2.2	%		2.5	%
Net write-off rate (principal, interest and fees) (C)		2.2	%		2.6	%		2.7	%		2.8	%		3.1	%
Net interest income divided by average loans (D)		8.7	%		8.4	%		8.8	%		8.3	%		8.7	%
Net interest yield on cardmember loans (D)		9.8	%		9.5	%		9.8	%		9.2	%		9.9	%

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

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

(Preliminary)

Global Commercial Services

Selected Income Statement Data

(Millions)
	Quarters Ended
	September 30,						Percentage
	2012			2011			Inc/(Dec)

Revenues
Discount revenue, net card fees and other	$	1,218		$	1,195			2	%
Interest income		3			3			-
Interest expense		65			68			(4	)
Net interest expense		(62	)		(65	)		(5	)
Total revenues net of interest expense		1,156			1,130			2
Provisions for losses		32			(17	)		#
Total revenues net of interest expense after provisions for losses		1,124			1,147			(2	)
Expenses
Marketing, promotion, rewards and cardmember services		139			157			(11	)
Salaries and employee benefits and other operating expenses		710			721			(2	)
Total		849			878			(3	)
Pretax segment income		275			269			2
Income tax provision		92			72			28
Segment income	$	183		$	197			(7	)
Effective tax rate		33.5	%		26.8	%

# - Denotes a variance of more than 100%.

(Preliminary)

Global Commercial Services

Selected Statistical Information

(Billions, except percentages and where indicated)
	Quarters Ended
	September 30,						Percentage
	2012			2011			Inc/(Dec)

Card billed business	$	40.6		$	38.7			5	%
Total cards-in-force (millions)		7.0			7.0			-
Basic cards-in-force (millions)		7.0			7.0			-
Average basic cardmember spending (dollars)	$	5,798		$	5,520			5	%

Global Corporate Travel:
Travel sales (millions)	$	4,352		$	4,775			(9	) %
Travel commissions and fees/sales		8.4	%		7.8	%

Total segment assets	$	20.4		$	20.3			-
Segment capital (millions) (A)	$	3,638		$	3,529			3	%
Return on average segment capital (B)		20.9	%		18.2	%
Return on average tangible segment capital (B)		41.9	%		37.7	%

Cardmember receivables:
Total receivables	$	15.4		$	13.9			11	%
90 days past billing as a % of total		0.7	%		0.7	%
Net loss ratio (as a % of charge volume)		0.05	%		0.06	%

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

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

(Preliminary)

Global Commercial Services

Selected Income Statement Data

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

Revenues
Discount revenue, net card fees and other	$	1,218		$	1,284		$	1,216		$	1,249		$	1,195
Interest income		3			2			3			2			3
Interest expense		65			65			62			68			68
Net interest expense		(62	)		(63	)		(59	)		(66	)		(65	)
Total revenues net of interest expense		1,156			1,221			1,157			1,183			1,130
Provisions for losses		32			36			35			35			(17	)
Total revenues net of interest expense after provisions for losses		1,124			1,185			1,122			1,148			1,147
Expenses
Marketing, promotion, rewards and cardmember services		139			138			154			127			157
Salaries and employee benefits and other operating expenses		710			748			724			745			721
Total		849			886			878			872			878
Pretax segment income		275			299			244			276			269
Income tax provision		92			80			67			96			72
Segment income	$	183		$	219		$	177		$	180		$	197
Effective tax rate		33.5	%		26.8	%		27.5	%		34.8	%		26.8	%

(Preliminary)

Global Commercial Services

Selected Statistical Information

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

Card billed business	$	40.6		$	42.3		$	41.4		$	39.6		$	38.7
Total cards-in-force (millions)		7.0			7.0			7.0			7.0			7.0
Basic cards-in-force (millions)		7.0			7.0			7.0			7.0			7.0
Average basic cardmember spending (dollars)	$	5,798		$	6,042		$	5,920		$	5,661		$	5,520

Global Corporate Travel:
Travel sales	$	4.4		$	5.1		$	4.8		$	4.7		$	4.8
Travel commissions and fees/sales		8.4	%		8.1	%		7.2	%		8.8	%		7.8	%

Total segment assets	$	20.4		$	20.0		$	21.9		$	18.8		$	20.3
Segment capital (A)	$	3.6		$	3.6		$	3.8		$	3.6		$	3.5
Return on average segment capital (B)		20.9	%		21.1	%		20.0	%		20.4	%		18.2	%
Return on average tangible segment capital (B)		41.9	%		42.3	%		40.6	%		42.1	%		37.7	%

Cardmember receivables:
Total receivables	$	15.4		$	15.0		$	15.3		$	12.8		$	13.9
90 days past billing as a % of total		0.7	%		0.6	%		0.6	%		0.8	%		0.7	%
Net loss ratio (as a % of charge volume)		0.05	%		0.06	%		0.08	%		0.06	%		0.06	%

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

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

(Preliminary)

Global Network & Merchant Services

Selected Income Statement Data

(Millions)
	Quarters Ended
	September 30,						Percentage
	2012			2011			Inc/(Dec)
Revenues
Discount revenue, fees and other	$	1,238		$	1,188			4	%
Interest income		7			2			#
Interest expense		(65	)		(60	)		8
Net interest income		72			62			16
Total revenues net of interest expense		1,310			1,250			5
Provisions for losses		18			21			(14	)
Total revenues net of interest expense after provisions for losses		1,292			1,229			5
Expenses
Marketing, promotion, rewards and cardmember services		192			196			(2	)
Salaries and employee benefits and other operating expenses		539			519			4
Total		731			715			2
Pretax segment income		561			514			9
Income tax provision		201			182			10
Segment income	$	360		$	332			8
Effective tax rate		35.8	%		35.4	%

# - Denotes a variance of more than 100%.

(Preliminary)

Global Network & Merchant Services

Selected Statistical Information

(Billions, except percentages and where indicated)	Quarters Ended
	September 30,						Percentage
	2012			2011			Inc/(Dec)

Global Card billed business (A)	$	220.1		$	207.7			6	%

Global Network & Merchant Services:
Total segment assets	$	21.4		$	16.0			34	%
Segment capital (millions) (B)	$	2,121		$	1,979			7	%
Return on average segment capital (C)		67.6	%		64.4	%
Return on average tangible segment capital (C)		75.0	%		70.8	%

Global Network Services:
Card billed business	$	32.0		$	30.1			6	%
Total cards-in-force (millions)		37.1			32.9			13	%

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

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

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

(Preliminary)

Global Network & Merchant Services

Selected Income Statement Data

(Millions)
	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2012			2012			2012			2011			2011
Revenues
Discount revenue, fees and other	$	1,238		$	1,259		$	1,186		$	1,254		$	1,188
Interest income		7			5			4			1			2
Interest expense		(65	)		(59	)		(58	)		(61	)		(60	)
Net interest income		72			64			62			62			62
Total revenues net of interest expense		1,310			1,323			1,248			1,316			1,250
Provisions for losses		18			17			18			20			21
Total revenues net of interest expense after provisions for losses		1,292			1,306			1,230			1,296			1,229
Expenses
Marketing, promotion, rewards and cardmember services		192			200			172			180			196
Salaries and employee benefits and other operating expenses		539			544			519			614			519
Total		731			744			691			794			715
Pretax segment income		561			562			539			502			514
Income tax provision		201			190			182			178			182
Segment income	$	360		$	372		$	357		$	324		$	332
Effective tax rate		35.8	%		33.8	%		33.8	%		35.5	%		35.4	%

(Preliminary)

Global Network & Merchant Services

Selected Statistical Information

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

Global Card billed business (A)	$	220.1		$	221.6		$	211.2		$	219.0		$	207.7

Global Network & Merchant Services:
Total segment assets	$	21.4		$	19.8		$	20.1		$	17.8		$	16.0
Segment capital (B)	$	2.1		$	2.2		$	2.1		$	2.0		$	2.0
Return on average segment capital (C)		67.6	%		67.4	%		67.1	%		66.3	%		64.4	%
Return on average tangible segment capital (C)		75.0	%		74.9	%		74.9	%		74.3	%		70.8	%

Global Network Services:
Card billed business	$	32.0		$	31.3		$	30.4		$	31.4		$	30.1
Total cards-in-force (millions)		37.1			36.1			35.1			34.2			32.9

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

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

(Preliminary)

American Express Company

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

and Return on Average Tangible Common Equity (ROTCE)

Appendix I

(Millions)
	For the Twelve Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2012			2012			2012			2011			2011

ROE

Net income	$	5,037		$	5,022		$	5,014		$	4,935		$	4,805
Average shareholders' equity	$	19,145		$	18,887		$	18,525		$	17,842		$	17,277
Return on average equity (A)		26.3	%		26.6	%		27.1	%		27.7	%		27.8	%

Reconciliation of ROCE and ROTCE

Net income	$	5,037		$	5,022		$	5,014		$	4,935		$	4,805
Earnings allocated to participating share awards and other		56			57			58			58			56
Net income attributable to common shareholders	$	4,981		$	4,965		$	4,956		$	4,877		$	4,749

Average shareholders' equity	$	19,145		$	18,887		$	18,525		$	17,842		$	17,277
Average common shareholders' equity	$	19,145		$	18,887		$	18,525		$	17,842		$	17,277
Average goodwill and other intangibles		4,272			4,330			4,380			4,215			3,992
Average tangible common shareholders' equity	$	14,873		$	14,557		$	14,145		$	13,627		$	13,285
Return on average common equity (A)		26.0	%		26.3	%		26.8	%		27.3	%		27.5	%
Return on average tangible common equity (B)		33.5	%		34.1	%		35.0	%		35.8	%		35.7	%

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

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

(Preliminary)

American Express Company

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

Appendix II

(Millions)
	For the Twelve Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2012			2012			2012			2011			2011

U.S. Card Services
Segment income	$	2,896		$	2,930		$	2,877		$	2,680		$	2,653
Average segment capital	$	8,903		$	8,714		$	8,508		$	8,121		$	7,762
Average goodwill and other intangibles		391			403			414			425			436
Average tangible segment capital	$	8,512		$	8,311		$	8,094		$	7,696		$	7,326
Return on average segment capital (A)		32.5	%		33.6	%		33.8	%		33.0	%		34.2	%
Return on average tangible segment capital (A)		34.0	%		35.3	%		35.5	%		34.8	%		36.2	%

International Card Services
Segment income	$	691		$	748		$	731		$	723		$	670
Average segment capital	$	2,919		$	2,936		$	2,962		$	2,797		$	2,644
Average goodwill and other intangibles		1,446			1,472			1,500			1,346			1,170
Average tangible segment capital	$	1,473		$	1,464		$	1,462		$	1,451		$	1,474
Return on average segment capital (A)		23.7	%		25.5	%		24.7	%		25.8	%		25.3	%
Return on average tangible segment capital (A)		46.9	%		51.1	%		50.0	%		49.8	%		45.5	%

Global Commercial Services
Segment income	$	759		$	773		$	731		$	738		$	661
Average segment capital	$	3,629		$	3,661		$	3,649		$	3,619		$	3,632
Average goodwill and other intangibles		1,819			1,833			1,847			1,867			1,881
Average tangible segment capital	$	1,810		$	1,828		$	1,802		$	1,752		$	1,751
Return on average segment capital (A)		20.9	%		21.1	%		20.0	%		20.4	%		18.2	%
Return on average tangible segment capital (A)		41.9	%		42.3	%		40.6	%		42.1	%		37.7	%

Global Network & Merchant Services
Segment income	$	1,413		$	1,385		$	1,337		$	1,293		$	1,228
Average segment capital	$	2,090		$	2,056		$	1,993		$	1,949		$	1,908
Average goodwill and other intangibles		205			207			209			209			174
Average tangible segment capital	$	1,885		$	1,849		$	1,784		$	1,740		$	1,734
Return on average segment capital (A)		67.6	%		67.4	%		67.1	%		66.3	%		64.4	%
Return on average tangible segment capital (A)		75.0	%		74.9	%		74.9	%		74.3	%		70.8	%

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

(Preliminary)

American Express Company

Net Interest Yield on Cardmember Loans

Appendix III

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

Net interest income	$	1,181		$	1,121		$	1,133		$	1,110		$	1,113

Exclude:
Interest expense not attributable to the Company's cardmember loan portfolio	$	338		$	341		$	364		$	353		$	356

Interest income not attributable to the Company's cardmember loan portfolio	$	(97	)	$	(104	)	$	(109	)	$	(113	)	$	(113	)


Adjusted net interest income (A)	$	1,422		$	1,358		$	1,388		$	1,350		$	1,356

Average loans (billions)	$	61.4		$	60.6		$	60.7		$	59.9		$	58.9

Exclude:
Unamortized deferred card fees, net of direct acquisition costs of cardmember loans, and other (billions)	$	(0.2	)	$	(0.2	)	$	(0.2	)	$	-		$	(0.1	)

Adjusted average loans (billions) (B)	$	61.2		$	60.4		$	60.5		$	59.9		$	58.8

Net interest income divided by average loans (C)		7.7	%		7.4	%		7.5	%		7.4	%		7.5	%
Net interest yield on cardmember loans (D)		9.3	%		9.0	%		9.2	%		8.9	%		9.1	%

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

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

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

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

(Preliminary)

U. S. Card Services and International Card Services

Net Interest Yield on Cardmember Loans

Appendix IV

(Millions)
	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2012			2012			2012			2011			2011
USCS:
Net interest income	$	1,168		$	1,112		$	1,130		$	1,101		$	1,086

Exclude:
Interest expense not attributable to the Company's cardmember loan portfolio	$	51		$	51		$	51		$	58		$	58

Interest income not attributable to the Company's cardmember loan portfolio	$	(3	)	$	(2	)	$	(2	)	$	(3	)	$	(2	)

Adjusted net interest income (A)	$	1,216		$	1,161		$	1,179		$	1,156		$	1,142

Average loans (billions)	$	52.8		$	52.1		$	51.9		$	51.4		$	50.2

Exclude:
Unamortized deferred card fees, net of direct acquisition costs of cardmember loans (billions)	$	-		$	-		$	-		$	0.1		$	-

Adjusted average loans (billions) (B)	$	52.8		$	52.1		$	51.9		$	51.5		$	50.2

Net interest income divided by average loans (C)		8.8	%		8.6	%		8.8	%		8.5	%		8.6	%
Net interest yield on cardmember loans (D)		9.2	%		9.0	%		9.1	%		8.9	%		9.0	%

ICS:
Net interest income	$	187		$	178		$	193		$	178		$	191

Exclude:
Interest expense not attributable to the Company's cardmember loan portfolio	$	26		$	26		$	25		$	27		$	32

Interest income not attributable to the Company's cardmember loan portfolio	$	(7	)	$	(7	)	$	(9	)	$	(11	)	$	(9	)

Adjusted net interest income (A)	$	206		$	197		$	209		$	194		$	214

Average loans (billions)	$	8.6		$	8.5		$	8.8		$	8.5		$	8.7

Exclude:
Unamortized deferred card fees, net of direct acquisition costs of cardmember loans, and other (billions)	$	(0.2	)	$	(0.2	)	$	(0.2	)	$	(0.1	)	$	(0.1	)

Adjusted average loans (billions) (B)	$	8.4		$	8.3		$	8.6		$	8.4		$	8.6

Net interest income divided by average loans (C)		8.7	%		8.4	%		8.8	%		8.3	%		8.7	%
Net interest yield on cardmember loans (D)		9.8	%		9.5	%		9.8	%		9.2	%		9.9	%