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

		Q1'19				Q4'18				Q3'18				Q2'18				Q1'18				YOY % change
Non-interest revenues
Discount revenue		$	6,195			$	6,457			$	6,181			$	6,194			$	5,889				5
Net card fees			944				897				870				844				830				14
Other fees and commissions			803				788				798				786				781				3
Other			363				300				334				349				377				(4	)
Total non-interest revenues			8,305				8,442				8,183				8,173				7,877				5
Interest income
Interest on loans			2,725				2,674				2,554				2,387				2,326				17
Interest and dividends on investment securities			33				35				35				27				21				57
Deposits with banks and other			196				157				149				126				115				70
Total interest income			2,954				2,866				2,738				2,540				2,462				20
Interest expense
Deposits			399				377				340				300				270				48
Long-term debt and other			496				457				437				411				351				41
Total interest expense			895				834				777				711				621				44
Net interest income			2,059				2,032				1,961				1,829				1,841				12
Total revenues net of interest expense			10,364				10,474				10,144				10,002				9,718				7
Provisions for losses
Charge card			253				236				214				245				242				5
Card Member loans			525				679				560				528				499				5
Other			31				39				43				33				34				(9	)
Total provisions for losses			809				954				817				806				775				4
Total revenues net of interest expense after provisions for losses			9,555				9,520				9,327				9,196				8,943				7
Expenses
Marketing and business development			1,573				1,820				1,642				1,663				1,345				17
Card Member rewards			2,451				2,516				2,400				2,433				2,347				4
Card Member services			550				495				457				416				409				34
Salaries and employee benefits			1,422				1,294				1,350				1,280				1,326				7
Professional services			494				671				489				508				457				8
Occupancy and equipment			508				540				489				484				520				(2	)
Other, net			599				353				382				321				457				31
Total expenses			7,597				7,689				7,209				7,105				6,861				11
Pretax income			1,958				1,831				2,118				2,091				2,082				(6	)
Income tax provision (benefit)			408				(179	)			464				468				448				(9	)
Net income		$	1,550			$	2,010			$	1,654			$	1,623			$	1,634				(5	)
Net income attributable to common shareholders (A)		$	1,518			$	1,975			$	1,621			$	1,591			$	1,600				(5	)
Effective tax rate			20.8	%			(9.8	%)			21.9	%			22.4	%			21.5	%
Earnings Per Common Share
Basic
Net income attributable to common shareholders		$	1.81			$	2.33			$	1.89			$	1.85			$	1.86				(3	)
Average common shares outstanding			841				850				858				860				859				(2	)
Diluted
Net income attributable to common shareholders		$	1.80			$	2.32			$	1.88			$	1.84			$	1.86				(3	)
Average common shares outstanding			843				852				860				862				861				(2	)
Cash dividends declared per common share		$	0.39			$	0.39			$	0.39			$	0.35			$	0.35				11

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

		Q1'19				Q4'18				Q3'18				Q2'18				Q1'18				YOY % change
Assets
Cash & cash equivalents		$	33			$	27			$	30			$	30			$	31				6
Card Member receivables, less reserves			56				55				55				54				54				4
Card Member loans, less reserves			79				80				76				74				71				11
Investment securities			6				5				6				5				3				#
Other (B)			23				22				22				22				21				10
Total assets		$	197			$	189			$	189			$	185			$	180				9
Liabilities and Shareholders' Equity
Customer deposits		$	73			$	70			$	69			$	67			$	67				9
Short-term borrowings			2				3				2				2				2				-
Long-term debt			58				58				55				56				52				12
Other (B)			42				36				42				39				39				8
Total liabilities			175				167				168				164				160				9
Shareholders' Equity			22				22				21				21				20				10
Total liabilities and shareholders' equity		$	197			$	189			$	189			$	185			$	180				9
Return on average equity (C)			31.9	%			33.5	%			18.1	%			16.7	%			15.2	%
Return on average common equity (C)			33.7	%			35.6	%			19.0	%			17.5	%			15.9	%
Book value per common share (dollars)		$	24.65			$	24.45			$	23.27			$	22.42			$	20.96				18

# - Denotes a variance of 100 percent or more.

American Express Company	(Preliminary)
Consolidated Capital

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

		Q1'19				Q4'18				Q3'18				Q2'18				Q1'18				YOY % change
Billed business (G)
U.S.		$	195.5			$	205.1			$	194.6			$	195.4			$	182.5				7
Outside the U.S.			100.2				103.9				100.1				101.1				101.3				(1	)
Total		$	295.7			$	309.0			$	294.7			$	296.5			$	283.8				4
Proprietary		$	253.3			$	264.4			$	250.2			$	251.1			$	236.9				7
Global Network Services (GNS)			42.4				44.6				44.5				45.4				46.9				(10	)
Total		$	295.7			$	309.0			$	294.7			$	296.5			$	283.8				4
Cards-in-force (millions) (H)
U.S.			54.1				53.7				53.0				51.9				51.3				5
Outside the U.S.			59.8				60.3				62.1				62.4				62.9				(5	)
Total			113.9				114.0				115.1				114.3				114.2				-
Proprietary			69.7				69.1				68.5				67.4				66.4				5
GNS			44.2				44.9				46.6				46.9				47.8				(8	)
Total			113.9				114.0				115.1				114.3				114.2				-
Basic cards-in-force (millions) (H)
U.S.			42.5				42.3				41.7				40.9				40.4				5
Outside the U.S.			49.9				50.3				51.8				52.0				52.4				(5	)
Total			92.4				92.6				93.5				92.9				92.8				-
Average proprietary basic Card Member spending (dollars)
U.S.		$	5,082			$	5,369			$	5,169			$	5,275			$	5,015				1
Outside the U.S.		$	3,927			$	4,103			$	3,864			$	3,909			$	3,869				1
Average		$	4,741			$	4,997			$	4,784			$	4,871			$	4,677				1
Card Member loans
U.S.		$	70.8			$	72.0			$	68.1			$	66.3			$	63.9				11
Outside the U.S.			10.2				9.9				9.5				9.1				8.9				15
Total		$	81.0			$	81.9			$	77.6			$	75.4			$	72.8				11
Average discount rate (I)			2.37	%			2.36	%			2.38	%			2.37	%			2.37	%
Average fee per card (dollars) (J)		$	54			$	52			$	51			$	51			$	51				6

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

		Q1'19				Q4'18				Q3'18				Q2'18				Q1'18				YOY % change
Worldwide Card Member loans
Total loans		$	81.0			$	81.9			$	77.6			$	75.4			$	72.8				11
Loss reserves (millions)
Beginning balance		$	2,134			$	1,937			$	1,840			$	1,786			$	1,706				25
Provisions - principal, interest and fees			525				679				560				528				499				5
Net write-offs - principal less recoveries			(457	)			(399	)			(393	)			(389	)			(358	)			28
Net write-offs - interest and fees less recoveries			(92	)			(79	)			(77	)			(77	)			(71	)			30
Other (K)			11				(4	)			7				(8	)			10				10
Ending balance		$	2,121			$	2,134			$	1,937			$	1,840			$	1,786				19
Ending reserves - principal		$	1,999			$	2,028			$	1,834			$	1,737			$	1,691				18
Ending reserves - interest and fees		$	122			$	106			$	103			$	103			$	95				28
% of loans			2.6	%			2.6	%			2.5	%			2.4	%			2.5	%
% of past due			178	%			182	%			185	%			188	%			174	%
Average loans		$	80.6			$	79.4			$	76.4			$	74.1			$	72.7				11
Net write-off rate (principal only) (L)			2.3	%			2.0	%			2.1	%			2.1	%			2.0	%
Net write-off rate (principal, interest and fees) (L)			2.7	%			2.4	%			2.5	%			2.5	%			2.4	%
30+ days past due as a % of total			1.5	%			1.4	%			1.3	%			1.3	%			1.4	%
Net interest income divided by average Card Member loans (M)			10.2	%			10.2	%			10.3	%			9.9	%			10.1	%
Net interest yield on average Card Member loans (M)			10.9	%			10.7	%			10.8	%			10.6	%			10.8	%
Worldwide Card Member receivables
Total receivables		$	56.8			$	55.9			$	55.5			$	55.0			$	54.2				5
Loss reserves (millions)
Beginning balance		$	573			$	544			$	558			$	565			$	521				10
Provisions - principal and fees			253				236				214				245				242				5
Net write-offs - principal and fees less recoveries			(216	)			(198	)			(226	)			(236	)			(199	)			9
Other (K)			(2	)			(9	)			(2	)			(16	)			1				#
Ending balance		$	608			$	573			$	544			$	558			$	565				8
% of receivables			1.1	%			1.0	%			1.0	%			1.0	%			1.0	%
Net write-off rate, excluding Global Corporate Payments (GCP) (principal only) (L)			1.8	%			1.4	%			1.7	%			1.8	%			1.6	%
Net write-off rate, excluding GCP (principal and fees) (L)			2.0	%			1.6	%			1.9	%			2.1	%			1.8	%
30+ days past due as a % of total, excluding GCP			1.5	%			1.4	%			1.3	%			1.3	%			1.5	%
GCP Net loss ratio (as a % of charge volume) (N)			0.08	%			0.11	%			0.12	%			0.12	%			0.10	%
GCP 90+ days past billing as a % of total (N)			0.6	%			0.7	%			0.8	%			0.8	%			0.8	%

# - Denotes a variance of 100 percent or more.

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

		Global Consumer Services Group				Global Commercial Services				Global Merchant and Network Services				Corporate and Other				Consolidated
		(GCSG)				(GCS)				(GMNS)
Q1'19
Non-interest revenues		$	3,741			$	3,020			$	1,525			$	19			$	8,305
Interest income			2,272				454				9				219				2,954
Interest expense			459				241				(93	)			288				895
Total revenues net of interest expense			5,554				3,233				1,627				(50	)			10,364
Total provisions for losses			552				254				4				(1	)			809
Total revenues net of interest expense after provisions for losses			5,002				2,979				1,623				(49	)			9,555
Marketing, business development, rewards, Card Member services			2,785				1,470				305				14				4,574
Salaries and employee benefits and other operating expenses			1,177				766				482				598				3,023
Pretax income (loss)			1,040				743				836				(661	)			1,958
Income tax provision (benefit)			219				157				205				(173	)			408
Net income (loss)			821				586				631				(488	)			1,550
Q1'18
Non-interest revenues		$	3,491			$	2,838			$	1,532			$	16			$	7,877
Interest income			1,949				377				9				127				2,462
Interest expense			327				171				(59	)			182				621
Total revenues net of interest expense			5,113				3,044				1,600				(39	)			9,718
Total provisions for losses			530				240				5				-				775
Total revenues net of interest expense after provisions for losses			4,583				2,804				1,595				(39	)			8,943
Marketing, business development, rewards, Card Member services			2,446				1,374				267				14				4,101
Salaries and employee benefits and other operating expenses			1,089				722				620				329				2,760
Pretax income (loss)			1,048				708				708				(382	)			2,082
Income tax provision (benefit)			222				162				192				(128	)			448
Net income (loss)			826				546				516				(254	)			1,634
YOY % change
Non-interest revenues			7				6				-				19				5
Interest income			17				20				-				72				20
Interest expense			40				41				58				58				44
Total revenues net of interest expense			9				6				2				28				7
Total provisions for losses			4				6				(20	)			-				4
Total revenues net of interest expense after provisions for losses			9				6				2				26				7
Marketing, business development, rewards, Card Member services			14				7				14				-				12
Salaries and employee benefits and other operating expenses			8				6				(22	)			82				10
Pretax income (loss)			(1	)			5				18				73				(6	)
Income tax provision (benefit)			(1	)			(3	)			7				35				(9	)
Net income (loss)			(1	)			7				22				92				(5	)

American Express Company	(Preliminary)
Billed Business Growth Trend

		YOY % change
		Reported																				FX-Adjusted (O)
		Q1'19				Q4'18				Q3'18				Q2'18				Q1'18				Q1'19				Q4'18				Q3'18				Q2'18				Q1'18
Worldwide
Proprietary consumer			7	%			10	%			11	%			13	%			15	%			9	%			11	%			12	%			12	%			12	%
Proprietary commercial			7				9				11				12				13				8				10				12				12				11
Proprietary			7				9				11				12				13				9				10				12				12				11
GNS			(10	)			(9	)			(5	)			(1	)			8				(4	)			(4	)			(1	)			(3	)			3
Total			4				6				8				10				12				7				8				10				9				10
Airline-related volume (9% of Q1'19 Worldwide Total)			1				5				7				8				10				5				8				9				7				6
U.S.
Proprietary consumer			7				9				10				10				11				n/a				n/a				n/a				n/a				n/a
Proprietary commercial			7				9				10				10				10				n/a				n/a				n/a				n/a				n/a
Proprietary			7				8				10				10				10				n/a				n/a				n/a				n/a				n/a
Total			7				9				10				10				10				n/a				n/a				n/a				n/a				n/a
T&E-related volume (26% of Q1'19 U.S. Total)			5				8				9				8				8				n/a				n/a				n/a				n/a				n/a
Non-T&E-related volume (74% of Q1'19 U.S. Total)			7				8				10				10				11				n/a				n/a				n/a				n/a				n/a
Airline-related volume (8% of Q1'19 U.S. Total)			5				9				11				7				7				n/a				n/a				n/a				n/a				n/a
Outside the U.S.
Proprietary consumer			8				11				14				20				25				16				17				18				18				16
Proprietary commercial			5				10				13				19				23				13				16				18				18				14
Proprietary			7				11				14				19				24				15				17				18				17				15
Total			(1	)			1				5				10				17				6				7				8				8				9
Japan, Asia Pacific & Australia billed business			(2	)			1				5				9				16				4				5				8				7				10
Latin America & Canada billed business			1				1				1				5				12				11				11				12				11				11
Europe, Middle East & Africa billed business			(2	)			2				6				14				20				7				8				8				9				7

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

		Q1'19				Q4'18				Q3'18				Q2'18				Q1'18				YOY % change
Non-interest revenues		$	3,741			$	3,826			$	3,680			$	3,678			$	3,491				7
Interest income			2,272				2,240				2,140				1,994				1,949				17
Interest expense			459				441				404				370				327				40
Net interest income			1,813				1,799				1,736				1,624				1,622				12
Total revenues net of interest expense			5,554				5,625				5,416				5,302				5,113				9
Total provisions for losses			552				726				609				565				530				4
Total revenues net of interest expense after provisions for losses			5,002				4,899				4,807				4,737				4,583				9
Expenses
Marketing, business development, rewards, Card Member services			2,785				2,922				2,711				2,695				2,446				14
Salaries and employee benefits and other operating expenses			1,177				1,250				1,118				1,081				1,089				8
Total expenses			3,962				4,172				3,829				3,776				3,535				12
Pretax segment income			1,040				727				978				961				1,048				(1	)
Income tax provision			219				25				199				191				222				(1	)
Segment income		$	821			$	702			$	779			$	770			$	826				(1	)
Effective tax rate			21.1	%			3.4	%			20.3	%			19.9	%			21.2	%
(Billions, except percentages and where indicated)
Proprietary billed business (G)
U.S.		$	92.1			$	99.1			$	92.4			$	93.6			$	86.0				7
Outside the U.S.		$	35.9			$	37.5			$	34.9			$	34.6			$	33.3				8
Total		$	128.0			$	136.6			$	127.3			$	128.2			$	119.3				7
Proprietary cards-in-force (millions) (H)
U.S.			38.0				37.7				37.4				36.7				36.1				5
Outside the U.S.			17.1				16.8				16.7				16.5				16.2				6
Total			55.1				54.5				54.1				53.2				52.3				5
Proprietary basic cards-in-force (millions) (H)
U.S.			27.1				27.0				26.7				26.2				25.8				5
Outside the U.S.			11.9				11.6				11.6				11.4				11.2				6
Total			39.0				38.6				38.3				37.6				37.0				5
Average proprietary basic Card Member spending (dollars)
U.S		$	3,402			$	3,693			$	3,491			$	3,594			$	3,371				1
Outside the U.S.		$	3,052			$	3,240			$	3,038			$	3,057			$	3,001				2
Average		$	3,296			$	3,556			$	3,354			$	3,431			$	3,259				1
Segment assets (P)		$	98.5			$	102.4			$	100.0			$	95.7			$	90.7				9
Card Member loans
Total loans
U.S.		$	58.0			$	59.9			$	56.2			$	54.7			$	52.7				10
Outside the U.S.		$	9.9			$	9.6			$	9.2			$	8.8			$	8.6				15
Total		$	67.9			$	69.5			$	65.4			$	63.5			$	61.3				11
Average loans
U.S.		$	58.3			$	57.8			$	55.5			$	53.7			$	52.9				10
Outside the U.S.		$	9.7			$	9.3			$	8.9			$	8.8			$	8.7				11
Total		$	68.0			$	67.1			$	64.4			$	62.5			$	61.6				10
Lending Credit Metrics
U.S.
Net write-off rate (principal only) (L)			2.4	%			2.1	%			2.1	%			2.2	%			2.0	%
Net write-off rate (principal, interest and fees) (L)			2.8	%			2.5	%			2.5	%			2.6	%			2.4	%
30+ days past due as a % of total			1.5	%			1.4	%			1.4	%			1.3	%			1.4	%
Outside the U.S.
Net write-off rate (principal only) (L)			2.2	%			2.0	%			2.2	%			2.1	%			2.1	%
Net write-off rate (principal, interest and fees) (L)			2.8	%			2.5	%			2.7	%			2.6	%			2.6	%
30+ days past due as a % of total			1.7	%			1.6	%			1.5	%			1.5	%			1.6	%
Total
Net write-off rate (principal only) (L)			2.3	%			2.1	%			2.1	%			2.2	%			2.0	%
Net write-off rate (principal, interest and fees) (L)			2.8	%			2.5	%			2.5	%			2.6	%			2.4	%
30+ days past due as a % of total			1.5	%			1.5	%			1.4	%			1.3	%			1.4	%
Net interest income divided by average Card Member loans (M)			10.7	%			10.7	%			10.8	%			10.4	%			10.5	%
Net interest yield on average Card Member loans (M)
U.S.			11.0	%			10.8	%			10.9	%			10.6	%			10.7	%
Outside the U.S.			11.1	%			10.5	%			10.6	%			10.5	%			11.0	%
Total			11.0	%			10.8	%			10.8	%			10.6	%			10.8	%
Card Member receivables
U.S.		$	12.7			$	13.7			$	11.9			$	12.0			$	11.7				9
Outside the U.S.		$	7.2			$	7.8			$	7.0			$	7.0			$	7.0				3
Total receivables		$	19.9			$	21.5			$	18.9			$	19.0			$	18.7				6
Charge Credit Metrics
U.S.
Net write-off rate (principal only) (L)			1.4	%			1.2	%			1.3	%			1.4	%			1.3	%
Net write-off rate (principal and fees) (L)			1.6	%			1.4	%			1.5	%			1.5	%			1.5	%
30+ days past due as a % of total			1.2	%			1.1	%			1.2	%			1.1	%			1.3	%
Outside the U.S.
Net write-off rate (principal only) (L)			2.2	%			2.0	%			2.3	%			2.1	%			2.0	%
Net write-off rate (principal and fees) (L)			2.4	%			2.1	%			2.5	%			2.3	%			2.2	%
30+ days past due as a % of total			1.5	%			1.3	%			1.4	%			1.4	%			1.5	%
Total
Net write-off rate (principal only) (L)			1.7	%			1.5	%			1.7	%			1.7	%			1.6	%
Net write-off rate (principal and fees) (L)			1.9	%			1.6	%			1.9	%			1.8	%			1.7	%
30+ days past due as a % of total			1.3	%			1.2	%			1.2	%			1.2	%			1.4	%

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

		Q1'19				Q4'18				Q3'18				Q2'18				Q1'18				YOY % change
Non-interest revenues		$	3,020			$	3,087			$	2,980			$	2,977			$	2,838				6
Interest income			454				435				416				393				377				20
Interest expense			241				234				218				204				171				41
Net interest income			213				201				198				189				206				3
Total revenues net of interest expense			3,233				3,288				3,178				3,166				3,044				6
Total provisions for losses			254				223				201				235				240				6
Total revenues net of interest expense after provisions for losses			2,979				3,065				2,977				2,931				2,804				6
Expenses
Marketing, business development, rewards, Card Member services			1,470				1,528				1,469				1,482				1,374				7
Salaries and employee benefits and other operating expenses			766				839				734				734				722				6
Total expenses			2,236				2,367				2,203				2,216				2,096				7
Pretax segment income			743				698				774				715				708				5
Income tax provision			157				74				168				151				162				(3	)
Segment income		$	586			$	624			$	606			$	564			$	546				7
Effective tax rate			21.1	%			10.6	%			21.7	%			21.1	%			22.9	%
(Billions, except percentages and where indicated)
Proprietary billed business (G)		$	123.4			$	126.9			$	121.6			$	122.0			$	115.7				7
Proprietary cards-in-force (millions) (H)			14.6				14.5				14.4				14.3				14.1				4
Average Card Member spending (dollars)		$	8,463			$	8,757			$	8,469			$	8,592			$	8,233				3
Segment assets (P)		$	54.0			$	51.3			$	53.4			$	52.2			$	51.4				5
Card Member loans		$	13.1			$	12.4			$	12.2			$	11.9			$	11.5				14
Card Member receivables		$	36.9			$	34.4			$	36.6			$	36.0			$	35.5				4
Card Member loans
Total loans - Global Small Business Services (GSBS)		$	13.0			$	12.4			$	12.2			$	11.8			$	11.4				14
30+ days past due as a % of total - GSBS			1.3	%			1.3	%			1.1	%			1.2	%			1.3	%
Average loans - GSBS		$	12.6			$	12.3			$	11.9			$	11.6			$	11.1				14
Net write-off rate (principal only) - GSBS (L)			1.8	%			1.6	%			1.7	%			1.8	%			1.6	%
Net write-off rate (principal, interest and fees) - GSBS (L)			2.1	%			1.9	%			2.0	%			2.1	%			1.9	%
Net interest income divided by average Card Member loans (M)			6.8	%			6.5	%			6.6	%			6.5	%			7.4	%
Net interest yield on average Card Member loans (M)			10.8	%			10.5	%			10.5	%			10.4	%			10.7	%
Card Member receivables
Total receivables - GCP  (N)		$	19.6			$	17.7			$	19.7			$	19.3			$	19.3				2
90+ days past billing as a % of total - GCP (N)			0.6	%			0.7	%			0.8	%			0.8	%			0.8	%
Net loss ratio (as a % of charge volume) - GCP (N)			0.08	%			0.11	%			0.12	%			0.12	%			0.10	%
Total receivables - GSBS		$	17.3			$	16.7			$	16.9			$	16.7			$	16.2				7
30+ days past due as a % of total - GSBS			1.6	%			1.6	%			1.4	%			1.4	%			1.8	%
Net write-off rate (principal only) - GSBS (L)			1.9	%			1.4	%			1.8	%			2.1	%			1.7	%
Net write-off rate (principal and fees) - GSBS (L)			2.1	%			1.6	%			2.0	%			2.3	%			1.9	%

Global Merchant and Network Services

(Preliminary)

Selected Income Statement and Statistical Information

(Millions, except percentages)

		Q1'19				Q4'18				Q3'18				Q2'18				Q1'18				YOY % change
Non-interest revenues		$	1,525			$	1,530			$	1,494			$	1,513			$	1,532				-
Interest income			9				8				6				7				9				-
Interest expense			(93	)			(89	)			(78	)			(68	)			(59	)			58
Net interest income			102				97				84				75				68				50
Total revenues net of interest expense			1,627				1,627				1,578				1,588				1,600				2
Total provisions for losses			4				6				5				6				5				(20	)
Total revenues net of interest expense after provisions for losses			1,623				1,621				1,573				1,582				1,595				2
Expenses
Marketing, business development, rewards, Card Member services			305				375				296				312				267				14
Salaries and employee benefits and other operating expenses			482				620				511				526				620				(22	)
Total expenses			787				995				807				838				887				(11	)
Pretax segment income			836				626				766				744				708				18
Income tax provision			205				125				186				201				192				7
Segment income		$	631			$	501			$	580			$	543			$	516				22
Effective tax rate			24.5	%			20.0	%			24.3	%			27.0	%			27.1	%
(Billions)
Segment assets (P)		$	22.1			$	15.5			$	21.1			$	19.6			$	19.5				13

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
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
		2019				2018				2018				2018				2018
ROE
Net income		$	6,837			$	6,921			$	3,705			$	3,410			$	3,131
Average shareholders' equity		$	21,455			$	20,650			$	20,421			$	20,393			$	20,536
Return on average equity (C)			31.9	%			33.5	%			18.1	%			16.7	%			15.2	%
Reconciliation of ROCE
Net income		$	6,837			$	6,921			$	3,705			$	3,410			$	3,131
Preferred shares dividends and related accretion			80				80				81				82				81
Earnings allocated to participating share awards and other			52				54				40				38				37
Net income attributable to common shareholders		$	6,705			$	6,787			$	3,584			$	3,290			$	3,013
Average shareholders' equity		$	21,455			$	20,650			$	20,421			$	20,393			$	20,536
Average preferred shares			1,584				1,584				1,584				1,584				1,584
Average common shareholders' equity		$	19,871			$	19,066			$	18,837			$	18,809			$	18,952
Return on average common equity (C)			33.7	%			35.6	%			19.0	%			17.5	%			15.9	%

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

		Q1'19				Q4'18				Q3'18				Q2'18				Q1'18
Consolidated
Net interest income		$	2,059			$	2,032			$	1,961			$	1,829			$	1,841
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Q)			453				405				390				359				302
Interest income not attributable to the Company's Card Member loan portfolio (R)			(335	)			(287	)			(274	)			(236	)			(213	)
Adjusted net interest income (S)		$	2,177			$	2,150			$	2,077			$	1,952			$	1,930
Average Card Member loans (billions)		$	80.6			$	79.4			$	76.4			$	74.1			$	72.7
Net interest income divided by average Card Member loans (T)			10.2	%			10.2	%			10.3	%			9.9	%			10.1	%
Net interest yield on average Card Member loans (U)			10.9	%			10.7	%			10.8	%			10.6	%			10.8	%
Global Consumer Services Group
U.S.
Net interest income		$	1,565			$	1,571			$	1,511			$	1,410			$	1,403
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Q)			65				57				55				53				37
Interest income not attributable to the Company's Card Member loan portfolio (R)			(53	)			(51	)			(46	)			(42	)			(39	)
Adjusted net interest income (S)		$	1,577			$	1,577			$	1,520			$	1,421			$	1,401
Average Card Member loans (billions)		$	58.3			$	57.8			$	55.5			$	53.7			$	52.9
Net interest income divided by average Card Member loans (T)			10.7	%			10.9	%			10.9	%			10.5	%			10.6	%
Net interest yield on average Card Member loans (U)			11.0	%			10.8	%			10.9	%			10.6	%			10.7	%
Outside the U.S.
Net interest income		$	248			$	228			$	225			$	215			$	218
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Q)			19				18				18				16				18
Interest income not attributable to the Company's Card Member loan portfolio (R)			(3	)			-				(3	)			(2	)			(3	)
Adjusted net interest income (S)		$	264			$	246			$	240			$	229			$	233
Average Card Member loans (billions)		$	9.7			$	9.3			$	8.9			$	8.8			$	8.6
Net interest income divided by average Card Member loans (T)			10.2	%			9.8	%			10.1	%			9.8	%			10.1	%
Net interest yield on average Card Member loans (U)			11.1	%			10.5	%			10.6	%			10.5	%			11.0	%
Total
Net interest income		$	1,813			$	1,799			$	1,736			$	1,624			$	1,622
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Q)			84				75				73				70				54
Interest income not attributable to the Company's Card Member loan portfolio (R)			(56	)			(51	)			(49	)			(45	)			(41	)
Adjusted net interest income (S)		$	1,841			$	1,823			$	1,760			$	1,649			$	1,635
Average Card Member loans (billions)		$	68.0			$	67.1			$	64.4			$	62.5			$	61.6
Net interest income divided by average Card Member loans (T)			10.7	%			10.7	%			10.8	%			10.4	%			10.5	%
Net interest yield on average Card Member loans (U)			11.0	%			10.8	%			10.8	%			10.6	%			10.8	%
Global Commercial Services
Net interest income		$	213			$	201			$	198			$	189			$	206
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Q)			175				170				161				152				126
Interest income not attributable to the Company's Card Member loan portfolio (R)			(52	)			(44	)			(42	)			(38	)			(37	)
Adjusted net interest income (S)		$	336			$	327			$	317			$	303			$	295
Average Card Member loans (billions)		$	12.6			$	12.4			$	12.0			$	11.7			$	11.2
Net interest income divided by average Card Member loans (T)			6.8	%			6.5	%			6.6	%			6.5	%			7.4	%
Net interest yield on average Card Member loans (U)			10.8	%			10.5	%			10.5	%			10.4	%			10.7	%

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.

(A)		Represents net income, less (i) earnings allocated to participating share awards of $11 million, $16 million, $13 million, $12 million and $13 million in Q1'19, Q4'18, Q3'18, Q2'18 and Q1'18, respectively; and (ii) dividends on preferred shares of $21 million, $19 million, $20 million, $20 million and $21 million in Q1'19, Q4'18, Q3'18, Q2'18 and Q1'18, 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)		Current ratios represent preliminary estimates as of the date of First Quarter 2019 Earnings Release and may be revised in the Company’s 2019 Form 10-Q for period ended March 31, 2019.
(E)		Supplementary Leverage Ratio is calculated by dividing Tier 1 capital by total leverage exposure under Basel III.  Leverage exposure, which reflects average total consolidated assets with adjustments for Tier 1 capital deductions, average off-balance sheet derivatives exposures, securities purchased under agreements to resell 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)		Billed business represents transaction volumes (including cash advances) on cards and other payment products issued by American Express (proprietary billed business) and cards issued under network partnership agreements with banks and other institutions, including joint ventures (GNS billed business).  In-store spending activity within GNS retail cobrand portfolios, from which we earn no revenue, is not included in billed business.  Billed business is reported as United States or outside the United States based on the location of the issuer.
(H)		Cards-in-force represents the number of cards that are issued and outstanding by American Express (proprietary cards-in-force) and cards issued and outstanding under network partnership agreements with banks and other institutions, including joint ventures (GNS cards-in-force) except for GNS retail cobrand cards that have no out of store spend activity during the prior 12 months.  Basic cards-in-force excludes supplemental cards issued on consumer accounts.
(I)		This calculation is generally designed to reflect the average pricing at all merchants accepting American Express cards and represents the percentage of proprietary and GNS billed business retained by the Company from merchants it acquires, or from merchants acquired by third parties on its behalf, net of amounts retained by such third parties.
(J)		Average fee per card is computed based on proprietary basic net card fees divided by average proprietary basic cards-in-force.
(K)		Other includes foreign currency impact on balance sheet re-measurement and translation.
(L)		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, as 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.
(M)		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 (refer to Footnotes "T" and "U").
(N)		GCP reflects global, large and middle market corporate accounts.  GCP delinquency data for periods other than 90+ days past billing is not available due to system constraints.  GCP Net loss ratio represents the ratio of GCP charge card write-offs, consisting of principal (resulting from authorized transactions) and fee components, less recoveries, on Card Member receivables expressed as a percentage of gross amounts billed to corporate Card Members.
(O)		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 Q1'19 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.
(P)		Effective Q1'19, we moved intercompany assets and liabilities, previously recorded in the operating segments, to Corporate and Other. During 2018, we made changes to the methodology used to allocate certain corporate overhead costs to the operating segments and our intercompany settlement process.  Prior period amounts have been revised to conform to the current period presentation.
(Q)		Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(R)		Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
(S)		Adjusted net interest income is a non-GAAP measure that represents net interest income attributable to our Card Member loans (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.
(T)		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.
(U)		Net interest yield on average Card Member loans is a non-GAAP measure that is computed by dividing adjusted net interest income by average Card Member loans, computed on an annualized basis.  Reserves and net write-offs related to uncollectible interest are recorded through provisions for losses, and thus not included in the net interest yield calculation.  The Company believes that 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.