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 American Express Reports Fourth Quarter EPS of $0.89 or $1.23 When Adjusted for Impairment and Restructuring Charges(1)
   Thursday, January 21, 2016 4:05:16 PM ET

--Company Expects 2016 EPS of $5.40-$5.70Outlook Includes Multi-Year Plan to Take $1 Billion out of Cost Structure

American Express Company (AXP ) today reported fourth-quarter net income of $899 million, down from $1.4 billion a year ago. The current and year-ago quarters included a number of significant items that affected year-over-year comparisons.

(Millions, except percentages and per share amounts)

                                                                                                                                                                                                                          
                                                                                                                  ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                            Quarters Ended                                               Percentage                                                  Years Ended                                                Percentage
                                                                                                                                                             December 31,                                                 Inc/(Dec)                                                 December 31,                                                 Inc/(Dec)
                                                                                                                  --------------------------------------------------------------------------------------------      -------------------  --------------------------------------------------------------------------------------------      -------------------
                                                            2015                                             2014                                               2015                                             2014                        
-------------------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------------   ----------------------------------------------   -------------------  ----------------------------------------------   ----------------------------------------------   -------------------
Total Revenues Net of Interest Expense                                      $  8,391                      $  9,081           (8 )                            $ 32,818                      $ 34,188           (4 )
-------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- ---------- --------- -------------------- ------ -------------------- -------------------- ------ -------------------- ---------- ---------
Net Income                                                                  $    899                      $  1,447          (38 )                            $  5,163                      $  5,885          (12 )
-------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- ---------- --------- -------------------- ------ -------------------- -------------------- ------ -------------------- ---------- ---------
Earnings Per Common Share - Diluted:                                                                                                                                   
-------------------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                            $   0.89                      $   1.39          (36 )                            $   5.05                      $   5.56           (9 )
 Net Income Attributable to Common Shareholders(2)
-------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- ---------- --------- -------------------- ------ -------------------- -------------------- ------ -------------------- ---------- ---------
Average Diluted Common Shares Outstanding                     981      1,033           (5 )            1,003      1,051           (5 )
-------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- ---------- --------- -------------------- ------ -------------------- -------------------- ------ -------------------- ---------- ---------
Return on Average Equity                                     24.0 %                        29.1 %                          24.0 %                        29.1 %                     
-------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- ----------------------------------------- ------ -------------------- -------------------- ------ -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                                            


The fourth quarter of 2015 included:

-- A $419 million charge ($335 million after-tax) that included an impairment of goodwill and technology assets, in addition to restructuring costs within the Enterprise Growth (EG) Group.

The year-ago quarter included:

-- A $719 million gain ($453 million after-tax) on the sale of the company’s investment in Concur Technologies;

-- A restructuring charge of $313 million ($206 million after-tax);

-- Incremental spending, which was largely reflected in higher marketing and promotion expenses;

-- The renewal of the company’s partnership with Delta Air Lines, which increased rewards costs by $109 million ($68 million after-tax).

The strong appreciation of the U.S. dollar had an impact on revenues and expenses and suppressed earnings in both quarters.

Diluted earnings per share for fourth quarter 2015 was $0.89, or $1.23 on an adjusted basis excluding the EG charge, compared to $1.39 a year ago.(1)

Fourth-quarter consolidated total revenues net of interest expense totaled $8.4 billion, down 8 percent from $9.1 billion a year ago. Excluding the impact of foreign exchange rates and last year’s Concur gain, adjusted revenues increased 4 percent.(3) The increase primarily reflected continued growth in net interest income and higher Card Member spending.

Consolidated provisions for losses totaled $572 million, down 2 percent from $582 million a year ago. The decrease primarily reflected the impact of the reclassification of certain co-brand loan portfolios to "held for sale," as credit costs associated with those portfolios are now reported in other operating expenses, beginning in December 2015.

Consolidated expenses totaled $6.4 billion, up 1 percent from $6.3 billion a year ago. Excluding the impact of foreign exchange rates, consolidated expenses rose 4 percent.(4) The current quarter reflected the EG charge. Last year’s quarter included the restructuring charge and co-brand partnership renewal costs. Both periods included incremental spending mentioned above.

The effective tax rate for the quarter was 38 percent, up from 35 percent a year ago. The increase primarily reflected non-deductible expenses included in the EG charge mentioned earlier.

The company’s return on average equity (ROE) was 24.0 percent, down from 29.1 percent a year ago. Excluding the EG charge, adjusted ROE was 25.6 percent.(1)

For the full year, the company reported net income of $5.2 billion, down 12 percent from $5.9 billion a year ago. Diluted earnings per share was $5.05, or $5.38 on an adjusted basis excluding the EG charge, compared to $5.56 a year ago.(1)

Revenues net of interest expense for the full year decreased 4 percent (flat FX adjusted(4)) to $32.8 billion from $34.2 billion a year ago.

Consolidated expenses decreased 1 percent to $22.9 billion from $23.2 billion a year ago. Adjusted for foreign currency translations, consolidated expenses increased 3 percent.(4)

Outlook

"Our 2015 results and outlook reflect the reset in co-brand economics, pressures on merchant fees, the evolving regulatory environment and intense competition that have been re-shaping the payments industry," said Kenneth I. Chenault, chairman and chief executive officer. "A number of cyclical factors in the broader economy have also weighed on our performance and influenced our outlook. Against that backdrop, and the fact that revenue growth has not accelerated as we anticipated, we are moving aggressively to streamline the company and drive efficiencies in order to take out $1 billion from our overall cost base by the end of 2017.

"We now expect 2016 EPS between $5.40 and $5.70. This reflects a substantial benefit from the planned sale of the Costco co-brand portfolio, offset in part by a continuation of elevated spending on growth opportunities as well as the loss of a partial year of Costco-related earnings. The portfolio transaction is expected to occur mid-year.

"For 2017, we are now targeting EPS of at least $5.60. That includes growing over the portfolio gain and this year’s Costco-related earnings. It also includes a combination of accelerated revenue growth, aggressive expense reductions and the use of our capital strength to create value for shareholders. The 2016-17 earnings targets do not include restructuring charges or other contingencies.

"We have a great set of assets to draw upon, including a trusted brand, financial strength, an integrated business model, world class service and a history of innovation. We’re confident that we’ll not just deal with our near-term challenges, but return to growth and position the company for long-term success."

Segment Results

U.S. Card Services reported fourth-quarter net income of $799 million, up 20 percent from $665 million a year ago.

Total revenues net of interest expense increased 5 percent to $4.8 billion, from $4.6 billion a year ago. The rise reflected higher net interest income from growth in the loan portfolio, as well as an increase in net card fees and Card Member spending.

Provisions for losses totaled $440 million, up 10 percent from $399 million a year ago. The increase primarily reflected a larger build in reserves this quarter, compared to a year ago. The current quarter’s provisions benefited from the reclassification of certain co-brand loan portfolios to "held for sale," as credit costs associated with those portfolios are now reported in other operating expenses, beginning in December 2015.

Total expenses were flat at $3.1 billion compared to a year ago. The current quarter reflected higher Card Member services costs and investment spending that was maintained at an elevated level. The year-ago quarter included a portion of the three significant expense items mentioned earlier.

The effective tax rate was 36 percent, down from 39 percent a year ago.

International Card Services reported fourth-quarter net income of $73 million, up from $33 million a year ago.

Total revenues net of interest expense were $1.3 billion, down 5 percent from $1.4 billion a year ago. Adjusted for foreign currency translations, revenues were up 6 percent, primarily reflecting higher Card Member spending.(4)

Total expenses were $1.1 billion, down 11 percent from $1.3 billion a year ago. Adjusted for foreign currency translations, expenses were down 4 percent from last year, which included a portion of the previously mentioned restructuring charge a year ago.(4)

The effective tax rate was 2.7 percent, reflecting the impact of recurring permanent tax benefits on varying levels of pre-tax income.

Global Commercial Services reported fourth-quarter net income of $132 million, down 78 percent from $594 million a year ago, which included the Concur gain.

Total revenues net of interest expense totaled $817 million, down 48 percent from $1.6 billion a year ago, which included the Concur gain. Excluding the Concur gain, adjusted revenues decreased 6 percent.(3)

Total expenses decreased 7 percent (down 4 percent FX-adjusted(4))to $547 million, from $586 million a year ago, which included a portion of the restructuring charge in the prior year.

The effective tax rate was 44 percent, up from 37 percent a year ago, reflecting the impact of certain non-deductible foreign losses.

Global Network & Merchant Services reported fourth-quarter net income of $417 million, unchanged from a year ago.

Total revenues net of interest expense totaled $1.4 billion, down 4 percent from $1.5 billion a year ago. On an FX-adjusted basis, revenues increased 1 percent.(4)

Total expenses decreased 4 percent to $743 million, from $772 million a year ago. On an FX-adjusted basis, expenses increased 1 percent.(4)

Corporate and Other reported fourth-quarter net loss of $522 million, which included the EG charge. This compared to a net loss of $262 million a year ago.

About American Express

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

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

The 2015 Fourth Quarter/Full Year Earnings Supplement will be available today on the American Express website at http://ir.americanexpress.com . An investor conference call will be held at 5:00 p.m. (ET) today to discuss fourth-quarter earnings results and the company’s 2016-2017 outlook. Live audio and presentation slides for the investor conference call will be available to the general public at the same website. A replay of the conference call will be available later today at the same website address.

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address the Company’s expected business and financial performance and which include management’s outlook for 2015-2017, among other matters, contain words such as "believe," "expect," "estimate," "anticipate," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following:

-- the Company’s ability to achieve earnings per common share ("EPS") growth between $5.40 and $5.70 for 2016 and at least $5.60 for 2017, which will depend in part on the following: an acceleration of billed business and revenue growth, which could be impacted by, among other things, weakening economic conditions in the U.S. or internationally, a decline in consumer confidence impacting the willingness and ability of Card Members to sustain spending, a further decline in gas prices, a further strengthening of the U.S. dollar, a greater erosion of the average discount rate than expected and lower spending on new cards acquired than estimated; the Company’s success in addressing competitive pressures and implementing its strategies and business initiatives, including growing profitable spending through proprietary, co-brand and network products, increasing penetration among corporate, middle market and small business clients, expanding its international footprint, growing loyalty coalitions and increasing merchant acceptance; the timing and impact of any potential sale of the Costco U.S. Card Member loan portfolio; realizing incremental economics associated with the Costco U.S. contract extension, which could be impacted by, among other things, Card Member behavior, including the desire of Costco U.S. Card Members to continue to use their Costco U.S. cobrand cards and the availability to those Card Members of other payment forms; the impact of any potential restructuring charges or other contingencies, including, but not limited to, litigation-related expenses, impairments, the imposition of fines or civil money penalties, an increase in Card Member reimbursements and changes in reserves; credit performance remaining in line with current expectations; continued growth of Card Member loans held for investment; the ability to continue to realize benefits from restructuring actions and operating leverage at levels consistent with current expectations; the amount the Company spends on growth initiatives; changes in interest rates beyond current expectations; the impact of regulation and litigation, which could affect the profitability of the Company’s business activities, limit the Company’s ability to pursue business opportunities, require changes to business practices or alter the Company’s relationships with partners, merchants and Card Members; the Company’s tax rate being in the 34-35% range, which could be impacted by, among other things, the Company’s geographic mix of income being weighted more to higher tax jurisdictions than expected and unfavorable tax audits and other unanticipated tax items; the impact of accounting changes and reclassifications; and the Company’s ability to continue executing its share repurchase program;

-- the actual amount to be spent on growth initiatives, including on marketing and promotion, as well as the timing of any such spending, which will be based in part on management’s assessment of competitive opportunities, overall business performance, the amount of any potential gain arising from a sale of the Costco U.S. Card Member loan portfolio management decides to spend on growth initiatives, contractual obligations with business partners, management’s ability to identify attractive investment opportunities and make such investments, which could be impacted by business, regulatory or legal complexities and the Company’s performance, and the Company’s ability to realize efficiencies and control expenses to fund such spending;

-- the ability of the Company to reduce its overall cost base by $1 billion by the end of 2017 and to realize the full benefit of the Company’s actions by the beginning of 2018, which will depend in part on the timing and financial impact of the Company’s future reengineering plans (including whether the Company will recognize restructuring charges in future periods), which could be impacted by factors such as the Company’s inability to mitigate the operational and other risks posed by potential staff reductions, the Company’s inability to develop and implement technology resources to realize cost savings, underestimating hiring needs related to some of the job positions being eliminated and other employee needs not currently anticipated, lower than expected attrition rates and higher than expected redeployment rates; the ability of the Company to reduce annual operating expenses, which could be impacted by, among other things, the factors identified below; and the ability of the Company to optimize and lower marketing and promotion expenses, which could be impacted by higher advertising and mailing costs, competitive pressures that may require additional expenditures or limit the Company’s ability to reduce costs, contractual obligations with business partners, the availability of opportunities to invest at a higher level due to favorable business results and changes in macroeconomic conditions;

-- the ability to reduce annual operating expenses, which could be impacted by increases in significant categories of operating expenses, such as consulting or professional fees, including as a result of increased litigation, compliance or regulatory-related costs, technology costs or fraud costs; the ability of the Company to develop, implement and achieve substantial benefits from reengineering plans; higher than expected employee levels; the impact of changes in foreign currency exchange rates on costs; the payment of civil money penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; impairments of goodwill or other assets; the Company’s decision to increase or decrease spending in such areas as technology, business and product development and sales forces depending on overall business performance; greater than expected inflation or merit increases; the Company’s ability to balance expense control and investments in the business; the impact of accounting changes and reclassifications; and the level of acquisition activity and related expenses;

-- the Company’s lending write-off rates increasing more quickly than current expectations and the Company’s provision expense being higher than current expectations, which will depend in part on changes in the level of loan balances, delinquency rates of Card Members, unemployment rates, the volume of bankruptcies and recoveries of previously written-off loans;

-- the Company’s ability to execute against its lending strategy and grow Card Member loans held for investment, including by targeting new lending prospects and deepening relationships with current customers, which may be affected by increasing competition, brand perceptions and reputation, the Company’s ability to manage risk in a growing Card Member loan portfolio, and the behavior of the Company’s Card Members and their actual spending and borrowing patterns, which in turn may be driven by the Company’s ability to issue new and enhanced card products, offer attractive services and rewards programs, attract new Card Members, reduce Card Member attrition and capture a greater share of existing Card Members’ spending and borrowing;

-- uncertainties associated with the timing and impact of any potential sale of the Costco U.S. Card Member loan portfolio and the extension of the merchant acceptance agreement, such as the negotiation and execution of definitive documentation, operational issues related to the transfer of Card Member loans and accounts, the parties’ ability to satisfy the closing conditions and the amount of any gain recognized by the Company as a result of a sale, which could be impacted by the credit quality and performance of the portfolio, the amount of any volume decline experienced by the cobrand portfolio and the timing of the potential sale as the gain will be determined by the amount of the aggregate outstanding loans transferred at closing;

-- the possibility that the Company will not fully execute on its plans for OptBlue to significantly increase merchant coverage and move toward parity coverage with other card networks in the U.S., which will depend in part on the success of OptBlue merchant acquirers in signing merchants to accept American Express, which could be impacted by the pricing set by the merchant acquirers, the value proposition offered to small merchants and the priority given to the Company by OptBlue merchant acquirers, as well as the willingness of Card Members to use American Express cards at small merchants and of those merchants to actively accept American Express cards;

-- the erosion of the average discount rate by a greater amount than anticipated during 2016 and beyond, including as a result of changes in the mix of spending by location and industry, volume-related pricing discounts, strategic investments, certain pricing initiatives, competition, pricing regulation (including regulation of competitors’ interchange rates) and other factors;

-- uncertainty relating to the ultimate outcome of the antitrust lawsuit filed against the Company by the U.S. Department of Justice and certain state attorneys general, including the success or failure of our appeal and the impact on existing private merchant cases and potentially additional litigation and/or arbitrations;

-- the ability of the Company to return capital to shareholders through dividends and share repurchases, including the opportunity for incremental capital returns related to the Costco U.S. portfolio sale, which will depend on factors such as approval of the Company’s capital plans by its primary regulators, the amount the Company spends on acquisitions and the Company’s results of operations and capital needs in any given period;

-- the ability of the Company to drive growth by developing and marketing value propositions that appeal to Card Members and new customers and by offering attractive services and rewards programs, which will depend in part on the Company’s ongoing investment in product innovation, marketing and promotion and acquisition efforts, including through digital channels; the ability of the Company to update its systems and platforms to support new products, services and benefits; the degree of interest of Card Members in the value proposition offered by the Company; the Company’s ability to tailor new products and services to make them attractive to Card Members; competition; and brand perceptions and reputation;

-- the ability of the Company to meet its long-term earnings per share growth target, which will depend on factors such as the Company’s success in implementing its strategies and business initiatives and on factors outside management’s control including the willingness and ability of Card Members to sustain spending, regulatory and competitive pressures, credit trends, currency and interest rate fluctuations, and changes in general economic conditions, such as GDP growth, consumer confidence, unemployment and the housing market; and

-- factors beyond the Company’s control such as changes in global economic and business conditions, including consumer and business spending, the availability and cost of capital, unemployment and political conditions, foreign currency rates, fire, power loss, disruptions in telecommunications, severe weather conditions, natural disasters, health pandemics, terrorism, cyber attacks or fraud, which could significantly affect spending on American Express cards, delinquency rates, loan balances and travel-related spending or disrupt the Company’s global network systems and ability to process transactions.

A further description of these uncertainties and other risks can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2015 and the Company’s other reports filed with the Securities and Exchange Commission.

(1) Adjusted EPS and adjusted ROE, non-GAAP measures, exclude a $335MM after-tax charge ($419MM pretax) in Enterprise Growth, which was driven primarily by the impairment of goodwill and technology assets in addition to restructuring costs. Management believes adjusted EPS and adjusted ROE are useful in evaluating the ongoing operating performance of the Company. See Appendix IV for reconciliations to EPS and ROE on a GAAP basis.

(2) Represents net income less (i) earnings allocated to participating share awards of $6 million and $11 million for the three months ended December 31, 2015 and 2014, respectively, and $38 million and $46 million for the years ended December 31, 2015 and 2014, respectively, and (ii) dividends on preferred shares of $20 million and nil for the three months ended December 31, 2015 and 2014, respectively, and $62 million and nil for the years ended December 31, 2015 and 2014, respectively.

(3) Adjusted revenue growth and adjusted revenue growth on an FX adjusted basis are non-GAAP measures and exclude the Q4’14 gain on the sale of the Concur investment. Management believes adjusted revenue growth is useful in evaluating the ongoing operating performance of the Company. See footnote 4 for an explanation of FX adjusted information and Appendix IV for a reconciliation to total revenues net of interest expense on a GAAP basis.

(4) As reported in this release, 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 the three months ended December 31, 2015 apply to the period(s) against which such results are being compared). Certain amounts included in the calculation of FX-adjusted revenues and expenses, which constitute non-GAAP measures, are subject to management allocations. The company believes the presentation of information on an FX adjusted basis is helpful to investors by making it easier to compare the company’s performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

                                                                                                                                                                                                                                                                                                                                                                                                                                              
American Express Company                                                                                                                                                                                                                                                                                                                                               (Preliminary)
Consolidated Statements of Income
-----------------------------------------------------------------
(Millions, except percentages and per share amounts)
                                                                                                                                                                                                                                            Quarters Ended                                                                                                                                                          % Change                                                                                                        Years Ended                                                                                 % Change
                                                                                                                                  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------                                          -----------------------------------------------------------------------------------------------------------------------                     ---------------------
                                                                                                                                                       Dec 31,                                          Sep 30,                                          Jun 30,                                                              Mar 31,                                          Dec 31,                                             Dec 31, 2015 vs.                                                                                                      Dec 31,                                                                               Dec 31, 2015 vs.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                     2015       2015       2015                           2015       2014                              Dec 31, 2014                                                   2015                            2014                             Dec 31, 2014
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                      ------------------------                                          -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------------
Revenues
Non-interest revenues
   Discount revenue (A)                                                                                                                              $ 4,913                                          $ 4,778                                          $ 4,946                                                              $ 4,660                                          $ 4,961                                                              (1 )                                                              $ 19,297                                                              $ 19,389                                                   (0 )
   Net card fees                                                                                                                                         687                                              679                                              667                                                                  667                                              671                                                               2                                                                   2,700                                                                 2,712                                                   (0 )
   Other fees and commissions (B)                                                                                                                        704                                              727                                              727                                                                  708                                              715                                                              (2 )                                                                 2,866                                                                 3,626                                                  (21 )
   Other                                                                                                                              540        504        521                            468      1,310                                          (59 )                                              2,033                           2,989                               (32 )
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
      Total non-interest revenues                                                                                                   6,844      6,688      6,861                          6,503      7,657                                          (11 )                                             26,896                          28,716                                (6 )
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
Interest income
   Interest on loans                                                                                                                                   1,891                                            1,847                                            1,776                                                                1,795                                            1,769                                                               7                                                                   7,309                                                                 6,929                                                    5
   Interest and dividends on investment securities                                                                                                        37                                               38                                               41                                                                   41                                               43                                                             (14 )                                                                   157                                                                   179                                                  (12 )
   Deposits with banks and other                                                                                                       19         19         20                             21         17                                           12                                                   79                              71                                11
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
      Total interest income                                                                                                         1,947      1,904      1,837                          1,857      1,829                                            6                                                7,545                           7,179                                 5
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
Interest expense
   Deposits                                                                                                                                              138                                              125                                              109                                                                  103                                               97                                                              42                                                                     475                                                                   373                                                   27
   Long-term debt and other                                                                                                           262        274        305                            307        308                                          (15 )                                              1,148                           1,334                               (14 )
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
      Total interest expense                                                                                                          400        399        414                            410        405                                           (1 )                                              1,623                           1,707                                (5 )
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
      Net interest income                                                                                                           1,547      1,505      1,423                          1,447      1,424                                            9                                                5,922                           5,472                                 8
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
Total revenues net of interest expense                                                                                              8,391      8,193      8,284                          7,950      9,081                                           (8 )                                             32,818                          34,188                                (4 )
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
Provisions for losses
   Charge card                                                                                                                                           195                                              203                                              165                                                                  174                                              198                                                              (2 )                                                                   737                                                                   792                                                   (7 )
   Card Member loans                                                                                                                                     361                                              309                                              285                                                                  235                                              341                                                               6                                                                   1,190                                                                 1,138                                                    5
   Other                                                                                                                               16         17         17                             11         43                                          (63 )                                                 61                             114                               (46 )
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
      Total provisions for losses                                                                                                     572        529        467                            420        582                                           (2 )                                              1,988                           2,044                                (3 )
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
Total revenues net of interest expense after provisions for losses                                                                  7,819      7,664      7,817                          7,530      8,499                                           (8 )                                             30,830                          32,144                                (4 )
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Expenses
   Marketing and promotion (A)                                                                                                                           892                                              847                                              761                                                                  609                                              887                                                               1                                                                   3,109                                                                 3,216                                                   (3 )
   Card Member rewards                                                                                                                                 1,794                                            1,763                                            1,799                                                                1,640                                            1,881                                                              (5 )                                                                 6,996                                                                 6,931                                                    1
   Card Member services and other                                                                                                                        246                                              269                                              242                                                                  261                                              203                                                              21                                                                   1,018                                                                   822                                                   24
   Salaries and employee benefits                                                                                                                      1,209                                            1,212                                            1,250                                                                1,305                                            1,607                                                             (25 )                                                                 4,976                                                                 6,095                                                  (18 )
   Professional services                                                                                                                                 784                                              687                                              655                                                                  624                                              768                                                               2                                                                   2,750                                                                 3,008                                                   (9 )
   Occupancy and equipment                                                                                                                               482                                              523                                              415                                                                  434                                              446                                                               8                                                                   1,854                                                                 1,807                                                    3
   Communications                                                                                                                                         88                                               84                                               85                                                                   88                                               98                                                             (10 )                                                                   345                                                                   383                                                  (10 )
   Other, net                                                                                                                         870        341        380                            253        384                                            #                                                1,844                             891                                 #
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
      Total                                                                                                                         6,365      5,726      5,587                          5,214      6,274                                            1                                               22,892                          23,153                                (1 )
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
Pretax income                                                                                                                                          1,454                                            1,938                                            2,230                                                                2,316                                            2,225                                                             (35 )                                                                 7,938                                                                 8,991                                                  (12 )
Income tax provision                                                                                                                  555        672        757                            791        778                                          (29 )                                              2,775                           3,106                               (11 )
                                                                                                                                  -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------
Net income                                                                                                                                           $   899                       $ 1,266                       $ 1,473                                           $ 1,525                       $ 1,447                                          (38 )                                                              $  5,163                                           $  5,885                               (12 )
                                                                                                                                  ==================== ===== ====================  ==================== ===== ====================  ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                                                        ==================== ====== ====================                      ==================== ====== ====================
Net income attributable to common shareholders (C)                                                                                                   $   873                       $ 1,234                       $ 1,442                                           $ 1,514                       $ 1,436                                          (39 )                                                              $  5,063                                           $  5,839                               (13 )
                                                                                                                                  ==================== ===== ====================  ==================== ===== ====================  ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                                                        ==================== ====== ====================                      ==================== ====== ====================
Effective tax rate                                                                                                                                      38.2 %                                           34.7 %                                           33.9 %                                                               34.2 %                                           35.0 %                                                                                                                                  35.0 %                                                                34.5 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Earnings Per Common Share
-----------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
BASIC
      Net income attributable to common shareholders                                                                                                 $  0.89                       $  1.24                       $  1.43                                           $  1.49                       $  1.40                                          (36 )                                                              $   5.07                                           $   5.58                                (9 )
                                                                                                                                  ==================== ===== ====================  ==================== ===== ====================  ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                                                        ==================== ====== ====================                      ==================== ====== ====================
      Average common shares outstanding                                                                                               977        994      1,009                          1,019      1,028                                           (5 )                                                999                           1,045                                (4 )
                                                                                                                                  ==================== ===== ====================  ==================== ===== ====================  ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                                                        ==================== ====== ====================                      ==================== ====== ====================
DILUTED
      Net income attributable to common shareholders                                                                                                 $  0.89                       $  1.24                       $  1.42                                           $  1.48                       $  1.39                                          (36 )                                                              $   5.05                                           $   5.56                                (9 )
                                                                                                                                  ==================== ===== ====================  ==================== ===== ====================  ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                                                        ==================== ====== ====================                      ==================== ====== ====================
      Average common shares outstanding                                                                                               981        997      1,013                          1,023      1,033                                           (5 )                                              1,003                           1,051                                (5 )
                                                                                                                                  ==================== ===== ====================  ==================== ===== ====================  ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                                                        ==================== ====== ====================                      ==================== ====== ====================
Cash dividends declared per common share                                                                                                             $  0.29                       $  0.29                       $  0.29                                           $  0.26                       $  0.26                                           12                                                                $   1.13                                           $   1.01                                12
                                                                                                                                  ==================== ===== ====================  ==================== ===== ====================  ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                                                        ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
# - Denotes a variance of more than 100 percent.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                              
American Express Company                                                                                                                                                                                                                                                                                                                  (Preliminary)
Condensed Consolidated Balance Sheets                                                                                                                                                                                                                     
---------------------------------------------------------
(Billions, except percentages, per share amounts and where
indicated)
                                                                                                                                                                                                                                   Quarters Ended                                                                                                                                                              % Change
                                                                                                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ --------------------------------
                                                                                                                          Dec 31,                                                              Sep 30,                                                              Jun 30,                                                              Mar 31,                                          Dec 31,                             Dec 31, 2015 vs.
                                                                                                                           2015                                              2015                           2015                           2015       2014              Dec 31, 2014
                                                                                                     ------------------------------------------------                     -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------  --------------------------------
Assets
   Cash & cash equivalents                                                                                              $    23                                                              $    20                                                              $    21                                                              $    24                                          $    22                                5
   Card Member loans and receivables held for sale                                                                           15                                                                    -                                                                    -                                                                    -                                                -                                -
   Accounts receivable                                                                                                       47                                                                   46                                                                   47                                                                   46                                               47                                -
   Investment securities                                                                                                      4                                                                    4                                                                    5                                                                    4                                                4                                -
   Loans                                                                                                                     59                                                                   69                                                                   69                                                                   67                                               70                              (16 )
   Other assets                                                                                           13                             15                             15                             14         16           (19 )
                                                                                                     -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------
      Total assets                                                                                                      $   161                                           $   154                                           $   157                                           $   155                       $   159             1
                                                                                                     ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                       
Liabilities and Shareholders’ Equity
   Customer deposits                                                                                                    $    55                                                              $    49                                                              $    47                                                              $    45                                          $    44                               25
   Short-term borrowings                                                                                                      5                                                                    3                                                                    4                                                                    2                                                3                               67
   Long-term debt                                                                                                            48                                                                   49                                                                   53                                                                   55                                               58                              (17 )
   Other liabilities                                                                                      32                             32                             31                             31         33            (3 )
                                                                                                     -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------
      Total liabilities                                                                                  140                            133                            135                            133        138             1
                                                                                                     -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                       
   Shareholders’ Equity                                                                                   21                             21                             22                             22         21             -
                                                                                                     -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------
      Total liabilities and shareholders’ equity                                                                        $   161                                           $   154                                           $   157                                           $   155                       $   159             1
                                                                                                     ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                       
Selected Statistical Information
---------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                       
Return on average equity (D)                                                                                               24.0 %                                                               26.8 %                                                               28.1 %                                                               29.0 %                                           29.1 %
Return on average common equity (D)                                                                                        25.2 %                                                               27.8 %                                                               28.8 %                                                               29.3 %                                           29.0 %
Return on average tangible common equity (D)                                                                               31.0 %                                                               34.2 %                                                               35.4 %                                                               36.2 %                                           35.9 %
Common shares outstanding (millions)                                                                                        969                                                                  985                                                                1,002                                                                1,016                                            1,023                               (5 )
Book value per common share (dollars) (E)                                                                               $ 19.71                                                              $ 20.06                                                              $ 20.27                                                              $ 19.93                                          $ 19.49                                1
Shareholders’ equity                                                                                                    $  20.7                                                              $  21.3                                                              $  21.9                                                              $  21.8                                          $  20.7                                0
                                                                                                                                                                                                                                                                                                                                                                                                                                  
# - Denotes a variance of more than 100 percent.
 
 
American Express Company                                                                                                                                                                                                                                                                     (Preliminary)
Financial Summary                                                                                                                                                                                                                                                                                                                                                                                                                                                            
--------------------------------------------------
(Millions)
                                                                                                                                                                                                        Quarters Ended                                                                                                                                                      % Change                                                                                Years Ended                                                                                       % Change
                                                                                              ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------                     -----------------------------------------------------------------------------------------------------------------------                     --------------------------------
                                                                                                                   Dec 31,                                          Sep 30,                                          Jun 30,                                                              Mar 31,                                          Dec 31,                                         Dec 31, 2015 vs.                                                                              Dec 31,                                                                                     Dec 31, 2015 vs.
                                                                                                                                                                                                                                                                                                                                                                                                                                 -----------------------------------------------------------------------------------------------------------------------
                                                                                                 2015       2015       2015                           2015       2014                          Dec 31, 2014                           2015                            2014                                   Dec 31, 2014
                                                                                              -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                      -----------------                     -------------------- ------ --------------------                      -------------------- ------ --------------------                      --------------------------------
Total revenues net of interest expense
--------------------------------------------------
   U.S. Card Services                                                                                            $ 4,813                                          $ 4,729                                          $ 4,726                                                              $ 4,525                                          $ 4,594                                                  5                                                 $ 18,793                                                              $ 17,810                                                    6
   International Card Services                                                                                     1,281                                            1,238                                            1,258                                                                1,241                                            1,355                                                 (5 )                                                  5,018                                                                 5,492                                                   (9 )
   Global Commercial Services                                                                                        817                                              817                                              881                                                                  827                                            1,585                                                (48 )                                                  3,342                                                                 4,948                                                  (32 )
   Global Network & Merchant Services                                                           1,418      1,370      1,396                          1,344      1,477                              (4 )                               5,528                           5,747                                (4 )
                                                                                              -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                   8,329                                            8,154                                            8,261                                                                7,937                                            9,011                                                 (8 )                                                 32,681                                                                33,997                                                   (4 )
   Corporate & Other                                                                               62         39         23                             13         70                             (11 )                                 137                             191                               (28 )
                                                                                              -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE                                                              $ 8,391                       $ 8,193                       $ 8,284                                           $ 7,950                       $ 9,081                              (8 )                                               $ 32,818                                           $ 34,188                                (4 )
                                                                                              ==================== ===== ====================  ==================== ===== ====================  ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                            ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Pretax income (loss)
--------------------------------------------------
   U.S. Card Services                                                                                            $ 1,247                                          $ 1,262                                          $ 1,366                                                              $ 1,480                                          $ 1,083                                                 15                                                 $  5,355                                                              $  5,100                                                    5
   International Card Services                                                                                        75                                              105                                              144                                                                  184                                                1                                                  #                                                      508                                                                   449                                                   13
   Global Commercial Services                                                                                        237                                              238                                              314                                                                  284                                              949                                                (75 )                                                  1,073                                                                 2,408                                                  (55 )
   Global Network & Merchant Services                                                             659        723        695                            698        670                              (2 )                               2,775                           2,620                                 6
                                                                                              -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                   2,218                                            2,328                                            2,519                                                                2,646                                            2,703                                                (18 )                                                  9,711                                                                10,577                                                   (8 )
   Corporate & Other                                                                             (764 )                        (390 )                        (289 )                                            (330 )                        (478 )                                               60                                (1,773 )                                           (1,586 )                                                 12
                                                                                              -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
PRETAX INCOME                                                                                                    $ 1,454                       $ 1,938                       $ 2,230                                           $ 2,316                       $ 2,225                             (35 )                                               $  7,938                                           $  8,991                               (12 )
                                                                                              ==================== ===== ====================  ==================== ===== ====================  ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                            ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Net income (loss)
--------------------------------------------------
   U.S. Card Services                                                                                            $   799                                          $   794                                          $   886                                                              $   934                                          $   665                                                 20                                                 $  3,413                                                              $  3,200                                                    7
   International Card Services                                                                                        73                                               89                                              125                                                                  134                                               33                                                  #                                                      421                                                                   411                                                    2
   Global Commercial Services                                                                                        132                                              151                                              203                                                                  180                                              594                                                (78 )                                                    666                                                                 1,543                                                  (57 )
   Global Network & Merchant Services                                                             417        462        448                            444        417                               -                                 1,771                           1,660                                 7
                                                                                              -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                   1,421                                            1,496                                            1,662                                                                1,692                                            1,709                                                (17 )                                                  6,271                                                                 6,814                                                   (8 )
   Corporate & Other                                                                             (522 )                        (230 )                        (189 )                                            (167 )                        (262 )                                               99                                (1,108 )                                             (929 )                                                 19
                                                                                              -------------------- ----- --------------------  -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
NET INCOME                                                                                                       $   899                       $ 1,266                       $ 1,473                                           $ 1,525                       $ 1,447                             (38 )                                               $  5,163                                           $  5,885                               (12 )
                                                                                              ==================== ===== ====================  ==================== ===== ====================  ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                            ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
# - Denotes a variance of more than 100 percent.
                                                                                                                                                                                                                                                                            
                                                               
American Express Company                                                                                                                                                                                                                                                                                                                                      (Preliminary)
Selected Statistical Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
--------------------------------------------------------
(Billions, except percentages and where indicated)
 
                                                                                                                                                                                                                                                                          Quarters Ended                                                                                                                                                                          % Change                                                                                 Years Ended                                                                                  % Change
                                                                                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------                     -------------------------------------------------------------------------------------------------------------------------                     ---------------------
                                                                                                                                              Dec 31,                                                              Sep 30,                                                              Jun 30,                                                              Mar 31,                                          Dec 31,                                         Dec 31, 2015 vs.                                                                               Dec 31,                                                                                Dec 31, 2015 vs.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    -------------------------------------------------------------------------------------------------------------------------
                                                                                                                            2015                           2015                           2015                           2015       2014                          Dec 31, 2014                            2015                             2014                             Dec 31, 2014
                                                                                                                         -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                      -----------------                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      ---------------------
Card billed business (F):
   United States                                                                                                                            $ 189.9                                                              $ 180.3                                                              $ 181.6                                                              $ 169.2                                          $ 182.5                                                  4                                                 $   721.0                                                              $   688.1                                                    5
   Outside the United States                                                                                                83.3                           78.6                           80.4                           76.4       86.0                              (3 )                                318.7                            334.7                                (5 )
                                                                                                                         -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
      Total                                                                                                                                 $ 273.2                                           $ 258.9                                           $ 262.0                                           $ 245.6                       $ 268.5                               2                                                 $ 1,039.7                                           $ 1,022.8                                 2
                                                                                                                         ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                            ==================== ======= ====================                      ==================== ======= ====================
Total cards-in-force (G) (millions):
   United States                                                                                                                               57.6                                                                 56.4                                                                 55.3                                                                 54.8                                             54.9                                                  5                                                      57.6                                                                   54.9                                                    5
   Outside the United States                                                                                                60.2                           59.4                           58.5                           57.4       57.3                               5                                   60.2                             57.3                                 5
                                                                                                                         -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
      Total                                                                                                                117.8                          115.8                          113.8                          112.2      112.2                               5                                  117.8                            112.2                                 5
                                                                                                                         ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                            ==================== ======= ====================                      ==================== ======= ====================
Basic cards-in-force (G) (millions):
   United States                                                                                                                               44.8                                                                 43.6                                                                 42.8                                                                 42.4                                             42.6                                                  5                                                      44.8                                                                   42.6                                                    5
   Outside the United States                                                                                                49.5                           49.0                           48.2                           47.3       47.0                               5                                   49.5                               47                                 5
                                                                                                                         -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
      Total                                                                                                                 94.3                           92.6                           91.0                           89.7       89.6                               5                                   94.3                             89.6                                 5
                                                                                                                         ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                            ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Average discount rate (A) (H)                                                                                                                  2.42 %                                                               2.46 %                                                               2.49 %                                                               2.49 %                                           2.44 %                                                                                                       2.46 %                                                                 2.48 %
Average basic Card Member spending (dollars) (I)                                                                                            $ 4,305                                                              $ 4,165                                                              $ 4,272                                                              $ 4,008                                          $ 4,377                                                 (2 )                                               $  16,743                                                              $  16,884                                                   (1 )
Average fee per card (dollars) (I)                                                                                                          $    39                                                              $    39                                                              $    39                                                              $    39                                          $    39                                                  -                                                 $      39                                                              $      40                                                   (3 )
Average fee per card adjusted (dollars) (I)                                                                                                 $    43                                                              $    44                                                              $    43                                                              $    44                                          $    44                                                 (2 )                                               $      44                                                              $      45                                                   (2 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Worldwide Card Member receivables: (J)
   Total receivables                                                                                                                        $  44.1                                                              $  44.3                                                              $  44.9                                                              $  43.7                                          $  44.9                                                 (2 )                                               $    44.1                                                              $    44.9                                                   (2 )
   Loss reserves (millions):
      Beginning balance                                                                                                                     $   441                                                              $   420                                                              $   429                                                              $   465                                          $   432                                                  2                                                 $     465                                                              $     386                                                   20
         Provisions (K)                                                                                                                         195                                                                  203                                                                  165                                                                  174                                              198                                                 (2 )                                                     737                                                                    792                                                   (7 )
         Net write-offs (L)                                                                                                                    (169 )                                                               (174 )                                                               (171 )                                                               (199 )                                           (156 )                                                8                                                      (713 )                                                                 (683 )                                                  4
         Other (M)                                                                                                            (5 )                                              (8 )                                              (3 )                                             (11 )                          (9 )                                              (44 )                                  (27 )                                               (30 )                                                (10 )
                                                                                                                         -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
      Ending balance                                                                                                                        $   462                                           $   441                                           $   420                                           $   429                       $   465                              (1 )                                               $     462                                           $     465                                (1 )
                                                                                                                         ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                            ==================== ======= ====================                      ==================== ======= ====================
      % of receivables                                                                                                                          1.0 %                                                                1.0 %                                                                0.9 %                                                                1.0 %                                            1.0 %                                                                                                        1.0 %                                                                  1.0 %
   Net write-off rate (principal only) - USCS/ICS (N)                                                                                           1.7 %                                                                1.8 %                                                                1.7 %                                                                2.1 %                                            1.5 %                                                                                                        1.8 %                                                                  1.7 %
   Net write-off rate (principal and fees) - USCS/ICS (N)                                                                                       1.9 %                                                                2.0 %                                                                1.9 %                                                                2.3 %                                            1.7 %                                                                                                        2.0 %                                                                  1.9 %
   30 days past due as a % of total - USCS/ICS                                                                                                  1.5 %                                                                1.6 %                                                                1.5 %                                                                1.6 %                                            1.6 %                                                                                                        1.5 %                                                                  1.6 %
   Net loss ratio (as a % of charge volume) - GCS                                                                                              0.08 %                                                               0.08 %                                                               0.09 %                                                               0.10 %                                           0.08 %                                                                                                       0.09 %                                                                 0.09 %
   90 days past billing as a % of total - GCS                                                                                                   0.9 %                                                                0.7 %                                                                0.7 %                                                                0.7 %                                            0.8 %                                                                                                        0.9 %                                                                  0.8 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Worldwide Card Member loans: (J)
   Total loans                                                                                                                              $  58.6                                                              $  68.9                                                              $  69.0                                                              $  66.8                                          $  70.4                                                (17 )                                               $    58.6                                                              $    70.4                                                  (17 )
   Loss reserves (millions):
      Beginning balance                                                                                                                     $ 1,164                                                              $ 1,132                                                              $ 1,130                                                              $ 1,201                                          $ 1,146                                                  2                                                 $   1,201                                                              $   1,261                                                   (5 )
         Provisions (K)                                                                                                                         361                                                                  309                                                                  285                                                                  235                                              341                                                  6                                                     1,190                                                                  1,138                                                    5
         Net write-offs - principal (L)                                                                                                        (234 )                                                               (231 )                                                               (243 )                                                               (259 )                                           (237 )                                               (1 )                                                    (967 )                                                               (1,023 )                                                 (5 )
         Net write-offs - interest and fees (L)                                                                                                 (40 )                                                                (37 )                                                                (42 )                                                                (43 )                                            (40 )                                                -                                                      (162 )                                                                 (164 )                                                 (1 )
         Reserves transferred to held for sale                                                                                                 (224 )                                                                  -                                                                    -                                                                    -                                                -                                                  -                                                      (224 )                                                                    -                                                    -
         Other (M)                                                                                                             1                             (9 )                                               2                             (4 )                          (9 )                                                #                                    (10 )                                               (11 )                                                 (9 )
                                                                                                                         -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------  -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
      Ending balance                                                                                                                        $ 1,028                                           $ 1,164                                           $ 1,132                                           $ 1,130                       $ 1,201                             (14 )                                               $   1,028                                           $   1,201                               (14 )
                                                                                                                         ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================  ==================== ===== ====================                                                            ==================== ======= ====================                      ==================== ======= ====================
         Ending reserves - principal                                                                                                        $   975                                                              $ 1,114                                                              $ 1,076                                                              $ 1,074                                          $ 1,149                                                (15 )                                               $     975                                                              $   1,149                                                  (15 )
         Ending reserves - interest and fees                                                                                                $    53                                                              $    50                                                              $    56                                                              $    56                                          $    52                                                  2                                                 $      53                                                              $      52                                                    2
         % of loans                                                                                                                             1.8 %                                                                1.7 %                                                                1.6 %                                                                1.7 %                                            1.7 %                                                                                                        1.8 %                                                                  1.7 %
         % of past due                                                                                                                          164 %                                                                164 %                                                                171 %                                                                163 %                                            167 %                                                                                                        164 %                                                                  167 %
   Average loans                                                                                                                            $  67.1                                                              $  69.0                                                              $  68.0                                                              $  67.6                                          $  67.7                                                 (1 )                                               $    67.9                                                              $    66.0                                                    3
   Net write-off rate (principal only) (N)                                                                                                      1.4 %                                                                1.3 %                                                                1.4 %                                                                1.5 %                                            1.4 %                                                                                                        1.4 %                                                                  1.5 %
   Net write-off rate (principal, interest and fees) (N)                                                                                        1.6 %                                                                1.6 %                                                                1.7 %                                                                1.8 %                                            1.6 %                                                                                                        1.7 %                                                                  1.8 %
   30 days past due loans as a % of total                                                                                                       1.1 %                                                                1.0 %                                                                1.0 %                                                                1.0 %                                            1.0 %                                                                                                        1.1 %                                                                  1.0 %
   Net interest income divided by average loans* (O)                                                                                            8.7 %                                                                8.7 %                                                                8.4 %                                                                8.6 %                                            8.4 %                                                                                                        8.6 %                                                                  8.3 %
   Net interest yield on Card Member loans* (O)                                                                                                 9.4 %                                                                9.5 %                                                                9.3 %                                                                9.6 %                                            9.3 %                                                                                                        9.4 %                                                                  9.3 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
* - Annualized
# - Denotes a variance of more than 100 percent.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
U.S. Card Services                                                                                                                                                                                                                                                                                                                                                       (Preliminary)
Selected Income Statement Data                                                                                                                                                       
-------------------------------------------------------------------
(Millions, except percentages)
                                                                                                                                                                                                                                                                            Quarters Ended                                                                                                                                                                                    % Change                                                                                Years Ended                                                                                 % Change
                                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------                     -----------------------------------------------------------------------------------------------------------------------                     ---------------------
                                                                                                                                                         Dec 31,                                                              Sep 30,                                                              Jun 30,                                                              Mar 31,                                                              Dec 31,                                         Dec 31, 2015 vs.                                                                              Dec 31,                                                                               Dec 31, 2015 vs.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                       2015                           2015                           2015                           2015                           2014                          Dec 31, 2014                           2015                            2014                             Dec 31, 2014
                                                                                                                                    -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -----------------                     -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------------
Revenues
   Non-interest revenues (A)                                                                                                                           $ 3,358                                                              $ 3,302                                                              $ 3,372                                                              $ 3,148                                                              $ 3,253                                                  3                                                 $ 13,180                                                              $ 12,628                                                    4
   Interest income                                                                                                                                       1,628                                                                1,593                                                                1,517                                                                1,529                                                                1,490                                                  9                                                    6,267                                                                 5,786                                                    8
   Interest expense                                                                                                                     173                            166                            163                            152                            149                              16                                   654                             604                                 8
                                                                                                                                    -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
      Net interest income                                                                                                             1,455                          1,427                          1,354                          1,377                          1,341                               9                                 5,613                           5,182                                 8
                                                                                                                                    -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Total revenues net of interest expense                                                                                                4,813                          4,729                          4,726                          4,525                          4,594                               5                                18,793                          17,810                                 6
                                                                                                                                    -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Provisions for losses                                                                                                                   440                            390                            327                            296                            399                              10                                 1,453                           1,396                                 4
                                                                                                                                    -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Total revenues net of interest expense after provisions for losses                                                                    4,373                          4,339                          4,399                          4,229                          4,195                               4                                17,340                          16,414                                 6
                                                                                                                                    -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Expenses
   Marketing, promotion, rewards, Card Member services and other (A)                                                                                     2,018                                                                2,029                                                                1,996                                                                1,733                                                                2,038                                                 (1 )                                                  7,776                                                                 7,197                                                    8
   Salaries and employee benefits and other operating expenses                                                                        1,108                          1,048                          1,037                          1,016                          1,074                               3                                 4,209                           4,117                                 2
                                                                                                                                    -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
      Total                                                                                                                           3,126                          3,077                          3,033                          2,749                          3,112                               0                                11,985                          11,314                                 6
                                                                                                                                    -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Pretax segment income                                                                                                                                    1,247                                                                1,262                                                                1,366                                                                1,480                                                                1,083                                                 15                                                    5,355                                                                 5,100                                                    5
Income tax provision                                                                                                                    448                            468                            480                            546                            418                               7                                 1,942                           1,900                                 2
                                                                                                                                    -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Segment income                                                                                                                                         $   799                                           $   794                                           $   886                                           $   934                                           $   665                              20                                                 $  3,413                                           $  3,200                                 7
                                                                                                                                    ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                                                            ==================== ====== ====================                      ==================== ====== ====================
Effective tax rate                                                                                                                                        35.9 %                                                               37.1 %                                                               35.1 %                                                               36.9 %                                                               38.6 %                                                                                                      36.3 %                                                                37.3 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Selected Statistical Information
-------------------------------------------------------------------
(Billions, except percentages and where indicated)
Card billed business                                                                                                                                   $ 152.3                                                              $ 143.4                                                              $ 144.1                                                              $ 132.5                                                              $ 145.0                                                  5                                                 $  572.3                                                              $  542.0                                                    6
Total cards-in-force (millions)                                                                                                                           48.3                                                                 47.4                                                                 46.3                                                                 45.9                                                                 45.6                                                  6                                                     48.3                                                                  45.6                                                    6
Basic cards-in-force (millions)                                                                                                                           36.2                                                                 35.4                                                                 34.6                                                                 34.2                                                                 34.0                                                  6                                                     36.2                                                                  34.0                                                    6
Average basic Card Member spending (dollars)                                                                                                           $ 4,246                                                              $ 4,098                                                              $ 4,210                                                              $ 3,875                                                              $ 4,281                                                 (1 )                                               $ 16,413                                                              $ 16,294                                                    1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
U.S. Consumer Travel:
   Travel sales (millions)                                                                                                                             $   810                                                              $   943                                                              $ 1,020                                                              $   988                                                              $   817                                                 (1 )                                               $  3,761                                                              $  3,774                                                   (0 )
   Travel commissions and fees/sales                                                                                                                       7.3 %                                                                7.1 %                                                                7.1 %                                                                6.6 %                                                                7.5 %                                                                                                       7.0 %                                                                 7.2 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Total segment assets (P)                                                                                                                               $ 117.3                                                              $ 107.7                                                              $ 108.2                                                              $ 107.7                                                              $ 113.2                                                  4                                                 $  117.3                                                              $  113.2                                                    4
Segment capital (Q)                                                                                                                                    $  10.3                                                              $  10.3                                                              $  10.8                                                              $  10.8                                                              $  10.4                                                 (1 )                                               $   10.3                                                              $   10.4                                                   (1 )
Return on average segment capital (R)                                                                                                                     32.4 %                                                               31.4 %                                                               32.6 %                                                               32.1 %                                                               32.5 %                                                                                                      32.4 %                                                                32.5 %
Return on average tangible segment capital (R)                                                                                                            33.7 %                                                               32.6 %                                                               33.8 %                                                               33.2 %                                                               33.6 %                                                                                                      33.7 %                                                                33.6 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Card Member receivables: (J)
   Total receivables                                                                                                                                   $  23.3                                                              $  22.0                                                              $  22.1                                                              $  21.5                                                              $  22.5                                                  4                                                 $   23.3                                                              $   22.5                                                    4
   30 days past due as a % of total                                                                                                                        1.5 %                                                                1.6 %                                                                1.5 %                                                                1.7 %                                                                1.7 %                                                                                                       1.5 %                                                                 1.7 %
   Average receivables                                                                                                                                 $  22.5                                                              $  22.0                                                              $  22.0                                                              $  21.3                                                              $  21.8                                                  3                                                 $   22.0                                                              $   21.3                                                    3
   Net write-off rate (principal only) (N)                                                                                                                 1.6 %                                                                1.6 %                                                                1.6 %                                                                2.2 %                                                                1.4 %                                                                                                       1.7 %                                                                 1.6 %
   Net write-off rate (principal and fees) (N)                                                                                                             1.8 %                                                                1.9 %                                                                1.8 %                                                                2.4 %                                                                1.6 %                                                                                                       1.9 %                                                                 1.8 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Card Member loans: (J)
   Total loans                                                                                                                                         $  51.4                                                              $  62.1                                                              $  61.7                                                              $  59.9                                                              $  62.6                                                (18 )                                               $   51.4                                                              $   62.6                                                  (18 )
   30 days past due loans as a % of total                                                                                                                  1.0 %                                                                1.0 %                                                                0.9 %                                                                1.0 %                                                                1.0 %                                                                                                       1.0 %                                                                 1.0 %
   Average loans                                                                                                                                       $  60.1                                                              $  62.1                                                              $  60.9                                                              $  60.4                                                              $  59.7                                                  1                                                 $   60.8                                                              $   57.8                                                    5
   Net write-off rate (principal only) (N)                                                                                                                 1.3 %                                                                1.3 %                                                                1.4 %                                                                1.5 %                                                                1.3 %                                                                                                       1.4 %                                                                 1.5 %
   Net write-off rate (principal, interest and fees) (N)                                                                                                   1.6 %                                                                1.5 %                                                                1.6 %                                                                1.7 %                                                                1.5 %                                                                                                       1.6 %                                                                 1.7 %
   Net interest income divided by average loans* (O)                                                                                                       9.1 %                                                                9.2 %                                                                8.9 %                                                                9.1 %                                                                9.0 %                                                                                                       9.1 %                                                                 9.0 %
   Net interest yield on Card Member loans* (O)                                                                                                            9.3 %                                                                9.4 %                                                                9.2 %                                                                9.5 %                                                                9.1 %                                                                                                       9.3 %                                                                 9.2 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
* - Annualized
# - Denotes a variance of more than 100 percent.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
International Card Services                                                                                                                                                                                                                                                                                                                                            (Preliminary)
Selected Income Statement Data                                                                                                                                                     
-----------------------------------------------------------------
(Millions, except percentages)
                                                                                                                                                                                                                                                                          Quarters Ended                                                                                                                                                                                    % Change                                                                                Years Ended                                                                                 % Change
                                                                                                                                  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------                     -----------------------------------------------------------------------------------------------------------------------                     ---------------------
                                                                                                                                                       Dec 31,                                                              Sep 30,                                                              Jun 30,                                                              Mar 31,                                                              Dec 31,                                         Dec 31, 2015 vs.                                                                              Dec 31,                                                                               Dec 31, 2015 vs.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                     2015                           2015                           2015                           2015                           2014                          Dec 31, 2014                           2015                            2014                             Dec 31, 2014
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -----------------                     -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------------
Revenues
   Non-interest revenues                                                                                                                             $ 1,107                                                              $ 1,071                                                              $ 1,082                                                              $ 1,061                                                              $ 1,166                                                 (5 )                                               $  4,321                                                              $  4,737                                                   (9 )
   Interest income                                                                                                                                       233                                                                  226                                                                  236                                                                  244                                                                  260                                                (10 )                                                    939                                                                 1,085                                                  (13 )
   Interest expense                                                                                                                    59                             59                             60                             64                             71                             (17 )                                 242                             330                               (27 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
      Net interest income                                                                                                             174                            167                            176                            180                            189                              (8 )                                 697                             755                                (8 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Total revenues net of interest expense                                                                                              1,281                          1,238                          1,258                          1,241                          1,355                              (5 )                               5,018                           5,492                                (9 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Provisions for losses                                                                                                                  85                             85                             83                             76                             95                             (11 )                                 329                             370                               (11 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Total revenues net of interest expense after provisions for losses                                                                  1,196                          1,153                          1,175                          1,165                          1,260                              (5 )                               4,689                           5,122                                (8 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Expenses
   Marketing, promotion, rewards, Card Member services and other                                                                                         534                                                                  500                                                                  472                                                                  437                                                                  555                                                 (4 )                                                  1,943                                                                 2,160                                                  (10 )
   Salaries and employee benefits and other operating expenses                                                                        587                            548                            559                            544                            704                             (17 )                               2,238                           2,513                               (11 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
      Total                                                                                                                         1,121                          1,048                          1,031                            981                          1,259                             (11 )                               4,181                           4,673                               (11 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Pretax segment income                                                                                                                                     75                                                                  105                                                                  144                                                                  184                                                                    1                                                  #                                                      508                                                                   449                                                   13
Income tax provision/(benefit)                                                                                                          2                             16                             19                             50                            (32 )                                                #                                    87                              38                                 #
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Segment income                                                                                                                                       $    73                                           $    89                                           $   125                                           $   134                                           $    33                               #                                                 $    421                                           $    411                                 2
                                                                                                                                  ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                                                            ==================== ====== ====================                      ==================== ====== ====================
Effective tax rate                                                                                                                                       2.7 %                                                               15.2 %                                                               13.2 %                                                               27.2 %                                                                  #                                                                                                        17.1 %                                                                 8.5 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Selected Statistical Information
-----------------------------------------------------------------
(Billions, except percentages and where indicated)
Card billed business                                                                                                                                 $  32.0                                                              $  29.6                                                              $  30.0                                                              $  28.7                                                              $  34.0                                                 (6 )                                               $  120.2                                                              $  133.8                                                  (10 )
Total cards-in-force (millions)                                                                                                                         15.2                                                                 15.2                                                                 15.0                                                                 14.9                                                                 15.7                                                 (3 )                                                   15.2                                                                  15.7                                                   (3 )
Basic cards-in-force (millions)                                                                                                                         10.5                                                                 10.6                                                                 10.4                                                                 10.4                                                                 11.0                                                 (5 )                                                   10.5                                                                  11.0                                                   (5 )
Average basic Card Member spending (dollars)                                                                                                         $ 3,028                                                              $ 2,827                                                              $ 2,888                                                              $ 2,729                                                              $ 3,109                                                 (3 )                                               $ 11,459                                                              $ 12,297                                                   (7 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
International Consumer Travel:
   Travel sales (millions)                                                                                                                           $   312                                                              $   325                                                              $   333                                                              $   334                                                              $   353                                                (12 )                                               $  1,304                                                              $  1,422                                                   (8 )
   Travel commissions and fees/sales                                                                                                                     6.7 %                                                                5.8 %                                                                6.9 %                                                                7.2 %                                                                7.4 %                                                                                                       6.7 %                                                                 6.8 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Total segment assets (P)                                                                                                                             $  35.4                                                              $  34.9                                                              $  29.2                                                              $  29.0                                                              $  30.7                                                 15                                                 $   35.4                                                              $   30.7                                                   15
Segment capital (Q)                                                                                                                                  $   2.9                                                              $   3.3                                                              $   3.5                                                              $   3.2                                                              $   3.0                                                 (3 )                                               $    2.9                                                              $    2.9                                                   (1 )
Return on average segment capital (R)                                                                                                                   13.2 %                                                               11.9 %                                                               13.9 %                                                               12.7 %                                                               13.6 %                                                                                                      13.2 %                                                                13.6 %
Return on average tangible segment capital (R)                                                                                                          21.3 %                                                               19.4 %                                                               23.3 %                                                               22.3 %                                                               24.6 %                                                                                                      21.3 %                                                                24.6 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Card Member receivables: (J)
   Total receivables                                                                                                                                 $   7.0                                                              $   6.5                                                              $   6.8                                                              $   6.4                                                              $   7.7                                                 (9 )                                               $    7.0                                                              $    7.7                                                   (9 )
   30 days past billing as a % of total                                                                                                                  1.4 %                                                                1.5 %                                                                1.4 %                                                                1.6 %                                                                1.3 %                                                                                                       1.4 %                                                                 1.3 %
   Net write-off rate (principal only) (N)                                                                                                               2.0 %                                                                2.2 %                                                                2.1 %                                                                1.9 %                                                                1.8 %                                                                                                       2.0 %                                                                 1.9 %
   Net write-off rate (principal and fees) (N)                                                                                                           2.2 %                                                                2.4 %                                                                2.3 %                                                                2.0 %                                                                1.9 %                                                                                                       2.2 %                                                                 2.1 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Card Member loans: (J)
   Total loans                                                                                                                                       $   7.1                                                              $   6.7                                                              $   7.2                                                              $   6.8                                                              $   7.7                                                 (8 )                                               $    7.1                                                              $    7.7                                                   (8 )
   30 days past due loans as a % of total                                                                                                                1.6 %                                                                1.6 %                                                                1.6 %                                                                1.8 %                                                                1.6 %                                                                                                       1.6 %                                                                 1.6 %
   Average loans                                                                                                                                     $   7.0                                                              $   6.9                                                              $   7.0                                                              $   7.2                                                              $   7.9                                                (11 )                                               $    7.0                                                              $    8.2                                                  (15 )
   Net write-off rate (principal only) (N)                                                                                                               1.8 %                                                                1.8 %                                                                2.0 %                                                                2.0 %                                                                1.9 %                                                                                                       1.9 %                                                                 2.0 %
   Net write-off rate (principal, interest and fees) (N)                                                                                                 2.2 %                                                                2.3 %                                                                2.5 %                                                                2.5 %                                                                2.4 %                                                                                                       2.4 %                                                                 2.4 %
   Net interest income divided by average loans* (O)                                                                                                     9.9 %                                                                9.7 %                                                               10.1 %                                                               10.0 %                                                                9.6 %                                                                                                      10.0 %                                                                 9.2 %
   Net interest yield on Card Member loans* (O)                                                                                                         10.6 %                                                               10.5 %                                                               10.7 %                                                               10.9 %                                                               10.5 %                                                                                                      10.6 %                                                                10.0 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
* - Annualized
# - Denotes a variance of more than 100 percent.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Global Commercial Services                                                                                                                                                                                                                                                                                                                                             (Preliminary)
Selected Income Statement Data                                                                                                                                                     
-----------------------------------------------------------------
(Millions, except percentages)
                                                                                                                                                                                                                                                                          Quarters Ended                                                                                                                                                                                    % Change                                                                                Years Ended                                                                                 % Change
                                                                                                                                  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------                     -----------------------------------------------------------------------------------------------------------------------                     ---------------------
                                                                                                                                                       Dec 31,                                                              Sep 30,                                                              Jun 30,                                                              Mar 31,                                                              Dec 31,                                         Dec 31, 2015 vs.                                                                              Dec 31,                                                                               Dec 31, 2015 vs.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                     2015                           2015                           2015                           2015                           2014                          Dec 31, 2014                           2015                            2014                             Dec 31, 2014
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -----------------                     -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------------
Revenues
   Non-interest revenues                                                                                                                             $   860                                                              $   858                                                              $   924                                                              $   871                                                              $ 1,635                                                (47 )                                               $  3,513                                                              $  5,173                                                  (32 )
   Interest income                                                                                                                                         4                                                                    3                                                                    3                                                                    4                                                                    4                                                  -                                                       14                                                                    15                                                   (7 )
   Interest expense                                                                                                                    47                             44                             46                             48                             54                             (13 )                                 185                             240                               (23 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
      Net interest expense                                                                                                            (43 )                                             (41 )                                             (43 )                                             (44 )                                             (50 )                                              (14 )                                (171 )                                             (225 )                                                (24 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Total revenues net of interest expense                                                                                                817                            817                            881                            827                          1,585                             (48 )                               3,342                           4,948                               (32 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Provisions for losses                                                                                                                  33                             38                             42                             35                             50                             (34 )                                 148                             180                               (18 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Total revenues net of interest expense after provisions for losses                                                                    784                            779                            839                            792                          1,535                             (49 )                               3,194                           4,768                               (33 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Expenses
   Marketing, promotion, rewards, Card Member services and other                                                                                         152                                                                  160                                                                  156                                                                  164                                                                  178                                                (15 )                                                    632                                                                   682                                                   (7 )
   Salaries and employee benefits and other operating expenses                                                                        395                            381                            369                            344                            408                              (3 )                               1,489                           1,678                               (11 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
      Total                                                                                                                           547                            541                            525                            508                            586                              (7 )                               2,121                           2,360                               (10 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Pretax segment income                                                                                                                                    237                                                                  238                                                                  314                                                                  284                                                                  949                                                (75 )                                                  1,073                                                                 2,408                                                  (55 )
Income tax provision                                                                                                                  105                             87                            111                            104                            355                             (70 )                                 407                             865                               (53 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
Segment income                                                                                                                                       $   132                                           $   151                                           $   203                                           $   180                                           $   594                             (78 )                                               $    666                                           $  1,543                               (57 )
                                                                                                                                  ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                                                            ==================== ====== ====================                      ==================== ====== ====================
Effective tax rate                                                                                                                                      44.3 %                                                               36.6 %                                                               35.4 %                                                               36.6 %                                                               37.4 %                                                                                                      37.9 %                                                                35.9 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Selected Statistical Information
-----------------------------------------------------------------
(Billions, except percentages and where indicated)
Card billed business                                                                                                                                 $  45.5                                                              $  45.0                                                              $  46.4                                                              $  45.3                                                              $  47.1                                                 (3 )                                               $  182.1                                                              $  186.7                                                   (2 )
Total cards-in-force (millions)                                                                                                                          6.9                                                                  6.9                                                                  6.9                                                                  6.9                                                                  6.9                                                  -                                                      6.9                                                                   6.9                                                    -
Basic cards-in-force (millions)                                                                                                                          6.9                                                                  6.9                                                                  6.9                                                                  6.9                                                                  6.9                                                  -                                                      6.9                                                                   6.9                                                    -
Average basic Card Member spending (dollars)                                                                                                         $ 6,582                                                              $ 6,529                                                              $ 6,739                                                              $ 6,567                                                              $ 6,817                                                 (3 )                                               $ 26,420                                                              $ 26,706                                                   (1 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Total segment assets (P)                                                                                                                             $  17.7                                                              $  19.6                                                              $  19.7                                                              $  19.6                                                              $  18.5                                                 (4 )                                               $   17.7                                                              $   18.5                                                   (4 )
Segment capital (Q)                                                                                                                                  $   3.7                                                              $   3.6                                                              $   4.0                                                              $   4.1                                                              $   3.8                                                 (2 )                                               $    3.7                                                              $    3.8                                                   (2 )
Return on average segment capital (R)                                                                                                                   17.4 %                                                               29.2 %                                                               30.3 %                                                               39.9 %                                                               40.9 %                                                                                                      17.4 %                                                                40.9 %
Return on average tangible segment capital (R)                                                                                                          30.8 %                                                               51.4 %                                                               52.8 %                                                               70.6 %                                                               74.4 %                                                                                                      30.8 %                                                                74.4 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Card Member receivables:
   Total receivables                                                                                                                                 $  13.8                                                              $  15.7                                                              $  15.9                                                              $  15.7                                                              $  14.6                                                 (5 )                                               $   13.8                                                              $   14.6                                                   (5 )
   90 days past billing as a % of total                                                                                                                  0.9 %                                                                0.7 %                                                                0.7 %                                                                0.7 %                                                                0.8 %                                                                                                       0.9 %                                                                 0.8 %
   Net loss ratio (as a % of charge volume)                                                                                                             0.08 %                                                               0.08 %                                                               0.09 %                                                               0.10 %                                                               0.08 %                                                                                                      0.09 %                                                                0.09 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
# - Denotes a variance of more than 100 percent.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Global Network & Merchant Services                                                                                                                                                                                                                                                                                                                                     (Preliminary)
Selected Income Statement Data                                                                                                                                                     
-----------------------------------------------------------------
(Millions, except percentages)
                                                                                                                                                                                                                                                                          Quarters Ended                                                                                                                                                                                    % Change                                                                                 Years Ended                                                                                  % Change
                                                                                                                                  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------                     -------------------------------------------------------------------------------------------------------------------------                     ---------------------
                                                                                                                                                       Dec 31,                                                              Sep 30,                                                              Jun 30,                                                              Mar 31,                                                              Dec 31,                                         Dec 31, 2015 vs.                                                                               Dec 31,                                                                                Dec 31, 2015 vs.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 -------------------------------------------------------------------------------------------------------------------------
                                                                                                                                     2015                           2015                           2015                           2015                           2014                          Dec 31, 2014                            2015                             2014                             Dec 31, 2014
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -----------------                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      ---------------------
Revenues
   Non-interest revenues                                                                                                                             $ 1,338                                                              $ 1,302                                                              $ 1,326                                                              $ 1,270                                                              $ 1,399                                                 (4 )                                               $   5,236                                                              $   5,426                                                   (4 )
   Interest income                                                                                                                                        29                                                                   26                                                                   23                                                                   20                                                                   17                                                 71                                                        98                                                                     52                                                   88
   Interest expense                                                                                                                   (51 )                                             (42 )                                             (47 )                                             (54 )                                             (61 )                                              (16 )                                 (194 )                                              (269 )                                                (28 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
      Net interest income                                                                                                              80                             68                             70                             74                             78                               3                                    292                              321                                (9 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
Total revenues net of interest expense                                                                                              1,418                          1,370                          1,396                          1,344                          1,477                              (4 )                                5,528                            5,747                                (4 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
Provisions for losses                                                                                                                  16                             14                             13                             11                             35                             (54 )                                   54                               93                               (42 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
Total revenues net of interest expense after provisions for losses                                                                  1,402                          1,356                          1,383                          1,333                          1,442                              (3 )                                5,474                            5,654                                (3 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
Expenses
   Marketing, promotion, rewards, Card Member services and other                                                                                         215                                                                  172                                                                  164                                                                  147                                                                  185                                                 16                                                       698                                                                    819                                                  (15 )
   Salaries and employee benefits and other operating expenses                                                                        528                            461                            524                            488                            587                             (10 )                                2,001                            2,215                               (10 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
      Total                                                                                                                           743                            633                            688                            635                            772                              (4 )                                2,699                            3,034                               (11 )
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
Pretax segment income                                                                                                                                    659                                                                  723                                                                  695                                                                  698                                                                  670                                                 (2 )                                                   2,775                                                                  2,620                                                    6
Income tax provision                                                                                                                  242                            261                            247                            254                            253                              (4 )                                1,004                              960                                 5
                                                                                                                                  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------
Segment income                                                                                                                                       $   417                                           $   462                                           $   448                                           $   444                                           $   417                               -                                                 $   1,771                                           $   1,660                                 7
                                                                                                                                  ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                                                            ==================== ======= ====================                      ==================== ======= ====================
Effective tax rate                                                                                                                                      36.7 %                                                               36.1 %                                                               35.5 %                                                               36.4 %                                                               37.8 %                                                                                                       36.2 %                                                                 36.6 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Selected Statistical Information
-----------------------------------------------------------------
(Billions, except percentages and where indicated)
Global Card billed business (S)                                                                                                                      $ 273.2                                                              $ 258.9                                                              $ 262.0                                                              $ 245.6                                                              $ 268.5                                                  2                                                 $ 1,039.7                                                              $ 1,022.8                                                    2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Global Network & Merchant Services:
   Total segment assets (P)                                                                                                                          $  23.6                                                              $  23.7                                                              $  17.6                                                              $  17.8                                                              $  18.1                                                 30                                                 $    23.6                                                              $    18.1                                                   30
   Segment capital (Q)                                                                                                                               $   2.4                                                              $   2.5                                                              $   2.2                                                              $   2.2                                                              $   2.0                                                 22                                                 $     2.4                                                              $     2.0                                                   22
Return on average segment capital (R)                                                                                                                   78.4 %                                                               81.4 %                                                               83.5 %                                                               82.1 %                                                               84.0 %                                                                                                       78.4 %                                                                 84.0 %
Return on average tangible segment capital (R)                                                                                                          86.2 %                                                               89.5 %                                                               92.0 %                                                               90.6 %                                                               92.9 %                                                                                                       86.2 %                                                                 92.9 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Global Network Services:
   Card billed business                                                                                                                              $  43.9                                                              $  41.1                                                              $  41.9                                                              $  39.1                                                              $  42.5                                                  3                                                 $   166.0                                                              $   160.7                                                    3
   Total cards-in-force (millions)                                                                                                                      47.4                                                                 46.3                                                                 45.6                                                                 44.5                                                                 44.0                                                  8                                                      47.4                                                                   44.0                                                    8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
# - Denotes a variance of more than 100 percent.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                 
American Express Company                                                                                                                                                                                                                                                                                                                     (Preliminary)
Components of Return on Average Equity (ROE), Return on Average
Common Equity (ROCE), and Return on Average Tangible Common Equity
(ROTCE)
Appendix I                                                                                                                                                                                                                                                                                                         
------------------------------------------------------------
(Millions, except percentages)
                                                                                                                                                                                                                                            For the Twelve Months Ended
                                                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             Dec 31,                                                               Sep 30,                                                               Jun 30,                                                               Mar 31,                                                               Dec 31,
                                                                                                                              2015                                                                  2015                                                                  2015                                                                  2015                                                                  2014
                                                                                                        -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
ROE
------------------------------------------------------------
   Net income                                                                                                              $  5,163                                                              $  5,711                                                              $  5,922                                                              $  5,978                                                              $  5,885
   Average shareholders’ equity                                                                                            $ 21,494                                                              $ 21,349                                                              $ 21,050                                                              $ 20,606                                                              $ 20,254
   Return on average equity (T)                                                                                                24.0 %                                                                26.8 %                                                                28.1 %                                                                29.0 %                                                                29.1 %
                                                                                                                                                                                                                                                                                                                                                                                                 
Reconciliation of ROCE and ROTCE
------------------------------------------------------------
   Net income                                                                                                              $  5,163                                                              $  5,711                                                              $  5,922                                                              $  5,978                                                              $  5,885
   Preferred shares dividends and related accretion                                                                              62                                                                    42                                                                    20                                                                     -                                                                     -
   Earnings allocated to participating share awards and other                                                 38                              43                              44                              45                              46  
                                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
      Net income attributable to common shareholders                                                                       $  5,063                                           $  5,626                                           $  5,858                                           $  5,933                                           $  5,839  
                                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                 
   Average shareholders’ equity                                                                                            $ 21,494                                                              $ 21,349                                                              $ 21,050                                                              $ 20,606                                                              $ 20,254
   Average preferred shares                                                                                1,390                           1,081                             716                             350                             114  
                                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
      Average common shareholders’ equity                                                                                  $ 20,104                                           $ 20,268                                           $ 20,334                                           $ 20,256                                           $ 20,140  
                                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
         Average goodwill and other intangibles                                                            3,782                           3,796                           3,802                           3,845                           3,888  
                                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
      Average tangible common shareholders’ equity                                                                         $ 16,322                                           $ 16,472                                           $ 16,532                                           $ 16,411                                           $ 16,252  
                                                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Return on average common equity (T)                                                                                         25.2 %                                                                27.8 %                                                                28.8 %                                                                29.3 %                                                                29.0 %
   Return on average tangible common equity (U)                                                                                31.0 %                                                                34.2 %                                                                35.4 %                                                                36.2 %                                                                35.9 %
                                                                                                                                                                                                                                                                                                                                                                                                                             
American Express Company                                                                                                                                                                                                                                                                   (Preliminary)
Components of Return on Average Segment Capital (ROSC) and Return
on Average Tangible Segment Capital (ROTSC)
Appendix II                                                                                                                                                                                                                                                                                            
------------------------------------------------
(Millions, except percentages)
                                                                                                                                                                                                                                For the Twelve Months Ended
                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 Dec 31,                                                               Sep 30,                                                               Jun 30,                                                               Mar 31,                                                               Dec 31,
                                                                                                                  2015                                                                  2015                                                                  2015                                                                  2015                                                                  2014
                                                                                            -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
U.S. Card Services
------------------------------------------------
   Segment income                                                                                              $  3,413                                                              $  3,279                                                              $  3,374                                                              $  3,258                                                              $  3,200
   Average segment capital                                                                                     $ 10,519                                                              $ 10,437                                                              $ 10,352                                                              $ 10,148                                                              $  9,843
   Average goodwill and other intangibles                                                        395                             377                             358                             339                             319  
                                                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
         Average tangible segment capital                                                                      $ 10,124                                           $ 10,060                                           $  9,994                                           $  9,809                                           $  9,524  
                                                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Return on average segment capital (V)                                                                           32.4 %                                                                31.4 %                                                                32.6 %                                                                32.1 %                                                                32.5 %
   Return on average tangible segment capital (V)                                                                  33.7 %                                                                32.6 %                                                                33.8 %                                                                33.2 %                                                                33.6 %
                                                                                                                                                                                                                                                                                                                                                                                     
International Card Services
------------------------------------------------
   Segment income                                                                                              $    421                                                              $    381                                                              $    434                                                              $    386                                                              $    411
   Average segment capital                                                                                     $  3,181                                                              $  3,195                                                              $  3,133                                                              $  3,043                                                              $  3,020
   Average goodwill and other intangibles                                                      1,209                           1,236                           1,273                           1,311                           1,350  
                                                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
         Average tangible segment capital                                                                      $  1,972                                           $  1,959                                           $  1,860                                           $  1,732                                           $  1,670  
                                                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Return on average segment capital (V)                                                                           13.2 %                                                                11.9 %                                                                13.9 %                                                                12.7 %                                                                13.6 %
   Return on average tangible segment capital (V)                                                                  21.3 %                                                                19.4 %                                                                23.3 %                                                                22.3 %                                                                24.6 %
                                                                                                                                                                                                                                                                                                                                                                                     
Global Commercial Services
------------------------------------------------
   Segment income                                                                                              $    666                                                              $  1,128                                                              $  1,181                                                              $  1,539                                                              $  1,543
   Average segment capital                                                                                     $  3,835                                                              $  3,861                                                              $  3,897                                                              $  3,859                                                              $  3,771
   Average goodwill and other intangibles                                                      1,672                           1,666                           1,661                           1,678                           1,696  
                                                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
         Average tangible segment capital                                                                      $  2,163                                           $  2,195                                           $  2,236                                           $  2,181                                           $  2,075  
                                                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Return on average segment capital (V)                                                                           17.4 %                                                                29.2 %                                                                30.3 %                                                                39.9 %                                                                40.9 %
   Return on average tangible segment capital (V)                                                                  30.8 %                                                                51.4 %                                                                52.8 %                                                                70.6 %                                                                74.4 %
                                                                                                                                                                                                                                                                                                                                                                                     
Global Network & Merchant Services
------------------------------------------------
   Segment income                                                                                              $  1,771                                                              $  1,771                                                              $  1,736                                                              $  1,661                                                              $  1,660
   Average segment capital                                                                                     $  2,260                                                              $  2,177                                                              $  2,080                                                              $  2,024                                                              $  1,976
   Average goodwill and other intangibles                                                        206                             199                             194                             190                             189  
                                                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                               $  2,054                                           $  1,978                                           $  1,886                                           $  1,834                                           $  1,787  
         Average tangible segment capital
                                                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Return on average segment capital (V)                                                                           78.4 %                                                                81.4 %                                                                83.5 %                                                                82.1 %                                                                84.0 %
   Return on average tangible segment capital (V)                                                                  86.2 %                                                                89.5 %                                                                92.0 %                                                                90.6 %                                                                92.9 %
                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                 
American Express Company                                                                                                                                                                                                                                                                                                                                              (Preliminary)
Net Interest Yield on Card Member Loans
----------------------------------------------------------------
Appendix III
----------------------------------------------------------------
(Millions, except percentages and where indicated)
 
                                                                                                                                                                                                                                                                                  Quarters Ended                                                                                                                                                                                                                                                 Years Ended
                                                                                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------------------------------
                                                                                                                                                      Dec 31,                                          Sep 30,                                                              Jun 30,                                                              Mar 31,                                                              Dec 31,                                                                                                                      Dec 31,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           ----------------------------------------------------------------------------------------------------------------------
                                                                                                                                    2015       2015                           2015                           2015                           2014                                                2015                           2014   
                                                                                                                                 -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                           -------------------- ----- --------------------                      -------------------- ------ --------------------
Consolidated:
----------------------------------------------------------------
Net interest income                                                                                                                                 $ 1,547                                          $ 1,505                                                              $ 1,423                                                              $ 1,447                                                              $ 1,424                                                                                   $ 5,922                                                              $  5,472
   Exclude:
   Interest expense not attributable to the Company’s Card Member                                                                                   $   229                                          $   234                                                              $   249                                                              $   249                                                              $   250                                                                                   $   961                                                              $  1,019
   loan portfolio
   Interest income not attributable to the Company’s Card Member                                                                                    $   (99 )                                        $   (96 )                                                            $   (97 )                                                            $   (95 )                                                            $   (92 )                                                                                 $  (387 )                                                            $   (359 )
   loan portfolio
                                                                                                                                 -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                           -------------------- ----- --------------------                      -------------------- ------ --------------------
   Adjusted net interest income (W)                                                                                                                 $ 1,677                                          $ 1,643                                                              $ 1,575                                                              $ 1,601                                                              $ 1,582                                                                                   $ 6,496                                                              $  6,132
   Average loans (billions)                                                                                                                         $  70.9                                          $  69.0                                                              $  68.0                                                              $  67.6                                                              $  67.7                                                                                   $  69.0                                                              $   66.0
   Exclude:
   Certain non-traditional Card Member loans and other fees                                                                                         $  (0.2 )                                        $  (0.2 )                                                            $  (0.2 )                                                            $  (0.2 )                                                            $  (0.2 )                                                                                 $  (0.2 )                                                            $   (0.2 )
   (billions)
                                                                                                                                 -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                           -------------------- ----- --------------------                      -------------------- ------ --------------------
   Adjusted average loans (billions) (X)                                                                                                            $  70.7                                          $  68.8                                                              $  67.8                                                              $  67.4                                                              $  67.5                                                                                   $  68.8                                                              $   65.8
   Net interest income divided by average loans* (Y)                                                                                                    8.7 %                                            8.7 %                                                                8.4 %                                                                8.6 %                                                                8.4 %                                                                                     8.6 %                                                                 8.3 %
   Net interest yield on Card Member loans* (Z)                                                                                                         9.4 %                                            9.5 %                                                                9.3 %                                                                9.6 %                                                                9.3 %                                                                                     9.4 %                                                                 9.3 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
USCS:
----------------------------------------------------------------
Net interest income                                                                                                                                 $ 1,455                                          $ 1,427                                                              $ 1,354                                                              $ 1,377                                                              $ 1,341                                                                                   $ 5,613                                                              $  5,182
   Exclude:
   Interest expense not attributable to the Company’s Card Member                                                                                   $    43                                          $    42                                                              $    41                                                              $    38                                                              $    39                                                                                   $   164                                                              $    157
   loan portfolio
   Interest income not attributable to the Company’s Card Member                                                                                    $    (5 )                                        $    (4 )                                                            $    (4 )                                                            $    (3 )                                                            $    (3 )                                                                                 $   (16 )                                                            $    (11 )
   loan portfolio
                                                                                                                                 -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                           -------------------- ----- --------------------                      -------------------- ------ --------------------
   Adjusted net interest income (W)                                                                                                                 $ 1,493                                          $ 1,465                                                              $ 1,391                                                              $ 1,412                                                              $ 1,377                                                                                   $ 5,761                                                              $  5,328
   Average loans (billions)                                                                                                                         $  63.8                                          $  62.1                                                              $  60.9                                                              $  60.4                                                              $  59.7                                                                                   $  61.9                                                              $   57.8
   Exclude:
   Certain non-traditional Card Member loans and other fees                                                                                         $     -                       $     -                                           $     -                                           $     -                                           $     -                                                                $     -                                           $      -  
   (billions)
                                                                                                                                 -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                           -------------------- ----- --------------------                      -------------------- ------ --------------------
   Adjusted average loans (billions) (X)                                                                                                            $  63.8                                          $  62.1                                                              $  60.9                                                              $  60.4                                                              $  59.7                                                                                   $  61.9                                                              $   57.8
   Net interest income divided by average loans* (Y)                                                                                                    9.1 %                                            9.2 %                                                                8.9 %                                                                9.1 %                                                                9.0 %                                                                                     9.1 %                                                                 9.0 %
   Net interest yield on Card Member loans* (Z)                                                                                                         9.3 %                                            9.4 %                                                                9.2 %                                                                9.5 %                                                                9.1 %                                                                                     9.3 %                                                                 9.2 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
ICS:
----------------------------------------------------------------
Net interest income                                                                                                                                 $   174                                          $   167                                                              $   176                                                              $   180                                                              $   189                                                                                   $   697                                                              $    755
   Exclude:
   Interest expense not attributable to the Company’s Card Member                                                                                   $    16                                          $    18                                                              $    16                                                              $    18                                                              $    26                                                                                   $    68                                                              $     89
   loan portfolio
   Interest income not attributable to the Company’s Card Member                                                                                    $    (9 )                                        $    (7 )                                                            $    (8 )                                                            $    (8 )                                                            $    (9 )                                                                                 $   (32 )                                                            $    (40 )
   loan portfolio
                                                                                                                                 -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                           -------------------- ----- --------------------                      -------------------- ------ --------------------
   Adjusted net interest income (W)                                                                                                                 $   181                                          $   178                                                              $   184                                                              $   190                                                              $   206                                                                                   $   733                                                              $    804
   Average loans (billions)                                                                                                                         $   7.0                                          $   6.9                                                              $   7.0                                                              $   7.2                                                              $   7.9                                                                                   $   7.0                                                              $    8.2
   Exclude:
   Certain non-traditional Card Member loans and other fees                                                                                         $  (0.1 )                                        $  (0.1 )                                                            $  (0.1 )                                                            $  (0.1 )                                                            $  (0.2 )                                                                                 $  (0.1 )                                                            $   (0.2 )
   (billions)
                                                                                                                                 -------------------- ----- --------------------  -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                                           -------------------- ----- --------------------                      -------------------- ------ --------------------
   Adjusted average loans (billions) (X)                                                                                                            $   6.9                                          $   6.8                                                              $   6.9                                                              $   7.1                                                              $   7.7                                                                                   $   6.9                                                              $    8.0
   Net interest income divided by average loans* (Y)                                                                                                    9.9 %                                            9.7 %                                                               10.1 %                                                               10.0 %                                                                9.6 %                                                                                    10.0 %                                                                 9.2 %
   Net interest yield on Card Member loans* (Z)                                                                                                        10.6 %                                           10.5 %                                                               10.7 %                                                               10.9 %                                                               10.5 %                                                                                    10.6 %                                                                10.0 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
* Annualized
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                    
American Express Company                                                                                                                                                                                                                                                                                                                                                                                                                     (Preliminary)
Reconciliations of Adjustments
---------------------------------------------------------------------
Appendix IV
---------------------------------------------------------------------
(Millions, except percentages)
                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                               Quarters Ended                                                                  % Change                                                                                Years Ended                                                                                 % Change
                                                                                                                                      ------------------------------------------------------------------------------------------------                                                           -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                                Dec 31,                                                    Dec 31,                                         Dec 31, 2015 vs.                                                                              Dec 31,                                                                             Dec 31, 2015 vs.
                                                                                                                                                                                                                                                                                                 -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                                 2015                                    2014                          Dec 31, 2014        2015                            2014                             Dec 31, 2014
                                                                                                                                      ---------------------------                     -------------------- ----- --------------------                      ------------------------------------- -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------------
AXP Net Income and Diluted Earnings Per
Share:
---------------------------------------------------------------------
   Net income                                                                                                                                            $   899                                         $ 1,447                                                (38 )                                               $  5,163                                                              $  5,885                                                  (12 )
   EG Charge (after-tax) (AA)                                                                                                             335                            -                                                                   335                               -  
                                                                                                                                      -------------------- -----                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
      Adjusted net income                                                                                                                                $ 1,234                                         $ 1,447                                                (15 )                                               $  5,498                                                              $  5,885                                                   (7 )
      Adjusted net income attributable to common shareholders (C)                                                                                        $ 1,208                                         $ 1,436                                                (16 )                                               $  5,398                                                              $  5,839                                                   (8 )
                                                                                                                                                                                                                                                                                                                                                                                                                                              
   Diluted net income attributable to common shareholders                                                                                                $  0.89                                         $  1.39                                                (36 )                                               $   5.05                                                              $   5.56                                                   (9 )
   Adjusted diluted net income attributable to common shareholders                                                                                       $  1.23                                         $  1.39                                                (12 )                                               $   5.38                                                              $   5.56                                                   (3 )
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Revenues Net of Interest Expense:
---------------------------------------------------------------------
AXP
-----------------------------------
   Reported total revenues net of interest expense                                                                                                       $ 8,391                                         $ 9,081                                                 (8 )                                               $ 32,818                                                              $ 34,188                                                   (4 )
   Global Business Travel Revenues, Net of Interest                                                                                                                                                            -                                                                                                                                                                              (741 )
   Q4’14 Gain on Sale of Concur Investment                                                                                                  -                         (719 )                                                                                      -                            (719 )
                                                                                                                                      -------------------- -----                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
      Adjusted total revenues net of interest expense                                                                                                    $ 8,391                                         $ 8,362                                                  -                                                 $ 32,818                                                              $ 32,728                                                    0
      FX-adjusted adjusted total revenues net of interest expense (AB)                                                                                   $ 8,391                                         $ 8,100                                                  4                                                 $ 32,818                                                              $ 31,539                                                    4
                                                                                                                                                                                                                                                                                                                                                                                                                                              
GCS
-----------------------------------
   Reported total revenues net of interest expense                                                                                                       $   817                                         $ 1,585                                                (48 )                                               $  3,342                                                              $  4,948                                                  (32 )
   Global Business Travel Revenues, Net of Interest                                                                                                                                                            -                                                                                                                                                                              (741 )
   Q4’14 Gain on Sale of Concur Investment                                                                                                  -                         (719 )                                                                                      -                            (719 )
                                                                                                                                      -------------------- -----                      -------------------- ----- --------------------                                                            -------------------- ------ --------------------                      -------------------- ------ --------------------
      Adjusted total revenues net of interest expense                                                                                                    $   817                                         $   866                                                 (6 )                                               $  3,342                                                              $  3,488                                                   (4 )
                                                                                                                                                                                                                                                                                                                                                                                                                                              
ROE:
---------------------------------------------------------------------
   Net income                                                                                                                                                                                                                                                                                                       $  5,163
   EG Charge (after-tax) (AA)                                                                                                                                                                                                                                                                                       $    335  
                                                                                                                                                                                                                                                                                                 -------------------- ------ --------------------
      Adjusted net income                                                                                                                                                                                                                                                                                           $  5,498
   Average shareholders’ equity                                                                                                                                                                                                                                                                                     $ 21,494
   Return on average equity (T)                                                                                                                                                                                                                                                                                         24.0 %
   Adjusted return on average equity                                                                                                                                                                                                                                                                                    25.6 %
                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                         
Appendix V                                                                                                (Preliminary)
                                                                         
        All Information in the preceding tables is presented on a basis
        prepared in accordance with U.S. generally accepted accounting
        principles (GAAP), unless otherwise indicated.
(A)                     In Q1’15, the Company changed the classification related to certain
                        payments to co-brand partners reducing both marketing and promotion
                        and discount revenue. The misclassification in prior periods has
                        been conformed to the current period presentation. The discount rate
                        for prior periods has also been revised accordingly, resulting in a
                        reduction of between zero and one basis point in any period from
                        what was originally reported.
                         
(B)                     Beginning in Q3’15, Travel Commissions & Fees and Other Commissions
                        & Fees are consolidated into Other Fees & Commissions.
(C)                     Represents net income, less (i) earnings allocated to participating
                        share awards of $6 million for the quarter ended December 31, 2015,
                        $10 million for the quarter ended September 30, 2015, $11 million
                        for the quarter ended June 30, 2015, $11 million for the quarter
                        ended March 31, 2015 and $11 million for the quarter ended December
                        31, 2014; and (ii) dividends on preferred shares of $20 million for
                        the quarter ended December 31, 2015, $22 million for the quarter
                        ended September 30, 2015, $20 million for the quarter ended June 30,
                        2015 and nil for all other comparative periods.
(D)                     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.
(E)                     Beginning Q3’15, the calculation of Book value per common share was
                        revised to exclude shareholders’ equity from preferred share
                        issuances. Applicable prior periods have been revised to conform to
                        the current period presentation.
                         
(F)                     Card billed business includes activities (including cash advances)
                        related to proprietary cards, cards issued under network partnership
                        agreements (non-proprietary billed business), and certain insurance
                        fees charged on proprietary cards. In-store spend activity within
                        retail co-brand portfolios in Global Network Services, from which
                        the Company earns no revenue, is not included in non-proprietary
                        billed business. Card billed business is reflected in the United
                        States or outside the United States based on where the issuer is
                        located.
(G)                     Total cards-in-force represents the number of cards that are issued
                        and outstanding. Proprietary basic consumer cards-in-force includes
                        basic cards issued to the primary account owner and does not include
                        additional supplemental cards issued on that account. Proprietary
                        basic small business and corporate cards-in-force include basic and
                        supplemental cards issued to employee Card Members. Non-proprietary
                        cards-in-force includes all cards that are issued and outstanding
                        under network partnership agreements, except for retail co-brand
                        Card Member accounts that have no out-of-store spend activity during
                        the prior 12 month period.
(H)                     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.
(I)                     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 $66 million for the
                        quarter ended December 31, 2015, $72 million for the quarter ended
                        September 30, 2015, $62 million for the quarter ended June 30, 2015,
                        $83 million for the quarter ended March 31, 2015, and $79 million
                        for the quarter ended December 31, 2014. The Company presents
                        adjusted average fee per card because the Company believes this
                        metric presents a useful indicator of card fee pricing across a
                        range of its proprietary card products.
(J)                     Effective December 1, 2015, the Company reclassified the Card
                        Member loans and receivables related to its co-brand partnerships
                        with Costco in the U.S. and JetBlue, to reflect them as held for
                        sale on the Consolidated Balance Sheet. The loans were
                        reclassified at their net carrying amount, inclusive of the
                        related reserves for losses. Accordingly, related credit metrics
                        are presented excluding the held for sale loans and receivables.
                         
(K)                     Provisions for principal (resulting from authorized transactions)
                        and fee reserve components.
(L)                     Consists of principal (resulting from authorized transactions),
                        interest and/or fees, less recoveries.
(M)                     Q4’15 includes $1 million for the Reserves transferred to held for
                        sale. Beginning in Q1’14, reserves related for card-related fraud
                        losses are reflected in Other liabilities. All periods include
                        foreign currency translation adjustments and other items.
(N)                     The Company presents a net write-off rate based on principal losses
                        only (i.e., excluding interest and/or fees) to be consistent with
                        industry convention. In addition, because the Company’s practice is
                        to include uncollectible interest and/or fees as part of its total
                        provision for losses, a net write-off rate including principal,
                        interest and/or fees is also presented. Beginning in January 2015,
                        timing of charge-offs for loans in certain modification programs
                        changed from 180 days past due to 120 days past due. Excluding the
                        impact of the change, which was fully recognized in the first
                        quarter, the Q1’15 USCS/ICS Charge net write-off rate - principal
                        only was 1.9% and the USCS Lending net write-off rate - principal
                        only was 1.4%.
(O)                     See Appendix III for calculations of net interest yield on Card
                        Member loans, a non-GAAP measure, and net interest income divided by
                        average loans, a GAAP measure, and the Company’s rationale for
                        presenting net interest yield on Card Member loans.
(P)                     Effective Q3’15, certain intercompany accounts were reclassified
                        prospectively, as a result of systems enhancements.
(Q)                     Segment capital represents capital allocated to a segment based upon
                        specific business operational needs, risk measures, and regulatory
                        capital requirements.
(R)                     Refer to Appendix II for components of return on average segment
                        capital and return on average tangible segment capital, a non-GAAP
                        measure.
(S)                     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.
                         
(T)                     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.
(U)                     Return on average tangible common equity, a non-GAAP measure, is
                        computed in the same manner as return on average common equity
                        except the computation of average tangible common shareholders’
                        equity, a non-GAAP measure, excludes from average common
                        shareholders’ equity, average goodwill and other intangibles. The
                        Company believes that return on average tangible common equity is a
                        useful measure of the profitability of its business.
                         
(V)                     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.
(W)                     Adjusted net interest income, a non-GAAP measure, represents net
                        interest income allocated to the Company’s Card Member loan
                        portfolio excluding the impact of interest expense and interest
                        income not attributable to the Company’s Card Member loan portfolio.
                        The Company believes adjusted net interest income is useful to
                        investors because it is a component of net interest yield on Card
                        Member loans.
                         
(X)                     Adjusted average loans, a non-GAAP measure, represents average Card
                        Member loans (including loans related to the Costco and JetBlue
                        portfolio which are classified as held for sale on the Consolidated
                        Balance Sheets), excluding the impact of deferred card fees, net of
                        deferred direct acquisition costs of Card Member loans, and other.
                        The Company believes adjusted average loans is useful to investors
                        because it is a component of net interest yield on Card Member loans.
(Y)                     This calculation includes elements of total interest income and
                        total interest expense that are not attributable to the Card Member
                        loan portfolio, and thus is not representative of net interest yield
                        on Card Member loans. The calculation includes interest income and
                        interest expense attributable to investment securities and other
                        interest-bearing deposits as well as to Card Member loans, and
                        interest expense attributable to other activities, including Card
                        Member receivables.
(Z)                     Net interest yield on Card Member loans, a non-GAAP measure, is
                        computed by dividing adjusted net interest income by adjusted
                        average loans, computed on an annualized basis. The calculation of
                        net interest yield on Card Member loans includes interest that is
                        deemed uncollectible. For all presentations of net interest yield on
                        Card Member loans, reserves and net write-offs related to
                        uncollectible interest are recorded through provisions for losses -
                        Card Member loans; therefore, such reserves and net write-offs are
                        not included in the net interest yield calculation. The Company
                        believes net interest yield on Card Member loans is useful to
                        investors because it provides a measure of profitability of the
                        Company’s Card Member loan portfolio.
(AA)                    Primarily includes the impairment of goodwill and technology costs,
                        together with some restructuring costs within Enterprise Growth.
(AB)                    FX-adjusted information assumes a constant exchange rate between the
                        periods being compared for purposes of currency translation into
                        U.S. dollars (e.g., assumes the foreign exchange rates used to
                        determine results for the three months ended December 31, 2015 apply
                        to the period(s) against which such results are being compared).
                        Certain amounts included in the calculations of FX-adjusted revenues
                        and expenses, which constitute non-GAAP measures, are subject to
                        management allocations. The Company believes the presentation of
                        information on an FX-adjusted basis is helpful to investors by
                        making it easier to compare the Company’s performance in one period
                        to that of another period without the variability caused by
                        fluctuations in currency exchange rates.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160121006449r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160121006449/en/

SOURCE: American Express Company American Express Company

American Express Company 
Media: 
Marina H. Norville, +1-212-640-2832 
marina.h.norville@aexp.com 
or 
Investors/Analysts: 
Ken Paukowits, +1-212-640-6348 
ken.f.paukowits@aexp.com 
or 
Toby Willard, +1-212-640-5574 
sherwood.s.willardjr@aexp.com


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