UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC 20549

                                   FORM 8-K

                                CURRENT REPORT

                    Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported: October 24, 2005


                           AMERICAN EXPRESS COMPANY
            (Exact name of registrant as specified in its charter)

          New York                      1-7657                 13-4922250
-----------------------------  ------------------------    -------------------
(State or other jurisdiction   (Commission File Number)     (IRS Employer
     of incorporation                                      Identification No.)
     or organization)


       200 Vesey Street, World Financial Center
                  New York, New York                       10285
       ----------------------------------------          ----------
       (Address of principal executive offices)          (Zip Code)


      Registrant's telephone number, including area code: (212) 640-2000

              ---------------------------------------------------
         (Former name or former address, if changed since last report)



                                     None
              --------------------------------------------------
         (Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):

         Written communications pursuant to Rule 425 under the Securities Act
----     (17 CFR 230.425)

         Soliciting material pursuant to Rule 14a-12 under the Exchange Act
----     (17 CFR 240.14a-12)

         Pre-commencement communications pursuant to Rule 14d-2(b) under the
----     Exchange Act (17 CFR 240.14d-2(b))

         Pre-commencement communications pursuant to Rule 13e-4(c) under the
----     Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATION AND FINANCIAL CONDITION AND ITEM 7.01 REGULATION FD DISCLOSURE The following information is furnished under Item 2.02 - Results of Operations and Financial Condition and Item 7.01 - Regulation FD Disclosure: On October 24, 2005, American Express Company issued a press release announcing its financial results for the third quarter of 2005. A copy of such press release is attached to this report as Exhibit 99.1 and is hereby incorporated herein by reference. In addition, in conjunction with the announcement of its financial results, American Express Company distributed additional financial information relating to its 2005 third quarter financial results and a 2005 Third Quarter Earnings Supplement. Such additional financial information and the 2005 Third Quarter Earnings Supplement are attached to this report as Exhibits 99.2 and 99.3, respectively, and each is hereby incorporated by reference. EXHIBIT 99.1 Press Release, dated October 24, 2005, of American Express Company announcing its financial results for the third quarter of 2005. 99.2 Additional financial information relating to the financial results of American Express Company for the third quarter of 2005. 99.3 2005 Third Quarter Earnings Supplement of American Express Company.

SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMERICAN EXPRESS COMPANY (REGISTRANT) By: /s/ Stephen P. Norman Name: Stephen P. Norman Title: Secretary DATE: October 24, 2005

                                                                  EXHIBIT 99.1

News Release            News Release            News Release             News Re

[LOGO OF AMERICAN EXPRESS COMPANY]

  Contacts:           Robert Glick              Michael J. O'Neill
                      212-640-1041              212-640-5951
                      robert.a.glick@aexp.com   mike.o'neill@aexp.com


                    AMERICAN EXPRESS REVENUES AND EARNINGS
                 RISE ON STRONG GROWTH IN CARDMEMBER SPENDING

                (Dollars in millions, except per share amounts)

<TABLE>
<CAPTION>
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                                                           Quarters Ended      Percentage        Nine Months Ended      Percentage
                                                            September 30,      Inc/(Dec)           September 30,         Inc/(Dec)
                                                      ----------------------   ---------   --------------------------   ----------
                                                          2005          2004                    2005            2004
                                                          ----          ----                    ----            ----
<S>                                                  <C>            <C>         <C>         <C>            <C>            <C>
   Revenues                                           $  6,068       $ 5,476     10.8%       $17,830        $  16,061      11.0%

   Income From Continuing Operations Before
       Accounting Change                              $    865       $   702     23.2%       $ 2,470        $   2,017      22.5%
   Income From Discontinued Operations                $    165       $   177     (6.8%)      $   519        $     603     (13.9%)
   Net Income                                         $  1,030       $   879     17.1%       $ 2,989        $   2,549*     17.3%

   Earnings Per Common Share - Basic:
      Income From Continuing Operations Before
          Accounting Change                           $   0.70       $  0.56     25.0%       $  2.00        $    1.60      25.0%
      Income From Discontinued Operations             $   0.14       $  0.14       -         $  0.42        $    0.47     (10.6%)
      Net Income                                      $   0.84       $  0.70     20.0%       $  2.42        $    2.02*     19.8%

   Earnings Per Common Share - Diluted:
      Income From Continuing Operations Before
          Accounting Change                           $   0.69       $  0.55     25.5%       $  1.96        $    1.56      25.6%
      Income From Discontinued Operations             $   0.13       $  0.14     (7.1%)      $  0.42        $    0.47     (10.6%)
      Net Income                                      $   0.82       $  0.69     18.8%       $  2.38        $    1.98*     20.2%

   Average Common Shares Outstanding
      Basic                                              1,229         1,251     (1.8%)        1,233            1,264     (2.4%)
      Diluted                                            1,254         1,275     (1.7%)        1,257            1,289     (2.5%)

   Return on Average Total Shareholders'
      Equity**                                            24.2%         21.5%      -            24.2%            21.5%       -

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

* Reflects a $109 million non-cash pre-tax charge ($71 million after-tax), or
$0.05 on both a basic and diluted per share basis, associated with
discontinued operations, relating to the January 1, 2004 adoption of Statement
of Position 03-1, "Accounting and Reporting by Insurance Enterprises for
Certain Nontraditional Long-Duration Contracts and for Separate Accounts" (SOP
03-1).

** Computed on a trailing 12-month basis using Net Income and Total
Shareholders' Equity (including discontinued operations prior to disposal) as
included in the Consolidated Financial Statements prepared in accordance with
U.S. generally accepted accounting principles (GAAP).

                                     -1-

New York - October 24, 2005 - AMERICAN EXPRESS COMPANY today reported third quarter income from continuing operations of $865 million, up 23 percent from $702 million a year ago. Diluted earnings per share from continuing operations rose to $0.69, up 25 percent from $0.55 a year ago. During the quarter the Company completed the spin-off of Ameriprise Financial, Inc. (formerly known as American Express Financial Corporation) and the sale of its Tax and Business Services unit (TBS). Net income for the quarter, which includes those businesses as discontinued operations, totaled $1.0 billion, up 17 percent from $879 million a year ago. Earnings per share on a diluted basis rose to $0.82, up 19 percent from $0.69. The company's reported return on equity (ROE) was 24.2 percent, up from 21.5 percent a year ago. This ratio is determined on a trailing 12-month basis using net income and total average shareholders' equity (including discontinued operations prior to disposal). Pro forma ROE, which is determined using trailing four quarters income from continuing operations (which excludes discontinued operations and the cumulative effect of accounting changes) over reported shareholders' equity at September 30, 2005 was 31.7 percent. (FOR FURTHER INFORMATION ABOUT PRO FORMA ROE, SEE THE "PRO FORMA ROE" SECTION BELOW.) Consolidated revenues rose 11 percent to $6.1 billion, up from $5.5 billion a year ago. Consolidated expenses totaled $5.0 billion, up 12 percent from $4.5 billion a year ago. "This quarter's performance underscores the strength and momentum of an American Express that is now focused on the global payments business," said Kenneth I. Chenault, chairman and chief executive. "We exceeded our long-term targets for earnings and revenue growth and, on a pro forma basis, the return on equity targets set for the new American Express. "Total spending on American Express cards grew 18 percent, reflecting a double digit rise in average cardmember spending and the addition of 5.7 million cards during the last year. We continued to outpace our major -2-

competitors with strong spending increases among our consumer, small business and corporate cardmembers globally. The quarter also reflected a deepening of our relationships with bank partners issuing American Express cards in the U.S. and around the world. In addition, overall credit quality and our reserve levels remained strong." The quarter's income from continuing operations included three significant items. A tax benefit of $105 million related to the resolution of a prior year tax item enabled the Company to accelerate various reengineering initiatives, primarily in business travel, finance and technology functions, and international operations. These initiatives resulted in $86 million ($56 million after-tax) in reengineering costs. The quarter also included a provision for losses and benefits of $49 million to cover costs associated with Hurricane Katrina. Third quarter revenues and expenses ----------------------------------- The increase in quarterly revenues reflected sharply higher discount revenue, up 16 percent as a result of an 18 percent increase in cardmember spending. Average cardmember spending rose 12 percent and total cards-in-force were up 9 percent. The benefits of overall higher cardmember spending were partially offset by a slightly lower average discount rate that continued to reflect, in part, the change in the mix of business towards the retail and everyday spending categories. Net finance charge revenue increased 16 percent, driven by growth in average cardmember loan balances and a higher yield. Similarly, securitization income rose 20 percent, primarily reflecting a higher level of securitized loans. Third quarter expenses reflected higher costs related to human resources, as well as for marketing, promotion, rewards and cardmember services. Human resources expenses rose 9 percent, driven by severance costs associated with restructuring activities and higher management incentives which included the impact of an additional year of incremental stock-based compensation expenses, merit increases and increased employee benefits costs. -3-

Marketing, promotion, rewards and cardmember services expenses rose 16 percent, primarily reflecting increased brand-related advertising, strong acquisition activities and higher rewards-related costs. The provision for losses and benefits rose 33 percent, principally reflecting strong charge and lending growth, a higher provision rate, and the previously mentioned $49 million of costs associated with Hurricane Katrina. The year-ago provision included a charge of $115 million related to a securitization reconciliation, partially offset by the reduction of $60 million in certain merchant-related reserves. Discontinued operations ----------------------- Income from discontinued operations primarily includes results from Ameriprise and TBS, which are no longer part of American Express. Included in this item are also $71 million after-tax of total spin-off related costs - at both Ameriprise and American Express - and a net gain of $63 million after-tax from certain dispositions, including the sale of TBS. Segment results --------------- Starting this quarter, American Express will provide financial reports and selected statistical data for new segments. They are: U.S. Card Services, International Card & Global Commercial Services, Global Network & Merchant Services, and Corporate & Other. The Company manages its overall business to achieve - on average and over time - financial targets that include earnings per share growth of 12-15 percent, revenue growth of at least 8 percent and a return on shareholders' equity of 28-30 percent. Segment level results may vary significantly from period to period based on specific decisions to allocate investment dollars and marketing resources to capitalize on competitive opportunities. -4-

THE FOLLOWING DISCUSSION OF THIRD QUARTER RESULTS PRESENTS U.S. CARD SERVICES SEGMENT RESULTS ON A "MANAGED BASIS," AS IF THERE HAD BEEN NO CARDMEMBER LENDING SECURITIZATION TRANSACTIONS AND TO REFLECT CERTAIN TAX-EXEMPT INVESTMENT INCOME AS IF IT HAD BEEN EARNED ON A TAXABLE BASIS. IN ADDITION, INTERNATIONAL CARD & Global Commercial Services reflects a reclassification of certain foreign exchange services, as revenues on a managed basis. For these business segments, this is the basis used by management to evaluate operations. For further information about managed basis and reconciliation of GAAP and managed information, see the "Managed Basis" section below. The Global Network & Merchant Services, and Corporate & Other segment results below are presented on a GAAP basis. U.S. CARD SERVICES reported third quarter net income of $446 million, up 25 percent from $356 million a year ago. Total revenues for the third quarter increased 14 percent over the year-ago period to $3.3 billion, reflecting continued strong growth in spending and borrowing on U.S. consumer and small business cards. Total expenses increased 12 percent. Marketing, promotion, rewards and cardmember services expenses increased 18 percent, reflecting both higher marketing and promotion expenses and greater rewards costs. Year-ago expenses included the securitization-related charges mentioned earlier. INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES reported third quarter net income of $254 million, up 14 percent from $224 million a year ago. Total revenues for the third quarter increased 8 percent over the year-ago period to $2.3 billion, reflecting continued strong growth in spending on corporate cards and international consumer cards. Total expenses increased 9 percent. Marketing, promotion, rewards and cardmember services expenses increased 9 percent, reflecting both higher marketing and promotion expenses, and greater rewards costs. The provision for losses and benefits rose 55 percent due to strong charge and lending volume growth, and higher provision rates. -5-

GLOBAL NETWORK & MERCHANT SERVICES reported third quarter net income of $141 million, down 19 percent from $173 million a year ago. Total revenues for the third quarter increased 9 percent over the year-ago period to $716 million, reflecting continued strong growth in merchant charge volume. The year-ago period included revenues from the Company's ATM business, which was sold in 2004. Spending on cards issued by the Company's network partners increased more than 35% from a year ago. Total expenses increased 30 percent. The total provision for losses increased significantly from year ago levels, primarily reflecting last year's reduction of merchant-related reserves that was mentioned earlier. Marketing and promotion increased 55 percent, primarily reflecting higher company-wide brand-related advertising. CORPORATE & OTHER reported third quarter net income of $24 million, compared with net expenses of $51 million a year ago. The results reflect the $105 million tax benefit mentioned earlier. *** -6-

Managed Basis ------------- For U.S. Card Services, managed basis means the presentation assumes there have been no securitization transactions, i.e. all securitized cardmember loans and related income effects are reflected as if they were in the Company's balance sheet and income statements, respectively. The Company presents U.S. Card Services information on a managed basis because that is the way the Company's management views and manages the business. Management believes that a full picture of trends in the Company's cardmember lending business can only be derived by evaluating the performance of both securitized and non-securitized cardmember loans. Asset securitization is just one of several ways for the Company to fund cardmember loans. Use of a managed basis presentation, including non-securitized and securitized cardmember loans, presents a more accurate picture of the key dynamics of the cardmember lending business, avoiding distortions due to the mix of funding sources at any particular point in time. The Company does not currently securitize international loans. Irrespective of the funding mix, it is important for management and investors to see metrics, such as changes in delinquencies and write-off rates, for the entire cardmember lending portfolio because they are more representative of the economics of the aggregate cardmember relationships and ongoing business performance and trends over time. It is also important for investors to see the overall growth of cardmember loans and related revenue in order to evaluate market share. These metrics are significant in evaluating the Company's performance and can only be properly assessed when all non-securitized and securitized cardmember loans are viewed together on a managed basis. The managed basis presentation for U.S. Card Services also reflects an increase to interest income recorded to enable management to evaluate tax exempt investments on a basis consistent with taxable investment securities. On a GAAP basis interest income associated with tax exempt investments is recorded based on amounts earned. Accordingly, information presented on a managed basis assumes that tax exempt securities earned income at rates as if the securities produced taxable income with a corresponding increase in the provision for income taxes. The managed basis presentation for International Card & Global Commercial Services reflects a foreign exchange services reclassification for revenue earned related to the sale and purchase of foreign currencies as part of the foreign exchange business. On a GAAP basis, these revenues are included with other foreign exchange items that are reflected in other operating expenses. Accordingly, information presented on a managed basis assumes that the amounts earned are included in other revenue with a corresponding increase in other operating expenses. -7-

The following table reconciles the GAAP-basis U.S. Card Services and International Card & Global Commercial Services income statements to the managed-basis information. <TABLE> <CAPTION> --------------------------------------------------------- ----------------------------------------------------------------- U.S. Card Services Selected Financial Information Securitization Tax Equivalent (preliminary, millions) GAAP Basis Effect Effect Managed Basis ------------------------------ -------------- ---------------- ----------------------------- % % Quarters Ended Inc/ Inc/ September 30, 2005 2004 (Dec) 2005 2004 2005 2004 2005 2004 (Dec) ------------------------------ --------------- ---------------- ----------------------------- <S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> Revenues: Discount revenue, net card fees and other $2,224 $ 1,982 12.2% $ 53 $ 53 $ 56 $ 57 $ 2,333 $ 2,092 11.6% Cardmember Lending: Finance charge revenue 614 445 38.1 721 573 1,335 1,018 31.1 Interest expense 156 104 50.9 209 108 365 212 71.9 -------- ------- ------ ----- -------- ------- Net finance 458 341 34.2 512 465 970 806 20.4 charge revenue Securitization income 353 295 19.8 (353) (295) - - - -------- ------- ------ ----- ---- ------ -------- ------- Total revenues 3,035 2,618 15.9 212 223 56 57 3,303 2,898 14.0 -------- ------- ------ ----- ---- ------ -------- ------- Expenses: Marketing, promotion, rewards and cardmember services 1,003 854 17.5 (2) (6) 1,001 848 18.1 Provision for losses 458 438 4.4 215 232 673 670 0.4 Human resources and other operating expenses 936 824 13.5 (1) (3) 935 821 13.8 -------- ------- --------- ----- -------- ------- Total expenses 2,397 2,116 13.2 $ 212 $ 223 2,609 2,339 11.5 -------- ------- --------- ----- ---- ------ -------- ------- Pretax segment income 638 502 27.5 56 57 694 559 24.6 Income tax provision 192 146 33.3 $ 56 $ 57 $ 248 $ 203 23.5 -------- ------- ---- ------ -------- ------- Segment income $ 446 $ 356 25.1 ======== ======= --------------------------------------------------------- ----------------------------------------------------------------- </TABLE> <TABLE> <CAPTION> --------------------------------------------------------- ----------------------------------------------------------------- International Card & Global Commercial Services Selected Financial Information Foreign Exchange Services (preliminary, millions) GAAP Basis Reclassification Managed Basis -------------------------- ----------------------- ----------------------------- % % Quarters Ended Inc/ Inc/ September 30, 2005 2004 (Dec) 2005 2004 2005 2004 (Dec) ------- ------- ----- ----- ------ ------- ------- ------ <S> <C> <C> <C> <C> <C> <C> <C> <C> Revenues: Discount revenue, net card fees and other $2,067 $ 1,902 8.6% $ 36 $ 47 $2,103 $ 1,949 7.9% Cardmember Lending: Finance charge revenue 259 222 16.3 Interest expense 88 65 34.9 ------- ------- Net finance charge revenue 171 157 8.6 ------- ------- ----- ----- ------ ------- ------- ------ Total revenues 2,238 2,059 8.6 36 47 2,274 2,106 7.9 ------- ------- ----- ----- ------ ------- ------- ------ Expenses: Marketing, promotion, rewards and cardmember services 310 285 8.6 Provision for losses and benefits 270 174 54.5 Human resources and other operating expenses 1,333 1,286 3.8 36 47 1,369 1,333 2.8 ------- ------- ----- ----- ------ ------- ------- ------ Total expenses 1,913 1,745 9.7 $ 36 $ 47 $1,949 $ 1,792 8.7 ------- ------- ----- ----- ------ ------- ------- ------ Pretax segment income 325 314 3.2 Income tax provision 71 90 (22.7) ------- ------- Segment income $ 254 $ 224 13.7 ======== ======== ---------------------------------------------------------------------------------------------------------------------------- </TABLE> *** -8-

Pro Forma ROE ------------- The Company's consolidated return on equity (ROE) is calculated on a trailing 12-month basis using reported net income over average total shareholder's equity (including discontinued operations). The Company also reports pro forma ROE, which is determined using trailing four quarters income from continuing operations (which excludes discontinued operations and the cumulative effect of accounting changes) over reported shareholders' equity at period end. Management believes pro forma ROE is an important measure because it reflects performance of the Company's continuing businesses by excluding the impact of Ameriprise Financial, Inc. and American Express Tax and Business Services, Inc., which were disposed of as of September 30, 2005. ROE Pro Forma ROE ------------------------------- ----------------------------------- Trailing 12-months net income: Trailing four quarters income from $3.9 billion continuing operations: $3.1 billion Trailing 12-months average Total shareholders' equity at total shareholders' equity: September 30, 2005: $16.0 billion $9.9 billion ROE: 24.2% Pro forma ROE: 31.7% *** American Express Company (www.americanexpress.com) is a leading global payments, network, travel, and banking company founded in 1850. Note: The 2005 Third Quarter Earnings Supplement, as well as CFO Gary Crittenden's presentation from the investor conference call referred to below, will be available today on the American Express web site at http://ir.americanexpress.com. An investor conference call to discuss third quarter earnings results, operating performance and other topics that may be raised during the discussion will be held at 5:00 p.m. (EST) today. Live audio of the conference call will be accessible to the general public on the American Express web site at http://ir.americanexpress.com. A replay of the conference call also will be available today at the same web site address. *** -9-

THIS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS, WHICH ARE SUBJECT TO RISKS AND UNCERTAINTIES. THE WORDS "BELIEVE," "EXPECT," "ANTICIPATE," "OPTIMISTIC," "INTEND," "PLAN," "AIM," "WILL," "MAY," "SHOULD," "COULD," "WOULD," "LIKELY," AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS. 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 GROW ITS BUSINESS AND MEET OR EXCEED ITS RETURN ON SHAREHOLDERS' EQUITY TARGET BY REINVESTING APPROXIMATELY 35% OF ANNUALLY-GENERATED CAPITAL, AND RETURNING APPROXIMATELY 65% OF SUCH CAPITAL TO SHAREHOLDERS, OVER TIME, WHICH WILL DEPEND ON THE COMPANY'S ABILITY TO MANAGE ITS CAPITAL NEEDS AND THE EFFECT OF BUSINESS MIX, ACQUISITIONS AND RATING AGENCY REQUIREMENTS; CONSUMER AND BUSINESS SPENDING ON THE COMPANY'S CREDIT AND CHARGE CARD PRODUCTS AND TRAVELERS CHEQUES AND OTHER PREPAID PRODUCTS AND GROWTH IN CARD LENDING BALANCES, WHICH DEPEND IN PART ON THE ABILITY TO ISSUE NEW AND ENHANCED CARD AND PREPAID PRODUCTS, SERVICES AND REWARDS PROGRAMS, AND INCREASE REVENUES FROM SUCH PRODUCTS, ATTRACT NEW CARDMEMBERS, REDUCE CARDMEMBER ATTRITION, CAPTURE A GREATER SHARE OF EXISTING CARDMEMBERS' SPENDING, SUSTAIN PREMIUM DISCOUNT RATES ON ITS CARD PRODUCTS IN LIGHT OF REGULATORY AND MARKET PRESSURES, INCREASE MERCHANT COVERAGE, RETAIN CARDMEMBERS AFTER LOW INTRODUCTORY LENDING RATES HAVE EXPIRED, AND EXPAND THE GLOBAL NETWORK & Merchant Services business; THE COMPANY'S ABILITY TO INTRODUCE NEW PRODUCTS, REWARD PROGRAM ENHANCEMENTS AND SERVICE ENHANCEMENTS ON A TIMELY BASIS DURING THE LATTER HALF OF 2005 AND THE FIRST HALF OF 2006; THE SUCCESS OF THE GLOBAL NETWORK & MERCHANT SERVICES BUSINESS IN PARTNERING WITH BANKS IN THE UNITED STATES, WHICH WILL DEPEND IN PART ON THE EXTENT TO WHICH SUCH BUSINESS FURTHER ENHANCES THE COMPANY'S BRAND, ALLOWS THE COMPANY TO LEVERAGE ITS SIGNIFICANT PROCESSING SCALE, EXPANDS MERCHANT COVERAGE OF THE NETWORK, PROVIDES GLOBAL NETWORK & MERCHANT SERVICES' BANK PARTNERS IN THE UNITED STATES THE BENEFITS OF GREATER CARDMEMBER LOYALTY AND HIGHER SPEND PER CUSTOMER, AND MERCHANT BENEFITS SUCH AS GREATER TRANSACTION VOLUME AND ADDITIONAL HIGHER SPENDING CUSTOMERS; THE CONTINUATION OF FAVORABLE TRENDS, INCLUDING INCREASED TRAVEL AND ENTERTAINMENT SPENDING, AND THE OVERALL LEVEL OF CONSUMER CONFIDENCE; SUCCESSFULLY CROSS-SELLING FINANCIAL, TRAVEL, CARD AND OTHER PRODUCTS AND SERVICES TO THE COMPANY'S CUSTOMER BASE, BOTH IN THE UNITED STATES AND ABROAD; THE COMPANY'S ABILITY TO GENERATE SUFFICIENT REVENUES FOR EXPANDED INVESTMENT SPENDING, AND THE ABILITY TO CAPITALIZE ON SUCH INVESTMENTS TO IMPROVE BUSINESS METRICS; THE COSTS AND INTEGRATION OF ACQUISITIONS; THE SUCCESS, TIMELINESS AND FINANCIAL IMPACT (INCLUDING COSTS, COST SAVINGS AND OTHER BENEFITS INCLUDING INCREASED REVENUES), AND BENEFICIAL EFFECT ON THE COMPANY'S OPERATING EXPENSE TO REVENUE RATIO, BOTH IN THE SHORT-TERM AND OVER TIME, OF REENGINEERING INITIATIVES BEING IMPLEMENTED OR CONSIDERED BY THE COMPANY, INCLUDING COST MANAGEMENT, STRUCTURAL AND STRATEGIC MEASURES SUCH AS VENDOR, PROCESS, FACILITIES AND OPERATIONS CONSOLIDATION, OUTSOURCING (INCLUDING, AMONG OTHERS, TECHNOLOGIES OPERATIONS), RELOCATING CERTAIN FUNCTIONS TO LOWER-COST OVERSEAS LOCATIONS, MOVING INTERNAL AND EXTERNAL FUNCTIONS TO THE INTERNET TO SAVE COSTS, AND PLANNED STAFF REDUCTIONS RELATING TO CERTAIN OF SUCH REENGINEERING ACTIONS; THE ABILITY TO CONTROL AND MANAGE OPERATING, INFRASTRUCTURE, ADVERTISING AND PROMOTION EXPENSES AS BUSINESS EXPANDS OR CHANGES, INCLUDING THE ABILITY TO ACCURATELY ESTIMATE THE PROVISION FOR THE COST OF THE MEMBERSHIP REWARDS PROGRAM; THE COMPANY'S ABILITY TO MANAGE CREDIT RISK RELATED TO CONSUMER DEBT, BUSINESS LOANS, MERCHANT BANKRUPTCIES AND OTHER CREDIT TRENDS AND THE RATE OF BANKRUPTCIES, WHICH CAN AFFECT SPENDING ON CARD PRODUCTS, DEBT PAYMENTS BY INDIVIDUAL AND CORPORATE CUSTOMERS AND BUSINESSES THAT ACCEPT THE COMPANY'S CARD PRODUCTS AND RETURNS ON THE COMPANY'S INVESTMENT PORTFOLIOS; BANKRUPTCIES, RESTRUCTURINGS OR SIMILAR EVENTS AFFECTING THE AIRLINE OR ANY OTHER INDUSTRY REPRESENTING A SIGNIFICANT PORTION OF THE COMPANY'S BILLED BUSINESS, INCLUDING ANY POTENTIAL NEGATIVE EFFECT ON PARTICULAR CARD PRODUCTS AND SERVICES AND BILLED BUSINESS GENERALLY THAT COULD RESULT FROM THE ACTUAL OR PERCEIVED WEAKNESS OF KEY BUSINESS PARTNERS IN SUCH INDUSTRIES; THE TRIGGERING OF OBLIGATIONS TO MAKE PAYMENTS TO CERTAIN CO-BRAND PARTNERS, MERCHANTS, VENDORS AND CUSTOMERS UNDER CONTRACTUAL ARRANGEMENTS WITH SUCH PARTIES UNDER CERTAIN CIRCUMSTANCES; A DOWNTURN IN THE COMPANY'S BUSINESSES AND/OR NEGATIVE CHANGES IN THE COMPANY'S AND ITS SUBSIDIARIES' CREDIT RATINGS, WHICH COULD RESULT IN CONTINGENT PAYMENTS UNDER CONTRACTS, DECREASED LIQUIDITY AND HIGHER BORROWING COSTS; RISKS ASSOCIATED WITH THE COMPANY'S AGREEMENTS WITH DELTA AIR LINES TO PREPAY $350 MILLION FOR THE FUTURE PURCHASES OF DELTA SKYMILES REWARDS POINTS; FLUCTUATIONS IN FOREIGN CURRENCY EXCHANGE RATES; FLUCTUATIONS IN INTEREST RATES, WHICH IMPACT THE COMPANY'S BORROWING COSTS, RETURN ON LENDING PRODUCTS AND SPREADS IN THE INSURANCE, ANNUITY AND INVESTMENT CERTIFICATE PRODUCTS; ACCURACY OF ESTIMATES FOR THE FAIR VALUE OF THE ASSETS IN THE COMPANY'S INVESTMENT PORTFOLIO AND, IN PARTICULAR, THOSE INVESTMENTS THAT ARE NOT READILY MARKETABLE, INCLUDING THE VALUATION OF THE INTEREST-ONLY STRIP RELATING TO THE COMPANY'S LENDING SECURITIZATIONS; THE POTENTIAL NEGATIVE EFFECT ON THE COMPANY'S BUSINESSES AND INFRASTRUCTURE, INCLUDING INFORMATION TECHNOLOGY, OF TERRORIST ATTACKS, DISASTERS OR OTHER CATASTROPHIC EVENTS IN THE FUTURE; POLITICAL OR ECONOMIC INSTABILITY IN CERTAIN REGIONS OR COUNTRIES, WHICH COULD AFFECT LENDING AND OTHER COMMERCIAL ACTIVITIES, AMONG OTHER BUSINESSES, OR RESTRICTIONS ON CONVERTIBILITY OF CERTAIN CURRENCIES; CHANGES IN LAWS OR GOVERNMENT REGULATIONS, INCLUDING CHANGES IN TAX LAWS OR REGULATIONS THAT COULD RESULT IN THE ELIMINATION OF CERTAIN TAX BENEFITS; OUTCOMES AND COSTS ASSOCIATED WITH LITIGATION AND COMPLIANCE AND REGULATORY MATTERS; DEFICIENCIES AND INADEQUACIES IN THE COMPANY'S INTERNAL CONTROL OVER FINANCIAL REPORTING, WHICH COULD RESULT IN INACCURATE OR INCOMPLETE FINANCIAL REPORTING; AND COMPETITIVE PRESSURES IN ALL OF THE COMPANY'S MAJOR BUSINESSES. A FURTHER DESCRIPTION OF THESE AND OTHER RISKS AND UNCERTAINTIES CAN BE FOUND IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2004, AND ITS OTHER REPORTS FILED WITH THE SEC. . *** -10-

All information in the following tables is presented on a basis prepared in accordance with U.S. generally accepted accounting principles (GAAP), unless otherwise indicated. The information presented herein reflects discontinued operations presentation for the spin-off of Ameriprise effective as of September 30, 2005 and certain dispositions, and is revised from previously reported results. (Preliminary) AMERICAN EXPRESS COMPANY CONSOLIDATED STATEMENTS OF INCOME (Millions) <Table> <Caption> Quarters Ended Nine Months Ended September 30, September 30, ------------------ Percentage ------------------ Percentage 2005 2004 Inc/(Dec) 2005 2004 Inc/(Dec) -------- -------- ----------- -------- -------- ----------- <S> <C> <C> <C> <C> <C> <C> Revenues Discount revenue $ 2,945 $ 2,535 16.2% $ 8,558 $ 7,432 15.1% Cardmember lending net finance charge revenue 648 562 15.6 1,877 1,664 12.9 Net card fees 511 474 7.9 1,515 1,418 6.9 Travel commissions and fees 421 426 (1.0) 1,345 1,311 2.7 Other commissions and fees 628 574 7.7 1,816 1,668 8.4 Securitization income, net 353 295 19.7 965 807 19.6 Other investment and interest income 246 248 (1.0) 776 736 5.5 Other 316 362 (10.9) 978 1,025 (4.2) -------- -------- -------- -------- Total 6,068 5,476 10.8 17,830 16,061 11.0 -------- -------- -------- -------- Expenses Human resources 1,197 1,098 8.9 3,652 3,306 10.4 Marketing, promotion, rewards and cardmember services 1,492 1,286 16.0 4,260 3,545 20.2 Provision for losses and benefits Charge card 299 206 45.3 748 593 26.1 Cardmember lending 364 233 56.0 934 834 12.0 Investment certificates and other 76 117 (35.0) 278 230 20.4 -------- -------- -------- -------- Total 739 556 32.9 1,960 1,657 18.2 Professional services 563 534 5.5 1,594 1,494 6.8 Occupancy and equipment 346 328 5.6 1,038 974 6.6 Interest 238 201 18.3 671 592 13.3 Communications 112 114 (1.9) 342 354 (3.2) Other 301 345 (12.7) 1,024 1,228 (16.7) -------- -------- -------- -------- Total 4,988 4,462 11.8 14,541 13,150 10.6 -------- -------- -------- -------- Pretax income from continuing operations before accounting change 1,080 1,014 6.5 3,289 2,911 13.0 Income tax provision 215 312 (30.9) 819 894 (8.4) -------- -------- -------- -------- Income from continuing operations before accounting change 865 702 23.2 2,470 2,017 22.5 Income from discontinued operations, net of tax 165 177 (6.8) 519 603 (13.9) -------- -------- -------- -------- Income before cumulative effect of accounting change 1,030 879 17.1 2,989 2,620 14.1 Cumulative effect of accounting change - - - - (71)(A) # -------- -------- -------- -------- Net income $ 1,030 $ 879 17.1 $ 2,989 $ 2,549 17.3 ======== ======== ======== ======== </Table> # - Denotes a variance of more than 100%. (A) Reflects a $109 million non-cash pretax charge ($71 million after-tax) associated with discontinued operations related to the January 1, 2004 adoption of SOP 03-1. -11- <Page> (Preliminary) AMERICAN EXPRESS COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Billions) <Table> <Caption> September 30, December 31, 2005 2004 ---------------- ---------------- <S> <C> <C> Assets Cash and cash equivalents $ 8 $ 8 Accounts receivable 33 32 Investments 22 22 Loans 37 34 Other assets 9 11 Assets of discontinued operations - 87 ---------------- ---------------- Total assets $ 109 $ 194 ================ ================ Liabilities and Shareholders' Equity Short-term debt $ 15 $ 14 Long-term debt 29 33 Other liabilities 55 50 Liabilities of discontinued operations - 81 ---------------- ---------------- Total liabilities 99 178 ---------------- ---------------- Shareholders' Equity* 10 16 ---------------- ---------------- Total liabilities and shareholders' equity $ 109 $ 194 ================ ================ </Table> * Total Shareholders' Equity at December 31, 2004 includes discontinued operations reflected in the Company's historical Consolidated Financial Statements. -12- <Page> (Preliminary) AMERICAN EXPRESS COMPANY FINANCIAL SUMMARY (Millions) <Table> <Caption> Quarters Ended Nine Months Ended September 30, September 30, ------------------ Percentage ------------------ Percentage 2005 2004 Inc/(Dec) 2005 2004 Inc/(Dec) -------- -------- ----------- -------- -------- ----------- <S> <C> <C> <C> <C> <C> <C> REVENUES U.S. Card Services $ 3,035 $ 2,618 15.9% $ 8,772 $ 7,584 15.7% International Card & Global Commercial Services 2,238 2,059 8.6 6,698 6,164 8.7 Global Network & Merchant Services 716 659 8.9 2,097 1,936 8.4 -------- -------- -------- -------- 5,989 5,336 12.3 17,567 15,684 12.0 Corporate & Other, including adjustments and eliminations 79 140 (43.6) 263 377 (31.4) -------- -------- -------- -------- CONSOLIDATED REVENUES $ 6,068 $ 5,476 10.8 $ 17,830 $ 16,061 11.0 ======== ======== ======== ======== PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS U.S. Card Services $ 638 $ 502 27.5 $ 2,066 $ 1,641 25.9 International Card & Global Commercial Services 325 314 3.2 846 880 (3.6) Global Network & Merchant Services 214 272 (20.8) 628 693 (9.4) -------- -------- -------- -------- 1,177 1,088 8.2 3,540 3,214 10.2 Corporate & Other (97) (74) 32.2 (251) (303) (16.6) -------- -------- -------- -------- PRETAX INCOME FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE $ 1,080 $ 1,014 6.5 $ 3,289 $ 2,911 13.0 ======== ======== ======== ======== NET INCOME (LOSS) U.S. Card Services $ 446 $ 356 25.1 $ 1,423 $ 1,155 23.2 International Card & Global Commercial Services 254 224 13.7 693 597 16.3 Global Network & Merchant Services 141 173 (18.6) 405 440 (8.1) -------- -------- -------- -------- 841 753 11.7 2,521 2,192 15.0 Corporate & Other 24 (51) # (51) (175) (71.2) -------- -------- -------- -------- Income from continuing operations before accounting change 865 702 23.2 2,470 2,017 22.5 Income from discontinued operations, net of tax 165 177 (6.8) 519 603 (13.9) Cumulative effect of accounting change - - - - (71)(A) # -------- -------- -------- -------- NET INCOME $ 1,030 $ 879 17.1 $ 2,989 $ 2,549 17.3 ======== ======== ======== ======== </Table> # - Denotes a variance of more than 100%. (A) Reflects a $109 million non-cash pretax charge ($71 million after-tax) associated with discontinued operations related to the January 1, 2004 adoption of SOP 03-1. -13- <Page> (Preliminary) AMERICAN EXPRESS COMPANY FINANCIAL SUMMARY (CONTINUED) <Table> <Caption> Quarters Ended Nine Months Ended September 30, September 30, ------------------ Percentage ------------------ Percentage 2005 2004 Inc/(Dec) 2005 2004 Inc/(Dec) -------- -------- ----------- -------- -------- ----------- <S> <C> <C> <C> <C> <C> <C> EARNINGS PER COMMON SHARE BASIC Income from continuing operations $ 0.70 $ 0.56 25.0% $ 2.00 $ 1.60 25.0% Income from discontinued operations 0.14 0.14 -% 0.42 0.47 (10.6)% Cumulative effect of accounting change - - - - (0.05)(A) # -------- -------- -------- -------- Net income $ 0.84 $ 0.70 20.0% $ 2.42 $ 2.02 19.8% ======== ======== ======== ======== Average common shares outstanding (millions) 1,229 1,251 (1.8)% 1,233 1,264 (2.4)% ======== ======== ======== ======== DILUTED Income from continuing operations $ 0.69 $ 0.55 25.5% $ 1.96 $ 1.56 25.6% Income from discontinued operations 0.13 0.14 (7.1)% 0.42 0.47 (10.6)% Cumulative effect of accounting change - - - - (0.05)(A) # -------- -------- -------- -------- Net income $ 0.82 $ 0.69 18.8% $ 2.38 $ 1.98 20.2% ======== ======== ======== ======== Average common shares outstanding (millions) 1,254 1,275 (1.7)% 1,257 1,289 (2.5)% ======== ======== ======== ======== Cash dividends declared per common share $ 0.12 $ 0.12 -% $ 0.36 $ 0.32 12.5% ======== ======== ======== ======== </Table> SELECTED STATISTICAL INFORMATION <Table> <Caption> Quarters Ended Nine Months Ended September 30, September 30, ------------------ Percentage ------------------ Percentage 2005 2004 Inc/(Dec) 2005 2004 Inc/(Dec) -------- -------- ----------- -------- -------- ----------- <S> <C> <C> <C> <C> <C> <C> Return on average total shareholders' equity (B) 24.2% 21.5% 24.2% 21.5% Common shares outstanding (millions) 1,239 1,255 (1.3)% 1,239 1,255 (1.3)% Book value per common share* $ 7.99 $ 12.62 (36.7)% $ 7.99 $ 12.62 (36.7)% Shareholders' equity (billions)* $ 9.9 $ 15.8 (37.3)% $ 9.9 $ 15.8 (37.3)% </Table> # - Denotes a variance of more than 100%. (A) Reflects a $109 million non-cash pretax charge ($71 million after-tax), or $0.05 on a basic and diluted per share basis, associated with discontinued operations related to the January 1, 2004 adoption of SOP 03-1. (B) Computed on a trailing 12-month basis using net income and total shareholders' equity (including discontinued operations) as included in the historical Consolidated Financial Statements prepared in accordance with GAAP. * Total shareholders' equity and book value per common share amounts prior to September 30, 2005 include discontinued operations reflected in the Company's historical Consolidated Financial Statements. -14-

                                                                  Exhibit 99.2

All information in the following tables is presented on a basis prepared in
accordance with U.S. generally accepted accounting principles (GAAP), unless
otherwise indicated. The information presented herein reflects discontinued
operations presentation for the spin-off of Ameriprise effective as of
September 30, 2005 and certain dispositions, and is revised from previously
reported results.

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                        Quarters Ended                   Nine Months Ended
                                                         September 30,                     September 30,
                                                      ------------------   Percentage    ------------------       Percentage
                                                        2005      2004     Inc/(Dec)       2005      2004         Inc/(Dec)
                                                      --------  --------  -----------    --------  --------      -----------
<S>                                                   <C>       <C>             <C>      <C>       <C>                 <C>
Revenues
  Discount revenue                                    $  2,945  $  2,535         16.2%   $  8,558  $  7,432             15.1%
  Cardmember lending net finance charge revenue            648       562         15.6       1,877     1,664             12.9
  Net card fees                                            511       474          7.9       1,515     1,418              6.9
  Travel commissions and fees                              421       426         (1.0)      1,345     1,311              2.7
  Other commissions and fees                               628       574          7.7       1,816     1,668              8.4
  Securitization income, net                               353       295         19.7         965       807             19.6
  Other investment and interest income                     246       248         (1.0)        776       736              5.5
  Other                                                    316       362        (10.9)        978     1,025             (4.2)
                                                      --------  --------                 --------  --------
    Total                                                6,068     5,476         10.8      17,830    16,061             11.0
                                                      --------  --------                 --------  --------
Expenses
  Human resources                                        1,197     1,098          8.9       3,652     3,306             10.4
  Marketing, promotion, rewards
      and cardmember services                            1,492     1,286         16.0       4,260     3,545             20.2
  Provision for losses and benefits
      Charge card                                          299       206         45.3         748       593             26.1
      Cardmember lending                                   364       233         56.0         934       834             12.0
      Investment certificates and other                     76       117        (35.0)        278       230             20.4
                                                      --------  --------                 --------  --------
      Total                                                739       556         32.9       1,960     1,657             18.2
  Professional services                                    563       534          5.5       1,594     1,494              6.8
  Occupancy and equipment                                  346       328          5.6       1,038       974              6.6
  Interest                                                 238       201         18.3         671       592             13.3
  Communications                                           112       114         (1.9)        342       354             (3.2)
  Other                                                    301       345        (12.7)      1,024     1,228            (16.7)
                                                      --------  --------                 --------  --------
    Total                                                4,988     4,462         11.8      14,541    13,150             10.6
                                                      --------  --------                 --------  --------
Pretax income from continuing operations before
  accounting change                                      1,080     1,014          6.5       3,289     2,911             13.0
Income tax provision                                       215       312        (30.9)        819       894             (8.4)
                                                      --------  --------                 --------  --------
Income from continuing operations before
  accounting change                                        865       702         23.2       2,470     2,017             22.5

Income from discontinued operations, net of tax            165       177         (6.8)        519       603            (13.9)
                                                      --------  --------                 --------  --------
Income before cumulative effect of accounting change     1,030       879         17.1       2,989     2,620             14.1
Cumulative effect of accounting change                       -         -            -           -       (71)(A)            #
                                                      --------  --------                 --------  --------
Net income                                            $  1,030  $    879         17.1    $  2,989  $  2,549             17.3
                                                      ========  ========                 ========  ========
</Table>

# - Denotes a variance of more than 100%.

(A) Reflects a $109 million non-cash pretax charge ($71 million after-tax)
associated with discontinued operations related to the January 1, 2004
adoption of SOP 03-1.

                                      -1-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                     CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                      September 30,     December 31,
                                                          2005              2004
                                                    ----------------  ----------------
<S>                                                 <C>               <C>
Assets
  Cash and cash equivalents                         $              8  $              8
  Accounts receivable                                             33                32
  Investments                                                     22                22
  Loans                                                           37                34
  Other assets                                                     9                11
  Assets of discontinued operations                                -                87
                                                    ----------------  ----------------
    Total assets                                    $            109  $            194
                                                    ================  ================

Liabilities and Shareholders' Equity
  Short-term debt                                   $             15  $             14
  Long-term debt                                                  29                33
  Other liabilities                                               55                50
  Liabilities of discontinued operations                           -                81
                                                    ----------------  ----------------
    Total liabilities                                             99               178
                                                    ----------------  ----------------

  Shareholders' Equity*                                           10                16
                                                    ----------------  ----------------
    Total liabilities and shareholders' equity      $            109  $            194
                                                    ================  ================
</Table>

* Total Shareholders' Equity at December 31, 2004 includes discontinued
operations reflected in the Company's historical Consolidated Financial
Statements.

                                      -2-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                      Quarters Ended                   Nine Months Ended
                                                       September 30,                     September 30,
                                                    ------------------   Percentage    ------------------       Percentage
                                                      2005      2004     Inc/(Dec)       2005      2004         Inc/(Dec)
                                                    --------  --------  -----------    --------  --------      -----------
<S>                                                 <C>       <C>             <C>      <C>       <C>                 <C>
REVENUES
  U.S. Card Services                                $  3,035  $  2,618         15.9%   $  8,772  $  7,584             15.7%
  International Card & Global Commercial Services      2,238     2,059          8.6       6,698     6,164              8.7
  Global Network & Merchant Services                     716       659          8.9       2,097     1,936              8.4
                                                    --------  --------                 --------  --------
                                                       5,989     5,336         12.3      17,567    15,684             12.0
  Corporate & Other,
    including adjustments and eliminations                79       140        (43.6)        263       377            (31.4)
                                                    --------  --------                 --------  --------

CONSOLIDATED REVENUES                               $  6,068  $  5,476         10.8    $ 17,830  $ 16,061             11.0
                                                    ========  ========                 ========  ========

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                $    638  $    502         27.5    $  2,066  $  1,641             25.9
  International Card & Global Commercial Services        325       314          3.2         846       880             (3.6)
  Global Network & Merchant Services                     214       272        (20.8)        628       693             (9.4)
                                                    --------  --------                 --------  --------
                                                       1,177     1,088          8.2       3,540     3,214             10.2
  Corporate & Other                                      (97)      (74)        32.2        (251)     (303)           (16.6)
                                                    --------  --------                 --------  --------

PRETAX INCOME FROM CONTINUING OPERATIONS
BEFORE ACCOUNTING CHANGE                            $  1,080  $  1,014          6.5    $  3,289  $  2,911             13.0
                                                    ========  ========                 ========  ========

NET INCOME (LOSS)
  U.S. Card Services                                $    446  $    356         25.1    $  1,423  $  1,155             23.2
  International Card & Global Commercial Services        254       224         13.7         693       597             16.3
  Global Network & Merchant Services                     141       173        (18.6)        405       440             (8.1)
                                                    --------  --------                 --------  --------
                                                         841       753         11.7       2,521     2,192             15.0
  Corporate & Other                                       24       (51)           #         (51)     (175)           (71.2)
                                                    --------  --------                 --------  --------
  Income from continuing operations before
    accounting change                                    865       702         23.2       2,470     2,017             22.5

  Income from discontinued operations, net of tax        165       177         (6.8)        519       603            (13.9)
  Cumulative effect of accounting change                   -         -            -           -       (71)(A)            #
                                                    --------  --------                 --------  --------

NET INCOME                                          $  1,030  $    879         17.1    $  2,989  $  2,549             17.3
                                                    ========  ========                 ========  ========
</Table>

# - Denotes a variance of more than 100%.

(A) Reflects a $109 million non-cash pretax charge ($71 million after-tax)
associated with discontinued operations related to the January 1, 2004
adoption of SOP 03-1.

                                      -3-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                      Quarters Ended                   Nine Months Ended
                                                       September 30,                     September 30,
                                                    ------------------   Percentage    ------------------       Percentage
                                                      2005      2004     Inc/(Dec)       2005      2004         Inc/(Dec)
                                                    --------  --------  -----------    --------  --------      -----------
<S>                                                 <C>       <C>              <C>     <C>       <C>                 <C>
EARNINGS PER COMMON SHARE

BASIC
   Income from continuing operations                $   0.70  $   0.56         25.0%   $   2.00  $   1.60             25.0%
   Income from discontinued operations                  0.14      0.14            -%       0.42      0.47            (10.6)%
   Cumulative effect of accounting change                  -         -            -           -     (0.05)(A)            #
                                                    --------  --------                 --------  --------
   Net income                                       $   0.84  $   0.70         20.0%   $   2.42  $   2.02             19.8%
                                                    ========  ========                 ========  ========

   Average common shares outstanding (millions)        1,229     1,251         (1.8)%     1,233     1,264             (2.4)%
                                                    ========  ========                 ========  ========

DILUTED
   Income from continuing operations                $   0.69  $   0.55         25.5%   $   1.96  $   1.56             25.6%
   Income from discontinued operations                  0.13      0.14         (7.1)%      0.42      0.47            (10.6)%
   Cumulative effect of accounting change                  -         -            -           -     (0.05)(A)            #
                                                    --------  --------                 --------  --------
   Net income                                       $   0.82  $   0.69         18.8%   $   2.38  $   1.98             20.2%
                                                    ========  ========                 ========  ========

   Average common shares outstanding (millions)        1,254     1,275         (1.7)%     1,257     1,289             (2.5)%
                                                    ========  ========                 ========  ========

Cash dividends declared per common share            $   0.12  $   0.12            -%   $   0.36  $   0.32             12.5%
                                                    ========  ========                 ========  ========
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                      Quarters Ended                   Nine Months Ended
                                                       September 30,                     September 30,
                                                    ------------------   Percentage    ------------------       Percentage
                                                      2005      2004     Inc/(Dec)       2005      2004         Inc/(Dec)
                                                    --------  --------  -----------    --------  --------      -----------
<S>                                                 <C>       <C>             <C>      <C>       <C>                 <C>
Return on average total shareholders' equity (B)        24.2%     21.5%                    24.2%     21.5%
Common shares outstanding (millions)                   1,239     1,255         (1.3)%     1,239     1,255             (1.3)%
Book value per common share*                        $   7.99  $  12.62        (36.7)%  $   7.99  $  12.62            (36.7)%
Shareholders' equity (billions)*                    $    9.9  $   15.8        (37.3)%  $    9.9  $   15.8            (37.3)%
</Table>

# - Denotes a variance of more than 100%.

(A) Reflects a $109 million non-cash pretax charge ($71 million after-tax), or
$0.05 on a basic and diluted per share basis, associated with discontinued
operations related to the January 1, 2004 adoption of SOP 03-1.

(B) Computed on a trailing 12-month basis using net income and total
shareholders' equity (including discontinued operations) as included in the
historical Consolidated Financial Statements prepared in accordance with GAAP.

* Total shareholders' equity and book value per common share amounts prior to
September 30, 2005 include discontinued operations reflected in the Company's
historical Consolidated Financial Statements.

                                      -4-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                 Quarters Ended
                                                                  September 30,
                                                              ---------------------    Percentage
                                                                2005         2004      Inc/(Dec)
                                                              ---------   ---------   ------------
<S>                                                           <C>         <C>                 <C>
Card billed business (A):
  United States                                               $      89   $      76           18.7%
  Outside the United States                                          33          27           17.7
                                                              ---------   ---------
    Total                                                     $     122   $     103           18.4
                                                              =========   =========
Total cards-in-force (millions):
  United States                                                    42.0        38.0           10.4%
  Outside the United States                                        27.0        25.3            7.1
                                                              ---------   ---------
    Total                                                          69.0        63.3            9.1
                                                              =========   =========
Basic cards-in-force (millions):
  United States                                                    31.9        28.9           10.6%
  Outside the United States                                        22.4        20.8            7.8
                                                              ---------   ---------
    Total                                                          54.3        49.7            9.4
                                                              =========   =========

Average discount rate (B)                                          2.57%       2.60%
Average quarterly basic cardmember spending (dollars) (A)     $   2,610   $   2,330           12.0%
Average fee per card - managed (dollars) (A)                  $      35   $      34            2.9%
Travel sales                                                  $     4.8   $     4.6            4.9%
  Travel commissions and fees/sales (C)                             8.7%        9.2%
Worldwide Travelers Cheque and prepaid products:
  Sales                                                       $     5.8   $     5.8           (0.5)%
  Average outstanding                                         $     7.3   $     7.1            2.8%
  Average investments                                         $     7.9   $     7.6            3.9%
  Investment yield                                                  5.1%        5.4%
  Tax equivalent yield                                              7.8%        8.3%
</Table>

(A) Card billed business and cards-in-force include activities related to
proprietary cards, cards issued under network partnership agreements, cash
advances on proprietary cards and certain insurance fees charged on
proprietary cards. Average basic cardmember spending and average fee per card
are computed from proprietary card activities only.

(B) Computed as follows: Discount Revenue from all card spending (proprietary
and Global Network Services) at merchants divided by all billed business
(proprietary and Global Network Services) generating discount revenue at such
merchants. Only merchants acquired by the Company are included in the
computation. Discount rates have been restated on a historical basis from
those previously disclosed, primarily to retain in the computation the Global
Network Services partner portion of discount revenue, as well as the Company's
portion of discount revenue.

(C) Computed from information provided herein.

                                      -5-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                 SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                 Quarters Ended
                                                                  September 30,
                                                              ---------------------    Percentage
                                                                2005         2004      Inc/(Dec)
                                                              ---------   ---------   ------------
<S>                                                           <C>         <C>                <C>
Worldwide cardmember receivables:
  Total receivables                                           $    31.9   $    28.6           11.5%
  90 days past due as a % of total                                  1.7%        1.8%
  Loss reserves (millions):                                   $     909   $     847            7.4%
    % of receivables                                                2.9%        3.0%
    % of 90 days past due                                           173%        160%
  Net loss ratio as a % of charge volume                           0.27%       0.26%

Worldwide cardmember lending - owned basis:
  Total loans                                                 $    29.9   $    25.2           18.4%
  30 days past due loans as a % of total                            2.5%        2.5%
  Loss reserves (millions):
    Beginning balance                                         $     888   $   1,030          (13.9)%
      Provision                                                     325         205           59.1
      Net write-offs                                               (280)       (255)           9.6
      Other                                                          19          28          (35.0)
                                                              ---------   ---------
    Ending balance                                            $     952   $   1,008           (5.6)
                                                              =========   =========
    % of loans                                                      3.2%        4.0%
    % of past due                                                   128%        159%
  Average loans                                               $    28.3   $    26.2            8.0%
  Net write-off rate                                                4.0%        3.9%
  Net finance charge revenue*/average loans                         9.2%        8.6%

Worldwide cardmember lending - managed basis:
  Total loans                                                 $    50.6   $    45.6           11.0%
  30 days past due loans as a % of total                            2.4%        2.5%
  Loss reserves (millions):
    Beginning balance                                         $   1,367   $   1,535          (11.0)%
      Provision                                                     510         437           16.7
      Net write-offs                                               (494)       (463)          (6.7)
      Other                                                          18          28          (35.0)
                                                              ---------   ---------
    Ending balance                                            $   1,401   $   1,537           (8.9)
                                                              =========   =========
    % of loans                                                      2.8%        3.4%
    % of past due                                                   114%        132%
  Average loans                                               $    49.6   $    45.3            9.4%
  Net write-off rate                                                4.0%        4.1%
  Net finance charge revenue*/average loans                         9.4%        9.1%
</Table>

# - Denotes a variance of more than 100%.

* - Computed on an annualized basis.

                                      -6-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                                   Quarters Ended
                                                   ------------------------------------------------------------------------------
                                                    September 30,     June 30,        March 31,     December 31,    September 30,
                                                        2005            2005            2005            2004            2004
                                                   --------------  --------------  --------------  --------------  --------------
<S>                                                <C>             <C>             <C>             <C>             <C>
Revenues
  Discount revenue                                 $        2,945  $        2,941  $        2,672  $        2,817  $        2,535
  Cardmember lending net finance charge revenue               648             637             592             560             562
  Net card fees                                               511             506             498             491             474
  Travel commissions and fees                                 421             502             422             484             426
  Other commissions and fees                                  628             611             577             616             574
  Securitization income, net                                  353             296             316             325             295
  Other investment and interest income                        246             269             261             261             248
  Other                                                       316             328             334             349             362
                                                   --------------  --------------  --------------  --------------  --------------
    Total                                                   6,068           6,090           5,672           5,903           5,476
                                                   --------------  --------------  --------------  --------------  --------------
Expenses
  Human resources                                           1,197           1,268           1,187           1,232           1,098
  Marketing, promotion, rewards
      and cardmember services                               1,492           1,445           1,323           1,420           1,286
  Provision for losses and benefits
      Charge card                                             299             234             215             240             206
      Cardmember lending                                      364             275             295             296             233
      Investment certificates and other                        76             123              79              71             117
                                                   --------------  --------------  --------------  --------------  --------------
      Total                                                   739             632             589             607             556
  Professional services                                       563             544             487             647             534
  Occupancy and equipment                                     346             356             336             379             328
  Interest                                                    238             232             201             222             201
  Communications                                              112             113             117             120             114
  Other                                                       301             379             344             356             345
                                                   --------------  --------------  --------------  --------------  --------------
    Total                                                   4,988           4,969           4,584           4,983           4,462
                                                   --------------  --------------  --------------  --------------  --------------
Pretax income from continuing operations                    1,080           1,121           1,088             920           1,014
Income tax provision                                          215             261             343             251             312
                                                   --------------  --------------  --------------  --------------  --------------
Income from continuing operations                             865             860             745             669             702

Income from discontinued operations, net of tax               165             153             201             227             177
                                                   --------------  --------------  --------------  --------------  --------------
Net income                                         $        1,030  $        1,013  $          946  $          896  $          879
                                                   ==============  ==============  ==============  ==============  ==============
</Table>

                                      -7-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                                                   Quarters Ended
                                                   ------------------------------------------------------------------------------
                                                    September 30,     June 30,        March 31,     December 31,    September 30,
                                                        2005            2005            2005            2004            2004
                                                   --------------  --------------  --------------  --------------  --------------
<S>                                                <C>             <C>             <C>             <C>             <C>
REVENUES
  U.S. Card Services                               $        3,035  $        2,968  $        2,769  $        2,811  $        2,618
  International Card & Global Commercial Services           2,238           2,299           2,161           2,265           2,059
  Global Network & Merchant Services                          716             718             663             703             659
                                                   --------------  --------------  --------------  --------------  --------------
                                                            5,989           5,985           5,593           5,779           5,336
  Corporate & Other,
    including adjustments and eliminations                     79             105              79             124             140
                                                   --------------  --------------  --------------  --------------  --------------

CONSOLIDATED REVENUES                              $        6,068  $        6,090  $        5,672  $        5,903  $        5,476
                                                   ==============  ==============  ==============  ==============  ==============

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                               $          638  $          710  $          718  $          499  $          502
  International Card & Global Commercial Services             325             263             258             236             314
  Global Network & Merchant Services                          214             244             170             211             272
                                                   --------------  --------------  --------------  --------------  --------------
                                                            1,177           1,217           1,146             946           1,088

  Corporate & Other                                           (97)            (96)            (58)            (26)            (74)
                                                   --------------  --------------  --------------  --------------  --------------

PRETAX INCOME FROM CONTINUING OPERATIONS           $        1,080  $        1,121  $        1,088  $          920  $        1,014
                                                   ==============  ==============  ==============  ==============  ==============

NET INCOME (LOSS)
  U.S. Card Services                               $          446  $          485  $          492  $          363  $          356
  International Card & Global Commercial Services             254             237             202             184             224
  Global Network & Merchant Services                          141             154             110             134             173
                                                   --------------  --------------  --------------  --------------  --------------
                                                              841             876             804             681             753

  Corporate & Other                                            24             (16)            (59)            (12)            (51)
                                                   --------------  --------------  --------------  --------------  --------------
  Income from continuing operations                           865             860             745             669             702

  Income from discontinued operations, net of tax             165             153             201             227             177
                                                   --------------  --------------  --------------  --------------  --------------

NET INCOME                                         $        1,030  $        1,013  $          946  $          896  $          879
                                                   ==============  ==============  ==============  ==============  ==============
</Table>

                                      -8-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                                                   Quarters Ended
                                                   ------------------------------------------------------------------------------
                                                    September 30,     June 30,        March 31,     December 31,    September 30,
                                                        2005            2005            2005            2004            2004
                                                   --------------  --------------  --------------  --------------  --------------
<S>                                                <C>             <C>             <C>             <C>             <C>
EARNINGS PER COMMON SHARE

BASIC
   Income from continuing operations               $         0.70  $         0.70  $         0.60  $         0.54  $         0.56
   Income from discontinued operations                       0.14            0.12            0.16            0.18            0.14
                                                   --------------  --------------  --------------  --------------  --------------
   Net income                                      $         0.84  $         0.82  $         0.76  $         0.72  $         0.70
                                                   ==============  ==============  ==============  ==============  ==============

   Average common shares outstanding (millions)             1,229           1,231           1,239           1,242           1,251
                                                   ==============  ==============  ==============  ==============  ==============

DILUTED
   Income from continuing operations               $         0.69  $         0.69  $         0.59  $         0.53  $         0.55
   Income from discontinued operations                       0.13            0.12            0.16            0.18            0.14
                                                   --------------  --------------  --------------  --------------  --------------
   Net income                                      $         0.82  $         0.81  $         0.75  $         0.71  $         0.69
                                                   ==============  ==============  ==============  ==============  ==============

   Average common shares outstanding (millions)             1,254           1,254           1,264           1,270           1,275
                                                   ==============  ==============  ==============  ==============  ==============

Cash dividends declared per common share           $         0.12  $         0.12  $         0.12  $         0.12  $         0.12
                                                   ==============  ==============  ==============  ==============  ==============
</Table>

                               SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                                                   Quarters Ended
                                                   ------------------------------------------------------------------------------
                                                    September 30,     June 30,        March 31,     December 31,    September 30,
                                                        2005            2005            2005            2004            2004
                                                   --------------  --------------  --------------  --------------  --------------
<S>                                                <C>             <C>             <C>             <C>             <C>
Return on average total shareholders' equity (A)             24.2%           23.1%           22.8%           22.0%           21.5%
Common shares outstanding (millions)                        1,239           1,240           1,245           1,249           1,255
Book value per common share*                       $         7.99  $        13.84  $        12.95  $        12.83  $        12.62
Shareholders' equity (billions)*                   $          9.9  $         17.2  $         16.1  $         16.0  $         15.8
</Table>

(A) Computed on a trailing 12-month basis using net income and total
shareholders' equity (including discontinued operations) as included in the
Consolidated Financial Statements prepared in accordance with GAAP.

* Total shareholders' equity and book value per common share amounts prior to
September 30, 2005 include discontinued operations reflected in the Company's
historical Consolidated Financial Statements.

                                      -9-
<Page>

(Preliminary)
                            AMERICAN EXPRESS COMPANY
                        SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                   Quarters Ended
                                                   ------------------------------------------------------------------------------
                                                    September 30,     June 30,        March 31,     December 31,    September 30,
                                                        2005            2005            2005            2004            2004
                                                   --------------  --------------  --------------  --------------  --------------
<S>                                                <C>             <C>             <C>             <C>             <C>
Card billed business (A):
  United States                                    $           89  $           89  $           79  $           84  $           76
  Outside the United States                                    33              32              30              32              27
                                                   --------------  --------------  --------------  --------------  --------------
    Total                                          $          122  $          121  $          109  $          116  $          103
                                                   ==============  ==============  ==============  ==============  ==============
Total cards-in-force (millions):
  United States                                              42.0            41.0            40.3            39.9            38.0
  Outside the United States                                  27.0            26.3            25.8            25.5            25.3
                                                   --------------  --------------  --------------  --------------  --------------
    Total                                                    69.0            67.3            66.1            65.4            63.3
                                                   ==============  ==============  ==============  ==============  ==============
Basic cards-in-force (millions):
  United States                                              31.9            31.1            30.6            30.3            28.9
  Outside the United States                                  22.4            21.8            21.3            21.0            20.8
                                                   --------------  --------------  --------------  --------------  --------------
    Total                                                    54.3            52.9            51.9            51.3            49.7
                                                   ==============  ==============  ==============  ==============  ==============

Average discount rate (B)                                    2.57%           2.58%           2.60%           2.58%           2.60%
Average quarterly basic cardmember spending
  (dollars) (A)                                    $        2,610  $        2,640  $        2,412  $        2,589  $        2,330
Average fee per card - managed (dollars) (A)       $           35  $           35  $           35  $           35  $           34
Travel sales                                       $          4.8  $          5.6  $          5.0  $          5.3  $          4.6
  Travel commissions and fees/sales (C)                       8.7%            8.9%            8.4%            9.1%            9.2%
Worldwide Travelers Cheque and prepaid products:
  Sales                                            $          5.8  $          4.9  $          4.2  $          4.9  $          5.8
  Average outstanding                              $          7.3  $          7.1  $          7.1  $          7.0  $          7.1
  Average investments                              $          7.9  $          7.7  $          7.8  $          7.6  $          7.6
  Investment yield                                            5.1%            5.2%            5.2%            5.4%            5.4%
  Tax equivalent yield                                        7.8%            8.0%            8.0%            8.3%            8.3%
</Table>

(A) Card billed business and cards-in-force include activities related to
proprietary cards, cards issued under network partnership agreements, cash
advances on proprietary cards and certain insurance fees charged on
proprietary cards. Average basic cardmember spending and average fee per card
are computed from proprietary card activities only.

(B) Computed as follows: Discount Revenue from all card spending (proprietary
and Global Network Services) at merchants divided by all billed business
(proprietary and Global Network Services) generating discount revenue at such
merchants. Only merchants acquired by the Company are included in the
computation. Discount rates have been restated on a historical basis from
those previously disclosed, primarily to retain in the computation the Global
Network Services partner portion of discount revenue, as well as the Company's
portion of discount revenue.

(C) Computed from information provided herein.

                                     -10-
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                 SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                               Quarters Ended
                                                  -------------------------------------------------------------------------
                                                  September 30,    June 30,     March 31,    December 31,     September 30,
                                                      2005           2005         2005           2004             2004
                                                  -------------    ---------    ---------    -------------    -------------
<S>                                               <C>              <C>          <C>          <C>              <C>
Worldwide cardmember receivables:
  Total receivables                               $        31.9    $    31.5    $    30.0    $        31.1    $        28.6
  90 days past due as a % of total                          1.7%         1.7%         1.9%             1.8%             1.8%
  Loss reserves (millions):                       $         909    $     848    $     831    $         806    $         847
    % of receivables                                        2.9%         2.7%         2.8%             2.6%             3.0%
    % of 90 days past due                                   173%         160%         147%             146%             160%
  Net loss ratio as a % of charge volume                   0.27%        0.25%        0.23%            0.25%            0.26%

Worldwide cardmember lending - owned basis:
  Total loans                                     $        29.9    $    28.1    $    25.9    $        26.9    $        25.2
  30 days past due loans as a % of total                    2.5%         2.4%         2.7%             2.4%             2.5%
  Loss reserves (millions):
    Beginning balance                             $         888    $     918    $     972    $       1,008    $       1,030
      Provision                                             325          262          266              272              205
      Net write-offs                                       (280)        (285)        (267)            (254)            (255)
      Other                                                  19           (7)         (53)             (54)              28
                                                  -------------    ---------    ---------    -------------    -------------
    Ending balance                                $         952    $     888    $     918    $         972    $       1,008
                                                  =============    =========    =========    =============    =============
    % of loans                                              3.2%         3.2%         3.6%             3.6%             4.0%
    % of past due                                           128%         133%         134%             151%             159%
  Average loans                                   $        28.3    $    27.5    $    26.3    $        26.2    $        26.2
  Net write-off rate                                        4.0%         4.1%         4.1%             3.9%             3.9%
  Net finance charge revenue*/average loans                 9.2%         9.3%         9.0%             8.6%             8.6%

Worldwide cardmember lending - managed basis:
  Total loans                                     $        50.6    $    48.8    $    46.3    $        47.2    $        45.6
  30 days past due loans as a % of total                    2.4%         2.3%         2.6%             2.4%             2.5%
  Loss reserves (millions):
    Beginning balance                             $       1,367    $   1,419    $   1,475    $       1,537    $       1,535
      Provision                                             510          445          471              463              437
      Net write-offs                                       (494)        (490)        (474)            (471)            (463)
      Other                                                  18           (7)         (53)             (54)              28
                                                  -------------    ---------    ---------    -------------    -------------
    Ending balance                                $       1,401    $   1,367    $   1,419    $       1,475    $       1,537
                                                  =============    =========    =========    =============    =============
    % of loans                                              2.8%         2.8%         3.1%             3.1%             3.4%
    % of past due                                           114%         121%         120%             129%             132%
  Average loans                                   $        49.6    $    47.5    $    46.4    $        46.5    $        45.3
  Net write-off rate                                        4.0%         4.1%         4.1%             4.1%             4.1%
  Net finance charge revenue*/average loans                 9.4%         9.2%         9.1%             9.0%             9.1%
</Table>

* - Computed on an annualized basis.

                                     -11-
<Page>

(Preliminary)
                              U.S. CARD SERVICES
                             STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                       Quarters Ended
                                                        September 30,
                                                     -------------------   Percentage
                                                       2005       2004      Inc/(Dec)
                                                     --------   --------   ----------
<S>                                                  <C>        <C>              <C>
Revenues:
  Discount revenue, net card fees and other          $  2,224   $  1,982         12.2%
  Cardmember lending:
      Finance charge revenue                              614        445         38.1
      Interest expense                                    156        104         50.9
                                                     --------   --------
        Net finance charge revenue                        458        341         34.2
  Securitization income, net                              353        295         19.8
                                                     --------   --------
      Total                                             3,035      2,618         15.9
                                                     --------   --------
Expenses:
  Marketing, promotion, rewards
    and cardmember services                             1,003        854         17.5
  Provision for losses                                    458        438          4.4
  Human resources and other operating expenses            936        824         13.5
                                                     --------   --------
      Total                                             2,397      2,116         13.2
                                                     --------   --------
Pretax segment income                                     638        502         27.5
Income tax provision                                      192        146         33.3
                                                     --------   --------
Segment income                                       $    446   $    356         25.1
                                                     ========   ========
</Table>

                                     -12-
<Page>

(Preliminary)
                              U.S. CARD SERVICES
                        SELECTED FINANCIAL INFORMATION

Quarters Ended September 30,
(Millions)

<Table>
<Caption>
                                           GAAP Basis                     Securitization Effect
                                     ---------------------  Percentage    ---------------------
                                       2005         2004     Inc/(Dec)      2005         2004
                                     --------     --------  ----------    --------     --------
<S>                                  <C>          <C>             <C>     <C>          <C>
Revenues:
  Discount revenue, net card fees
    and other                        $  2,224     $  1,982        12.2%   $     53     $     53
  Cardmember lending:
      Finance charge revenue              614          445        38.1         721          573
      Interest expense                    156          104        50.9         209          108
                                     --------     --------                --------     --------
        Net finance charge revenue        458          341        34.2         512          465
  Securitization income, net              353          295        19.8        (353)        (295)
                                     --------     --------                --------     --------
      Total                             3,035        2,618        15.9         212          223
                                     --------     --------                --------     --------
Expenses:
  Marketing, promotion, rewards
    and cardmember services             1,003          854        17.5          (2)          (6)
  Provision for losses                    458          438         4.4         215          232
  Human resources and other
    operating expenses                    936          824        13.5          (1)          (3)
                                     --------     --------                --------     --------
      Total                             2,397        2,116        13.2    $    212     $    223
                                     --------     --------                --------     --------
Pretax segment income                     638          502        27.5
Income tax provision                      192          146        33.3
                                     --------     --------
Segment income                       $    446     $    356        25.1
                                     ========     ========

<Caption>
                                     Tax Equivalent Effect       Managed Basis
                                     ---------------------   ---------------------   Percentage
                                       2005         2004       2005         2004      Inc/(Dec)
                                     --------     --------   --------     --------   ----------
<S>                                  <C>          <C>        <C>          <C>              <C>
Revenues:
  Discount revenue, net card fees
    and other                        $     56     $     57   $  2,333     $  2,092         11.6%
  Cardmember lending:
      Finance charge revenue                                    1,335        1,018         31.1
      Interest expense                                            365          212         71.9
                                                             --------     --------
        Net finance charge revenue                                970          806         20.4
  Securitization income, net                                        -            -            -
                                     --------     --------   --------     --------
      Total                                56           57      3,303        2,898         14.0
                                     --------     --------   --------     --------
Expenses:
  Marketing, promotion, rewards
    and cardmember services                                     1,001          848         18.1
  Provision for losses                                            673          670          0.4
  Human resources and other
    operating expenses                                            935          821         13.8
                                                             --------     --------
      Total                                                     2,609        2,339         11.5
                                     --------     --------   --------     --------
Pretax segment income                      56           57        694          559         24.6
Income tax provision                 $     56     $     57   $    248     $    203         23.5
                                     --------     --------   --------     --------
Segment income
</Table>

The tables above reconcile the GAAP basis for certain income statement line
items to the managed basis information, where different. Securitization
income, net represents the non-credit provision components of the net gains
and charges from securitization activities, the amortization and related
impairment charges, if any, of the related interest-only strip, excess spread
related to securitized loans, net finance charge revenue on retained interests
in securitized loans and servicing income, net of related discounts or fees.
Management views any net gains from securitizations as discretionary benefits
to be used for card acquisition expenses, which are reflected in both
marketing, promotion, rewards and cardmember services expenses and other
operating expenses. Consequently, the managed Selected Financial Information
above for the quarters ended September 30, 2005 and 2004 assumes that gains
from new issuances and charges from the amortization and maturities of
outstanding lending securitization transactions of $3 million and $9 million,
respectively, are offset by higher marketing, promotion, rewards and
cardmember services expenses of $2 million and $6 million, respectively, and
other operating expenses of $1 million and $3 million, respectively.
Accordingly, the incremental expenses, as well as the impact of this net
activity, have been eliminated.

The tax equivalent effect represents an increase to interest income recorded
to enable management to evaluate tax exempt investments on a basis consistent
with taxable investment securities. On a GAAP basis, interest income
associated with tax exempt investments is recorded based on amounts earned.
Accordingly, the managed Selected Financial Information above for the quarters
ended September 30, 2005 and 2004 assumes that tax exempt securities earned
income at rates as if the securities produced taxable income with a
corresponding increase in the provision for income taxes.

                                     -13-
<Page>

(Preliminary)
                              U.S. CARD SERVICES
                        SELECTED FINANCIAL INFORMATION

Quarters Ended
(Millions)

<Table>
<Caption>
                                                              GAAP Basis              Securitization Effect
                                                     ---------------------------   ---------------------------
                                                       June 30,       March 31,      June 30,       March 31,
                                                         2005           2005           2005           2005
                                                     ------------   ------------   ------------   ------------
<S>                                                  <C>            <C>            <C>            <C>
Revenues:
  Discount revenue, net card fees and other          $      2,225   $      2,051   $         51   $         53
  Cardmember lending:
      Finance charge revenue                                  587            522            618            609
      Interest expense                                        140            120            164            140
                                                     ------------   ------------   ------------   ------------
        Net finance charge revenue                            447            402            454            469
  Securitization income, net                                  296            316           (296)          (316)
                                                     ------------   ------------   ------------   ------------
      Total                                                 2,968          2,769            209            206
                                                     ------------   ------------   ------------   ------------
Expenses:
  Marketing, promotion, rewards and cardmember
    services                                                  974            837             (1)            (4)
  Provision for losses                                        367            342            210            212
  Human resources and other operating expenses                917            872              -             (2)
                                                     ------------   ------------   ------------   ------------
      Total                                                 2,258          2,051   $        209   $        206
                                                     ------------   ------------   ------------   ------------
Pretax segment income                                         710            718
Income tax provision                                          225            226
                                                     ------------   ------------
Segment income                                       $        485   $        492
                                                     ============   ============

<Caption>
                                                        Tax Equivalent Effect             Managed Basis
                                                     ---------------------------   ---------------------------
                                                       June 30,       March 31,      June 30,       March 31,
                                                         2005           2005           2005           2005
                                                     ------------   ------------   ------------   ------------
<S>                                                  <C>            <C>            <C>            <C>
Revenues:
  Discount revenue, net card fees and other          $         57   $         57   $      2,333   $      2,161
  Cardmember lending:
      Finance charge revenue                                                              1,205          1,131
      Interest expense                                                                      304            260
                                                                                   ------------   ------------
        Net finance charge revenue                                                          901            871
  Securitization income, net                                                                  -              -
                                                     ------------   ------------   ------------   ------------
      Total                                                    57             57          3,234          3,032
                                                     ------------   ------------   ------------   ------------
Expenses:
  Marketing, promotion, rewards and cardmember
    services                                                                                973            833
  Provision for losses                                                                      577            554
  Human resources and other operating expenses                                              917            870
                                                                                   ------------   ------------
      Total                                                                               2,467          2,257
                                                     ------------   ------------   ------------   ------------
Pretax segment income                                          57             57            767            775
Income tax provision                                 $         57   $         57   $        282   $        283
                                                     ------------   ------------   ------------   ------------
Segment income
</Table>

The tables above reconcile the GAAP basis for certain income statement line
items to the managed basis information, where different. Securitization
income, net represents the non-credit provision components of the net gains
and charges from securitization activities, the amortization and related
impairment charges, if any, of the related interest-only strip, excess spread
related to securitized loans, net finance charge revenue on retained interests
in securitized loans and servicing income, net of related discounts or fees.
Management views any net gains from securitizations as discretionary benefits
to be used for card acquisition expenses, which are reflected in both
marketing, promotion, rewards and cardmember services expenses and other
operating expenses. Consequently, the managed Selected Financial Information
above for the quarters ended June 30, 2005 and March 30, 2005 assumes that
gains from new issuances and charges from the amortization and maturities of
outstanding lending securitization transactions of $1 million and $6 million,
respectively, are offset by higher marketing, promotion, rewards and
cardmember services expenses of $1 million and $4 million, respectively, and
other operating expenses of nil and $2 million, respectively. Accordingly, the
incremental expenses, as well as the impact of this net activity, have been
eliminated.

The tax equivalent effect represents an increase to interest income recorded
to enable management to evaluate tax exempt investments on a basis consistent
with taxable investment securities. On a GAAP basis, interest income
associated with tax exempt investments is recorded based on amounts earned.
Accordingly, the managed Selected Financial Information above for the quarters
ended June 30, 2005 and March 31, 2005 assumes that tax exempt securities
earned income at rates as if the securities produced taxable income with a
corresponding increase in the provision for income taxes.

                                     -14-
<Page>

(Preliminary)
                              U.S. CARD SERVICES
                        SELECTED FINANCIAL INFORMATION

Quarter Ended
(Millions)

<Table>
<Caption>
                                                             GAAP Basis               Securitization Effect
                                                     ---------------------------   ---------------------------
                                                     December 31,  September 30,   December 31,  September 30,
                                                         2004          2004            2004           2004
                                                     ------------  -------------   ------------  -------------
<S>                                                  <C>           <C>             <C>           <C>
Revenues:
  Discount revenue, net card fees and other          $      2,127  $       1,982   $         54  $          53
  Cardmember lending:
      Finance charge revenue                                  455            445            621            573
      Interest expense                                         96            104            132            108
                                                     ------------  -------------   ------------  -------------
        Net finance charge revenue                            359            341            489            465
  Securitization income, net                                  325            295           (325)          (295)
                                                     ------------  -------------   ------------  -------------
      Total                                                 2,811          2,618            218            223
                                                     ------------  -------------   ------------  -------------
Expenses:
  Marketing, promotion, rewards and cardmember
    services                                                  976            854              -             (6)
  Provision for losses                                        386            438            218            232
  Human resources and other operating expenses                950            824              -             (3)
                                                     ------------  -------------   ------------  -------------
      Total                                                 2,312          2,116   $        218  $         223
                                                     ------------  -------------   ------------  -------------
Pretax segment income                                         499            502
Income tax provision                                          136            146
                                                     ------------  -------------
Segment income                                       $        363  $         356
                                                     ============  =============

<Caption>
                                                        Tax Equivalent Effect             Managed Basis
                                                     ---------------------------   ---------------------------
                                                     December 31,  September 30,   December 31,  September 30,
                                                         2004          2004            2004           2004
                                                     ------------  -------------   ------------  -------------
<S>                                                  <C>           <C>             <C>           <C>
Revenues:
  Discount revenue, net card fees and other          $         57  $          57   $      2,238  $       2,092
  Cardmember lending:
      Finance charge revenue                                                              1,076          1,018
      Interest expense                                                                      228            212
                                                                                   ------------  -------------
        Net finance charge revenue                                                          848            806
  Securitization income, net                                                                  -              -
                                                     ------------  -------------   ------------  -------------
      Total                                                    57             57          3,086          2,898
                                                     ------------  -------------   ------------  -------------
Expenses:
  Marketing, promotion, rewards and cardmember
    services                                                                                976            848
  Provision for losses                                                                      604            670
  Human resources and other operating expenses                                              950            821
                                                                                   ------------  -------------
      Total                                                                               2,530          2,339
                                                     ------------  -------------   ------------  -------------
Pretax segment income                                          57             57            556            559
Income tax provision                                 $         57  $          57   $        193  $         203
                                                     ------------  -------------   ------------  -------------
Segment income
</Table>

The tables above reconcile the GAAP basis for certain income statement line
items to the managed basis information, where different. Securitization
income, net represents the non-credit provision components of the net gains
and charges from securitization activities, the amortization and related
impairment charges, if any, of the related interest-only strip, excess spread
related to securitized loans, net finance charge revenue on retained interests
in securitized loans and servicing income, net of related discounts or fees.
Management views any net gains from securitizations as discretionary benefits
to be used for card acquisition expenses, which are reflected in both
marketing, promotion, rewards and cardmember services expenses and other
operating expenses. Consequently, the managed Selected Financial Information
above for the quarter ended September 30, 2004 assumes that gains from new
issuances and charges from the amortization and maturities of outstanding
lending securitization transactions of $9 million are offset by higher
marketing, promotion, rewards and cardmember services expenses of $6 million
and other operating expenses of $3 million. Accordingly, the incremental
expenses, as well as the impact of this net activity, have been eliminated.

The tax equivalent effect represents an increase to interest income recorded
to enable management to evaluate tax exempt investments on a basis consistent
with taxable investment securities. On a GAAP basis, interest income
associated with tax exempt investments is recorded based on amounts earned.
Accordingly, the managed Selected Financial Information above for the quarters
ended December 31, 2004 and September 30, 2004 assumes that tax exempt
securities earned income at rates as if the securities produced taxable income
with a corresponding increase in the provision for income taxes.

                                     -15-
<Page>

(Preliminary)
                              U.S. CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                 Quarters Ended
                                                                  September 30,
                                                          ----------------------------     Percentage
                                                              2005            2004          Inc/(Dec)
                                                          ------------    ------------    ------------
<S>                                                       <C>             <C>                     <C>
Card billed business:                                     $         74    $         63            18.5%
Total cards-in-force (millions):                                  36.9            34.4             7.1
Basic cards-in-force (millions):                                  27.2            25.3             7.4
Average quarterly basic cardmember spending (dollars)     $      2,765    $      2,498            10.7%

U.S. Consumer Travel
  Travel sales                                            $        0.5    $        0.4            16.1%
  Travel commissions and fees/sales                                8.6%            8.5%

Worldwide Travelers Cheque and prepaid products:
  Sales                                                   $        5.8    $        5.8            (0.5)%
  Average outstanding                                     $        7.3    $        7.1             2.8%
  Average investments                                     $        7.9    $        7.6             4.0%
  Investment yield                                                 5.1%            5.4%
  Tax equivalent yield                                             7.8%            8.3%

Total segment assets                                      $       65.2    $       54.3            20.0%
Segment capital                                           $        4.9    $        4.1            18.5%
Return on segment capital (A)                                     40.0%           39.3%

Cardmember receivables:
  Total receivables                                       $       16.8    $       15.3             9.0%
  90 days past due as a % of total                                 2.0%            2.2%
  Net loss ratio as a % of charge volume                          0.30%           0.32%

Cardmember lending - owned basis:
  Total loans                                             $       22.4    $       17.2            29.7%
  30 days past due loans as a % of total                           2.4%            2.4%
  Average loans                                           $       20.9    $       18.2            14.6%
  Net write-off rate                                               3.6%            3.7%
  Net finance charge revenue*/average loans                        8.7%            7.5%

Cardmember lending - managed basis:
  Total loans                                             $       43.0    $       37.5            14.7%
  30 days past due loans as a % of total                           2.4%            2.5%
  Average loans                                           $       42.3    $       37.4            13.1%
  Net write-off rate                                               3.8%            4.0%
  Net finance charge revenue*/average loans                        9.2%            8.6%
</Table>

(A) Computed on a trailing 12-month basis using equity capital allocated to
segments based upon specific business operational needs, risk measures and
regulatory capital requirements.

* Computed on an annualized basis.

                                     -16-
<Page>

(Preliminary)
                              U.S. CARD SERVICES
                             STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                                     Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,       March 31,      December 31,   September 30,
                                                         2005             2005           2005             2004           2004
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Revenues:
  Discount revenue, net card fees and other          $       2,224   $       2,225   $       2,051   $       2,127   $       1,982
  Cardmember lending:
      Finance charge revenue                                   614             587             522             455             445
      Interest expense                                         156             140             120              96             104
                                                     -------------   -------------   -------------   -------------   -------------
        Net finance charge revenue                             458             447             402             359             341
  Securitization income, net                                   353             296             316             325             295
                                                     -------------   -------------   -------------   -------------   -------------
      Total                                                  3,035           2,968           2,769           2,811           2,618
                                                     -------------   -------------   -------------   -------------   -------------
Expenses:
  Marketing, promotion, rewards and cardmember
    services                                                 1,003             974             837             976             854
  Provision for losses                                         458             367             342             386             438
  Human resources and other operating expenses                 936             917             872             950             824
                                                     -------------   -------------   -------------   -------------   -------------
      Total                                                  2,397           2,258           2,051           2,312           2,116
                                                     -------------   -------------   -------------   -------------   -------------
Pretax segment income                                          638             710             718             499             502
Income tax provision                                           192             225             226             136             146
                                                     -------------   -------------   -------------   -------------   -------------
Segment income                                       $         446   $         485   $         492   $         363   $         356
                                                     =============   =============   =============   =============   =============
</Table>

                                     -17-
<Page>

(Preliminary)
                              U.S. CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                     Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     September 30,      June 30,        March 31,     December 31,   September 30,
                                                         2005             2005            2005            2004           2004
                                                     -------------   -------------   -------------   -------------   -------------
<S>                                                  <C>             <C>             <C>             <C>             <C>
Card billed business:                                $          74   $          73   $          65   $          70   $          63
Total cards-in-force (millions):                              36.9            36.1            35.5            35.0            34.4
Basic cards-in-force (millions):                              27.2            26.5            26.1            25.7            25.3
Average quarterly basic cardmember spending
  (dollars)                                          $       2,765   $       2,769   $       2,506   $       2,734   $       2,498

U.S. Consumer Travel
  Travel sales                                       $         0.5   $         0.5   $         0.4   $         0.3   $         0.4
  Travel commissions and fees/sales                            8.6%            8.8%            9.0%           10.3%            8.5%

Worldwide Travelers Cheque and prepaid products:
  Sales                                              $         5.8   $         4.9   $         4.2   $         4.9   $         5.8
  Average outstanding                                $         7.3   $         7.1   $         7.1   $         7.0   $         7.1
  Average investments                                $         7.9   $         7.7   $         7.8   $         7.6   $         7.6
  Investment yield                                             5.1%            5.2%            5.2%            5.4%            5.4%
  Tax equivalent yield                                         7.8%            8.0%            8.0%            8.3%            8.3%

Total segment assets                                 $        65.2   $        60.9   $        57.7   $        58.3   $        54.3
Segment capital                                      $         4.9   $         4.5   $         4.4   $         4.5   $         4.1
Return on segment capital (A)                                 40.0%           39.4%           39.5%           38.2%           39.3%

Cardmember receivables:
  Total receivables                                  $        16.8   $        16.8   $        15.7   $        17.4   $        15.3
  90 days past due as a % of total                             2.0%            2.0%            2.3%            2.0%            2.2%
  Net loss ratio as a % of charge volume                      0.30%           0.29%           0.25%           0.29%           0.32%

Cardmember lending - owned basis:
  Total loans                                        $        22.4   $        20.9   $        18.7   $        19.6   $        17.2
  30 days past due loans as a % of total                       2.4%            2.3%            2.6%            2.4%            2.4%
  Average loans                                      $        20.9   $        20.3   $        19.2   $        18.1   $        18.2
  Net write-off rate                                           3.6%            3.9%            3.9%            3.7%            3.7%
  Net finance charge revenue*/average loans                    8.7%            8.8%            8.4%            7.9%            7.5%

Cardmember lending - managed basis:
  Total loans                                        $        43.0   $        41.6   $        39.2   $        39.9   $        37.5
  30 days past due loans as a % of total                       2.4%            2.2%            2.5%            2.5%            2.5%
  Average loans                                      $        42.3   $        40.3   $        39.3   $        38.3   $        37.4
  Net write-off rate                                           3.8%            4.0%            4.1%            4.0%            4.0%
  Net finance charge revenue*/average loans                    9.2%            8.9%            8.9%            8.8%            8.6%
</Table>

(A) Computed on a trailing 12-month basis using equity capital allocated to
segments based upon specific business operational needs, risk measures and
regulatory capital requirements.

* Computed on an annualized basis.

                                     -18-
<Page>

(Preliminary)
                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES
                             STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                            Quarters Ended
                                                             September 30,
                                                       -----------------------   Percentage
                                                          2005         2004       Inc/(Dec)
                                                       ----------   ----------   ----------
<S>                                                    <C>          <C>               <C>
Revenues:
  Discount revenue, net card fees and other            $    2,067   $    1,902          8.6%
  Cardmember lending:
      Finance charge revenue                                  259          222         16.3
      Interest expense                                         88           65         34.9
                                                       ----------   ----------
        Net finance charge revenue                            171          157          8.6
                                                       ----------   ----------
      Total                                                 2,238        2,059          8.6
                                                       ----------   ----------
Expenses:
  Marketing, promotion, rewards
    and cardmember services                                   310          285          8.6
  Provision for losses and benefits                           270          174         54.5
  Human resources and other operating expenses              1,333        1,286          3.8
                                                       ----------   ----------
      Total                                                 1,913        1,745          9.7
                                                       ----------   ----------
Pretax segment income                                         325          314          3.2
Income tax provision                                           71           90        (22.7)
                                                       ----------   ----------
Segment income                                         $      254   $      224         13.7
                                                       ==========   ==========
</Table>

                                     -19-
<Page>

(Preliminary)
                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES
                        SELECTED FINANCIAL INFORMATION

Quarters Ended September 30,
(Millions)

<Table>
<Caption>
                                                                                 Foreign Exchange
                                                GAAP Basis                  Services Reclassification   Managed Basis
                                             ----------------  Percentage   -------------------------  ----------------  Percentage
                                              2005     2004     Inc/(Dec)        2005         2004      2005     2004     Inc/(Dec)
                                             -------  -------  ----------   -------------  ----------  -------  -------  ----------
<S>                                          <C>      <C>           <C>     <C>            <C>         <C>      <C>             <C>
Revenues:
  Discount revenue, net card fees and other  $ 2,067  $ 1,902         8.6%  $          36  $       47  $ 2,103  $ 1,949         7.9%
  Cardmember lending:
      Finance charge revenue                     259      222        16.3
      Interest expense                            88       65        34.9
                                             -------  -------
        Net finance charge revenue               171      157         8.6
                                             -------  -------               -------------  ----------  -------  -------
      Total                                    2,238    2,059         8.6              36          47    2,274    2,106         7.9
                                             -------  -------               -------------  ----------  -------  -------
Expenses:
  Marketing, promotion, rewards
    and cardmember services                      310      285         8.6
  Provision for losses and benefits              270      174        54.5
  Human resources and other operating
    expenses                                   1,333    1,286         3.8              36          47    1,369    1,333         2.8
                                             -------  -------               -------------  ----------  -------  -------
      Total                                    1,913    1,745         9.7   $          36  $       47  $ 1,949  $ 1,792         8.7
                                             -------  -------               -------------  ----------  -------  -------
Pretax segment income                            325      314         3.2
Income tax provision                              71       90       (22.7)
                                             -------  -------
Segment income                               $   254  $   224        13.7
                                             =======  =======
</Table>

The tables above reconcile the GAAP basis for certain income statement line
items to the managed basis information, where different. The foreign exchange
services reclassification reflects revenues earned related to the sale and
purchase of foreign currencies for customers as part of the foreign exchange
business. On a GAAP basis, these revenues are included with other foreign
exchange items that are reflected in other operating expenses. Management
views foreign exchange services as a revenue generating activity and makes
operating decisions based upon that information. Accordingly, the managed
Selected Financial Information above for the quarters ended September 30, 2005
and 2004 assumes that the amounts earned are included in other revenue with a
corresponding increase in other operating expenses.

                                     -20-
<Page>

(Preliminary)
                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES
                        SELECTED FINANCIAL INFORMATION

Quarters Ended
(Millions)

<Table>
<Caption>
                                                                                                      Foreign Exchange
                                                                GAAP Basis                        Services Reclassification
                                                ----------------------------------------  ----------------------------------------
                                                  June 30,      March 31,   December 31,    June 30,      March 31,   December 31,
                                                    2005          2005          2004          2005          2005          2004
                                                ------------  ------------  ------------  ------------  ------------  ------------
<S>                                             <C>           <C>           <C>           <C>           <C>           <C>
Revenues:
  Discount revenue, net card fees and other     $      2,134  $      1,997  $      2,103  $         36  $         31  $         42
  Cardmember lending:
      Finance charge revenue                             251           247           240
      Interest expense                                    86            83            78
                                                ------------  ------------  ------------
        Net finance charge revenue                       165           164           162
                                                ------------  ------------  ------------  ------------  ------------  ------------
      Total                                            2,299         2,161         2,265            36            31            42
                                                ------------  ------------  ------------  ------------  ------------  ------------
Expenses:
  Marketing, promotion, rewards
    and cardmember services                              328           310           312
  Provision for losses and benefits                      239           228           199
  Human resources and other operating expenses         1,469         1,365         1,518            36            31            42
                                                ------------  ------------  ------------  ------------  ------------  ------------
      Total                                            2,036         1,903         2,029  $         36  $         31  $         42
                                                ------------  ------------  ------------  ------------  ------------  ------------
Pretax segment income                                    263           258           236
Income tax provision                                      26            56            52
                                                ------------  ------------  ------------
Segment income                                  $        237  $        202  $        184
                                                ============  ============  ============

<Caption>
                                                               Managed Basis
                                                ----------------------------------------
                                                  June 30,      March 31,   December 31,
                                                    2005          2005          2004
                                                ------------  ------------  ------------
<S>                                             <C>           <C>           <C>
Revenues:
  Discount revenue, net card fees and other     $      2,170  $      2,028  $      2,145
  Cardmember lending:
      Finance charge revenue
      Interest expense
        Net finance charge revenue
                                                ------------  ------------  ------------
      Total                                            2,335         2,192         2,307
                                                ------------  ------------  ------------
Expenses:
  Marketing, promotion, rewards
    and cardmember services
  Provision for losses and benefits
  Human resources and other operating expenses         1,505         1,396         1,560
                                                ------------  ------------  ------------
      Total                                     $      2,072  $      1,934  $      2,071
                                                ------------  ------------  ------------
Pretax segment income
Income tax provision
Segment income
</Table>

The tables above reconcile the GAAP basis for certain income statement line
items to the managed basis information, where different. The foreign exchange
services reclassification reflects revenues earned related to the sale and
purchase of foreign currencies for customers as part of the foreign exchange
business. On a GAAP basis, these revenues are included with other foreign
exchange items that are reflected in other operating expenses. Management
views foreign exchange services as a revenue generating activity and makes
operating decisions based upon that information. Accordingly, the managed
Selected Financial Information above for the quarters ended June 30, 2005,
March 31, 2005 and December 31, 2004 assumes that the amounts earned are
included in other revenue with a corresponding increase in other operating
expenses.

                                     -21-
<Page>

(Preliminary)
                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                               Quarters Ended
                                                                September 30,
                                                        ----------------------------     Percentage
                                                            2005            2004          Inc/(Dec)
                                                        ------------    ------------    ------------
<S>                                                     <C>             <C>                     <C>
Card billed business:                                   $         42    $         36            15.2%
Total cards-in-force (millions):                                22.2            21.5             3.1
Basic cards-in-force (millions):                                17.6            17.1             2.9
Average quarterly basic cardmember spending (dollars)   $      2,384    $      2,107            13.1%

Global Corporate & International Consumer Travel
  Travel sales                                          $        4.4    $        4.2             3.0%
  Travel commissions and fees/sales                              8.6%            9.4%

International banking
  Total loans                                           $        6.9    $        6.4             8.3%
  Private banking holdings                              $       20.2    $       17.1            18.3%

Total segment assets                                    $       51.0    $       44.4            14.9%
Segment capital                                         $        3.8    $        3.6             6.2%
Return on segment capital (A)                                   23.3%           23.1%

Cardmember receivables:
  Total receivables                                     $       15.2    $       13.3            14.2%
  90 days past due as a % of total                               1.2%            1.5%
  Net loss ratio as a % of charge volume                        0.24%           0.18%

Cardmember lending - owned basis:
  Total loans                                           $        7.5    $        6.5            15.4%
  30 days past due loans as a % of total                         2.8%            2.5%
  Average loans                                         $        7.3    $        6.5            13.5%
  Net write-off rate                                             5.0%            5.1%
  Net finance charge revenue*/average loans                      9.3%            9.8%
</Table>

(A) Computed on a trailing 12-month basis using equity capital allocated to
segments based upon specific business operational needs, risk measures and
regulatory capital requirements.

* - Computed on an annualized basis.

                                     -22-
<Page>

(Preliminary)
                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES
                             STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                                Quarters Ended
                                                 -----------------------------------------------------------------------------
                                                 September 30,     June 30,        March 31,      December 31,   September 30,
                                                      2005           2005            2005             2004           2004
                                                 -------------   -------------   -------------   -------------   -------------
<S>                                              <C>             <C>             <C>             <C>             <C>
Revenues:
  Discount revenue, net card fees and other      $       2,067   $       2,134   $       1,997   $       2,103   $       1,902
  Cardmember lending:
      Finance charge revenue                               259             251             247             240             222
      Interest expense                                      88              86              83              78              65
                                                 -------------   -------------   -------------   -------------   -------------
        Net finance charge revenue                         171             165             164             162             157
                                                 -------------   -------------   -------------   -------------   -------------
      Total                                              2,238           2,299           2,161           2,265           2,059
                                                 -------------   -------------   -------------   -------------   -------------
Expenses:
  Marketing, promotion, rewards
    and cardmember services                                310             328             310             312             285
  Provision for losses and benefits                        270             239             228             199             174
  Human resources and other operating expenses           1,333           1,469           1,365           1,518           1,286
                                                 -------------   -------------   -------------   -------------   -------------
      Total                                              1,913           2,036           1,903           2,029           1,745
                                                 -------------   -------------   -------------   -------------   -------------
Pretax segment income                                      325             263             258             236             314
Income tax provision                                        71              26              56              52              90
                                                 -------------   -------------   -------------   -------------   -------------
Segment income                                   $         254   $         237   $         202   $         184   $         224
                                                 =============   =============   =============   =============   =============
</Table>

                                     -23-
<Page>

(Preliminary)
                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                      Quarters Ended
                                                       ----------------------------------------------------------------------------
                                                       September 30,      June 30,        March 31,    December 31,   September 30,
                                                            2005            2005            2005           2004            2004
                                                       -------------   -------------   -------------   ------------   -------------
<S>                                                    <C>             <C>             <C>             <C>            <C>
Card billed business:                                  $          42   $          42   $          39   $         41   $          36
Total cards-in-force (millions):                                22.2            22.0            21.7           21.6            21.5
Basic cards-in-force (millions):                                17.6            17.5            17.2           17.2            17.1
Average quarterly basic cardmember spending (dollars)  $       2,384   $       2,449   $       2,275   $      2,387   $       2,107

Global Corporate & International Consumer Travel
  Travel sales                                         $         4.4   $         5.1   $         4.6   $        5.0   $         4.2
  Travel commissions and fees/sales                              8.6%            8.8%            8.4%           9.1%            9.4%

International banking
  Total loans                                          $         6.9   $         7.0   $         7.0   $        6.9   $         6.4
  Private banking holdings                             $        20.2   $        19.8   $        18.9   $       18.6   $        17.1

Total segment assets                                   $        51.0   $        49.7   $        48.5   $       47.9   $        44.4
Segment capital                                        $         3.8   $         3.9   $         3.8   $        3.8   $         3.6
Return on segment capital (A)                                   23.3%           22.9%           22.3%          22.0%           23.1%

Cardmember receivables:
  Total receivables                                    $        15.2   $        14.7   $        14.4   $       13.7   $        13.3
  90 days past due as a % of total                               1.2%            1.3%            1.4%           1.5%            1.5%
  Net loss ratio as a % of charge volume                        0.24%           0.20%           0.22%          0.21%           0.18%

Cardmember lending - owned basis:
  Total loans                                          $         7.5   $         7.2   $         7.1   $        7.3   $         6.5
  30 days past due loans as a % of total                         2.8%            2.7%            2.8%           2.3%            2.5%
  Average loans                                        $         7.3   $         7.1   $         7.2   $        7.0   $         6.5
  Net write-off rate                                             5.0%            4.8%            4.3%           4.5%            5.1%
  Net finance charge revenue*/average loans                      9.3%            9.3%            9.2%           9.4%            9.8%
</Table>

(A) Computed on a trailing 12-month basis using equity capital allocated to
segments based upon specific business operational needs, risk measures and
regulatory capital requirements.

* - Computed on an annualized basis.

                                     -24-
<Page>

(Preliminary)
                      GLOBAL NETWORK & MERCHANT SERVICES
                             STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                Quarters Ended
                                                                 September 30,
                                                        ----------------------------     Percentage
                                                            2005            2004          Inc/(Dec)
                                                        ------------    ------------    ------------
<S>                                                     <C>             <C>                    <C>
Revenues:
  Discount revenue, fees and other                      $        716    $        659             8.9%
                                                        ------------    ------------
Expenses:
  Marketing and promotion                                        167             108            54.5
  Provision for losses                                            19             (43)              #
  Human resources and other operating expenses                   316             322            (1.8)
                                                        ------------    ------------
    Total                                                        502             387            29.8
                                                        ------------    ------------
Pretax segment income                                            214             272           (20.8)
Income tax provision                                              73              99           (24.6)
                                                        ------------    ------------
Segment income                                          $        141    $        173           (18.6)
                                                        ============    ============
</Table>

# - Denotes a variance of more than 100%.

                                     -25-
<Page>

(Preliminary)
                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                Quarters Ended
                                                                 September 30,
                                                        ----------------------------     Percentage
                                                            2005            2004          Inc/(Dec)
                                                        ------------    ------------    ------------
<S>                                                     <C>             <C>                     <C>
Global Card billed business (A)                         $        122    $        103            18.4%

Global Network & Merchant Services:
  Total segment assets                                  $        4.5    $        3.5            32.4%
  Segment capital                                       $        1.2    $        1.0            20.8%
  Return on segment capital (B)                                 48.7%           56.4%

Global Network Services:
  Card billed business:                                 $          6    $          4            35.2%
  Total cards-in-force (millions):                               9.9             7.4            36.1%
</Table>

(A) Global Card billed business includes activities related to proprietary
cards, cards issued under Network partnership agreements, cash advances on
proprietary cards and certain insurance fees charged on proprietary cards.

(B) Computed on a trailing 12-month basis using equity capital allocated to
segments based upon specific business operational needs, risk measures and
regulatory capital requirements.

                                     -26-
<Page>

(Preliminary)
                      GLOBAL NETWORK & MERCHANT SERVICES
                             STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                                 Quarters Ended
                                                 -----------------------------------------------------------------------------
                                                 September 30,     June 30,        March 31,      December 31,   September 30,
                                                     2005            2005             2005            2004           2004
                                                 -------------   -------------   -------------   -------------   -------------
<S>                                              <C>             <C>             <C>             <C>             <C>
Revenues:
  Discount revenue, fees and other               $         716   $         718   $         663   $         703   $         659
                                                 -------------   -------------   -------------   -------------   -------------
Expenses:
  Marketing and promotion                                  167             131             165             105             108
  Provision for losses                                      19              17              17              14             (43)
  Human resources and other operating expenses             316             326             311             373             322
                                                 -------------   -------------   -------------   -------------   -------------
    Total                                                  502             474             493             492             387
                                                 -------------   -------------   -------------   -------------   -------------
Pretax segment income                                      214             244             170             211             272
Income tax provision                                        73              90              60              77              99
                                                 -------------   -------------   -------------   -------------   -------------
Segment income                                   $         141   $         154   $         110   $         134   $         173
                                                 =============   =============   =============   =============   =============
</Table>

                                     -27-
<Page>

(Preliminary)
                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                 Quarters Ended
                                                 -----------------------------------------------------------------------------
                                                 September 30,     June 30,        March 31,      December 31,   September 30,
                                                     2005            2005             2005            2004           2004
                                                 -------------   -------------   -------------   -------------   -------------
<S>                                              <C>             <C>             <C>             <C>             <C>
Global Card billed business (A)                  $         122   $         121   $         109   $         116   $         103

Global Network & Merchant Services:
  Total segment assets                           $         4.5   $         4.7   $         4.6   $         3.9   $         3.5
  Segment capital                                $         1.2   $         1.1   $         1.1   $         1.1   $         1.0
  Return on segment capital (B)                           48.7%           53.5%           53.2%           55.8%           56.4%

Global Network Services:
  Card billed business:                          $           6   $           6   $           5   $           5   $           4
  Total cards-in-force (millions):                         9.9             9.2             8.9             8.8             7.4
</Table>

(A) Global Card billed business includes activities related to proprietary
cards, cards issued under Network partnership agreements, cash advances on
proprietary cards and certain insurance fees charged on proprietary cards.


(B) Computed on a trailing 12-month basis using equity capital allocated to
segments based upon specific business operational needs, risk measures and
regulatory capital requirements.

                                     -28-

                                                                  Exhibit 99.3

                          [AMERICAN EXPRESS(R) LOGO]

                                     2005
                                 Third Quarter
                              Earnings Supplement

The enclosed summary should be read in conjunction with the text and
statistical tables included in American Express Company's (the "Company" or
"AXP") Third Quarter 2005 Earnings Release.

This presentation contains certain forward-looking statements that are subject
to risks and uncertainties and speak only as of the date on which they are
made. Important factors that could cause actual results to differ materially
from these forward-looking statements, including the Company's financial and
other goals, are set forth on pages 71-73 in the Company's 2004 Annual Report
to Shareholders and in its 2004 Annual Report on Form 10-K, and other reports,
on file with the Securities and Exchange Commission.

<Page>

                           AMERICAN EXPRESS COMPANY
                              THIRD QUARTER 2005
                                  HIGHLIGHTS

-    Third quarter diluted EPS from continuing operations of $0.69 increased
     25% versus $0.55 last year. Total revenues rose 11%. For the trailing 12
     months, including discontinued operations, ROE was 24%.

     -    3Q '05 Income from continuing operations included:
          -    A $105MM tax benefit from the resolution of a prior year tax
               item related to the sale of AMEX Life in 1995;
          -    $86MM ($56MM after-tax) of reengineering costs, principally
               related to restructuring efforts in our business travel, finance
               and technology functions, and international operations areas; and
          -    A $49MM ($32MM after-tax) provision to reflect the estimated
               costs related to Hurricane Katrina. $38MM of this provision is
               related to our U.S. consumer and small business activities, $9MM
               is associated with our Corporate Services activities and $2MM is
               merchant-related.
     -    3Q '04 Income from continuing operations included:
          -    A charge of $115MM as a result of the reconciliation of prior
               year's securitization-related lending receivable accounts; and
          -    A $60MM benefit reflecting a reduction in merchant-related
               reserves.

     -    The company's reported return on equity (ROE) was 24%, up from 22% a
          year ago. This ratio is determined on a trailing 12-month basis using
          net income and total average shareholders' equity (including
          discontinued operations). Pro forma ROE, which is determined using
          trailing four quarters income from continuing operations (which
          excludes discontinued operations and the cumulative effect of
          accounting changes) over reported shareholders' equity at September
          30, 2005, was 32%. See "Supplemental Information - Pro Forma ROE"
          discussion below.

-    On September 30, 2005, the Company completed the distribution of all of
     the outstanding shares of Ameriprise Financial (formerly American Express
     Financial Advisors) to its shareholders. This non-cash distribution was
     tax-free to the Company's shareholders. In addition, during the third
     quarter of 2005, the Company sold its Tax and Business Services ("TBS")
     business. The operating results and assets and liabilities related to
     these businesses spun-off or sold have been included in discontinued
     operations in the consolidated financial statements.
     -    3Q '05 income from discontinued operations of $165MM also included a
          net gain of $63MM after-tax from certain dispositions, including the
          sale of TBS, $60MM of after-tax Ameriprise spin-off-related expenses
          and $11MM of after-tax Parent Company spin-off related expenses.

-    Including these discontinued operations diluted EPS on a net income basis
     of $0.82 increased 19%.

-    Compared with the third quarter of 2004:

     -    Worldwide billed business increased 18% on continued strong growth
          within both the proprietary and network businesses. A comparatively
          weaker U.S. dollar had a marginal benefit on the reported worldwide
          growth rate.

     -    Worldwide cards in force of 69.0MM increased 9%, up 5.7MM from last
          year and 1.7MM during 3Q '05, on continued proprietary and network
          card growth.

     -    Worldwide average spending per proprietary basic card in force
          increased 12% versus last year;

     -    Worldwide lending balances of $29.9B on an owned basis increased
          18%; on a managed basis, worldwide lending balances of $50.6B were
          up 11%. Excluding the 4Q '04 sale of the company's equipment leasing
          product line, managed loans increased 15% (see discussion of
          "managed basis" below); and

     -    Overall card credit quality continued to be well controlled and
          reserve coverage ratios remained strong.

-    Additional items of note included:

     -    Marketing, promotion, rewards and cardmember services costs
          increased 16% versus 3Q '04 reflecting higher marketing and
          promotion expenses and greater rewards costs. Marketing expenses
          rose due to continuing costs related to the Company's ongoing global
          "My Life, My Card(SM)" advertising campaign and various business
          building initiatives, including the expansion of our product
          portfolio. Rewards costs increased, reflecting volume growth, a
          higher redemption rate, and strong cardmember loyalty program
          participation. The strong metric performance during the quarter
          reflected the ongoing benefits of the increased spending over the
          last two years.

     -    The Company's reengineering initiatives are on track to deliver $1B
          of additional benefits this year, including significant carry-over
          benefits from certain initiatives begun in prior periods.
          Revenue-related reengineering activities are driving a significant
          portion of the total benefits, representing more than 25% of the
          benefits delivered in 3Q '05.

     -    As previously disclosed, the Company decided to expense stock
          options beginning in 1Q '03 and use restricted stock awards in place
          of stock options for middle management. As a result, the 3Q '05
          impacts of incremental annual option grant expense, increased levels
          of restricted stock awards and other related compensation changes
          contributed to the 9% increase in human resources expense. In
          addition, the Company elected to adopt SFAS 123R, effective July 1,
          2005. The impact of adoption was immaterial since the Company has
          been expensing share based awards granted after January 1, 2003 under
          the provisions of SFAS 123.
               -    Compared with last year, the total employee count within
                    continuing operations of 65,300 decreased by 1,600
                    employees or 2%; compared with last quarter, the employee
                    count declined by 200 or less than 1%.

                                      -1-
<Page>

                           AMERICAN EXPRESS COMPANY
                              THIRD QUARTER 2005
                                  HIGHLIGHTS

-    Separately, the Company announced that as part of Delta Airlines' ("Delta")
     decision to file for protection under Chapter 11 of the Bankruptcy Code,
     the Company agreed with Delta to restructure certain of its financial
     arrangements with the airline. In particular, Delta agreed to repay to AXP
     an aggregate $557MM, representing $500MM that AXP advanced in the fourth
     quarter of 2004 and first quarter of 2005 as prepayment for the purchase of
     Delta SkyMiles rewards points and $57MM related to a pre-petition facility
     arranged by GE Capital in the fourth quarter of 2004. Contemporaneously
     with the repayment, AXP lent to Delta $350MM as part of Delta's
     post-petition, debtor-in-possession ("DIP") financing under the Bankruptcy
     Code. Upon approval of the broader DIP financing facility, Delta applied
     $50MM of proceeds to pay down a portion of the AXP facility, leaving a
     remaining balance of $300MM. This post-petition facility continues to be
     structured as an advance against AXP's obligations to purchase Delta
     SkyMiles rewards points under the Company's co-brand and Membership Rewards
     ("MR") agreements and will be amortized ratably each month beginning July,
     2006. Final payment will be made by September, 2007. The AXP post-petition
     facility will be secured by (i) senior liens in Delta assets specifically
     related to its American Express co-brand, MR and card acceptance
     relationships and (ii) liens subordinate to senior liens in all other Delta
     assets and certain Delta subsidiaries.

-    During the quarter, American Express continued to invest in growth
     opportunities through expanded products and services. In particular, we:

     -    Launched the IN: Chicago and IN: LA cards which, in addition to our
          IN:NYC card, provide targeted rewards for young, urban cardmembers
          and support a city-centric marketing strategy;

     -    Launched the Blue Sky Credit Card for consumers and the Business
          FreedomPass(SM) Credit Card for small businesses enabling
          cardmembers to earn points specifically towards travel rewards;

     -    Expanded our corporate card relationship with British Airways with a
          new co-branded card specifically targeting small and medium sized
          businesses;

     -    Expanded benefits of our co-branded Corporate Card relationship with
          American Airlines to enhance its features for mid-sized businesses;

     -    Announced an agent bank alliance between Guaranty Bank and OPEN from
          American Express(SM) to exclusively offer small business cards with
          both the Guaranty Bank and American Express brands;

     -    Announced an agreement with Oriental Financial Group to be the first
          bank to distribute American Express consumer and commercial cards in
          Puerto Rico;

     -    Partnered with Banco Patagonia to issue American Express cards,
          denominated in both pesos and U.S. dollars, in Argentina;

     -    Formed a strategic alliance with Standard Chartered Bank to issue
          credit cards on the American Express network in Asia, with an
          initial launch in Hong Kong;

     -    Announced a partnership with Shinhan Card to issue American Express
          cards in South Korea;

     -    Launched a program to allow cardmembers to instantly redeem points
          to book travel directly on the American Express travel website
          without blackout dates or restriction;

     -    Added the Private Jet Rewards luxury option, which allows
          cardmembers to redeem reward points for private jet travel;

     -    Enhanced the premier Trackpoint and Preferred Extras Corporate
          Travel security and benefit programs, through the expansion of their
          scope and relevance to eligible cardmembers; and

     -    Marked a decade of online business travel service, with nearly 5
          million online transactions over the year ended 7/31/05, and more than
          one-third of total U.S. business travel reservations conducted through
          our website.

                                      -2-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                                 CONSOLIDATED

(Preliminary)
                             STATEMENTS OF INCOME
                                 (GAAP basis)

<Table>
<Caption>
                                                                                        Quarters Ended        Percentage
          (millions)                                                                     September 30,         Inc/(Dec)
                                                                                   -----------------------    ----------
                                                                                       2005        2004
                                                                                   ----------   ----------
          <S>                                                                      <C>          <C>                  <C>
          Revenues:
             Discount revenue                                                      $    2,945   $    2,535            16%
             Cardmember lending net finance charge revenue                                648          562            16
             Net card fees                                                                511          474             8
             Travel commissions and fees                                                  421          426            (1)
             Other commissions and fees                                                   628          574             8
             Securitization income, net                                                   353          295            20
             Other investment and interest income                                         246          248            (1)
             Other                                                                        316          362           (11)
                                                                                   ----------   ----------
                    Total                                                               6,068        5,476            11
                                                                                   ----------   ----------
          Expenses:
            Human resources                                                             1,197        1,098             9
            Marketing, promotion, rewards and cardmember services                       1,492        1,286            16
            Provision for losses and benefits
               Charge card                                                                299          206            45
               Cardmember lending                                                         364          233            56
               Investment certificates and other                                           76          117           (35)
                                                                                   ----------   ----------
               Total                                                                      739          556            33
            Professional services                                                         563          534             6
            Occupancy and equipment                                                       346          328             6
            Interest                                                                      238          201            18
            Communications                                                                112          114            (2)
            Other                                                                         301          345           (13)
                                                                                   ----------   ----------
                     Total                                                              4,988        4,462            12
                                                                                   ----------   ----------
          Pretax income from continuing operations                                      1,080        1,014             7
          Income tax provision                                                            215          312           (31)
                                                                                   ----------   ----------
          Income from continuing operations                                               865          702            23

          Income from discontinued operations, net of tax                                 165          177            (7)
                                                                                   ----------   ----------
          Net income                                                               $    1,030   $      879            17
                                                                                   ==========   ==========

          EPS-Basic
                Income from continuing operations                                  $     0.70   $     0.56            25
                                                                                   ==========   ==========
                Income from discontinued operations                                $     0.14   $     0.14             -
                                                                                   ==========   ==========
                Net Income                                                         $     0.84   $     0.70            20
                                                                                   ==========   ==========

          EPS-Diluted
                Income from continuing operations                                  $     0.69   $     0.55            25
                                                                                   ==========   ==========
                Income from discontinued operations                                $     0.13   $     0.14            (7)
                                                                                   ==========   ==========
                Net Income                                                         $     0.82   $     0.69            19
                                                                                   ==========   ==========
</Table>

-    Income from continuing operations increased 23% to $865MM.

     -    3Q '05 Income from continuing operations included:
          -    A $105MM tax benefit from the resolution of a prior year tax
               item related to the sale of AMEX Life in 1995;
          -    $86MM ($56MM after-tax) of reengineering costs, principally
               related to restructuring efforts in our business travel, finance
               and technology functions, and international operations areas; and
          -    A $49MM ($32MM after-tax) provision during the quarter to reflect
               the estimated costs related to Hurricane Katrina. $38MM of this
               provision is related to our U.S. consumer and small business
               activities, $9MM is associated with our Corporate Services
               activities and $2MM is merchant-related.
     -    3Q '04 Income from continuing operations included:
          -    A charge of $115MM as a result of the reconciliation of prior
               year's securitization-related lending receivable accounts; and
          -    A $60MM benefit reflecting a reduction in merchant-related
               reserves.

                                       -3-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                                 CONSOLIDATED

-    Net Income including discontinued operations rose 17% to $1,030MM.
     -    3Q '05 Income from discontinued operations of $165MM included a net
          gain of $63MM after-tax from certain dispositions, including the
          sale of TBS, $60MM after-tax of Ameriprise spin-off-related expenses
          and $11MM of after-tax Parent Company spin-off related expenses.

-    SHARE REPURCHASES: During 3Q '05, 8MM shares were repurchased versus 10MM
     shares in 2Q '05 and 15MM shares in 3Q '04. Repurchases year to date
     reflect a more measured approach towards repurchase activity in light of
     the capital implications of the spin-off of Ameriprise. Since the
     inception of repurchase programs in September 1994, 526MM shares have
     been acquired under cumulative Board authorizations to repurchase up to
     570MM shares, including purchases made under agreements with third
     parties.

<Table>
<Caption>
                                                                              Millions of Shares
                                                                       --------------------------------
     <S>                                                                  <C>         <C>         <C>
     -  AVERAGE SHARES:                                                   3Q'05       2Q'05       3Q'04
                                                                       --------    --------    --------
          Basic                                                           1,229       1,231       1,251
                                                                       ========    ========    ========
          Diluted                                                         1,254       1,254       1,275
                                                                       ========    ========    ========
     -  ACTUAL SHARE ACTIVITY:
          Shares outstanding - beginning of period                        1,240       1,245       1,267
          Repurchase of common shares                                        (8)        (10)        (15)
          Employee benefit plans, compensation and other                      9           5           3
                                                                       --------    --------    --------
          Shares outstanding - end of period                              1,241       1,240       1,255
                                                                       ========    ========    ========
</Table>

-    CONSOLIDATED REVENUES: Consolidated revenues increased 11% reflecting
     increases versus last year of 16% within U.S. Card Services, 9% within
     International Card & Global Commercial Services and 9% within Global
     Network & Merchant Services. Revenues increased due to higher discount
     revenues, increased Cardmember lending net finance charge revenue,
     greater securitization income, higher other commissions and fees, higher
     net card fees, and increased travel commissions and fees, partially
     offset by declines in other revenues and other investment and interest
     income. Translation of foreign currency revenues contributed less than 1%
     to the 11% revenue growth rate.

-    CONSOLIDATED EXPENSES: Consolidated expenses increased 12%, reflecting
     increases versus last year of 13% within U.S. Card Services, 10% within
     International Card & Global Commercial Services and 30% within Global
     Network & Merchant Services. Expense growth reflected higher marketing,
     promotion, rewards and cardmember services costs, greater provision for
     losses, higher human resources expenses, higher interest costs, larger
     professional services expenses, and greater occupancy and equipment
     costs, partially offset by lower other expenses and lower communication
     costs. Translation of foreign currency expenses contributed less than 1%
     to the 12% growth rate.

-    PRE-TAX MARGIN: Was 17.8% in 3Q '05 compared with 18.4% in 2Q '05 and
     18.5% in 3Q '04.

-    EFFECTIVE TAX RATE: Was 20% in 3Q '05, as compared to 23% in 2Q '05 and
     31% in 3Q '04. The lower tax rates in 3Q '05 and 2Q '05 reflect benefits
     of $105MM and $90MM, respectively, from the resolution of previous years'
     tax return items.

-    DISCOUNT REVENUE: An 18% increase in billed business, partially offset
     by a lower average discount rate, yielded a 16% increase in discount
     revenue.
     -    The average discount rate* was 2.57% in 3Q '05 versus 2.58% in 2Q
          '05 and 2.60% in 3Q '04. The decrease versus last year and last
          quarter continues to reflect, in part, changes in the mix of
          spending between various merchant segments.
          -    We believe the AXP value proposition is strong. However, as
               indicated in prior quarters, continued changes in the mix of
               business, volume-related pricing discounts and selective
               repricing initiatives will likely continue to result in some
               erosion of the average discount rate over time.

<Table>
<Caption>
                                                                              Quarters Ended       Percentage
                                                                               September 30,        Inc/(Dec)
                                                                         -----------------------   ----------
                                                                            2005         2004
                                                                         ----------   ----------
          <S>                                                            <C>          <C>               <C>
          Card billed business* (billions):
               United States                                             $       89   $       76           19%
               Outside the United States                                         33           27           18
                                                                         ----------   ----------
               Total                                                     $      122   $      103           18
                                                                         ==========   ==========
          Cards in force (millions):
               United States                                                   42.0         38.0           10
               Outside the United States                                       27.0         25.3            7
                                                                         ----------   ----------
               Total                                                           69.0         63.3            9
                                                                         ==========   ==========
          Basic cards in force (millions):
               United States                                                   31.9         28.9           11
               Outside the United States                                       22.4         20.8            8
                                                                         ----------   ----------
               Total                                                           54.3         49.7            9
                                                                         ==========   ==========
          Average basic cardmember spending**
               United States                                             $    2,927   $    2,634           11
               Outside the United States                                 $    1,924   $    1,687           14
               Total                                                     $    2,610   $    2,330           12
</Table>

* For additional information about billed business and discount rate
  calculations, please refer to the Third Quarter 2005 Earnings Release,
  American Express Company Selected Statistical Information pages.
**Proprietary card activity only.

                                       -4-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                                 CONSOLIDATED

-    DISCOUNT REVENUE (CONT'D):

     -    WORLDWIDE BILLED BUSINESS: The 18% increase in worldwide billed
          business reflected an 18% increase in U.S. Card Services, a 15%
          increase in International Card & Global Commercial Services and a 35%
          increase in Global Network Services ("GNS") partner volume. Worldwide
          average spend per proprietary basic card grew by 12% and total cards
          in force grew by 9%.
          -    U.S. billed business was up 19% reflecting growth of 17% within
               our consumer card business, a 22% increase in small business
               spending and a 13% improvement in Corporate Services volumes.
               -    Spending per proprietary basic card in force increased
                    11%.
               -    U.S. non-T&E-related volume categories (which represented
                    approximately 68% of 3Q '05 U.S. billed business) grew
                    20%, while T&E volumes rose 13%.
               -    U.S. airline-related volume, which represented
                    approximately 12% of total U.S. volumes during the
                    quarter, rose 12% as 13% transaction volume growth was
                    suppressed by an approximately 1% lower average airline
                    charge.
          -    Excluding the impact of foreign exchange translation:
               -    Worldwide billed business and spending per proprietary
                    basic card in force increased 18% and 12%, respectively.
               -    Total billed business outside the U.S. reflected
                    double-digit proprietary growth in all regions, with the
                    largest increases in Canada and Latin America.
               -    Within our proprietary business, billed business outside
                    the U.S. reflected 13% growth in consumer and small
                    business spending, as well as a 15% increase in Corporate
                    Services volumes.
               -    Spending per proprietary basic card in force outside the
                    U.S. rose 14%.
               -    Worldwide airline volumes, which represented approximately
                    12% of total volumes during the quarter, increased 16% on
                    13% growth in transaction volume, and a 2% increase in the
                    average airline charge.

     -    CARDS IN FORCE: Rose 9% worldwide due to an increase of 7% in U.S.
          Card Services, 3% in International Card & Global Commercial Services
          and 36% in GNS. Continued robust card acquisitions within both the
          proprietary and GNS activities and strong average customer retention
          levels drove this change.
               -    In the U.S. 1MM cards were added in the quarter; outside
                    the U.S., 700K cards were added during the quarter.

-    CARDMEMBER LENDING NET FINANCE CHARGE REVENUE: Increased 16% on 8% growth
     in average worldwide lending balances on an owned basis and a higher
     portfolio yield.
     -    Annualized net finance charge revenue as a percentage of average
          loans in the worldwide portfolio was 9.2% in 3Q '05 versus 9.3% in
          2Q '05 and 8.6% in 3Q '04. The increase versus last year reflects a
          lower proportion of the U.S. portfolio on introductory rates and
          increased finance charge rates, partially offset by rising funding
          costs.

-    NET CARD FEES: Grew 8% primarily due to higher cards in force. In both 3Q
     '05 and 2Q '05, the average annual fee per proprietary card in force was
     $35 versus $34 in 3Q '04.

-    TRAVEL COMMISSIONS AND FEES: Declined 1% as higher travel sales were
     partially offset by lower transaction fees as a greater proportion of
     bookings were made on-line.

-    OTHER COMMISSIONS AND FEES: Increased 8% on greater volume-related
     foreign exchange conversion fees and higher card-related fees and
     assessments.

-    SECURITIZATION INCOME, NET: Increased 20% on a greater average balance of
     securitized loans, a higher portfolio yield and a decrease in portfolio
     write-offs, partially offset by greater interest expense due to a higher
     coupon rate paid to certificate holders and an increase in the payment
     speed of the trust assets. Securitization income, net represents the
     non-credit provision components of the net gains and charges from
     securitization activities within the U.S. Card Services segment, the
     amortization and related impairment charges, if any, of the related
     interest-only strip, excess spread related to securitized loans, net
     finance charge revenue on retained interests in securitized loans, and
     servicing income, net of related discounts or fees.
     -    During 3Q '05 and 3Q '04, results reflected net securitization
          gains, including the credit components, of $3MM ($2MM after-tax) and
          $9MM ($6MM after-tax), respectively. The average balance of
          Cardmember lending securitizations was $21.3B in 3Q '05, compared
          with $19.2B in 3Q '04.

-    OTHER INVESTMENT AND INTEREST INCOME: Declined 1% due to lower investment
     portfolio spreads reflecting higher funding costs.

-    OTHER REVENUES: Declined 11% in part due to lower ATM revenues resulting
     from the sale of the business in 3Q '04.

                                       -5-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                                 CONSOLIDATED

-    HUMAN RESOURCES EXPENSE: Increased 9% due to $77MM of severance costs,
     higher management incentives, including an additional year of incremental
     stock-based compensation expenses, merit increases and increased employee
     benefit costs.

-    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Increased
     16%, reflecting higher marketing and promotion expenses and greater
     rewards costs. The increase in marketing and promotion expenses is due to
     the Company's ongoing global brand advertising campaign and our continued
     focus on business-building initiatives. The growth in rewards costs is
     attributable to volume growth, a higher redemption rate and strong
     cardmember loyalty program participation.

-    PROVISIONS FOR LOSSES AND BENEFITS: Increased 33% as the charge card and
     lending provisions rose 45% and 56%, respectively, and the other provisions
     declined by 35%. The charge and lending growth reflects strong volume
     increases within both activities and higher provision rates, as well as a
     $49MM provision during the quarter to reflect the estimated costs related
     to Hurricane Katrina. The 3Q '04 Investment Certificate and Other Provision
     included a charge of $115MM related to a securitization reconciliation and
     a benefit of $60MM due to a reduction in merchant-related reserves.

     -    CREDIT QUALITY:
          -    Overall credit quality continued to perform well.
          -    Reserve coverage ratios, which are in excess of 100% of past
               due balances, remained strong.

          -    WORLDWIDE CHARGE CARD: *
               -    The loss ratio increased versus last quarter and last
                    year. Past due rates improved versus last year and were
                    flat with last quarter.

<Table>
<Caption>
                                                                   9/05            6/05            9/04
                                                               ------------    -----------     -----------
               <S>                                                     <C>            <C>             <C>
               Net loss ratio as a % of charge volume                  0.27%          0.25%           0.26%
               90 days past due as a % of receivables                   1.7%           1.7%            1.8%

<Caption>
                                                                   9/05            6/05            9/04
                                                               ------------    -----------     -----------
               <S>                                             <C>             <C>             <C>
               Total Receivables (B)                           $       31.9    $      31.5     $      28.6
               Reserves (MM)                                   $        909    $       848     $       847
               % of receivables                                         2.9%           2.7%            3.0%
               % of 90 day past due accounts                            173%           160%            160%
</Table>

          -    WORLDWIDE LENDING:**
               -    The write-off rate rose versus last year, but was down
                    versus last quarter. Past due levels were flat with last
                    year, but up from last quarter.

<Table>
<Caption>
                                                                   9/05            6/05            9/04
                                                               ------------    -----------     -----------
               <S>                                                      <C>            <C>             <C>
               Net write-off rate                                       4.0%           4.1%            3.9%
               30 days past due as a % of loans                         2.5%           2.4%            2.5%

<Caption>
                                                                   9/05            6/05            9/04
                                                               ------------    -----------     -----------
               <S>                                             <C>             <C>             <C>
               Total Loans (B)                                 $       29.9    $      28.1     $      25.2
               Reserves (MM)                                   $        952    $       888     $     1,008
               % of total loans                                         3.2%           3.2%            4.0%
               % of 30 days past due accounts                           128%           133%            159%
</Table>

     *    There are no off-balance sheet charge card securitizations.
          Therefore, "Owned Basis" and "Managed Basis" credit quality
          statistics for the charge card portfolio are the same.
     **   All lending statistics are presented here on a GAAP or "Owned
          Basis". "Managed Basis" credit quality statistics are available in
          the Third Quarter 2005 Earnings Release on the Consolidated Selected
          Statistical Information pages. Credit trends are generally
          consistent under both reporting methods.

-    PROFESSIONAL SERVICES EXPENSES: Rose 6% reflecting increased technology
     costs related to higher business and service-related volumes.

-    OCCUPANCY AND EQUIPMENT EXPENSES: Rose 6% primarily due to higher rent
     expense and the amortization of software costs.

-    INTEREST: Rose 18% due to higher receivable balances and a higher effective
     cost of funds.

-    COMMUNICATIONS: Decreased slightly versus last year.

-    OTHER OPERATING EXPENSES: Decreased 13% due in part to lower expenses as
     a result of our 3Q '04 sale of the ATM business.

                                       -6-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                                 CONSOLIDATED

SUPPLEMENTAL INFORMATION - PRO FORMA ROE

The Company's consolidated return on equity (ROE) is calculated on a trailing
12-month basis using reported net income over average total shareholder's
equity (including discontinued operations). The Company also reports pro forma
ROE, which is determined using trailing four quarters income from continuing
operations (which excludes discontinued operations and the cumulative effect
of accounting changes) over reported shareholders' equity at period end.
Management believes pro forma ROE is an important measure because it reflects
performance of the Company's continuing businesses by excluding the impact of
Ameriprise Financial, Inc. and American Express Tax and Business Services,
Inc., which were disposed of as of September 30, 2005.

<Table>
<Caption>
ROE                                                 Pro Forma ROE
---                                                 -------------
<S>                                                 <C>
Trailing 12-months --                               Trailing four quarters income from continuing operations: $3.1B
    Net income: $3.9B                               Total shareholders' equity at September 30, 2005:  $9.9B
    Average total shareholders' equity: $16.0B      Pro forma ROE: 32%
ROE:  24%
</Table>

                                      ***

MANAGED BASIS

U.S. Card Services and International Card & Global Commercial Services segment
results are presented on a managed basis and Global Network & Merchant
Services and Corporate & Other segment results are presented on a GAAP basis.

For U.S. Card Services, managed basis means the presentation assumes there
have been no securitization transactions, i.e. all securitized cardmember
loans and related income effects are reflected as if they were in the
Company's balance sheet and income statements, respectively. The Company
presents U.S. Card Services information on a managed basis because that is the
way the Company's management views and manages the business. Management
believes that a full picture of trends in the Company's cardmember lending
business can only be derived by evaluating the performance of both securitized
and non-securitized cardmember loans. Asset securitization is just one of
several ways for the Company to fund cardmember loans. Use of a managed basis
presentation, including non-securitized and securitized cardmember loans,
presents a more accurate picture of the key dynamics of the cardmember lending
business, avoiding distortions due to the mix of funding sources at any
particular point in time. The Company does not currently securitize
international loans.

Irrespective of the funding mix, it is important for management and investors
to see metrics, such as changes in delinquencies and write-off rates, for the
entire cardmember lending portfolio because they are more representative of
the economics of the aggregate cardmember relationships and ongoing business
performance and trends over time. It is also important for investors to see
the overall growth of cardmember loans and related revenue in order to
evaluate market share. These metrics are significant metrics in evaluating the
Company's performance and can only be properly assessed when all
non-securitized and securitized cardmember loans are viewed together on a
managed basis.

The managed basis presentation for U.S. Card Services also reflects an
increase to interest income recorded to evaluate tax exempt investments on a
basis consistent with taxable investment securities. On a GAAP basis, interest
income associated with tax exempt investments is recorded based on amounts
earned. Accordingly, information presented on a managed basis assumes that tax
exempt securities earned income at rates as if the securities produced taxable
income with a corresponding increase in the provision for income taxes.

The managed basis presentation for International Card & Global Commercial
Services reflects a foreign exchange services reclassification of revenue
earned related to the sale and purchase of foreign currencies as part of the
foreign exchange business. On a GAAP basis, these revenues are included with
other foreign exchange items that are reflected in other operating expenses.
Accordingly, information presented on a managed basis assumes that the amounts
earned are included in other revenue with a corresponding increase in other
operating expenses.

                                       -7-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                               CORPORATE & OTHER

-    Net income of $24MM in 3Q '05 compared with a net expense of $16MM in 2Q
     '05 and $51MM in 3Q '04.

     -    3Q '05 reflects the $105MM tax benefit previously discussed, $51MM
          ($33MM after-tax) of reengineering costs and $3MM after-tax of
          spin-off related expenses.

     -    2Q '05 reflects a $54MM tax audit benefit, a $73MM ($47MM after-tax)
          benefit from 9/11-related insurance claims and $19MM ($12MM after-tax)
          of reengineering costs. In addition, $3MM and $2MM in after-tax,
          spin-related expenses previously included in Corporate & Other in
          2Q'05 and 1Q'05, respectively, have been reclassified to discontinued
          operations this quarter to align with the 3Q'05 income statement
          presentation.

                                       -8-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                              U.S. CARD SERVICES

The following table compares and reconciles the GAAP basis U.S. Card Services
income statements to the managed basis information, where different.

Management views any net gains from securitizations as discretionary benefits
to be used for card acquisition expenses, which are reflected in both
marketing, promotion, rewards and cardmember services and other operating
expenses. Consequently, the managed basis presentation assumes the impact of
this net activity was offset by higher marketing, promotion, rewards and
cardmember services expenses of $2MM in 3Q '05 and $6MM in 3Q '04, and other
operating expenses of $1MM in 3Q '05 and $3MM in 3Q '04. Accordingly, the
incremental expenses, as well as the impact of the net lending securitization
activity, are eliminated.

                        CONDENSED STATEMENTS OF INCOME
                         MANAGED BASIS RECONCILIATION

Quarters Ended September 30,
(Preliminary, millions)

<Table>
<Caption>
                                                                 Securitization      Tax Equivalent
                                          GAAP Basis                 Effect              Effect               Managed Basis
-------------------------------------------------------------   -----------------   ----------------  ----------------------------
                                                        %                                                                    %
                                   2005     2004    Inc/(Dec)    2005      2004      2005      2004    2005       2004   Inc/(Dec)
-------------------------------------------------------------   -----------------   ----------------  ----------------------------
<S>                               <C>      <C>             <C>  <C>       <C>       <C>      <C>      <C>       <C>             <C>
Revenues:
Discount revenue, net card
fees and other                    $ 2,224  $ 1,982         12%  $    53   $    53   $    56  $    57  $ 2,333   $ 2,092         12%
Cardmember Lending:
   Finance charge revenue             614      445         38       721       573                       1,335     1,018         31
   Interest expense                   156      104         51       209       108                         365       212         72
-------------------------------------------------------------   -----------------                     ----------------------------
     Net finance charge revenue       458      341         34       512       465                         970       806         20
-------------------------------------------------------------   -----------------                     ----------------------------
Securitization income, net            353      295         20      (353)     (295)                          -         -          -
-------------------------------------------------------------   -----------------   ----------------  ----------------------------
     Total                          3,035    2,618         16       212       223        56       57    3,303     2,898         14
-------------------------------------------------------------   -----------------   ----------------  ----------------------------
Expenses:
Marketing, promotion, rewards
and cardmember services             1,003      854         18        (2)       (6)                      1,001       848         18
Provision for losses                  458      438          4       215       232                         673       670          1
Human resources and other
operating expenses                    936      824         13        (1)       (3)                        935       821         14
-------------------------------------------------------------   -----------------                     ----------------------------
     Total                          2,397    2,116         13   $   212   $   223                       2,609     2,339         12
-------------------------------------------------------------   -----------------                     ----------------------------

Pretax segment income                 638      502         28                            56       57      694       559         25
Income tax provision                  192      146         33                       $    56  $    57  $   248   $   203         24
-------------------------------------------------------------                       ----------------  ----------------------------
Segment income                    $   446  $   356         25
-------------------------------------------------------------
</Table>

                                      -9-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                              U.S. CARD SERVICES

STATISTICAL INFORMATION

<Table>
<Caption>
                                                                        Quarters Ended       Percentage
                                                                         September 30,        Inc/(Dec)
                                                                   -----------------------   ----------
                                                                      2005         2004
                                                                   ----------   ----------
     <S>                                                           <C>          <C>                  <C>
     Card billed business (billions)                               $       74   $       63           18%
     Total cards in force (millions)                                     36.9         34.4            7
     Basic cards in force (millions)                                     27.2         25.3            7
     Average basic cardmember spending*                            $    2,765   $    2,498           11
     Segment Capital (billions)                                    $      4.9   $      4.1           19
     Return on Segment Capital**                                         40.0%        39.3%           -
</Table>

     *  Proprietary cards only
     ** Computed on a trailing 12-month basis using segment income and
        equity capital allocated to segments based upon specific business
        operational needs, risk measures and regulatory capital requirements.

MANAGED P&L DISCUSSION

-    NET INCOME: Increased 25% as revenues rose 14% and expenses increased
     12%.

     -    PRE-TAX MARGIN: Was 21.0% in 3Q '05, versus 23.7% in 2Q '05 and
          19.3% in 3Q '04.

     -    EFFECTIVE TAX RATE: Was 36% in 3Q '05 and 3Q '04 compared with 37%
          in 2Q '05.

-    DISCOUNT REVENUE, NET CARD FEES AND OTHER REVENUES: Increased 12%, largely
     due to increases in billed business volumes.

     -    BILLED BUSINESS: The 18% increase in U.S. Card Services billed
          business reflected an 11% increase in spending per proprietary basic
          card and a 7% growth in cards in force.
          -    Within the U.S. consumer business, billed business grew 17%;
               small business volumes rose 22%.

     -    CARDS IN FORCE: Increased by 2.5MM, or 7% versus last year on
          continued strong card acquisitions and average customer retention
          levels.

-    NET FINANCE CHARGE REVENUE: Increased 20% on 13% growth in average
     lending balances and a higher portfolio yield.

     -    Annualized net finance charge revenue as a percentage of average
          loans was 9.2% in 3Q '05 versus 8.9% in 2Q '05 and 8.6% in 3Q '04.
          The increase versus last year reflects a lower proportion of the
          portfolio on introductory rates and increased finance charge rates,
          partially offset by rising funding costs.

-    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Rose 18%
     on increased business-building activities and volume-related rewards
     expense growth.

-    PROVISION FOR LOSSES: Increased 1% reflecting charge and lending volume
     growth, higher provision rates and a $38MM provision during the quarter
     to reflect the estimated costs related to Hurricane Katrina, which were
     offset by last year's $115MM securitization reconciliation charge.

                                      -10-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                              U.S. CARD SERVICES

     -    CHARGE CARD: *

          -    The loss ratio was down from last year, but up from last
               quarter. Past due levels were down from last year, but flat
               with last quarter.

<Table>
<Caption>
                                                     9/05        6/05        9/04
                                                   --------    --------    --------
          <S>                                      <C>         <C>         <C>
          Total Receivables ($B)                   $   16.8    $   16.8    $   15.3
          Net loss ratio as a % of charge volume       0.30%       0.29%       0.32%
          90 days past due as a % of total              2.0%        2.0%        2.2%
</Table>

     -    CARD LENDING: **

          -    The write-off rate improved versus last year and last quarter.
               Past due rates declined versus last year, but rose versus last
               quarter.

<Table>
<Caption>
                                                     9/05        6/05        9/04
                                                   --------    --------    --------
          <S>                                      <C>         <C>         <C>
          Total Loans ($B)                         $   43.0    $   41.6    $   37.5
          Net write-off rate                            3.8%        4.0%        4.0%
          30 days past due as a % of loans              2.4%        2.2%        2.5%
</Table>

     *    There are no off-balance sheet Charge Card securitizations.
          Therefore, "Owned basis" and "Managed basis" credit quality
          statistics for the Charge Card portfolio are the same.

     **   As previously described, this information is presented on a "Managed
          basis". "Owned basis" credit quality statistics are available in the
          Third Quarter 2005 Earnings Release on the U.S. Card Selected
          Statistical Information pages. Credit trends are generally
          consistent under both reporting methods.

-    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 14% due to higher
     management incentives, including an additional year of incremental
     stock-based compensation expenses, merit increases, and increased
     employee benefit costs. In addition, operating expenses rose reflecting
     volume related costs.

                                      -11-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES

(Preliminary)

                        CONDENSED STATEMENTS OF INCOME
                               (Managed Basis)*

<Table>
<Caption>
                                                                  Quarters Ended           Percentage
(millions)                                                         September 30,            Inc/(Dec)
                                                          -----------------------------   -------------
                                                                   2005            2004
                                                          -------------   -------------
<S>                                                       <C>             <C>                       <C>
Revenues:
  Discount revenue, net card fees and other               $       2,103   $       1,949               8%
  Cardmember Lending:
    Finance charge revenue                                          259             222              16
    Interest expense                                                 88              65              35
                                                          -------------   -------------
      Net finance charge revenue                                    171             157               9
                                                          -------------   -------------
        Total                                                     2,274           2,106               8
                                                          -------------   -------------
Expenses:
  Marketing, promotion, rewards and cardmember services             310             285               9
  Provision for losses and benefits                                 270             174              55
  Human resources and other operating expenses                    1,369           1,333               3
                                                          -------------   -------------
        Total                                                     1,949           1,792               9
                                                          -------------   -------------
Pretax segment income                                               325             314               3
Income tax provision                                                 71              90             (23)
                                                          -------------   -------------
Net income                                                $         254   $         224              14
                                                          =============   =============
</Table>

*Managed basis P&L differs from GAAP basis due to a change in classification
of certain foreign exchange activities. Specifically, $36MM and $47MM,
respectively, of revenues are reclassified from a contra-expense under the
GAAP basis presentation to other revenue within the managed basis presentation
in 3Q '05 and 3Q '04.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                            Quarters Ended            Percentage
                                                             September 30,             Inc/(Dec)
                                                   ------------------------------    ------------
                                                        2005            2004
                                                   -------------    -------------
          <S>                                      <C>              <C>                        <C>
          Card billed business (billions)          $          42    $          36              15%
          Total cards in force (millions)                   22.2             21.5               3
          Basic cards in force (millions)                   17.6             17.1               3
          Average basic cardmember spending*       $       2,384    $       2,107              13
          Segment Capital (billions)               $         3.8    $         3.6               6
          Return on Segment Capital**                       23.3%            23.1%              -
</Table>

     *    Proprietary cards only
     **   Computed on a trailing 12-month basis using segment income and
          equity capital allocated to segments based upon specific business
          operational needs, risk measures and regulatory capital
          requirements.

          -    BILLED BUSINESS: The 15% increase in billed business reflects a
               13% increase in spending per proprietary basic card and 3%
               growth in cards in force.

               -    International consumer and small business spending rose
                    16%; global corporate spending rose 14%.
               -    All of AXP's major geographic regions experienced
                    double-digit growth.
               -    Excluding the impact of foreign exchange translation,
                    billed business and spending per proprietary basic card in
                    force increased 13% and 11%, respectively.

          -    CARDS IN FORCE: Rose 3% versus last year reflective of the
               business' strategy to focus on higher value cardmembers. Total
               cards in force rose 200K during the quarter.

                                      -12-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES

MANAGED P&L DISCUSSION

-    NET INCOME: Increased 14% on 8% growth in revenues and 9% higher expenses.

     -    3Q '05 included $30MM ($19MM after-tax) of reengineering costs,
          related principally to ongoing restructuring activities in the
          Corporate Travel business, international operations and American
          Express Bank (AEB).

     -    PRE-TAX MARGIN: Was 14.3% in 3Q '05, versus 11.3% in 2Q '05 and
          14.9% in 3Q '04.

     -    EFFECTIVE TAX RATE: Was 22% in 3Q '05, compared with 10% in 2Q '05
          and 29% in 3Q '04. The 2Q '05 tax rate reflects a previously
          disclosed $33MM tax benefit at AEB resulting from an IRS audit of
          previous years' tax returns.

-    DISCOUNT REVENUE, NET CARD FEES AND OTHER REVENUES: The increase of 8%
     versus 3Q '04 was driven primarily by increases in both spending and
     cards-in-force, as well as greater volume-related foreign exchange
     conversion fees and higher card-related assessments.

-    NET FINANCE CHARGE REVENUE: Increased 9% due to the 14% growth in average
     lending balances, partially offset by a higher cost of funds.

-    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Increased
     9%, reflecting both greater rewards costs and higher marketing and
     promotion expenses due to our ongoing business-building initiatives.

-    PROVISION FOR LOSSES AND BENEFITS: Increased 55% on strong charge and
     lending volume growth and higher provision rates in addition to a $9MM
     provision during the quarter to reflect the estimated costs related to
     Hurricane Katrina.

     -    CREDIT QUALITY:

          -    CHARGE CARD: *

               -    The loss ratio has increased versus last year and last
                    quarter while past due amounts have declined from last
                    year and last quarter.

<Table>
<Caption>
                                                                 9/05             6/05             9/04
                                                             -------------    -------------    -------------
                    <S>                                      <C>              <C>              <C>
                    Total Receivables ($B)                   $        15.2    $        14.7    $        13.3
                    Net loss ratio as a % of charge volume            0.24%            0.20%            0.18%
                    90 days past due as a % of total                   1.2%             1.3%             1.5%
</Table>

          -    CARDMEMBER LENDING:*

               -    Past due rates rose from last year and last quarter while
                    write-off rates declined from last year, but increased
                    over last quarter.

<Table>
<Caption>
                                                                 9/05             6/05             9/04
                                                             -------------    -------------    -------------
                    <S>                                      <C>              <C>              <C>
                    Cardmember Loans ($B)                    $         7.5    $         7.2    $         6.5
                    30 days past due as a % of loans                   2.8%             2.7%             2.5%
                    Net write-off rate                                 5.0%             4.8%             5.1%
</Table>

     *There are no off-balance sheet Charge Card and currently no international
     lending securitizations. Therefore, "Owned basis" and "Managed basis"
     credit quality statistics for the Charge Card and lending portfolio are
     the same.

-    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 3% reflecting
     higher management incentives, merit increases and increased restructuring
     and reengineering costs, which were partially offset by a 4% decline in
     employees and other reengineering-related savings.

                                      -13-
<Page>

                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2005 OVERVIEW
                      GLOBAL NETWORK & MERCHANT SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP Basis)

     (Preliminary)

<Table>
<Caption>
                                                                       Quarters
                                                                         Ended                 Percentage
                                                                     September 30,              Inc/(Dec)
                                                             -----------------------------    ------------
     (millions)                                                  2005            2004
                                                             -------------   -------------
     <S>                                                     <C>             <C>                        <C>
     Revenues:
        Discount revenue, fees and other                     $         716   $         659                9%
                                                             -------------   -------------
     Expenses:
        Marketing and promotion                                        167             108               55
        Provision for losses                                            19             (43)               #
        Human resources and other operating expenses                   316             322               (2)
                                                             -------------   -------------
          Total                                                        502             387               30
                                                             -------------   -------------
     Pretax segment income                                             214             272              (21)
     Income tax provision                                               73              99              (25)
                                                             -------------   -------------
     Segment income                                          $         141   $         173              (19)
                                                             =============   =============
</Table>

     # Denotes variance greater than 100%.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                           Quarters Ended              Percentage
          (billions)                                        September 30,               Inc/(Dec)
                                                   ------------------------------    -------------
                                                       2005             2004
                                                   -------------    -------------
          <S>                                      <C>              <C>                         <C>
          Global Card Billed Business*             $         122    $         103               18%
          Segment Capital                          $         1.2    $         1.0               21
          Return on Segment Capital**                       48.7%            56.4%               -

          Global Network Services:
             Card billed business                  $           6    $           4               35
             Total cards in force (millions)                 9.9              7.4               36
</Table>

          * Includes activities related to proprietary cards, cards issued
          under GNS partnership agreements, cash advances on proprietary
          cards and certain insurance fees charged on proprietary cards.

          ** Computed on a trailing 12-month basis using segment income and
          equity capital allocated to segments based upon specific business
          operational needs, risk measures and regulatory capital
          requirements.

P&L DISCUSSION

-    NET INCOME: Declined 19% as 9% revenue growth was offset by higher
     marketing costs and a higher provision for losses due to the 3Q '04 $60MM
     benefit from the reduction in merchant-related reserves.

     -    PRE-TAX MARGIN: Was 30.0% in 3Q '05, versus 33.6% in 2Q '05 and
          41.3% in 3Q '04.

     -    EFFECTIVE TAX RATE: Was 35% in 3Q '05, compared with 36% in 2Q '05
          and 3Q '04.

-    DISCOUNT REVENUE, FEES AND OTHER REVENUES: Increased 9% primarily due to
     growth in network-related discount revenues generated from the strong
     growth in network volumes, which were partially offset by the impact of the
     3Q '04 sale of our ATM business.

-    MARKETING AND PROMOTION: Expenses increased 55%, reflecting higher
     marketing and promotion costs primarily due to the ongoing costs of the
     "MyLife, MyCard" brand advertising campaign.

-    PROVISION FOR LOSSES: Increased substantially due to the $60MM benefit in
     3Q '04 resulting from the reduction in merchant-related reserves in
     addition to a $2MM provision during the quarter to reflect the estimated
     costs related to Hurricane Katrina.

-    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Decreased 2% reflecting
     well-controlled operating costs, a larger interest expense credit related
     to internal transfer pricing which recognizes the network business'
     accounts payable-related funding benefit, partially offset by greater
     salary and benefits costs, partially resulting from headcount growth due
     to GNS business-building initiatives.

                                      -14-
<Page>

               INFORMATION RELATED TO FORWARD LOOKING STATEMENTS

     THIS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS, WHICH ARE SUBJECT TO
RISKS AND UNCERTAINTIES. THE WORDS "BELIEVE," "EXPECT," "ANTICIPATE,"
"OPTIMISTIC," "INTEND," "PLAN," "AIM," "WILL," "MAY," "SHOULD," "COULD,"
"WOULD," "LIKELY," AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY
FORWARD-LOOKING STATEMENTS. 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 GROW ITS BUSINESS AND MEET OR
EXCEED ITS RETURN ON SHAREHOLDERS' EQUITY TARGET BY REINVESTING APPROXIMATELY
35% OF ANNUALLY-GENERATED CAPITAL, AND RETURNING APPROXIMATELY 65% OF SUCH
CAPITAL TO SHAREHOLDERS, OVER TIME, WHICH WILL DEPEND ON THE COMPANY'S ABILITY
TO MANAGE ITS CAPITAL NEEDS AND THE EFFECT OF BUSINESS MIX, ACQUISITIONS AND
RATING AGENCY REQUIREMENTS; CONSUMER AND BUSINESS SPENDING ON THE COMPANY'S
CREDIT AND CHARGE CARD PRODUCTS AND TRAVELERS CHEQUES AND OTHER PREPAID
PRODUCTS AND GROWTH IN CARD LENDING BALANCES, WHICH DEPEND IN PART ON THE
ABILITY TO ISSUE NEW AND ENHANCED CARD AND PREPAID PRODUCTS, SERVICES AND
REWARDS PROGRAMS, AND INCREASE REVENUES FROM SUCH PRODUCTS, ATTRACT NEW
CARDMEMBERS, REDUCE CARDMEMBER ATTRITION, CAPTURE A GREATER SHARE OF EXISTING
CARDMEMBERS' SPENDING, SUSTAIN PREMIUM DISCOUNT RATES ON ITS CARD PRODUCTS IN
LIGHT OF REGULATORY AND MARKET PRESSURES, INCREASE MERCHANT COVERAGE, RETAIN
CARDMEMBERS AFTER LOW INTRODUCTORY LENDING RATES HAVE EXPIRED, AND EXPAND THE
GLOBAL NETWORK & MERCHANT SERVICES BUSINESS; THE COMPANY'S ABILITY TO
INTRODUCE NEW PRODUCTS, REWARD PROGRAM ENHANCEMENTS AND SERVICE ENHANCEMENTS
ON A TIMELY BASIS DURING THE LATTER HALF OF 2005 AND THE FIRST HALF OF 2006;
THE SUCCESS OF THE GLOBAL NETWORK & MERCHANT SERVICES BUSINESS IN PARTNERING
WITH BANKS IN THE UNITED STATES, WHICH WILL DEPEND IN PART ON THE EXTENT TO
WHICH SUCH BUSINESS FURTHER ENHANCES THE COMPANY'S BRAND, ALLOWS THE COMPANY
TO LEVERAGE ITS SIGNIFICANT PROCESSING SCALE, EXPANDS MERCHANT COVERAGE OF THE
NETWORK, PROVIDES GLOBAL NETWORK & MERCHANT SERVICES' BANK PARTNERS IN THE
UNITED STATES THE BENEFITS OF GREATER CARDMEMBER LOYALTY AND HIGHER SPEND PER
CUSTOMER, AND MERCHANT BENEFITS SUCH AS GREATER TRANSACTION VOLUME AND
ADDITIONAL HIGHER SPENDING CUSTOMERS; THE CONTINUATION OF FAVORABLE TRENDS,
INCLUDING INCREASED TRAVEL AND ENTERTAINMENT SPENDING, AND THE OVERALL LEVEL
OF CONSUMER CONFIDENCE; SUCCESSFULLY CROSS-SELLING FINANCIAL, TRAVEL, CARD AND
OTHER PRODUCTS AND SERVICES TO THE COMPANY'S CUSTOMER BASE, BOTH IN THE UNITED
STATES AND ABROAD; THE COMPANY'S ABILITY TO GENERATE SUFFICIENT REVENUES FOR
EXPANDED INVESTMENT SPENDING, AND THE ABILITY TO CAPITALIZE ON SUCH
INVESTMENTS TO IMPROVE BUSINESS METRICS; THE COSTS AND INTEGRATION OF
ACQUISITIONS; THE SUCCESS, TIMELINESS AND FINANCIAL IMPACT (INCLUDING COSTS,
COST SAVINGS AND OTHER BENEFITS INCLUDING INCREASED REVENUES), AND BENEFICIAL
EFFECT ON THE COMPANY'S OPERATING EXPENSE TO REVENUE RATIO, BOTH IN THE
SHORT-TERM AND OVER TIME, OF REENGINEERING INITIATIVES BEING IMPLEMENTED OR
CONSIDERED BY THE COMPANY, INCLUDING COST MANAGEMENT, STRUCTURAL AND STRATEGIC
MEASURES SUCH AS VENDOR, PROCESS, FACILITIES AND OPERATIONS CONSOLIDATION,
OUTSOURCING (INCLUDING, AMONG OTHERS, TECHNOLOGIES OPERATIONS), RELOCATING
CERTAIN FUNCTIONS TO LOWER-COST OVERSEAS LOCATIONS, MOVING INTERNAL AND
EXTERNAL FUNCTIONS TO THE INTERNET TO SAVE COSTS, AND PLANNED STAFF REDUCTIONS
RELATING TO CERTAIN OF SUCH REENGINEERING ACTIONS; THE ABILITY TO CONTROL AND
MANAGE OPERATING, INFRASTRUCTURE, ADVERTISING AND PROMOTION EXPENSES AS
BUSINESS EXPANDS OR CHANGES, INCLUDING THE ABILITY TO ACCURATELY ESTIMATE THE
PROVISION FOR THE COST OF THE MEMBERSHIP REWARDS PROGRAM; THE COMPANY'S
ABILITY TO MANAGE CREDIT RISK RELATED TO CONSUMER DEBT, BUSINESS LOANS,
MERCHANT BANKRUPTCIES AND OTHER CREDIT TRENDS AND THE RATE OF BANKRUPTCIES,
WHICH CAN AFFECT SPENDING ON CARD PRODUCTS, DEBT PAYMENTS BY INDIVIDUAL AND
CORPORATE CUSTOMERS AND BUSINESSES THAT ACCEPT THE COMPANY'S CARD PRODUCTS AND
RETURNS ON THE COMPANY'S INVESTMENT PORTFOLIOS; BANKRUPTCIES, RESTRUCTURINGS
OR SIMILAR EVENTS AFFECTING THE AIRLINE OR ANY OTHER INDUSTRY REPRESENTING A
SIGNIFICANT PORTION OF THE COMPANY'S BILLED BUSINESS, INCLUDING ANY POTENTIAL
NEGATIVE EFFECT ON PARTICULAR CARD PRODUCTS AND SERVICES AND BILLED BUSINESS
GENERALLY THAT COULD RESULT FROM THE ACTUAL OR PERCEIVED WEAKNESS OF KEY
BUSINESS PARTNERS IN SUCH INDUSTRIES; THE TRIGGERING OF OBLIGATIONS TO MAKE
PAYMENTS TO CERTAIN CO-BRAND PARTNERS, MERCHANTS, VENDORS AND CUSTOMERS UNDER
CONTRACTUAL ARRANGEMENTS WITH SUCH PARTIES UNDER CERTAIN CIRCUMSTANCES; A
DOWNTURN IN THE COMPANY'S BUSINESSES AND/OR NEGATIVE CHANGES IN THE COMPANY'S
AND ITS SUBSIDIARIES' CREDIT RATINGS, WHICH COULD RESULT IN CONTINGENT
PAYMENTS UNDER CONTRACTS, DECREASED LIQUIDITY AND HIGHER BORROWING COSTS;
RISKS ASSOCIATED WITH THE COMPANY'S AGREEMENTS WITH DELTA AIR LINES TO PREPAY
$350 MILLION FOR THE FUTURE PURCHASES OF DELTA SKYMILES REWARDS POINTS;
FLUCTUATIONS IN FOREIGN CURRENCY EXCHANGE RATES; FLUCTUATIONS IN INTEREST
RATES, WHICH IMPACT THE COMPANY'S BORROWING COSTS, RETURN ON LENDING PRODUCTS
AND SPREADS IN THE INSURANCE, ANNUITY AND INVESTMENT CERTIFICATE PRODUCTS;
ACCURACY OF ESTIMATES FOR THE FAIR VALUE OF THE ASSETS IN THE COMPANY'S
INVESTMENT PORTFOLIO AND, IN PARTICULAR, THOSE INVESTMENTS THAT ARE NOT
READILY MARKETABLE, INCLUDING THE VALUATION OF THE INTEREST-ONLY STRIP
RELATING TO THE COMPANY'S LENDING SECURITIZATIONS; THE POTENTIAL NEGATIVE
EFFECT ON THE COMPANY'S BUSINESSES AND INFRASTRUCTURE, INCLUDING INFORMATION
TECHNOLOGY, OF TERRORIST ATTACKS, DISASTERS OR OTHER CATASTROPHIC EVENTS IN
THE FUTURE; POLITICAL OR ECONOMIC INSTABILITY IN CERTAIN REGIONS OR COUNTRIES,
WHICH COULD AFFECT LENDING AND OTHER COMMERCIAL ACTIVITIES, AMONG OTHER
BUSINESSES, OR RESTRICTIONS ON CONVERTIBILITY OF CERTAIN CURRENCIES; CHANGES
IN LAWS OR GOVERNMENT REGULATIONS, INCLUDING CHANGES IN TAX LAWS OR
REGULATIONS THAT COULD RESULT IN THE ELIMINATION OF CERTAIN TAX BENEFITS;
OUTCOMES AND COSTS ASSOCIATED WITH LITIGATION AND COMPLIANCE AND REGULATORY
MATTERS; DEFICIENCIES AND INADEQUACIES IN THE COMPANY'S INTERNAL CONTROL OVER
FINANCIAL REPORTING, WHICH COULD RESULT IN INACCURATE OR INCOMPLETE FINANCIAL
REPORTING; AND COMPETITIVE PRESSURES IN ALL OF THE COMPANY'S MAJOR BUSINESSES.
A FURTHER DESCRIPTION OF THESE AND OTHER RISKS AND UNCERTAINTIES CAN BE FOUND
IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31,
2004, AND ITS OTHER REPORTS FILED WITH THE SEC.

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