#1American Express Earnings Conference Call Q3'23 OCTOBER 20, 2023 AMERICAN EXPRESS#2Summary Financial Performance ($in millions; except per share amounts) Q3'23 Q3'22 YOY% Inc/(Dec) Total Revenues Net of Interest Expense $15,381 $13,556 13% FX-Adjusted* $13,652 13% Pretax Pre-Provision Income** $4,333 $3,237 34% Provision Expense $1,233 $778 58% Net Income $2,451 $1,879 30% Diluted EPS+ $3.30 $2.47 34% Average Diluted Shares Outstanding 733 749 (2%) * Total Revenues Net of Interest Expense adjusted for FX is a non-GAAP measure. FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes Q3'23 foreign exchange rates apply to Q3'22 results). ** Pretax pre-provision income is a non-GAAP measure. See Annex 1 for a reconciliation to Pretax income on a GAAP basis. +Attributable to common shareholders. Represents net income less earnings allocated to participating share awards and dividends on preferred shares. AM EX 2#3Total Network Volumes Growth ($ in billions) $427 $413 $420 $395 $394 $399 Total Network Volumes $59 $54 $350 $56 $54 $55 $53 Processed Volumes $49 AM EX G&S, 6% YoY $341 $339 $357 $368 $346 $366 Billed Business $301 T&E, 13% YoY Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 % Increase/(decrease) vs. Prior Year (FX-adjusted): Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Billed Business 35% 30% 24% 15% 16% 8% 7% Processed Volumes 15% 19% 19% 17% 15% 13% (1%) Total Network 32% 28% 23% 16% 16% 9% 6% Volumes Note: All growth rates reflect FX-adjusted rates. See Annex 2 for reported billings growth rates. Billed business represents transaction volumes on payment products issued by American Express. Processed volumes represent transaction volumes from cards issued by network partners and alternative payment solutions facilitated by American Express. G&S Goods & Services billed business. T&E = Travel & Entertainment billed business. 3#4U.S. Consumer Services Billed Business ($ in billions) $155 $149 $154 $141 $140 $142 $123 $107 $106 $99 $108 G&S, 8% YoY $98 $96 $87 $35 $42 $42 $41 $46 $48 $47 T&E, 13% YoY Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q3'23 YOY % of Total Note: Subtotals may not foot due to rounding. Millennials + Gen-X Baby Boomer + Total Gen-Z 18% 7% 3% 9% 32% 37% 31% 100% AM EX 4#5Commercial Services Billed Business ($ in billions) $128 $128 $131 $130 $130 $125 $114 $103 $103 $106 $99 $103 $103 G&S, 0% YoY $95 $19 $25 $25 $25 $26 $27 $27 T&E, 6% YoY Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q3'23 YOY % of Total US SME US Large & Global Corp Total 2% 83% 0% 1% 17% 100% Note: All growth rates reflect FX-adjusted rates except for US SME. See Annex 2 for reported billings growth rates. Subtotals may not foot due to rounding. AM EX 5#6International Card Services Billed Business ($ in billions) $82 $83 $77 $77 $71 $70 $63 $57 $57 G&S, 12% YoY $56 $53 $50 $49 $47 $21 $21 $21 $24 $25 $26 T&E, 20% YoY $16 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q3'23 YOY % of Total Int'l Consumer Int'l SME & Large Corp. 15% 15% 65% 35% Note: All growth rates reflect FX-adjusted rates. See Annex 2 for reported billings growth rates. Subtotals may not foot due to rounding. Total 15% 100% AM EX 6#7Worldwide Total Loans and Card Member Receivables Total Ending Loans and Card Member Receivables AM EX ($ in billions) Pre- Pandemic $179 $183 $171 $172 $159 $150 7% 8% 4% 6% Card Member Receivables 13% 3% YoY Growth Total Loans 8% 31% 24% 25% 22% 20% Q4'19 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Total Loans & CM Receivables 6% 24% 18% 19% 15% 15% YOY Growth Note: Total Loans reflects Card Member loans and Other loans. 7#8Card Member Loans and Card Member Receivables Credit Metrics 30+ Days Past Due* Net Write-off Rates* AM EX Pre- Pandemic 1.5% 1.1% 1.2% 1.2% 1.2% 0.9% Q4'19 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Pre- Pandemic 2.2% 1.8% 1.8% 1.6% 1.2% 0.9% Q4'19 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Corporate Net Write- off Rates (P&F)** 0.8% 0.4% 0.6% 0.6% 0.6% 0.6% Note: See Slide 22 for credit metrics for Card Member Loans and Card Member Receivables presented separately. Net write-off rates based on principal losses only unless otherwise indicated. See Statistical Tables for the third quarter of 2023, available at ir.americanexpress.com, for net write-off rates including interest and fees.* Card Member Loans and Card Member Receivables Net Write-off Rates and 30+ Days past due as a % both represent Global Consumer and Global Small Business Services Card Member Loans and Card Member Receivables (unavailable for Corporate). Corporate Net Write-off Rate based on principal and fee losses related to U.S. Corporate, International Corporate and Global Clients Receivables. ** 8#9Total Provision ($in millions) AM EX $1,233 Total Provision $1,198 $1,027 $1,055 $321 $327 Reserve Build/(Release)* $320 $778 $492 $387 $410 $871 $912 Write-offs ($33) $58 $735 $535 $352 $391 $287 ($320) Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 See Variance Commentary in the appendix section for an explanation of the provision variance versus last year. * Reserve Build/(Release) represents the portion of the provisions for credit losses for the period related to increasing or decreasing reserves for credit losses. 9#10Total Reserves ($ in billions) Balance Sheet Credit Reserves* $5.0 $4.7 $0.3 $0.2 Card Member $4.3 $0.3 $0.2 Receivables $0.1 Total Loans $4.2 Reserves as a % of: $4.5 $4.8 Q1'20 Beginning Reserves Q2'23 Ending Reserves Q3'23 Ending Reserves Total Loans & CM Receivables 2.9% 2.6% 2.7% AM EX Total Loans CM Receivables 4.6% 0.2% 3.7% 0.4% 3.9% 0.3% * Q1'20, Q2'23 and Q3'23 Balance Sheet credit reserve builds differ from P&L credit reserve builds due to other receivables and FX impacts. Reserve subtotals may not foot due to rounding. 10 10#11Revenue Performance ($ in millions) Q3'23 Q3'23 Q3'22 YOY% Inc/(Dec) % of Total Revenue Discount Revenue $8,408 $7,848 7% 55% Net Card Fees $1,846 $1,541 20% 12% Service Fees and Other Revenue $1,261 $1,169 8% 8% Processed Revenue $424 $420 1% 3% Net Interest Income $3,442 $2,578 34% 22% Revenues Net of Interest Expense $15,381 $13,556 13% 100% FX-Adjusted* $13,652 13% See Variance Commentary in the appendix section for an explanation of the revenue variances versus last year. Subtotals may not add to 100% due to rounding. * Total Revenues Net of Interest Expense adjusted for FX and the related growth rate are non-GAAP measures. See Slide 2 for an explanation of FX-adjusted information. AM EX 11#12Discount Revenue ($ in billions) $8.5 $8.2 $8.4 $7.9 $7.8 $7.9 $6.8 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 % Increase/(decrease) vs. Prior year (FX-adjusted): Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 YoY Growth* 38% 32% 26% 16% 17% 8% 7% AM EX * Discount Revenue YoY growth rates adjusted for FX are non-GAAP measures. See Annex 3 for Discount Revenue growth rates on a GAAP basis. See Slide 2 for an explanation of FX-adjusted information. 12 12#13Net Card Fees and New Cards Acquired Net Card Fees Growth* % Increase/(decrease) vs. Prior year (FX-adjusted): Proprietary NCA (in millions) 30% 25% 25% 23% 23% 22% 3.2 3.3 3.4 3.0 3.0 3.0 2.9 19% 19% 20% 16% 15% 10% 5% 0% Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Note: Effective Q2'21 we prospectively changed the recognition of certain costs paid to a third party previously recognized over the 12-month card membership period in Net Card Fees. * Net Card Fees YoY growth rates adjusted for FX are non-GAAP measures. See Annex 4 for Net Card Fees growth rates on a GAAP basis. See Slide 2 for an explanation of FX- adjusted information. AM EX 13#14Net Interest Income Net Interest Income $ in billions (on a reported basis) - % Increase/(decrease) vs. Prior year (FX-adjusted): $3.4 $2.6 $2.8 $3.0 $3.1 $2.3 YOY Growth* 13% 30% 32% 36% 32% 33% Q4'19 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 WW Net Interest Yield on CM Loans** 11.3% 10.8% 10.8% 11.3% 11.2% 11.7% AM EX * Net Interest Income YoY growth rates adjusted for FX are non-GAAP measures. See Annex 5 for Net Interest Income growth rates on a GAAP basis. See Slide 2 for an explanation of FX-adjusted information. ** See Annex 6 for a reconciliation of net interest yield, a non-GAAP measure. 14 14#15Total Revenue Net of Interest Expense ($in billions) $15.1 $15.4 $14.2 $14.3 $13.4 $13.6 $11.7 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 % Increase/(decrease) vs. Prior year (FX-adjusted): Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 YoY Growth* 31% 33% 27% 19% 23% 13% 13% * Revenue Net of Interest Expense YoY growth rates adjusted for FX are non-GAAP measures. See Annex 7 for Revenue Net of Interest Expense growth rates on a GAAP basis. See Slide 2 for an explanation of FX-adjusted information. AM EX 15#16Expense Performance ($ in millions) AM EX Q3'23 Q3'22 YOY% Inc/(Dec) Card Member Rewards $3,794 $3,571 6% Business Development $1,393 $1,194 17% Card Member Services $973 $774 26% Q3'23 VCE % of Revenue Variable Customer Engagement $6,160 $5,539 11% 40% Expenses Marketing $1,236 $1,458 (15%) Operating Expenses* $3,652 $3,322 10% Total Expenses $11,048 $10,319 7% See Variance Commentary in the appendix section for an explanation of the expense variances versus last year. * Represents salaries and employee benefits, professional services, data processing and equipment, and other, net. 16 16#17Capital Common Equity Tier 1 10.6% 10.3% 10.6% 10.6% 10.7% Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 * Inclusive of Stress Capital Buffer Target CET1 Ratio: 10-11% ($ in billions) Capital Return Regulatory Minimum*: 7% $1.0 $1.0 $0.6 $1.6 $1.7 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 AM EX 17#18The Growth Plan January 2022: 2022 Guidance Revenue Growth: 18% - 20% EPS: $9.25 $9.65 2023 Expectations Higher than long-term aspirational levels of Revenue growth 2024+ Aspiration Revenue Growth: in excess of 10% EPS Growth: Mid-teens January 2023: 2022 Actuals Revenue Growth: 25% EPS: $9.85 2023 Guidance Revenue Growth: 15% -17% EPS: $11.00 $11.40 2024+ Aspiration Revenue Growth: in excess of 10% EPS Growth: Mid-teens Steady State Macro Environment AM EX 18#19Appendix AMERICAN EXPRESS#20Travel & Entertainment Billed Business Q3'23 Restaurants Lodging Airlines Other Total T&E YoY Growth 13% 7% 12% 18% 13% % of Total Billed Business 7% 6% 6% 8% 27% Note: All growth rates reflect FX-adjusted rates. See Slide 2 for an explanation of FX-adjusted information. AM EX 20 20#21Q3'23 Network Volumes Growth by Customer Type AM EX % Increase/(decrease) vs. Prior Year (FX-adjusted): U.S. Consumer Services: 9% 9% Commercial Services: 1% International Card Services: 15% 2% 0% 15% 15% (1%) % of Total Network Volumes $420B US Consumer 37% US SME 26% US Large & Global Corp. 5% Int'l Consumer 13% Int'l SME & Large Corp. 7% Processed Volumes 13% Note: SME refers to small and mid-sized businesses with less than $300MM in annual revenues. All growth rates reflect FX-adjusted rates except for US Consumer and US SME. See Annex 2 for reported billings growth rates. Subtotals may not add to 100% due to rounding. 21 24#22Card Member Credit Metrics Q4'19 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Card Member Loans Net Write-off Rate* 2.3% 0.8% 0.8% 1.1% 1.5% 1.7% 1.8% Card Member Receivables Net Write-off Rates* 1.9% 0.8% 1.0% 1.4% 1.9% 1.9% 1.9% Corporate Net Write-off Rates** 0.8% 0.3% 0.4% 0.6% 0.6% 0.6% 0.6% Card Member Loans 30+ Days Past Due*** 1.5% 0.7% 0.9% 1.0% 1.1% 1.1% 1.3% Card Member Receivables 30+ Days Past Due*** 1.4% 0.8% 1.1% 1.3% 1.4% 1.2% 1.1% AM EX *Net write-off rates based on principal losses only (unavailable for Corporate). See Statistical Tables for the third quarter of 2023, available at ir.americanexpress.com, for net write-off rates including interest and fees. ** Corporate Net Write-off Rate is based on principal and fee losses related to U.S Corporate, International Corporate and Global Clients receivables. *** 30+ Days past due represent Global Consumer and Global Small Business Services Card Member Loans and Card Member Receivables (unavailable for Corporate). 22 22#2310% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 AM EX Credit Reserve Macroeconomic Scenarios: Select Variables Ex US Unemployment Rate % US GDP Growth* % 8% Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 0% (2%) (4%) (6%) 2% 4% 6% Q2 Baseline Scenario Q3 Baseline Scenario Q2 Downside Scenario Q3 Downside Scenario Q2 Baseline Scenario Q3 Baseline Scenario ......Q2 Downside Scenario Q3 Downside Scenario Note: Forecast assumptions are from an independent third party and represent the range of forecasts from the macroeconomic scenarios used during the quarter without applying a weight to those scenarios. * Real GDP QoQ % Change Seasonally Adjusted to Annualized Rates (SAAR). Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 23 23#24Funding and Deposits Funding Mix ($ in billions) $172 1% $173 1% Short-term Funding ($ in billions) Retail Deposit Program $122 $124 92% FDIC insured at Q3'23 71% 72% Deposits 74% 77% Direct Deposits** *** Third Party 9% 8% Card ABS* CDs 12% 11% 19% 20% Unsecured Term* Third Party ** 13% 12% Sweep Q2'23 Q3'23 Q2'23 Q3'23 Note: % of total may not foot due to rounding. * Reflects face amount of Card ABS, net of securities retained by the Company. Includes outstanding ABS secured borrowing facility draws. ** Reflects face amount of unsecured term debt; the long-term debt balance on the Company's consolidated balance sheet includes capitalized leases and certain adjustments that are not included in these balances. ***Consists of $89.9B from savings and transaction accounts and $4.9B from direct CDs as of September 30, 2023. AM EX 24#25FX Impact on Network Volumes and Revenue Growth Network Volumes % Increase/(decrease) vs. Prior year: 50% Revenue Net of Interest Expense % Increase/(decrease) vs. Prior year: 50% AM EX (15%) (15%) Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q1'22 Q2'22 Q3'22 Reported - FX Adj. • Reported Q4'22 Q1'23 - FX Adj. Q2'23 Q3'23 Euro € UK £ Japan\ Australia $ Canada $ Mexico $ Approximate Q3'23 Network Volumes as a % 4% 5% 4% 3% of Total YoY% change in USD* vs. Currency (7%) (8%) 3% (1%) Strengthened / (Weakened) 2% (2%) 2% (13%) Note: Network volumes is based on where the issuer is located and includes both proprietary and non-proprietary cards. See Slide 2 for an explanation of FX-adjusted information. * Represents percentage change in foreign currency exchange rates at 2023 and 2022 September month-end, respectively, per Bloomberg. 25 25#26Additional Commentary - Variance Analysis The following summary provides selected variance information for the three months ended September 30, 2023 compared to the same period in the prior year. It should be read in conjunction with the statistical tables for Q3'23, available at ir.americanexpress.com. Discount Revenue: Increased 7 percent versus Q3'22, primarily driven by an increase in billed business. • • Net Card Fees: Increased 20 percent versus Q3'22, primarily driven by growth in our premium card portfolios. Service Fees and Other Revenue: Increased 8 percent versus Q3'22, primarily driven by foreign exchange related revenues associated with Card Member cross-currency spending and growth in delinquency fees. Processed Revenue: Increased 1 percent versus Q3'22, primarily driven by an increase in network partner volumes, partially offset by a decrease in volumes associated with the decommission of one of our alternative payment solutions. Interest Income: Increased 55 percent versus Q3'22, primarily driven by higher interest rates and growth in revolving loan balances. Interest Expense: Increased versus Q3'22, primarily driven by higher interest rates paid on customer deposits. Provisions for Credit Losses: Increased 58 percent versus Q3'22, primarily driven by higher net write offs, partially offset by a lower net reserve build in the current period. AM EX 26#27Additional Commentary – Variance Analysis - AM EX Card Member Rewards Expense: Increased 6 percent versus Q3'22, driven by increases in Membership Rewards, cobrand rewards and cash back rewards expenses, all of which were primarily driven by higher billed business, partially offset by the impact of changes in expected redemption behavior associated with certain products. Business Development Expense: Increased 17 percent versus Q3'22, primarily due to increased partner payments driven by higher contractual rates and network volumes. Card Member Services Expense: Increased 26 percent versus Q3'22, primarily due to higher usage of travel-related benefits. • Marketing Expense: Decreased 15 percent versus Q3'22, reflecting lower levels of spending on customer acquisitions and other growth initiatives. Salaries and Employee Benefits: Increased 17 percent versus Q3'22, primarily driven by higher compensation costs. Other Expenses: Increased 2 percent versus Q3'22, primarily driven by higher technology costs. 27 27#28Annex 1 Pretax Pre-Provision Income ($ in millions) Q3'23 Q3'22 YOY% Inc/(Dec) Pretax income $3,100 $2,459 26% Provisions for credit losses $1,233 $778 58% Pretax pre-provision income $4,333 $3,237 34% AM EX 28#29Annex 2 (1 of 2) Network Volumes - Reported & FX-Adjusted* % Increase/(decrease) vs. Prior year Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q3'23 Billed Business Billed Business Reported FX-Adj.* Reported 34% 27% 21% 13% 15% 8% 8% G&S 6% 6% FX-Adjusted* 35% 30% 24% 15% 16% 8% 7% T&E 13% 13% Processed Volumes Reported 12% 12% 10% 8% 8% 9% (3%) FX-Adjusted* 15% 19% 19% 17% 15% 13% (1%) Worldwide Network Volumes Reported 30% 25% 19% 12% 14% 8% FX-Adjusted* 32% 28% 23% 16% 16% 9% 1° 000 7% 6% * See Slide 2 for an explanation of FX-adjusted information. AM EX 29#30Annex 2 (2 of 2) Billed Business - Reported & FX-Adjusted* % Increase/(decrease) vs. Prior year Q3'23 Q3'23 Reported FX-Adj.* Reported FX-Adj.* US Large and Global Corp. 0% 0% International Consumer 19% 15% Commercial Services International SME & Large Corp. 16% 15% Total Billed Business 1% 1% International Card Services G&S 0% 0% Total Billed Business T&E 6% 6% G&S T&E 18% 15% 15% 12% 23% 20% * See Slide 2 for an explanation of FX-adjusted information. 30 30 AM EX#31Annex 3 Discount Revenue - Reported & FX-Adjusted* ($in billions) Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 GAAP Discount Revenue $5.0 $6.0 $6.4 $7.1 $6.8 $7.9 $7.8 $8.2 $7.9 $8.5 $8.4 FX-Adjusted Discount Revenue* $5.0 $6.0 $6.2 $7.0 $6.8 $7.9 $7.9 YoY% Inc/(Dec) in GAAP Discount 37% 30% 23% 14% 16% 8% Revenue 7% YoY% Inc/(Dec) in FX-Adjusted Discount Revenue* 38% 32% 26% 16% 17% 8% 7% * See Slide 2 for an explanation of FX-adjusted information. AM EX 31#32Annex 4 Net Card Fees - Reported & FX-Adjusted* ($in billions) GAAP Net Card Fees FX-Adjusted Net Card Fees* YoY% Inc/(Dec) in GAAP Net Card Fees YoY% Inc/(Dec) in FX-Adjusted Net Card Fees* Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 * See Slide 2 for an explanation of FX-adjusted information. $1.3 $1.3 $1.3 $1.3 $1.4 $1.5 $1.5 $1.6 $1.7 $1.8 $1.8 $1.2 $1.2 $1.3 $1.3 $1.4 $1.5 $1.6 14% 15% 17% 21% 20% 21% 20% 16% 19% 23% 25% 23% 22% 19% AM EX 32 32#33Annex 5 Net Interest Income - Reported & FX-Adjusted* ($ in billions) GAAP Net Interest Income FX-Adjusted Net Interest Income* YoY% Inc/(Dec) in GAAP Net Interest Income Q4'18 Q4'19 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 $2.0 $2.3 $2.0 $2.1 $2.2 $2.4 $2.6 $2.8 $3.0 $3.1 $3.4 $2.0 $2.3 $2.0 $2.1 $2.2 $2.4 $2.6 12% YoY% Inc/(Dec) in FX-Adjusted Net Interest Income* 13% * See Slide 2 for an explanation of FX-adjusted information. 29% 31% 36% 32% 34% 30% 32% 36% 32% 33% 33 33 AM EX#34Annex 6 Consolidated Net Interest Yield on Average Card Member Loans ($ in millions, except percentages and where indicated) Net interest income Exclude: Q4'19 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 $2,284 $2,578 $2,758 $2,983 $3,105 $3,442 Interest expense not attributable to our Card Member loan portfolio* $421 $374 $525 $624 $728 $770 Interest income not attributable to our Card Member loan portfolio** ($271) Adjusted net interest income*** ($300) ($451) ($602) ($703) ($767) $2,434 $2,652 $2,832 $3,005 $3,130 $3,445 Average Card Member loans (billions) $85.2 $97.7 $103.9 $107.7 $112.4 $116.6 Net interest income divided by average Card Member loans 10.7% 10.5% 10.5% 11.2% 11.1% 11.7% Net interest yield on average Card Member loans*** 11.3% 10.8% 10.8% 11.3% 11.2% 11.7% *** Primarily represents interest expense attributable to funding Card Member receivables and maintaining our corporate liquidity pool. ** Primarily represents interest income attributable to Other loans, interest-bearing deposits and our Travelers Cheque and other stored-value investment portfolio. Adjusted net interest income and net interest yield on average Card Member loans are non-GAAP measures. We believe adjusted net interest income is useful to investors because it represents the interest expense and interest income attributable to our Card Member loan portfolio and is a component of net interest yield on average Card Member loans, which provides a measure of profitability of our Card Member loan portfolio. Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. Net interest income divided by average Card Member loans, computed on an annualized basis, a GAAP measure, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans. AM EX 34#35Annex 7 Revenues Net of Interest Expense - Reported & FX-Adjusted* ($in billions) Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 GAAP Revenues Net of Interest Expense $9.1 $10.2 $10.9 $12.1 $11.7 $13.4 $13.6 $14.2 $14.3 $15.1 $15.4 FX-Adjusted Revenues Net of Interest* $9.0 $10.0 $10.7 $11.9 $11.6 $13.4 $13.7 YoY% Inc/(Dec) in GAAP Revenues Net of Interest 29% 31% 24% 17% 22% 12% 13% YoY% Inc/(Dec) in FX-Adjusted Revenues Net of Interest* * See Slide 2 for an explanation of FX-adjusted information. 31% 33% 27% 19% 23% 13% 13% 55 35 AM EX#36Forward Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address American Express Company's current expectations regarding business and financial performance, including management's outlook for 2023 and aspirations for 2024 and beyond, among other matters, contain words such as "believe," "expect," "anticipate," "intend," "plan," "aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “continue” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following: the company's ability to achieve its 2023 earnings per common share (EPS) outlook and its longer-term EPS growth aspirations for 2024 and beyond, which will depend in part on revenue growth, credit performance and the effective tax rate remaining consistent with current expectations and the company's ability to continue investing at high levels in areas that can drive sustainable growth (including its brand, value propositions, customers, colleagues, technology and coverage), controlling operating expenses, effectively managing risk and executing its share repurchase program, any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs as well as the following: fiscal and monetary policies (including government shutdowns) and macroeconomic conditions, such as recession risks, effects of inflation, changes in interest rates, labor shortages and strikes or higher rates of unemployment, energy costs and the continued effects of the pandemic; geopolitical instability, including the ongoing Ukraine and Israel wars; the impact of any future contingencies, including, but not limited to, restructurings, investment gains or losses, impairments, changes in reserves, legal costs and settlements, the imposition of fines or monetary penalties and increases in Card Member remediation; issues impacting brand perceptions and the company's reputation; impacts related to new or renegotiated cobrand and other partner agreements; and the impact of regulation and litigation, which could affect the profitability of the company's business activities, limit the company's ability to pursue business opportunities, require changes to business practices or alter the company's relationships with Card Members, partners and merchants; AM EX 36#37Forward Looking Statements AM EX the company's ability to achieve its 2023 revenue growth outlook and its longer-term revenue growth aspirations for 2024 and beyond, and the sustainability of the company's future growth, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs, as well as the following: spending volumes not being consistent with expectations, including T&E spend growing slower than expected, further slowing in spend by U.S. small and mid-sized enterprise or U.S. large and global corporate customers, or a general slowdown or increase in volatility in consumer and business spending volumes; the strengthening of the U.S. dollar beyond expectations; an inability to address competitive pressures, innovate and expand our products and services, leverage the advantages of the company's differentiated business model and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global merchant network; the effects of the end of the moratorium on student loan repayments; the impact of the decommissioning of one of the company's alternative payment solutions; and merchant discount rates changing by a greater or lesser amount than expected; net card fees not performing consistently with expectations, which could be impacted by, among other things, a deterioration in macroeconomic conditions impacting the ability and desire of Card Members to pay card fees; higher Card Member attrition rates; the pace of Card Member acquisition activity, particularly with respect to fee-based products; and the company's inability to address competitive pressures, develop attractive value propositions and implement its strategy of refreshing card products and enhancing benefits and services; net interest income, the effects of interest rates and the growth rate of loans and Card Member receivables outstanding, and the portion of which that is interest bearing, being higher or lower than expectations, which could be impacted by, among other things, the behavior and financial strength of Card Members and their actual spending, borrowing and paydown patterns; the company's ability to effectively manage risk and enhance Card Member value propositions; changes in benchmark interest rates, including where such changes affect the company's assets or liabilities differently than expected; changes in capital and credit market conditions and the availability and cost of capital; credit actions, including line size and other adjustments to credit availability; the yield on Card Member loans not remaining consistent with current expectations; the company's deposit levels or the interest rates it offers on deposits changing from current expectations; and the effectiveness of the company's strategies to capture a greater share of existing Card Members' spending and borrowings, and attract new, and retain existing, customers; 37 37#38Forward Looking Statements future credit performance, the level of future delinquency, reserve and write-off rates and the amount and timing of future reserve builds and releases, which will depend in part on macroeconomic factors such as unemployment rates, GDP and the volume of bankruptcies; the ability and willingness of Card Members to pay amounts owed to the company; changes in consumer behavior that affect loan and receivable balances (such as paydown and revolve rates); the credit profiles of new customers acquired; the enrollment in, and effectiveness of, financial relief programs and the performance of accounts as they exit from such programs; collections capabilities and recoveries of previously written-off loans and receivables; and governmental actions providing forms of relief with respect to certain loans and fees, and the termination of such actions; the actual amount to be spent on Card Member rewards and services and business development, and the relationship of these variable customer engagement costs to revenues, which could be impacted by continued changes in macroeconomic conditions and Card Member behavior as it relates to their spending patterns (including the level of spend in bonus categories), the redemption of rewards and offers (including travel redemptions) and usage of travel-related benefits; the costs related to reward point redemptions; further enhancements to product benefits to make them attractive to Card Members and prospective customers, potentially in a manner that is not cost effective; new and renegotiated contractual obligations with business partners; and the pace and cost of the expansion of the company's global lounge collection; the actual amount the company spends on marketing in 2023 and beyond, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance; management's decisions regarding the timing of spending on marketing and the effectiveness of management's investment optimization process, management's identification and assessment of attractive investment opportunities and the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives; the company's ability to realize marketing efficiencies, optimize investment spending and drive increases in revenue; and the company's ability to balance expense control and investments in the business; AM EX 38#39Forward Looking Statements the company's ability to control operating expenses, including relative to future revenue growth, and the actual amount spent on operating expenses in 2023 and beyond, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent; a persistent inflationary environment; the company's ability to realize operational efficiencies, including through automation; management's decision to increase or decrease spending in such areas as technology, business and product development, sales force, premium servicing and digital capabilities depending on overall business performance; the company's ability to innovate efficient channels of customer interactions and the willingness of Card Members to self-service and address issues through digital channels; restructuring activity; supply chain issues; fraud costs; compliance expenses or consulting, legal and other professional services fees, including as a result of litigation or internal and regulatory reviews; regulatory assessments; the level of M&A activity and related expenses; information or cyber security incidents; the payment of fines, penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; the performance of Amex Ventures and other of the company's investments; impairments of goodwill or other assets; and the impact of changes in foreign currency exchange rates on costs; the company's tax rate not remaining consistent with expectations, which could be impacted by, among other things, further changes in tax laws and regulation, the company's geographic mix of income, unfavorable tax audits and other unanticipated tax items; changes affecting the company's plans regarding the return of capital to shareholders, which will depend on factors such as the company's capital levels and regulatory capital ratios; changes in the stress testing and capital planning process and new rulemakings and guidance from the Federal Reserve and other banking regulators, including changes to regulatory capital requirements, such as final rules resulting from the Basel III rule proposal; results of operations and financial condition; credit ratings and rating agency considerations; and the economic environment and market conditions in any given period; changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure that may materially impact the prices charged to merchants that accept American Express cards, the desirability of the company's premium card products, competition for new and existing cobrand relationships, competition from new and non-traditional competitors and the success of marketing, promotion and rewards programs; AM EX 39#40Forward Looking Statements AM EX a failure in or breach of the company's operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt the company's operations, reduce the use and acceptance of American Express cards and lead to regulatory scrutiny, litigation, remediation and response costs, and reputational harm; legal and regulatory developments, which could affect the profitability of the company's business activities; limit the company's ability to pursue business opportunities or conduct business in certain jurisdictions; require changes to business practices or alter the company's relationships with Card Members, partners, merchants and other third parties, including its ability to continue certain cobrand relationships in the EU; exert further pressure on merchant discount rates and the company's GNS business; result in increased costs related to regulatory oversight, litigation-related settlements, judgments or expenses, restitution to Card Members or the imposition of fines or monetary penalties; materially affect capital or liquidity requirements, results of operations or ability to pay dividends; or result in harm to the American Express brand; and factors beyond the company's control such as further escalations of the Ukraine and Israel wars and other military conflicts, adverse developments affecting third parties, including other financial institutions, the severity and contagiousness of new COVID-19 variants, severe weather conditions, natural disasters, power loss, disruptions in telecommunications, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, delinquency rates, loan and receivable balances, deposit levels and other aspects of the company's business and results of operations or disrupt its global network systems and ability to process transactions. A further description of these uncertainties and other risks can be found in American Express Company's Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2023 and the company's other reports filed with the Securities and Exchange Commission. 40 40#41AMERICAN EXPRESS