American Express : February Fixed Income Presentation

American Express Company

Fixed Income Investor Presentation

FEBRUARY 2023

Summary Financial Performance

($ in millions; except per share amounts)

Total Revenues Net of Interest Expense

FX-Adjusted*

Net Income

Diluted EPS†

Average Diluted Shares Outstanding

Q4'22

$14,176

$1,572

$2.07

746

YoY%

Inc/(Dec)

17%

19%

(9%)

(5%)

(3%)

FY'22

$52,862

$7,514

$9.85

752

YoY%

Inc/(Dec)

25%

27%

(7%)

(2%)

(5%)

* 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 Q4'22 and FY'22 foreign exchange rates apply to Q4'21 and FY'21 results, respectively). †Attributable to common	2
shareholders. Represents net income less earnings allocated to participating share awards, dividends on preferred shares and other items.

Total Network Volumes Growth

% Increase/(decrease)
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22
vs. Prior Year:
Billed Business	(9%)	51%	31%	33%	35%	30%	24%	15%
Processed Volumes	(1%)	26%	18%	15%	15%	19%	19%	17%
Total Network	(8%)	46%	29%	30%	32%	28%	23%	16%
Volumes

						$395	$394	$413
$ in Billions				$368		$56
		$331	$350	$54	$55
		$316	$52
Total Network Volumes $269	$50	$49
$48
Processed Volumes	$44
Billed Business		$268	$281	$316	$301	$341	$339	$357
$225

Q1'21

Q2'21

Q3'21

Q4'21

Q1'22

Q2'22

Q3'22

Q4'22

FY'22

25%

18%

24%

Note: All growth rates reflect FX-adjusted rates. See Annex 1 for reported billings growth rates. Billed business represents transaction volumes on payment products issued by	3
American Express. Processed volumes represent transaction volumes from cards issued by network partners and alternative payment solutions facilitated by American Express.

Worldwide Total Loans and Card Member Receivables

Total Ending Loans and Card Member Receivables

$ in billions

	Pre-					$171.0
	Pandemic			$155.5	$159.2
	$149.6	$145.1	$145.3
			7%
Card Member				18%	13%
3%	23%	27%
Receivables
YoY Growth
Total Loans	8%	20%	27%	28%	31%	24%
	Q4'19	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22

Total Loans &

CM Receivables

YOY Growth

6%	21%	27%	24%	24%	18%

Note: Total Loans reflects Card Member loans and Other loans.

4

Card Member Credit Metrics

Card Member Loans Net Write-off Rates*		Card Member Loans 30+ Days Past Due

	Pre-
Pandemic
	2.3%
			0.8%	0.8%	0.8%	1.1%
		0.6%
	Q4'19	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22
Card Member
Receivables Net	1.9%	0.3%	0.6%	0.8%	1.0%	1.4%
Write-off Rates,
excluding
Corporate*
Corporate Net	0.8%	0.2%	0.2%	0.3%	0.4%	0.6%
Write-off
Rates**

Pre-

Pandemic

	1.5%
		0.7%	0.7%	0.7%	0.9%	1.0%
	Q4'19	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22
Card Member
Receivables 30+	1.4%	0.6%	0.8%	0.8%	1.1%	1.3%
Days Past Due,
excluding
Corporate***

*Net write-off rates based on principal losses only (unavailable for Corporate). See Statistical Tables for the fourth quarter of 2022, 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. 5

*** 30+ Days past due as a % of Card Member Receivables (unavailable for Corporate).