American Express Company · NYSE:AXP

American Express — Barclays Global Financial Services Conference 2015

18 slides from American Express's conference presentation, Sep 18, 2015

1. Slide 1: American Express Company – Barclays Global Financial Services Conference

   American Express Company Barclays Global Financial Services Conference September 18, 2015

2. Slide 2: The American Express Story

   The American Express Story  Payments Space Remains Attractive ‒ Secular trends continue to drive lower use of cash and checks ‒ Digital and Big Data create new opportunities ‒ Strong profitability and returns  Diverse growth business opportunities… ‒ U.S. Consumer & Small Business, International,

3. Slide 3: Financial Growth Drivers

   Financial Growth Drivers Growth Businesses OpEx Leverage Capital Strength EPS Growth 3

4. Slide 4: Demonstrated track record of driving earnings growth in a modest growth environment

   Demonstrated track record of driving earnings growth in a modest growth environment Contribution to Adjusted EPS Growth: 2012-2014 CAGR Billed Business 4% (3%) Growth (2012-2014 CAGR) 7% 7% 12% Underlying Business 4% Headwinds Adj. Revenue* Adj. Opex* Share Repurchase Adj. Rewards/Provision/ Adj. EP

5. Slide 5: Larger revenue base than peers driven by non-interest revenue

   Larger revenue base than peers driven by non-interest revenue 2014 Revenue Net of Interest 2014 Revenue Net of Rewards** $B $27 $21 All Other* 27% Discount $15 $15 $12 $13 Revenue Net Interest $8 $9 57% $8 Income 16% AXP Citi JPM BofA Cap One DFS Visa MasterCard Paypal U.S. *Represents net card fees

6. Slide 6: Financial outlook – expected drivers of EPS growth

   Financial outlook – expected drivers of EPS growth 2015 2016 2017 Revenue Core OpEx Leverage Underlying Capital Strength Performance Underlying Business Headwinds FX Discrete '15-'16 Co-brands Impacts Incremental Growth Initiatives or or Flat to Return to 12 to 15% EPS Growth Down Positive Target Ex

7. Slide 7: Operating expenses are well controlled

   Operating expenses are well controlled Adjusted Total Operating Expenses* $B 2014 H/(L) vs. 2007 Billed Business +58% ’07-’14 CAGR 1.4% (4%) Y/Y $12.2 $11.1 $5.7 $5.5 2007 2008 2009 2010 2011 2012 2013 2014 H1'14 H1'15 *Adjusted total operating expenses, a non-GAAP measure, excludes Visa/MasterCard

8. Slide 8: Financial outlook – expected drivers of EPS growth

   Financial outlook – expected drivers of EPS growth 2015 2016 2017 Revenue Core OpEx Leverage Underlying Capital Strength Performance Underlying Business Headwinds FX Discrete '15-'16 Co-brands Impacts Incremental Growth Initiatives or or Flat to Return to 12 to 15% EPS Growth Down Positive Target Ex

9. Slide 9: Spending on growth initiatives now to position for the long-term

   Spending on growth initiatives now to position for the long-term Spending on Growth & Efficiency Initiatives Areas of Focus $B OpEx & Other* M&P Card Member Acquisition (~30%) $8.0  U.S. Consumer and Small Business, International, Corporate Middle Market Share of Wallet (~30%)  Card Member engagem

10. Slide 10: Q3 Update

    Q3 Update  Outlook for FY’15-FY’17 remains unchanged  Recent Trends and Announcements  Q3 Outlook ‒ Continued discrete impacts ● FX impact ● Co-brand ● Growth initiatives ‒ Billed business growth flat to modestly down sequentially (FX-adj.) ‒ Slower revenue growth sequentially (Adjusted for FX an

11. Slide 11: The American Express Story

    The American Express Story  Payments Space Remains Attractive ‒ Secular trends continue to drive lower use of cash and checks ‒ Digital and Big Data create new opportunities ‒ Strong profitability and returns  Diverse growth business opportunities… ‒ U.S. Consumer & Small Business, International,

12. Slide 12: Slide 12

13. Slide 13: Annex 1

    Annex 1 Adjusted Revenue Net of Interest and Diluted EPS 2014 vs. ($ in millions) 2012 2014 2012 CAGR GAAP Revenue Net of Interest $31,461 $34,189 Global Business Travel Revenue Net of Interest* ($780) Gain on Sale of Concur Investment ($719) Q2’14 and Q4’14 Incremental Investments and Global Busine

14. Slide 14: Annex 2

    Annex 2 Adjusted Operating Expenses and Rewards/Provision/M&P/Taxes/Other 2014 vs. 2012 CAGR GAAP Total Operating Expenses Contribution to GAAP Diluted EPS Growth 17% Adjusted Total Operating Expenses* Contribution to Adjusted Diluted EPS** Growth 7% GAAP Rewards/Provision/M&P/Taxes/Other Contributi

15. Slide 15: Annex 3

    Annex 3  Adjusted Total Operating Expense Growth ($ in millions) Q2’14 Q2’15 2007 2008 2009 2010 2011 2012 2013 2014 YTD YTD GAAP Total Operating Expenses $9,945 $11,625 $9,902 $10,916 $12,243 $13,447 $12,987 $12,184 $5,995 $5,489 Visa/MasterCard Settlement Payments $1,130 $580 $880 $880 $580 Restr

16. Slide 16: Forward-Looking Statements

    Forward-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 the Company’s expected business and financial perfo

17. Slide 17: Forward-Looking Statements

    Forward-Looking Statements  the possibility that the FX-adjusted billed business and revenue growth rates for the third quarter of 2015 will be different than estimated, which will depend in part on factors such as changes in the economic and business environment, competition, regulatory and market

18. Slide 18: Forward-Looking Statements

    Forward-Looking Statements  the ability of the Company to meet its on-average and over-time EPS growth target in 2017, which will depend on factors such as the Company’s success in implementing its strategies and business initiatives including growing the Company’s share of overall spending, addres

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