American-Express-Investor-Day-2024-Information

American Express Investor Day 2024 slides info

1. 2024 Investor Day
APRIL 30, 2024

2. Demonstrate why we are
confident in our aspiration
to deliver 10%+ revenue
growth and mid-teens EPS
growth on a sustainable
basis.
Focus For Today
2

3. We excel in the most attractive segments of a growing industry
We have a differentiated business model
We have transformed our business over the last 6 years
We have a history and culture of innovation
1
2
3
4
Our confidence in our aspiration is underpinned by 4 key factors
3

4. 10%+
Revenue Growth7%
Global card payments revenue growth rate1
Growing Industry
1We excel in the most attractivesegments of a growing industry
Note: Our ability to achieve our growth aspirations referenced throughout this presentation in any given period is subject to contingencies and factors beyond the company's control.
Refer to "Cautionary Note Regarding Forward-Looking Statements" at the end of this presentation; (1) 2018-2026F CAGR; Consumer & commercial card
payments (credit & debit) for 45 countries (ex. CH, RU) from Q2 2023 McKinsey Global Payments Map and internal calculations.
Our Long-Term Aspiration
+ US Premium Consumer
+ US Millennials/Gen Z
+ US Small Business
+ International
Where We Excel
4

5. Brand
Strength
Service
Excellence
Membership
Model
Lifestyle
& Business-
Centric Assets
Premium
Customer
Base at Scale
Card MembersMerchants
DataAnalyticsTechnology
Our success is rooted in our business model which delivers significant competitive advantages
2
Talented & Dedicated Colleagues
5

6. Compelling product
refreshes, demonstrating
ability to price for value
Generational relevance, with
>60% consumer acquisitions
in Millennials/Gen Z in 2023
Significantly increased
marketing investments
exiting the pandemic
Virtual parity coverage in
the US, and focused coverage
gains internationally
Disciplined credit and risk
capabilities, widening the gap
vs. other issuers
Growing deposits,
covering 70%+ of all
our funding needs
Targeted investment in technology and talent
3Over the last 6 years, we havecontinued to transform our business
6

7. EPS ($)
3.354.123.894.885.565.055.615.8917.8217.993.7710.029.8511.21
3This has led to strong momentum andaccelerated growth through the pandemic
Notes: Total revenue net of interest expense for 2015 and prior not restated for adoption of Revenue Recognition standard; (1) Adjusted Diluted Earnings per share, a non-GAAP measure,
excludes the impacts of the Tax Cuts and Jobs Act of $2.90 and ($0.09) in 2017 and 2018, respectively. See Annex A for a reconciliation to Diluted EPS on a GAAP basis.
9% /year19% /year6% / year
27.6 29.9 31.5 32.9 34.2 32.8 35.4 36.9 40.3 43.6
36.1
42.4
52.9
60.5
20102011201220132014201520162017201820192020202120222023
$B and % CAGR
7
AXP Revenue Since 2010

8. Premium Consumer
Corporate
Small Business
Unique Form Factor Cards
PAY WITH POINTS
4Over our history, we have constantlyinnovated across key customer segments
We created and continue to enhance these categories through our innovations…
AI leadership in credit
risk and underwriting
Concierge
servicing
Member
get member
No preset
spending limit
Art x Platinum
8

9. ~40 product refreshes
globally in 2024
… while strengthening our cutting-edge capabilities
Continuous investment in
Membership Model
Innovate and work
with partners
Gen AI tools to drive
productivity at scale
Digital and
personalized
customer experience
Tech innovation, e.g.,
expanded network
capabilities
4And going forward, we will continue to innovateour value propositions and capabilities
Enhance and further scale value propositions…
Card
Membership
Spend
Fees
Lend
Risk management
and operational
excellence
Note: The trademarks, logos and service marks used on this slide and throughout this presentation are the property of their respective owners. The use of the term “partner”
does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express’ relationship with any third parties.9

10. We excel in the most attractive segments of a growing industry
Our differentiated business model
The continued successful execution of our strategy
A history and culture of innovation
1
2
3
4
These four factors will enable us toachieve our long-term aspiration…
10

11. Long-Term Aspiration
Revenue Growth
10%+
EPS Growth
Mid-teens
…and fuel a virtuous cycle of growth, which we believecan deliver 10%+ revenue and mid-teens EPS growth
Note: Our ability to achieve our growth aspirations in any given period is subject to contingencies and factors beyond the company's control.
Refer to "Cautionary Note Regarding Forward-Looking Statements" at the end of this presentation.
Virtuous
Cycle
11

12. Opening
Remarks
How We
Will Achieve
Our Long-Term
Aspiration
Why Continue
to Invest
in American
Express?
Q&A
1
2
3
4
Premium
growth
through our
Membership
Model
Howard Grosfield
President,
U.S. Consumer Services
Premium growth through
our Membership Model
Howard Grosfield
Winning the SME recovery
Anna Marrs
Runway for growth in
International
Rafa Marquez
Expanding network
coverage & capabilities
Raymond Joabar
Efficiency, growth & service
through technology
Anré Williams
12

13. Our differentiated Membership Model and innovation have been the driving force
behind our strong performance and leadership in the premium segment
Key Takeaways
The Model delivers four powerful outcomes that are differentiated within
our industry and difficult to replicate
This is a proven strategy that has a track record of strong performance
and has widened our leadership position
The premium segment remains very attractive, plays to our strengths
and has a long runway for growth
1
2
3
4
13

14. Today’s Focus
How do
we execute and
innovate to deliver
on this model?
Why is there
a long runway
for accelerated
growth?
What is our
differentiated
Membership Model?
14

15. Our differentiated Membership Model has been the driving force behind our growth and leadership position in the premium segment
Our Membership Model has
three core components…
…that come together to deliver
highly differentiated benefits
Premium Payment Products
Differentiated
Membership Services
Partnerships &
Partner Funded Value
1
2
3
Travel
Lounge
Offers
Banking
Entertainment
Dining
Card
Membership
Spend
Fees
Lend
15

16. The model delivers four powerful outcomes that differentiate us from our competitors and are difficult to replicate
Our Membership ModelFour powerful outcomes
Attractive & global premium
customer base
Diversified & subscription-like
revenue
Superior credit quality and
performance
Superior loyalty and engagement
with our global brand
1
2
3
4
Travel
Lounge
Offers
Banking
Entertainment
Dining
Card
Membership
Spend
Fees
Lend
16

17. One of the most powerful outcomes of the model is ourglobal premium and highly attractive customer base at scale
Global ScaleHigh Spending Power
Note: (1) AXP US billed business/US cards in force vs. weighted average of US credit/charge spend per card for Visa/Mastercard in 2023; (2) Average income per USCS account for 2022 vs.
average US income based on Bureau of Labor Statistics 2022 consumer income for US population; (3) Average Air Ticket Price refers to Average $ cost per Air booking with Amex TLS in the US.
US Industry data sourced from IARC Sales Statistics; (4) Average Nightly Hotel Rate refers to average $ cost of hotel room nights booked globally through Amex TLS on Fine Hotels + Resorts/
The Hotel Collection compared to global luxury industry hotels. Industry data sourced from Smith Travel Research Monthly Hotel Review FY 2023
~3x
US Spend per Card
vs. Other Networks1~2x
USCS Income
vs. US Income2
Premium & High Margin
~2x
Avg. US Air Ticket Price
vs. US Industry3~2x
Avg. Luxury Nightly
Hotel Rate vs. Industry4
$1.5T
Billed Business
80M
Proprietary Cards in Force
202
Countries & Territories with Accepting Locations
17

18. We build this premium customer base with a differentiated product design and refresh strategy that drives subscription-like Membership Fees…
Note: (1) US Consumer Platinum account growth from Jun’21 to Dec’23 and US Consumer Gold account growth from Sep’18 to Dec’23 based on the date of the respective product refreshes;
(2) AU and JP Consumer Platinum account growth from Dec’17 to Dec’23 based on period to encompass both product refreshes in 2018 and 2023, respectively. International fee changes are
in local USD currency using Jan’24 FX Rates
…and across International countries
US Consumer Platinum: 2023 vs. 20211
US Consumer Gold: 2023 vs. 20181
International Platinum: 2023 vs. 20172
Best-in-class Premium products build our premium customer base in the US…
Accounts~1.6x
Fee Change+26% à $695
Accounts~2.2x
Fee Change+28% à $250
Fee Change ($USD)Accounts
+21% à $957
+18% à $1,117
~2.5x
~1.5x
Refreshed: 2021
Refreshed: 2018
Refreshed: 2018
Refreshed: 2023
18

19. A diversified revenue model that is unique relative to our competitors
78%
~15%
22%
~85%
AXPPeer Average³
…and delivers a diversified revenue modelthat is unique relative to our competitors
Note: (1) 2022 comparison of Average fee per fee-paying account. Industry sourced from The Consumer Credit Card Market – October 2023 from the Consumer Financial Protection Bureau
along with internal analysis; (2) 2023 AXP US billed business/US cards in force vs. weighted average ofUS credit/charge spend per card for Visa/Mastercard; (3) 2023 industry revenue mix
based on internal analysis from external disclosures for top 5 US issuers
Net Interest
Income
Spend & Fee
Revenues
Revenue Mix
Higher average annual
subscription-like
card fees
US Consumer Average
Annual Card Fee vs.
Industry1
Average US
Spend per Card vs.
Other Networks2
Significantly
higher average
annual spend
~5x~3x
19

20. 2.3%
0.9%1.7%
11.3%11.6%12.4%
201920222023
2.4%
2.0%
3.0%
1.6%
1.0%
1.4%
201920222023
Net Credit Margin:
9.0%
10.7%10.7%
88 bps
160 bps
Our premium model also continues to deliver strong lend marginsand best-in-class credit performance that has widened over time
Note: (1) Net Credit Margin is the difference between Net Interest Yield and Net Write-offs. Net Write-off Rates are principal only. Net Credit Margin and Net Interest Yield are non-GAAP measures.
See Annex B for a reconciliation; (2) Delinquency rate represents 30+ days past due; peer average reflects weighted average of delinquency rates for top 5 US issuers
Peer AverageAXP US ConsumerNet Interest YieldNet Write Offs
Net Credit Margin1 has expanded vs. 2019DQ rates are below 2019 and the gap
to competitors has widened
US Consumer Card Lending Net
Interest Yield & Net Write Off RateUS Consumer Lending Delinquency Rate2
20

21. What is most encouraging about the strength of our premium strategy and model is how it drives superior loyalty overall
Note: (1) Data sourced from Credit Bureaus. AXP customer data on AXP products reflects 30+ days past due as a % of total for US Consumer Card Member Loans and Receivables
Strong Brand Loyalty
98%
2023 AXP Billed Business
Retention Rate201820192020202120222023
126bps
274bps
AXP customers on non-AXP products
Non-AXP customers
AXP customers on AXP Products
Strong Loyalty Relative to Other Cards in Wallet
US Consumer Delinquency Rate1
21

22. How do
we execute and
innovate to deliver
on this model?
Why is there
a long runway
for accelerated
growth?
What is our
differentiated
Membership Model?
Today’s Focus
22

23. Disciplined innovation, execution and a strategic focus on premium across the three core components of our Membership Model drive our leadership
Our Membership Model
Premium Payment Products
Differentiated Membership Services
Partnerships & Partner Funded Value
1
2
3
Disciplined Execution & Innovation
Strategic Focus On Premium
Travel
Lounge
Offers
Banking
Entertainment
Dining
Card
Membership
Spend
Fees
Lend
23

24. We generate innovation from multiple sources and activities across the company that is sharpened by our strategic focus on premium
Partners: Co-Create and Embed in Product Value PropositionTest & LearnVentures
60+
Active
Investments
Amex Offers
International
Data Driven
M&A
Amex Digital Labs
24

25. We employ our product design playbook to refresh anddeliver best-in-class premium products to drive demand
Note: (1) Platinum value proposition represents select benefits and list is not exhaustive
Our Product Design Playbook: Consumer Platinum Example
•$200 Hotel Credit
•$189 CLEAR Credit
•Global Lounge
Collection
•$200 Uber Cash
•Fine Hotels + Resorts
Travel & Lifestyle
•$240 Digital
Entertainment
Credit
•Global Dining
Access by Resy
•$300 Equinox
Credit $1,500+ in Value
Annual Card Fee
From
$550
To
$695
CENTURION LOUNGE
NOMA
ARTIST CARDS
Access & Experiences
Aspirational
“MEMBER SINCE”
Strengthen Value
Propositions1Leverage Partnerships
& Funded Value
Price
for Value
Make Membership
Meaningful
Deliver a Continuous Cycleof News
REFRESH
LAUNCH
Digital Bundle
Update
Art Card Launch
at Art Basel
Digital Bundle
Update
Seattle Lounge
Expansion
Atlanta Lounge
Opening
FUTURE
PIPELINE
2022 2023 2024 2021
25

26. Note: Avg Lend and Avg Spend behaviors for USCS refer to Average Revolving loans per Account and Average Billed Business per Account. Avg. lend, Avg. spend, and Avg. income for USCS
other age cohorts and industry Millennials & Gen Z are indexed to USCS Millennials & Gen Z, as applicable; Avg. Income for the industry is based on Bureau of Labor Statistics 2022 consumer
income as 2023 data is unavailable; Fee paying and avg. spend for industry sourced from Argus Advisory, a TransUnion Company; Industry FICO sourced from Experian
Our premium products have generated strong demandwith a premium, high-quality subset of younger age cohorts
~40%
~60%
>75%
201620192023
Age ≤35
USCS
Millennials
& Gen Z
USCS
Other Age
Cohorts
Fee Paying59%54%
Avg. Lend1.0x1.1x
Avg. Spend1.0x1.2x
FICO751775
USCS
Millennials
& Gen Z
Industry
Millennials
& Gen Z
Fee Paying59%7%
Avg. Income1.0x0.6x
Avg. Spend1.0x0.3x
FICO751709
~40%~50%>55%
Share of Premium Cards
Up Significantly
% Millennials & Gen Z
of Platinum/Gold NAA
More Premium
Than the Industry
Quality
is Strong
USCS Millennials & Gen Z vs. IndustryUSCS FY 2023
26

27. These younger age cohorts have shown a steeper initial growth trajectory and are expected to provide greater lifetime value
Note: (1)Based on 2018 Acquisition Vintage for US Consumer Platinum; (2) Reflects age gap difference between the average age of new customers acquired in 2023 that are Millennials & Gen Z and other
age cohorts for USConsumer Platinum; (3)Higher estimated average lifetime value based on internal projections for US Consumer Platinum assuming age cohorts are acquired at the same point in time but
reflecting their differences in age; (4) Delinquency rate represents 30+ days past due for US Consumer Card Member Loans and Receivables; USCS is indexed to industry; Industry sourced from Experian
>20 years
Age Gap at Acquisition2
~2x
Higher Expected Lifetime
Value3
~20%
~40%
Other Age
Cohorts
Millennials
& Gen Z
~2x
Faster Spend Growth USCSIndustry
Total0.4x1.0x
Millennials &
Gen Z0.4x1.0x
Other Age
Cohorts0.4x1.0x
We see a steeper spend ramp-up from newly acquired Millennial & Gen Z CMs…
…who we expect to deliverhigher lifetime valueMillennial & Gen ZCredit is Strong
2023 vs. 2019 Cumulative Spend Growth of
Platinum New Accounts1 Platinum Millennials & Gen Z
vs. Other Age Cohorts2023 Delinquency Rate vs. Industry4
27

28. Our most premium and highest credit quality productsalso power our premium lending strategy and growth
Note: Subtotals may not foot due to rounding; (1) Net Write Off Rates are principal only; (2) MR products include Platinum, Centurion, Gold, Green, and legacy charge products; Cobrand products include Delta,
Hilton, and Marriott; Cashback & other products include Blue Cash Everyday, Blue Cash Preferred, Cash Magnet, Amex Everyday, Amex Everyday Preferred, and other legacy lending products
2023 vs. 2019
MR Products2
Cobrands2
Cashback & Other
Products2
FY 2023
Net W/O Rate1
($2B)
+$24B
2.8%
1.3%Annual
Card Fee
Products
No Annual
Card Fee2220
54
78
77
98
20192023
+$7B1.3%
2023 vs.
2019
FY 2023
Net W/O
Rate1
+$6B1.5%
($2B)2.8%
…with relatively lower credit risk
US Consumer Revolving AR ($B)
Our fee-based products drive premium lending growth…
US Consumer Card Member Loans and Receivables ($B)
28

29. Note: (1) Industry data sourced from Argus Advisory, a TransUnion Company; (2) Net of attrited card members;
(3) Non-Amex lend of active Amex Consumer Card Members calculated from internal estimates of Card Member size of wallet capability
Core to our premium lending strategy is a deep focus on lower-risk segments and existing customers where we believe there is a big opportunity for growth
~1.2x
Spend Growth vs. Industry
>720 FICO
~1.3x
Revolving Loan Growth vs. Industry
>720 FICO
~24%
of US Consumer Card
Members’ card
borrowing is with AXP
>70%
of Revolving Loan growth
is from Existing
Customers2
Deep focus on targeting lower-risk segments…
We believe there is a large opportunity to grow lending while sticking to primarily lower-risk existing customers
…combined with strong focus on existing customers we know well
US Consumer Spend and Revolving Loan Growth (Q4‘23 vs. Q4‘19)1 AXP share of Lend Wallet3‘23 US Consumer Contribution to Revolving Loan Growth
29

30. Travel1 OffersDining
Note: (1) Fine Hotels + Resorts benefits vary by property and actual value will vary based on property, room rate, upgrade availability, and use of benefits;
(2) Centurion Lounges include 28 opened and 2 announced new locations
Our powerful set of Membership Services is central to our model and delivers highly differentiated premium benefits
$220M
Partner Funded Value
Redeemed in 2023
2.1K+
Global Offer Brands
Membership Benefits
üEarly check-in and
late check-out
üRoom upgrades
üComplimentary
breakfast and WIFI
üExperience credits
$600 avg. value for
2-night stay
Membership Benefits
üExclusive table
access
üPriority notify
üSpecial event early
access
üVIP diner badge
üDelta Platinum and
Reserve dining
credits
7.3B
MR Points
Earned in 2023
Banking EntertainmentLounge2
1.8K+
2023 Global Events
Membership Benefits
üCompetitive APYs
üMembership
Rewards on debit
üNo-to-low everyday
banking fees
40+
Stadium & Venue
Partners
1,400+
Global Lounge Network
30
Centurion Lounges
Centurion NY
City Lounge
1,500+F I N E H O T E L S
+ R E S O R T S ®
30

31. Note: (1) FY 2023 vs. 2022 Fine Hotel & Resorts and The Hotel Collection booked globally through Amex TLS compared to global luxury industry hotels. Industry data sourced from Smith Travel Research,
Luxury Segment 2023 FY Report; (2) USCS Dining spend growth vs. 2019; Overall US growth based on US Retail Sales: Food Services and Drinking Places Category. Source: US Census Bureau
Our Membership Services also play an important role in strengthening our two-sided model and drive greater spend on our network
Delivers superior Membership value propositions
and strengthens our two-sided modelRetains & drives greater
spend on our network
AXP Card MembersAXP Merchants
TravelFine Hotels + Resorts+2.0x
Fine Hotels + Resorts / The Hotel Collection
Booking Growth YoY vs. Industry1
DiningGlobal Dining Access
& Dining Credits
Incremental &
Higher Margin Business+1.8x
USCS Dining Spend Growth
vs. 2019 relative to overall US Growth2
OffersStatement Credits+3.0x
Partner-funded value redeemed
vs. 2018
31

32. Investments and innovation in Travel are paying off as we outperform the industry in premium performance and growth
Note:(1)First, Business class, and Premium Economy air ticket sales through Amex Travel & Lifestyle Services (TLS) as a % of total Amex TLS air ticket sales globally. Industry premium cabin
data per AXP estimates. Data as of FY23;(2) FY 2023 vs. 2022 Fine Hotels + Resorts / The Hotel Collection booked globally through Amex TLS compared to global luxury industry hotels.
Industry data sourced from Smith Travel Research, Luxury Segment 2023 FY Report
>2x
2023 Fine Hotels + Resorts /
The Hotel Collection
Sales Volume~50%
~25%
Industry
Average
AXP
Travel
~30%
~15%
Industry
Average
AXP
Travel
AXP Travel Drives Significantly Higher “Front of the Plane”
Salesand “Luxury Hotel” Bookings…
…And continues to scale
& deliver a differentiated
premium benefit
% Total Air Sales
that are “Premium”1Fine Hotels + Resorts / The Hotel Collection
vs. Luxury Industry Bookings Growth2 2023 vs. 2019
32

33. At Acquisition - July 2019December 2023At Acquisition - July 2019December 2023
Card Membership
unlocks Global Dining
Access Program
We have successfully grownResy since acquiring the business and strengthened the role dining plays in delivering differentiated card benefits
Note:(1) Engaged Diner: A registered user who books a reservation or sets a notify through a digital channel within the past 6 months from July 2019 and December 2023; (2) Restaurant Network:
Total of all restaurant partners who are either subscribed to ResyOS, part of Resy's Global Restaurant Network, or part of Pocket Concierge (Japan)
Resy Engaged Diners1 Restaurant Network2
Preferred access to tables and curated dining experiencesIntegrated with card benefits and new customer acquisition
3.0x
5.4x
back annually on eligible Resy purchases
when you use your enrolled Card.
33

34. We have a significant portfolio of Cobrand partners globally
Travel & Dining
3K+
Global Travel & Dining
Partners
Experiential
80+
Global Experiential
Partners
Offers
2.1K+
Global Offers Brands
Partnerships are also a core part of our Membership Model and the way we integrate them across the business differentiates us from our competitors
Embedded
30+
US Embedded
Benefit Partners
We integrate partnerships across the business
34

35. •Global
•High spending
•High margin
•High discretionary income
•Loyal & engaged with
our brand
We leverage our highly attractive global customer base and our strength in partnerships to create a unique partner-funded flywheel
Premium Customer BaseAttract globalpremium customers
Attract great brands to fund value to target
high-margin customers
Deliver superior products co-funded at
better margins
Partner-Funded
Value Flywheel
35

36. 26
Countries
The Membership Model is backed by our global servicing footprint that delivers premium service at a local level around the world
High-Touch Servicing Around the World
17
Languages
#1
In Customer Satisfaction
among Credit Card Companies
2023 J.D. Power Awards
Service Excellence Recognition
Cross-Functional Servicing
Card Servicing
Travel Servicing
Lifestyle & Concierge Servicing
Credit & Fraud Servicing
36

37. Acquisition2023Vs’19
% Fee-based
New Accounts77%+17pts
% Platinum/Gold
Millennials & Gen Z75%+14pts
Credit2023Vs’19
AXP FICO of New
Accounts Acquired759+18pts
AXP NAA FICO
Spread vs. Industry1+53pts+13pts
Engagement2023Vs’19
Revenue per Account$935+1.4x
Spend per Account (k)$20.3+1.4x
Card Member Loans &
Receivables per Account (k)$3.0+1.1x
Net Card Fees (B)$4.1+2.1x
Our premium model and leadership position havebecome even stronger over time across key metrics
Note:(1) Industry FICO sourced from Experian; AXP NAA FICO spread vs. industry based on 1H’23 vs. 1H’19
US Consumer 2023 vs. 2019US Consumer 2023 vs. 2019
37

38. Why is there
a long runway
for accelerated
growth?
What is our
differentiated
Membership Model?
How do
we execute and
innovate to deliver
on this model?
Today’s Focus
38

39. 3.02.8
3.5
4.24.54.95.35.7
20192020202120222023E2024E2025E2026E
We operate in a very attractive industry that is expected to continue to deliver strong growth
Note: (1) Source: Q2 2023 McKinsey Global Payments Map and internal calculations
~8%
Industry Billings ($T) and % CAGR1
US Consumer Credit Card Billings are projected to grow ~8% annually
39

40. 10%16%30%
3%
6%
16%
Industry No FeeIndustry FeeUSCS Platinum/Gold
Premium and younger segments have been the fastestgrowing in our industry, which plays to our strengths
Note: (1) Industry sourced from Argus Advisory, a TransUnion Company
2018-2023 US Consumer Industry Account Growth, CAGR %
Millennials &
Gen Z CAGR
40
1 1

41. Our runway and opportunities for growthin US Consumer are highly attractive
Note: (1) 2023 AXP Share of Total US Consumer Industry Accounts sourced from Experian; (2) Projected Billings growth for US Consumer Industry sourced from Q2 2023 McKinsey Global Payments Map
and internal calculations; (3) Reflects the difference between the average age of new customers acquired in 2023 that are Millennials & Gen Z vs. other age cohorts for US Consumer Platinum; (4) 2022
industry fee-based US Consumer accounts sourced from The Consumer Credit Card Market – October 2023 from the Consumer Financial Protection Bureau along with internal analysis; (5) Higher lifetime
value based on internal projections for US Consumer Platinum assuming age cohorts are acquired at the same point in time but reflecting their differences in age
~5%
AXP Share of
Total Industry Accounts1~8%
Projected Billings Growth
2023-2026 CAGR2>20 years
Age Gap at Acquisition Millennials &
Gen Z vs. Other Age Cohorts3
~25%
AXP Share of
Industry Fee-based Accounts416%
Millennials & Gen Z Fee-based
Account Growth 2018-2023 CAGR
~2x
Higher Estimated Avg. Lifetime Value
Millennials & Gen Z vs. Other Age Cohorts5
Relatively Low Share
of Accounts
Strong Industry
Growth
Attractive YoungerSegments
41

42. Our differentiated Membership Model and innovation have been the driving force
behind our strong performance and leadership in the premium segment
Key Takeaways
The Model delivers four powerful outcomes that are differentiated within
our industry and difficult to replicate
This is a proven strategy that has a track record of strong performance
and has widened our leadership position
The premium segment remains very attractive, plays to our strengths
and has a long runway for growth
1
2
3
4
42

43. Opening
Remarks
How We
Will Achieve
Our Long-Term
Aspiration
Why Continue
to Invest
in American
Express?
Q&A
43
1
2
3
4
Premium growth through
our Membership Model
Howard Grosfield
Winning the SME recovery
Anna Marrs
Runway for growth in
International
Rafa Marquez
Expanding network
coverage & capabilities
Raymond Joabar
Efficiency, growth & service
through technology
Anré Williams
Winning
the SME
recovery
Anna Marrs
Group President, Global
Commercial Services and
Credit & Fraud Risk

44. Post-Pandemic Period: American Express has strengthened its
leadership position during the volatile post-pandemic period,
while also diversifying revenue streams
Small Business Advantages: We believe our leadership position is
resilient and built on multiple competitive advantages
Go-Forward Growth: Our strategy is to fuel acquisition momentum and
deepen customer engagement through innovation to continue to drive
strong revenue growth
1
2
3
Key Takeaways
44

45. International is accretive to AXP revenue growth
Post-Pandemic
Period
Small Business
Advantages
Go-Forward
Growth
Today’s Focus
45

46. US Small Business Card SpendAXP Spend Share
While US small business card spend has been volatile since the pandemic, we have gained share
Note: Source: Nilson Report, Issue #1243 from June 2023, Argus Advisory, a Transunion Company data through Dec’23, and internal calculations
20102011201220132014201520162017201820192020202120222023
(8%)
23%
19%3%
9% CAGR
9% CAGR47.1%
2023
45.8%
2019
46

47. 3%
(14%)
19%
13%
(2%)(3%)
6%
5%
7%
8%
7%6%
(3%)
(3%)
(2%)(2%)(2%)(2%)
20192020202120222023Q1'24
3%
(14%)
19%
13%
(2%)(4%)(3%)
6%
5%
7%
8%
7%6%6%
(3%)
(3%)
(2%)(2%)(2%)(2%)(2%)
20192020202120222023Q4'23Q1'24
Note: Totals may not foot due to rounding, (1) New account spend ≤13 months of tenure
AXP US SME Spend Drivers of Organic Spend Trends
Spend moderation in 2023 was driven by organic spend
Drivers of
“boom”
Drivers of
moderation
Pandemic stimulus
Inventory restocking
Inflation
Cost of borrowing
“belt tightening”
Industry dynamics
(e.g., construction)
Business environment9(43)5345(8)(4)(3)
Contribution to growth (CTG) (%)
Organic CTG $B
Organic
Attrited
New1
6%
(12%)
24%
19%
3%1%1%
47

48. The small business card industryremains an attractive opportunity
Small Business FormationCard UtilityPayment Digitization
Note: (1) Source: Federal Reserve Economic Data, seasonally adjusted; (2) Source: Association for Financial Professionals “Check Use Drops to All-Time Low for B2B Payments”
(October 2022), B2B payments in U.S. and Canada tracked since 2004
20192020202120222023
New Business Applications in U.S.1
+56%33%
2022 check usage of
B2B payments, down
from 67% in 20102
Purchase and
fraud protection
Cash flow
flexibility
Rewards for
business spend
3.5M
5.5M
48

49. Strong
Acquisition
Strong
Retention
Transaction
Engagement
We continue to have a healthy and engaged customer base
20%
New Accounts Acquired
CAGR 2019-2023
98%
2023 Billed Business
Retention Rate
9%
Organic Transaction
Count Growth
2023 vs. 2022
49

50. Note: (1) 2023 performance of 2022 vintage vs. 2019 performance of 2018 & prior vintages
Our newer vintages are more premium and provide a continued platform for growth
20192023
No
Annual
Fee
$695
Annual
Fee
Largest acquisition
product, excluding
Cobrands
Lend capabilities
Revolve on credit cards;
Pay Over Time embedded
on charge cards
Revolve on credit cards;
no embedded lending on
charge cards
Premium fee growth
+ responsible lending
Growth in revenue per $
of new spend acquired121%
50

51. 3%
9%
BillingsRevenue
6%
7%
BillingsRevenue
We have driven stronger, more diversified revenue growth
Note: Global Commercial Services (GCS) segment results for 2019, Commercial Services (CS) segment results for 2023;
effective Q3'22, reportable operating segments were realigned to reflect certain organizational changes
2019 – Global Commercial ServicesYoY Growth2023 – Commercial ServicesYoY Growth
51

52. International is accretive to AXP revenue growth
Post-Pandemic
Period
Small Business
Advantages
Go-Forward
Growth
Today’s Focus
52

53. We are the leader in US small business cards
$427B3.9M~3x
Note: (1) Customers using a small business product; (2) Source: Nilson Report, Issue #1243 from June 2023, for competitor card data compared with 2022 US SBS spend.
US SME
2023 Billings
Larger than the
next competitor2US Small Business
customers1
53

54. Multiple advantages underpin our leadership position
Marketing
Engine
Credit Quality
& Spend
Capacity
Management
Service
Business-
Focused
Products
54

55. 20192023
Competitor Cards
in Wallet
AXP
Net Promoter Score, 20232
Business-Focused Value
Points Multipliers1
Travel Benefits
Our leading value propositions aredesigned to deliver relevant, superior value
Note: (1) Points multipliers range from 1-5X depending on the card and spend category; (2) Source: US SME AXP Card Members Net Promoter Score (NPS) 2023 Results
SBS Net Card Fees
16% CAGR
18+ pts
55

56. We are using AI to enhance the effectiveness of our sales and marketing engine
20192023
Prospect Small Business
Billed Business Acquired1
Right
Channel
Right
Product
Right
Offer
Customer
SegmentSmaller BusinessesLarger Businesses
MarketingSales & Account
Development
Lend Charge
Broadscale OffersElevated Offers
~2x
Note: (1) Reflects the first 12 months of spending for a new customer acquired. For customers acquired less than 12 months prior,
internal estimates have been used for their expected spending over the 12 month period56

57. Spend Capacity
~3.3x
Our exposure management capabilities provide more spend capacity, while controlling credit losses
Note: (1) Data used: Sep 2023 AXP US SBS Customers with Annual spend >$1MM, Small Business Financial Exchange (SBFE) data from Duns & Bradstreet used for
competitor capacity. Capacity = Maximum (Exposure, Line) (2) US SBS delinquency rates represent Small Business Card Member Loans and Card Member Receivables.
Source: Experian Analytical Sandbox, with delinquency defined as 60 days past billing, or approximately 30 days past due
Best-in-Class Credit Quality
20192023
AXPCompetition
US SBS Delinquency Rates,
Competitors vs. AXP2
1.5x
1.8x
Avg AXP spend
capacity vs competitors
for SBS customers
spending $1M+1 US SBS
Delinquency
Rate vs. 20191.00x0.94x
57

58. Our client-facing teams deliver deeper customer relationships
88%
AXP US SME
Customer Servicing
Satisfaction1
Note: (1) Customers responding to a customer service satisfaction question with a score of 4 or 5 on a scale of 1 (Completely Dissatisfied)
to 5 (Completely Satisfied) as part of the 2023 AXP US SME Net Promoter Score (NPS) Study
B2B Solutions
Underwriting
Marketing
Offers
Trusted, Business-
Centric Support
Card
Servicing
Merchant
Servicing
Account
Development
58

59. International is accretive to AXP revenue growth
Post-Pandemic
Period
Small Business
Advantages
Go-Forward
Growth
Today’s Focus
59

60. Revenue
Growth•Organic Spend Growth
•Digital Ecosystem
•Lend Growth
•New Products
•Marketing Investment
•Personalization
•Cross-Sell
•Partnerships
Acquisition Momentum
Customer Engagement
We are focused on acquisition momentum and customer engagement to drive revenue growth
60

61. Scaled Prospect
Marketing Investment
New US Small Business
Accounts Acquired
We plan to continue to invest in marketing to grow our premium customer base
2019202320192023
2x 2x
61

62. ~30%
Lift in
response
rate2
20192023
Note: (1) Targeted offers for prospects/customers (2) Lift in New Accounts Acquired / site & search visitors shown a personalized offer for Business Platinum
and Business Gold in February-December 2023 as opposed to the baseline offer
Growth in New Account Acquisition
via Personalized Offers1
Enhancements to personalized marketing can continue to drive efficient investment
~4x
62

63. ~64%
Spend lift
from dual Card
Members1
Note: (1) Reflects 12 months of spend growth post a Consumer Small Business Card Member acquiring a Small Business Card product, including both consumer and small business product spend
Cross-Sell Opportunity
We estimate 4.9M Amex consumer customers are small business owners, providing a deep prospect pool
4.9M
765
Small business
owners who only have
a Consumer product
Average FICO of
Amex Consumer small
business owners
63

64. The strength of our partnerships creates customer value and acquisition opportunities
Cobrand PartnershipsSolution PartnershipsPartner Benefits
64

65. We are focused on acquisition momentum and customer engagement to drive revenue growth
Revenue
Growth•Organic Spend Growth
•Digital Ecosystem
•Lend Growth
•New Products
•Marketing Investment
•Personalization
•Cross-Sell
•Partnerships
Acquisition Momentum
Customer Engagement
65

66. Note: (1) Reflects 12 months of spend growth post an existing Small Business Cardmember acquiring a Business Platinum
Customer treatment strategies grow organiccustomer card spend over time
Spend lift from
customers who
acquire Business
Platinum1
37%Early Tenure
Engagement
Cross-Sell &
Upgrades
Employee
CardsEmployee Card
Spend Growth
2023 vs. 2019
35%
Account
Development
Expansion
66

67. Note: (1) Represents lift in total spend post customer implementation of AP Automation software for spend active AP Automation
customers from September 2021-August 2022, removing impact of additional concurrent customer sales treatments
Our integrated model unlocks more “card-able” spend
We are using Accounts Payable (AP) files to broaden and deepen our customer relationships
Average Lift
in AXP Charge
Volume1Implement AP
Automation
Software
Ingest
AP File
Analyze via
Supplier Matching
Engine
Conduct
Supplier Outreach
& Enablement
~20%
67

68. Deposit
Accounts
Business
Checking
Account
Card
Card Spending
Lending
Card Borrowing
Line of Credit
Payments
Accounts
Payable
Note: (1) Customer needs refer to banking, financing and payment operations and solutions for a small business owner. Revenue uplift is a comparison of business
customers for whom we meet three or more needs relative to those business customers for whom we meet only one need. (2) Dec 2023 vs. Dec 2022
We are bringing our multi-product experiencestogether in Business Blueprint, our digital ecosystem
3x
Revenue uplift in
meeting more needs of
business customers1
+14%
YoY increase in number
of business customers
for whom Amex meets
3+ needs2
~18%
Blueprint Customers who
adopted a new product
within first 90 days
68

69. We still have room to grow into our customers’on-card borrowing wallets
Card Lend vs. Card Spend Share1 (2023)High Quality Lend Growth
Note: (1) Source: Spend share - Nilson Report, Issue #1243 from June’23 with Argus Advisory, a Transunion Company, data through Dec’23;
Lend Share - Argus Advisory, a Transunion Company, data through Dec’23, and internal calculations
~70%
747
2/3
2023 Revolving Loan growth
from existing customers
Lending balance-weighted FICO
of customers who contributed to
2023’s Revolving Loan growth
2023 Revolving Loan growth
fromcustomers with >5 years
in operation
47%
53%
31%
69%
Spend ShareLend Share
CompetitorsAXP
69

70. Our new products create growth and engagement opportunities
Business Line of CreditBusiness Checking Account
Note: (1) Represents December 2023 Line of Credit A/R outstanding, (2) Represents December 2023 , (3) Customers who have been onboarded for at least 365 days and have taken out loans
+67%
3
+92%
8
Line of Credit Loans1
2023 vs. 2022
Accounts2
2023 vs. 2022
Average loans
drawn/active customer
per year3
Average log-ins/active
customer per month
70

71. Post-Pandemic Period: American Express has strengthened its
leadership position during the volatile post-pandemic period,
while also diversifying revenue streams
Small Business Advantages: We believe our leadership position is
resilient and built on multiple competitive advantages
Go-Forward Growth: Our strategy is to fuel acquisition momentum and
deepen customer engagement through innovation to continue to drive
strong revenue growth
1
2
3
Key Takeaways
71

72. Opening
Remarks
How We
Will Achieve
Our Long-Term
Aspiration
Why Continue
to Invest
in American
Express?
Q&A
72
1
2
3
4
Premium growth through
our Membership Model
Howard Grosfield
Winning the SME recovery
Anna Marrs
Runway for growth in
International
Rafa Marquez
Expanding network
coverage & capabilities
Raymond Joabar
Efficiency, growth & service
through technology
Anré Williams
Runway for
growth in
International
Rafa Marquez
President,
International Card Services

73. The International business has been a growth driver for American Express
Emerging from the pandemic, our investment in our products and Membership Model
re-established and strengthened our momentum
We have significant runway for growth and are set up to be accretive to the
Enterprise’s aspiration for 10%+ revenue growth
1
2
3
Key Takeaways
73

74. Today’s Focus
International is accretive to AXP revenue growth
We operate in the
right countries
Our products
serve attractive
segments: premium
consumers and
small businesses
Our Membership
Model is unique
and working
74

75. 2017201920222023
$188B
$246B
$292B
$344B
2017201920222023
$8B
$10B$11B
$13B
International is a growth driver for AXP
Note: (1) AXP International Billed Business and the related growth rates are adjusted for FX. See Annex C for reported billings and growth rates; (2) AXP International Revenue
Net of Interest Expense excluding GNS and adjusted for FX and the related growth rates are non-GAAP measures. See Annex D for a reconciliation.
+14%
+18%
+10%
+17%
AXP International Billed Business1 AXP International Revenue2
’17-’19 CAGR, ’22-’23 YoY (FX-adjusted)’17-’19 CAGR, ’22-’23 YoY (FX-adjusted)
75

76. What drives International growth?
International is accretive to AXP revenue growth
We operate in the
right countries
Our products
serve attractive
segments: premium
consumers and
small businesses
Our Membership
Model is unique
and working
76

77. Our top 15 issuing countries represent over half the estimated International card payments revenue pool
15 largest AXP
International countries1
comprise57%
of the total estimated
International card revenue pool
5 largest AXP
International countries1
comprise33%
of the total estimated
International card revenue pool
AXP’s 15 largest International countries
Note: (1) AXP International countries is defined by proprietary issuing presence. International revenue pool excluding US, Russia and China.
External payments data for consumer & commercial card (credit & debit) sourced from Q2 2023 McKinsey Global Payments Map.77

78. 2017201920222023
In our top 5 countries we are growing faster than the industry
Note: (1) External payments data for consumer & commercial card (credit & debit) sourced from Q2 2023 McKinsey Global Payments Map.
+12%
+20%
Estimated Industry
Revenue CAGR1
AXP International’s largest 5 countries revenue
’17-’19 CAGR, ’22-’23 YoY (FX-adjusted) (UK, Japan, Australia, Canada, Mexico)
7% 7%
78

79. 2017201920222023
We are gaining share in card spend
Note: (1) External payments data for consumer & commercial card (credit & debit) sourced from Q2 2023 McKinsey Global Payments Map.
+17%
+18%
AXP International’s largest 5 countries Billed Business
’17-’19 CAGR, ’22-’23 YoY (FX-adjusted) (UK, Japan, Australia, Canada, Mexico)
Estimated Industry
Billed Business CAGR18% 8%
79

80. AXP Country Share, Top 5
(AXP % of Total Estimated Credit & Debit Spend), 2023
11%
7%6%6%
4%
MexicoAustraliaUKJapanCanada
Our strong growth coupled with our share position presentsan attractive opportunity for continued momentum
Note: Includes consumer & commercial credit & debit card payments (including cross-border volumes)sourced from Q2 2023 McKinsey Global Payments Map;
(1) Calculated as a weighted average AXP % of spend across all of its top 5 countries.
Top 5 Average Share %1
80

81. What drives International growth?
International is accretive to AXP revenue growth
We operate in the
right countries
Our products
serve attractive
segments: premium
consumers and
small businesses
Our Membership
Model is unique
and working
81

82. AXP International Consumers
typically spend more than the
average credit card spend
Delinquency rate of Australian &
UK Consumer Card Members is
lower than the industry average
4x
4x
8x
AXP International Consumer
2023 billings from fee-based
products
High spending
customers1 Attracted to
premium productsStrong credit quality2
82%
We have been able to attract a premium consumer base with high spending capacity and high credit quality
Note: (1) Based on 2023 consumer only and for International countries where AXP has a proprietary issuing model. External data for average credit card spend in International countries sourced from
Euromonitor and excludes debit transactions. AXP and Euromonitor Average Spend compared in $USD converted using Euromonitor supplied 2023 FX rate. (2) AXP and Industry Delinquency rates as
reported by credit bureau in respective countries and for Consumer only – Argus Advisory, a TransUnion Company as of Jan’23 – Dec’23 avg. for UK, Equifax Australia as of Jan’23 – Dec’23 avg. for Australia.
0.4%
1.2%1.2%
1.7%88 bps
54 bps
AXPIndustry
82

83. Our Small Business growth combined with ourlow card penetration presents significant room to grow
Note: (1) International SBS Billed Business and the related growth rates are adjusted for FX. See Annex E for reported billings and growth rates; (2) # SMEs in country sourced from Data Axle, Inc. and
as of 2023. SME defined by following annual revenue range JP: 0 – 250M (USD), AU: 0 – 50M (AUD), CA: 0 – 50M (CAD), UK: 0 – 50M (GBP), MX: 0 – 20M (MXN).
International
SBS
International
Consumer
9%
3%
2%
2%
< 1%
$23
$35
$59
$72
2017201920222023
+25%
+23%
High spending vs. ConsumerRoom to growFast growing
Average Spend per Account% of SMEs with an AXP SBS card2International SBS Billed Business
’17-’19 CAGR, ’22-’23 YoY
($B; FX-Adjusted)1
4.7X
83

84. High Travel & Entertainment SpendHigh Cross-border Spend
Note: Spend for AXP International Proprietary Issuing (excludes JVs and GNS).
Our premium customer base is evidenced by strongTravel & Entertainment and Cross-border Spend
32%25%
InternationalUS
23%4%
InternationalUS
84

85. International Revenue Composition1
This premium base drivesrevenue from Spend & Fees, and presents an opportunity to grow on lend
Note: Figures based on FY 2023. (1) AXP International Revenue, Net Interest Income and Spend & Fee Revenues,
each excluding GNS are non-GAAP measures. See Annex D for a reconciliation.
89%
11%
International
Spend & Fee Revenues
Net Interest Income
•Opportunity to capture
incremental borrowing behavior
from our customers
•High card feesand cross-border
revenue contribute to
our Spend & Fee Revenues
85

86. What drives International growth?
International is accretive to AXP revenue growth
We operate in the
right countries
Our products
serve attractive
segments: premium
consumers and
small businesses
Our Membership
Model is unique
and working
86

87. Our Membership Model has three core components…
Our Membership Model is unique and working effectively
Premium Payment
Products
Differentiated
Membership Services
Partnerships &
Partner Funded Value
1
…that come together to deliver highly differentiated benefits
2
3
Travel
Lounge
Offers
Banking
Entertainment
Dining
Card
Membership
Spend
Fees
Lend
87

88. Premium Product Portfolio (Consumer & SBS)Product Evolution
We have a compelling portfolio of premium products that we refresh regularly
Cobrand Partnerships•Price for value philosophy
•Expanding benefits on key customer
passion points i.e., lifestyle and
dining
•Expanding lend functionalities
>30
Product refreshes
in 2023
88

89. We have steadily added value to Consumer Platinum while pricing accordingly and growing accounts
Note: (1) USD converted at Jan’24 FX rate. % Fee change is from 2017 to 2023. AUS ’17 fee 1,200 AUD and ’23 fee 1,450 AUD. JP ’17 fee ¥140,000 and ’23 fee ¥ 165,000.
(2) Change is based on Dec’23 vs. Dec’17.
Platinum value
proposition evolution
Annual Card fees1
2017 – 2023
Accounts2
2017 – 2023
2017
•Membership Rewards, lounge
access, concierge, insurance
2023
•Dining and Entertainment benefits
•New metal card
•Expanded travel benefits
including a broadened network
of Centurion lounges
$957
$1,117
+21%
+18%
~2.5x
~1.5x
89

90. In addition, we have a range of key partners that support our value propositions and ambitions
Key partnership expansion beyond the USGlobal rewards & benefits propositions
•Access to 1,400+ lounges
supporting global access for
travelers
•Membership Rewards that can be
redeemed at 50+ global partners
•Multi-market benefits and
Partner Funded Value
•Embedded benefits
•Rich offers
•Cobrand expansion
90

91. The Membership Model enables cross-border innovation that scales globally
Innovation examplesInnovation examples
Customer-driven referrals,
Member Get Member
Exclusive lounge access,
Centurion lounges
Unlocking Partner Funded Value
to deliver more Card Member
benefits through shared economics
Grow with our customers
through personalized offers
International
Innovation
Exchange
91

92. Acquisition journeyLendingDigital engagement
% Digitally Acquired1 Average Card Member Loans3
’17-’19 CAGR, ’22-’23 YoY ($B; FX-
Adjusted)
% Monthly Digitally Active2
Note: (1) Digitally acquired accounts are accounts acquired through digital (e.g. mobile, tablet, web) vs. sales or phone; (2) International Digitally Active Card Members defined as a
Card Member who logs in to the Web or Mobile App at least once as of December in each year; (3) International Consumer & SBS Average Card Member loans on an FX adjusted basis
and the related growth rates are non-GAAP measures. See Annex F for a reconciliation; (4) International Consumer & SBS Billed Business growth rates are adjusted for FX.
See Annex F for reported billings growth rates.
Capability investments enable us toattractand engage consumers & small businesses in their channel of choice
$7
$10
$12
$1567%
84%
55%
68%
20172019202220232019202320192023
International Consumer & SBS
Billed Business CAGR4
17%18%
20%
22%
92

93. % New Accounts Acquired73% of Millennials & Gen Z acquired in 2023 were acquired on fee-based products
Our Membership Model is helping us attract new generations to Premium Consumer products…
Millennials & Gen Z
73%
201720192023
51%
68%
45%
+6pp
+17pp
42%43%50%
Age ≤ 35
93

94. Average spend is increasingRetention is high
… and this membership effect also drives increased engagement and retention
Note: AXP International Consumer & SBS.
~96%+42%
Billed Business Retention on average
annually 2019 – 2023
Growth in average spend per
account 2023 vs. 2019
94

95. International locations growth1 Key verticals acceptance2
Note: (1) Includes ~17M and ~27M registered merchants in China for 2021 and 2023, respectively;
(2) Top E-Commerce & Tourist Attractions are tracked internally, Transport from LIF Coverage Survey – external third-party research that samples merchant acceptance of credit cards and Amex.
Coverage gains drive additional growth momentumasour Card Members can use their cards in more places
48M
72M91%
96%
87%
90%
77%
82%
20212023202120232021202320212023
+50%
Top e-Commerce
Websites
Top Tourist
Attractions
Transport
95

96. The International business has been a growth driver for American Express
Emerging from the pandemic, our investment in our products and Membership Model
re-established and strengthened our momentum
We have significant runway for growth and are set up to be accretive to the
Enterprise’s aspiration for 10%+ revenue growth
1
2
3
Key Takeaways
96

97. Opening
Remarks
How We
Will Achieve
Our Long-Term
Aspiration
Why Continue
to Invest
in American
Express?
Q&A
97
1
2
3
4
Expanding
network
coverage &
capabilities
Raymond Joabar
Group President,
Global Merchant &
Network Services
Premium growth through
our Membership Model
Howard Grosfield
Winning the SME recovery
Anna Marrs
Runway for growth in
International
Rafa Marquez
Expanding network
coverage & capabilities
Raymond Joabar
Efficiency, growth & service
through technology
Anré Williams

98. We have more than tripled the number of locations globally that accept American
Express since 2017 where Card Members live, work, and travel to most.
These coverage gains are driving scale and relevance and have been a significant
contributor to AXP’s revenue growth.
And tremendous opportunities remain to sustain this growth:
•Continue growing US acceptance as new businesses form or start accepting
card payments
•Accelerate International coverage through expansion of Partnerships
•Leverage our World Class Payment Ecosystem to deliver more value to Merchants,
Card Members & Partners
1
2
3
Key Takeaways
98

99. Today’s Focus
U.S. Merchant
Acceptance
International
Merchant
Acceptance
Network
Capabilities
Global Merchant
Journey
99

100. Our investment in coverage since 2017 has resulted in more than tripling the number of locations that accept American Express
Note: (1) Includes ~17M and ~27M registered merchants in China for 2021 and 2023, respectively.
66M
25M
89M
201720232021
Global Locations in Force (LIF)1
Maintained Virtual Parity
Coverage in the U.S.
4X LIF growth in International
locations
New merchant signings significantly
contributed to volume growth
Coverage gains strengthened
Card Member satisfaction
100

101. 3rd Party ProcessorsPayment
Facilitators
Licensed Acquirers
Proprietary TeamPartners
A key driver of our coverage success has been the continued evolution of the hybrid acquiring model…
Sign and manage larger merchants…
drives most of our discount revenue
Efficiently sign & process the long-tail of merchants ... critical to
increase Card Members confidence to use their card everywhere
101

102. Customer Satisfaction with Acceptance
Coverage gains are helping to strengthen overall Consumer Card Member Satisfaction…
Note: The basis points (bps) change is year over year change in Net Satisfaction with Coverage, defined as the % of customers who are highly satisfied with coverage
(top 3 boxes) minus the % of customers who are not highly satisfied with coverage (bottom 6 boxes) on a 10 point satisfaction scale on Merchants acceptance only.
+970
BPS+260
BPS+120
BPS+340
BPS+730
BPS+580
BPS
(2023 vs 2019)
102

103. Today’s Focus
U.S. Merchant
Acceptance
International
Merchant
Acceptance
Network
Capabilities
Global Merchant
Journey
103

104. Since 2019, we have maintained virtual parity in the US…
Note: (1) Total number of American Express accepting locations as % of Visa/Mastercard locations. Source: Nilson Report, Issue 1257 from February 2024 and prior issues for Visa/Mastercard locations.
2014201520162017201820192020202120222023
7.6M
17.8M
Total US Amex Accepting Locations in Force (LIF)
80%86%85%87%93%99%99%99%99%99%Coverage1
%
104

105. Indexed to 2017Indexed to Older Cohorts
Note: Transaction per New Accounts is defined as the # of transactions in the first 12 months per account in the prospect channel.
For Share of wallet, Non-Amex credit & charge card spend and lend of active Amex Consumer Card Members calculated from internal estimates of Card Member size of wallet capability
Transactions per New AccountShare of Wallet by Generation
…enabling New Card Members to transact more frequently & capture a greater share of wallet from younger generation
Annual US Consumer Transactions
1.0
1.1x
1.2x
1.3x
1.0
1.1x
1.2x
1.3x
Older cohorts
Gen X
Millennials
Gen Z
Older cohorts
Gen X
Millennials
Gen Z
100
113
161
175
2017201920212023
105

106. Total US Volume in Low & New-to-Plastics Industries1, $B
2020-2023 CAGR
Low & New-to-Plastic IndustriesNew Industries Spend
We are also expanding by efficiently gainingcoverage in low & new-to-plastic industries…
Residential
RentCharitiesGovernment
TransitEducationUtilities
EV/Charging
Bill Pay
ProvidersInsurance
Note: (1) Includes charities, education, government, insurance, residential rent & utilities volumes only.
20202021202220232026
Aspiration
$45$55
$68$79
+21%
106

107. …successful execution will result in greaterusage of the network and greater spend
Sign more merchants…
Sign more merchantsDrive greater spend
107

108. Today’s Focus
U.S. Merchant
Acceptance
International
Merchant
Acceptance
Network
Capabilities
Global Merchant
Journey
108

109. Our priority focus in International is toaccelerate acceptance where it matters most
Drive CoverageGrowth Levers
Deepen Use of Partnerships
Expand Licensed Acquirer
Model
Broaden Targeted Prospect
Merchant Lists
Key Industry Verticals
Priority Cities &
Top Tourist Destinations
Top Countries & Expansion
109

110. Since launching our International strategy in 2017, we have made significant progress expanding coverage…
Note: (1) Includes ~27M registered merchants in China for 2023; (2) Network spend includes spend from all Proprietary and GNS cards at International merchants
and is adjusted for FX. See Annex G for reported network spend.
Expanded coverage…
Total International Locations in Force1…contributing to increased spend
Network Spend at International Merchants (FX Adjusted)2
20172023
$304B
$518B
20172023
16M
72M
110

111. …focusing on critically important key verticals…
2021
Acceptance in key industry verticals
Top e-Commerce WebsitesTop Tourist AttractionsTransportLodging
2023202120232021202320212023
91%
96%
87%
90%
77%
82%80%
83%
Note: Top E-Commerce & Tourist Attractions are tracked internally, Transport & lodging from LIF Coverage Survey – external third-party research that samples merchant acceptance of credit cards and Amex.
111

112. 22 Cities Targeted for 2026 Goal26 Cities Achieved 75% Coverage by 2023
…and in key priorities cities where our card members live, work & travel most…
Note: LIF Coverage is the # of merchants who are enabled to accept Amex, as a percentage of all card-accepting merchants.
Total LIF Coverage in Key International Priority Cities
100%
75%
Incremental LIF Coverage since 2018
LIF Coverage in 2018
112

113. …and in top tourist destinations throughexpanded use of local Bank partnership acquiring
13 IslandsLIF Coverage (%)
Cayman
BahamasBarbados
Jamaica St. Kitts
& Nevis
Antigua
Barbuda
St. LuciaAnguilla
GrenadaBermudaTurks &
Caicos
St. Vincent
Note: Local Partnerships were launched throughout 2023 and are expected to achieve 90% LIF coverage by the end of the 12-month period following each country or territory’s respective launch date.
Trinidad & Tobago
27%
90%
Dec-22Year 1
Post-Launch
The Caribbean
113

114. We have expanded the use of partners to transform coverage in key countries…and we are deploying the same strategy across Europe
Mexico Continental Europe1United Kingdom
LIF Coverage (%) LIF Coverage (%)1LIF Coverage (%)
51%
77%
95%
201720232026
Aspiration
Note: (1) France, Italy, Spain, Germany, Sweden, Finland.
57%
77%
201720232026
Aspiration
90%
57%
63%
201720232026
Aspiration
80%
114

115. Successful execution will result inacceleration of coverage and greater spend
Note: (1) Includes ~27M registered merchants in China for 2023
Accelerate Coverage…where it matters most
Total International
Locations in Force1# of Priority Cities
>75% coverage
# of Countries & Territories>75% coverage
Drive greater spend
20232026
Aspiration
26
48
20232026
Aspiration
72M
90M 82
20232026
Aspiration
45
115

116. Today’s Focus
U.S. Merchant
Acceptance
International
Merchant
Acceptance
Network
Capabilities
Global Merchant
Journey
116

117. Sustained investments to enhance the AXP network have successfully delivered value to date and enabled future growth
World-Class Payment Ecosystem
Bank
Partners
MerchantsAcquirers
Consumer
Cards
Commercial
Cards
Value Propositions
Fast, Flexible
& Easy to scale
Simplified Partner
IntegrationState of Art Cloud
Native tech
Transit &
Contactless
Amex OffersAgile Partner
Platform
117

118. Amex Offers is a powerful platform connecting merchants & Card Members leveraging the value of our integrated payments platform…
Digital EngagementMembership Value
Merchants
Card Members
Example Merchants
Finding new premium customers
Redemption-only costMeasurable businessimpact
Increased product valueTailored offer presentment Simple, Easy redemption
118

119. …and we are transforming the platform to accelerate growth & aspire to unlock $1Bn of global partner funded value redeemed for Card Members
Leverages AXP
differentiated assets
Increase Redeeming
Card Members
Increase Partner
Funded Value Redeemed
Card
Member Base
Access to millions
of Premium cards
Deep Merchant
Relationships
Strong existing
relationships
Integrated
Data
Rich CM &
Merchant data
improves targeting
Global
Presence
Amex Offers
presence in 100+
countries
High ROI
on Ad Spend
100% of value
passed to Card
Members
5x3x
201720232026
Aspiration
201720232026
Aspiration
2.6M
5.8M
17M
$59M
$220M
$1,000M
119

120. We built a new agile platform with Fintech partners to launch more cards on the Network
Agile Partner PlatformSquare Credit Card
BIN Sponsor BanksProgram Managers
Issuer Processor
Network
120

121. We have accelerated coverage in the Transit Industry & continue to launch Tap-to-Pay solutions worldwide
Global Transit Taps
OsakaNew York
Accepting Transit Agencies16413022278
Tap-to-Pay Live10311228
Rest of World
202120232026
Aspiration
Note: A transit tap refers to a contactless transaction, which may include one or more taps during a rider journey. Taps may include non-open loop transactions.121

122. We have more than tripled the number of locations globally since 2017…
…where Card Members live, work, and travel to most
…and yet huge growth opportunities remain.
Coverage gains are driving scale and relevance…
…giving new & existing Card Members more places to use their card
…changing Card Members’ perceptions
…translating into more confidence at the POS and higher share of wallet
…and are a significant contributor to AXP’s revenue growth…
Successful execution of our strategy will continue to sustainably drive strong
revenue growth
1
2
3
Key Takeaways
122

123. Opening
Remarks
How We
Will Achieve
Our Long-Term
Aspiration
Why Continue
to Invest
in American
Express?
Q&A
123
1
2
3
4
Premium growth through
our Membership Model
Howard Grosfield
Winning the SME recovery
Anna Marrs
Runway for growth in
International
Rafa Marquez
Expanding network
coverage & capabilities
Raymond Joabar
Efficiency, growth & service
through technology
Anré Williams
Efficiency,
growth &
service
through
technology
Anré Williams
CEO, American Express
National Bank & Group
President,
Enterprise Services

124. We have reduced Servicing and Technology Operations expenses as a percentage
of Revenue, creating Operating Leverage and momentum for that to continue.
Key Takeaways
We are leveraging Technology to drive growth for the Company and are committed
to consistently innovating through the continuous development of
core platforms and Generative AI.
Service Excellence is one of our competitive advantages and we will continue
to leverage Technology to improve the customer experience.
1
2
3
124

125. Enabling
Growth Through
Technology
Enabling
Service Excellence
Through Technology
Operating
Leverage
Today’s Focus
125

126. $43.6
$36.1$42.4
$52.9
$60.5
-$12.0
-$2.0
$8.0
$18.0
$28.0
$38.0
$48.0
$58.0
$68.0
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
20192020202120222023
$5.8$5.6$5.8$6.8$7.2
AXP Revenue ($B)
Tech Investment
Expenses ($B)
Servicing
Expenses ($B)
Tech Ops
Expenses ($B)
% of Revenue13.4%15.6%13.6%12.8%11.9%
Creating Operating Leverage unlocks efficiencies and enables growth for the company
126

127. % of
Revenue
$2.8$2.7$2.7
$3.2$3.4
201920202021202220232024Future
6.5%7.5%6.3%6.0%5.6%<4.5%
Servicing expenses as a percentage of Revenue continues to decline and our aspiration is to be <4.5%
Servicing Expenses ($B)
127

128. 52%53%
56%
60%63%64%65%
72%73%75%
20192020202120222023
Note: Global Digitally Active Card Members defined as a Card Member who logs in to the Web or Mobile App at least once as of December in each year.
Low Tenure
<12 Months
High Tenure
>12 Months
This is partly driven by lower tenure Card Members engaging with us more digitally…
Global Digitally Active Card Members (%)
128

129. ≤35 Years Old
>35 Years Old
…as well as younger customers engaging more digitally…
Global Digitally Active Card Members (%)
72%72%
76%79%81%
51%52%
56%
60%63%
20192020202120222023
Note: Global Digitally Active Card Members defined as a Card Member who logs in to the Web or Mobile App at least once as of December in each year.
129

130. Interactions
per 100
Transactions1 1.611.591.311.211.161.05
Chat
Phone
Voice Response
52%50%49%50%46%42%
42%41%40%34%35%35%
6%9%12%16%18%23%
20192020202120222023
Phone
Customer Care
Professional
…and an acceleration of chat servicing to meet evolving customer preferences
Note: Subtotals may not foot due to rounding; (1) Transactions represent global merchant transactions on proprietary issued cards. Excludes ATM transactions and balance transfers.
Cost
$$
$
$$$$
2024F
Global Card Servicing Interactions (%)
130

131. $1.5$1.4$1.5
$1.8$1.8
$2.1
201920202021202220232024
~$600M (+40%)
This continued improvement in Operating Leverage has enabled us to increasingly invest in Technology
2024F
Tech Investment ($B)
131

132. Enabling
Growth Through
Technology
Enabling
Service Excellence
Through Technology
Operating
Leverage
Today’s Focus
132

133. Brand
Strength
Service
Excellence
Membership
Model
Lifestyle
& Business-
Centric Assets
Premium
Customer
Base at Scale
Our Technology powers our global, differentiated business model…
Card MembersMerchants
DataAnalyticsTechnology
Talented & Dedicated Colleagues
133

134. Continuous
Development
Modular & Flexible
ArchitectureHybrid CloudNext Generation
Big Data
Seamless Partner
Integration
Foundational Technology
Digital Banking
Servicing
Loyalty & Benefits
Accounts Receivable
Web/Mobile App
Digital Acquisition
Tokenization
Authorizations
Payments Network
Settlement
Payments
Pricing
Onboarding
Card Members
Network
Merchants
…and spans Card Members, Merchants, and the Network
134

135. Payments Network
Loyalty & Benefits
Accounts Receivable
Merchant Onboarding
Next Gen Data
Servicing
‘21‘20‘22‘23‘25‘24‘26
Travel
2019 & prior ‘27
Amex Offers
Digital Banking
Gen AI Enablement
Authorizations
On-Going
Starting in 2024
We will focus on the continuous development of our core platforms
Development Underway
135

136. From 2019 to 2023
Global Transactions1 1.3x
Global transit taps2 2.8x
Revenue acquired through Member Get Member2.3x
Global online travel bookings 2.3x
Digital retail banking deposits 2.0x
Total products refreshes~150
We have leveraged Technology to drivegrowth for the Company in several ways
Note: (1) Transactions represents global merchant transactions on proprietary issued cards. Excludes ATM transactions and balance transfers;
(2) Transit tap refers to a contactless transaction, which may include one or more taps during a rider journey. Taps may include non-open loop transactions.136

137. 2012
First AI-powered
Merchant offer
based on
relevancy
2016
First servicing chat
bot launched in Web
and Mobile App
2019
Expansion of chat bot to
include AI-powered
travel bookings
2023
Began
Generative
AI pilots
2010
Detection and
prevention
of fraudulent
payments
and accounts
2012
First AI credit risk models for
underwriting and line size
2015
100% of credit risk
models powered by
ML/AI
2017
Enhanced internal cybersecurity
threat and anomaly detection
2022
Singapore Center
of Excellence opens
to focus on ML/AI
We have used Artificial Intelligence (AI) to power growth across several areas since 2010
137

138. Technology risk
Identity protection
Fraud prevention
1 2 3
We plan to leverage Generative AI to drive greater productivity and strengthen the Membership Experience
Generative AI Focus Areas
ProtectionProductivityGrowth
Marketing
Hyper-
personalization
Virtual assistants
Knowledge worker
productivity
Tech
Servicing
138

139. fewer calls or chats
following a search
interaction
time saved reported
by software engineers
using GitHub Copilot
reduction in Call
Handling Time by Travel
Counselors in pilot
Search Optimization
Improved search for customers
within the App
GitHub Copilot
Coding assistant for software
engineers
Travel Counselor Assist
Travel planning support for
premium Travel Counselors
~9%
~10%
~60s
We have been scaling three use cases which we believe can be transformational
Use CaseResults To Date
139

140. Enabling
Growth Through
Technology
Enabling
Service Excellence
Through Technology
Operating
Leverage
Today’s Focus
140

141. Brand
Strength
Service
Excellence
Membership
Model
Lifestyle
& Business-
Centric Assets
Premium
Customer
Base at Scale
One of our competitive advantagescontinues to be Service Excellence
Card MembersMerchants
DataAnalyticsTechnology
Talented & Dedicated Colleagues
141

142. American Express
Industry Average
20192020202120222023
+17
+15+19+13+18
Note: See Glossary for a definition of NPS. Industry average based on third party estimates.
Our customer satisfaction remains high, as measured through NPS
US Consumer Servicing – Net Promoter Score (NPS)
142

143. Global roll-out of an
Intuitive Service Portal
to improve the servicing
experience
Leverage natural
language processing
and AI to evaluate
customer satisfaction
Enable Voice ID to
eliminate our
dependency on high
friction authentication
We continue to invest in cutting edge tools and capabilities for Frontline colleagues and customers
143

144. OverviewKey Outcomes
VIBES™ will provide colleagues with a complete view of customer satisfaction and overall experience
VIBES (Valuing Interactions By Evaluating Satisfaction)
•Leverages natural language processing
and AI to analyze customer satisfaction
•Feedback captured on ~100% of
servicing interactions (vs. ~8% before)
•More complete measurement
of Customer Satisfaction
•Faster process improvements
144

145. OverviewKey Outcomes
Voice ID allows colleagues to effectively and more seamlessly authenticate customers
Voice ID
•Eliminate dependency on high friction
authentication that drives dissatisfaction
•Capability expected to be fully
implemented by end of year in the UK
and North America
•Fraud savings
•Call Handling Time reduction
•Customer choice
•Improved customer satisfaction
145

146. Voice ID
VIBES
AI
Intuitive Servicing Portal
Multi-channel servicing
Customer Satisfaction
Digital Engagement
Fraud Losses
Call Handling Time
Bringing this all together will deliver a next-gen servicing experience while improving efficiency
Key ThemesNext Gen Servicing ExperienceKey Outcomes
146

147. We have reduced Servicing and Technology Operations expenses as a percentage
of Revenue, creating Operating Leverage and momentum for that to continue.
Key Takeaways
We are leveraging Technology to drive growth for the Company and are committed
to consistently innovating through the continuous development of
core platforms and Generative AI.
Service Excellence is one of our competitive advantages and we will continue
to leverage Technology to improve the customer experience.
1
2
3
147

148. Opening
Remarks
How We
Will Achieve
Our Long-Term
Aspiration
Why Continue
to Invest
in American
Express?
Q&A
148
1
2
3
4
Why Continue
to Invest in
American Express?
Christophe Le Caillec
Chief Financial Officer

149. We have a powerful
Shareholder Value
Creation Model
that we continue to
strengthen
We have laid the
foundation for the
building blocks of
our Long-Term
Aspiration
We have a long
track record of
delivering superior
returns and see a
long runway for
continued growth
We operate in a
large, global, and
expanding Total
Addressable
Market
Why continue to invest in American Express?
149

150. 89%89%
89%
89%
88%
518 553
689
804
921
2018202020222024F2026F
16%16%
16%
17%
17%
92 102
128
145
165
2018202020222024F2026F
Global Electronic Payments Spend ($T)Global Electronic Payments Revenue ($B)
Note: Source: Q2 2023 McKinsey Global Payments Map, global electronic payments for 45 countries in Q2 2023 McKinsey Global Payments Map (excludes Russia & China) represents
card payments, which include consumer and commercial card payments (credit & debit), and account to account (A2A) payments, which include ACH, RTGS, wire, & direct debit.
Electronic payments exclude inter-bank/intra-company transactions & business to consumer payments
CardA2ACardA2A CAGR
(’18-’26F)
CAGR
(’18-’26F)
+9%
+7%
Card payments represent ~90% of an almost $700B industry revenue pool, and have seen high single-digit growth
FX-adjusted ($ and CAGR)FX-adjusted ($ and CAGR)
150

151. Estimated Global Card Revenues, 2023
56%
15%10%
19%
United StatesAXP Top 5 CountriesAXP Next 10 CountriesRest of World
AXP Focus Geographies
Our focus geographies across the US and international constitute 80%+ of estimated global card revenues…
Note: Source: Q2 2023 McKinsey Global Payments Map, global card revenues for 45 countries in Q2 2023 McKinsey Global Payments Map
(excludes China & Russia) represents consumer and commercial card (credit & debit).151

152. Runway for growth above the overall card industry
US Consumer
2x
Industry Annual Fee Card
Accounts vs Average
Account Growth1
(’18-’23 CAGR)
US Consumer
3x
Industry Mill./Gen Z vs
Average Account Growth1
(’18-’23 CAGR)
AXP Top 5 Countries
6%
Average AXP Share of
Estimated Industry
Spend2 (‘23)
Premium ConsumersYounger Age CohortsInternational
Opportunities across our focus categories
…and we focus on some of the fastest growing segments, with opportunity to further capture share
Note: (1) Source: Argus Advisory a TransUnion Company; (2) Source: Q2 2023 McKinsey Global Payments Map, calculated as a weighted average AXP % of spend across all of its top 5 countries152

153. $6T
2002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
Note: Source: Q2 2023 McKinsey Global Payments Map
Growth in the payments industry is resilient through economic cycles and remarkably steady over time
US Credit Card Industry Spend
153

154. We have a powerful
Shareholder Value
Creation Model
that we continue to
strengthen
We have laid the
foundation for the
building blocks of
our Long-Term
Aspiration
We have a long
track record of
delivering superior
returns and see a
long runway for
continued growth
We operate in a
large, global, and
expanding Total
Addressable
Market
Why continue to invest in American Express?
154

155. Sources of Value CreationAXP Model Long-Term Aspiration
Revenue Growth
>10%
EPS Growth
Mid-teens
Virtuous
Cycle
Premium Brand
Attractive Industry
Integrated Model
Long-term
Relationships
Resilience
Scale
•Runway for growth
•Global and growing Revenue pool
•Premium economics
•Positive selection for credit risk
•Partnerships with leading brands
•Long-term Card Member loyalty
•Opportunity to upgrade and deepen
relationships
•Lifetime Value
•Tech enabled (scalability, benefit from
innovation)
•Operating leverage
•Acquirer + Issuer + Network Economics
•Data advantage
•Network effect
•Expense flexibility
•Balance Sheet as a source of strength
•Strong Capital stress-test performance
We have a powerful business model that creates value for our shareholders — and can do it sustainably
Note: Our ability to achieve our long-term aspirations in any given period is subject to contingencies and factors beyond the company's control.
Refer to “Cautionary Note Regarding Forward-Looking Statements” at the end of this presentation155

156. ~55%
% of US Consumer
Spend from
Customers with
$200K+ Income1
3X
Larger than the next
US Small Business
Card Issuer2
65
Of 100 largest public
US Companies are
American Express
clients3
Note: (1) Income modeled based on TALX Reporting and American Express proprietary models, which leverage a variety of customer characteristics;
(2) Source: Nilson Report, Issue #1243 from June 2023 for competitor card data, compared with 2022 US SBS spend; (3) Based on market cap, excluding clients with zero spend in 2023
ConsumersLarge & Global CorporationsSmall Businesses
We have an attractive Card Member baseacross our core customer segments
156

157. Partners Co-Fund Value PropAmex Offers
Partner
Funded Value
Redeemed3x
vs 2018
…which makes it appealing to partners to co-fund product value propositions and targeted offers
Note: (1) Calculated as a % of total redeemed statement credits per product in 2023
2%
20182023
0%
20182023
27%
35%
% of Redeemed Value Funded by Partners1
Consumer PlatinumBusiness Platinum
157

158. Increased
Demand
+2x
New
Accounts
Improved
Margin
+28%
Profit per
Account2
Acquisition
Efficiency
+18%
Spend per
New Account1
Note: Reflects 2019 vs. 2023 performance; (1) Spend per new account defined as first 12 months of spend from new acquisitions in Q3’18 – Q4’18 vs. Q3’22 – Q4’22;
(2) Backbook only, includes acquisitions prior to Q3’18 that remained active as of year-end ’23; (3) Each year from 2019-2023, including in the 12 months immediately following the July’21 refresh
US Consumer Platinum: July 2021 Refresh
Our steady cadence of product refreshescreates demand and improves economics
Continued High
Retention
99%
Billed Business
Retention each year3
158

159. •Profitability-based decisions at
the margin
•Internal marketplace for product
and distribution channels
•Lifetime Value and
through-the-cycle economics
•Optimize for capital generation
•Flexibility to dial-up or down
marketing
How we make Marketing decisionsOutcomes
Marketing
Initiatives
(product,
channels, offers…)
Credit Risk
Decision
Financial
Returns
Probabilities
& Historical
Performance
Personalized
Offers
Data-Driven
Models
Our proprietary optimization engine enables usto maximize long-term risk-adjusted returns
159

160. 20192023
$3.6
$5.2
20192023
1.4x
Marketing ($B)Spend from New Acquisitions1
1.6x
…which has driven increased returns and investment efficiency as we have increased our Marketing spend
Note: (1) New acquisitions defined as a customer with tenure ≤ 13 months across all accounts, calculated on a rolling basis for each time period160

161. Baby
Boomers
Gen XMillennials
(>35)
Millennials
(≤35)
Gen Z
•Lower initial spend, with ~2X higher
estimated spend growth in the first 10 years
•Comparably strong credit profiles
•Greater benefit engagement
•Higher digital engagement and ~20% lower
servicing cost2
•Longer expected membership from 20+ years
age gap at acquisition
0.4
1.0
1.4
1.8
2.0
Note: (1) Based on internal projections assuming age cohorts are acquired at the same point in time but reflecting their differences in age;
(2) Based off year 2 cost per account of the 2021 acquisition vintage
US Consumer Platinum New Accounts, Estimated Average Lifetime Value1
(Indexed to Gen X)
Behaviors: Millennial & Gen Z New
Accounts vs. Other Generations
Younger age cohorts are expected to have a greater average lifetimevalue which comes with embedded growth opportunities for future years
161

162. 20%
8%
16%
56%
34%
15%
25%
26%
The growth in our deposit program has transformed our Net
Interest Income since 2017, adding ~$1B of Revenue in 2023
~$1B NII
Benefit in
‘23 vs ‘172
Note: (1) Weighted average rate computed based on 2023 mix of 3rd Party Sweep Deposits and 3rd Party Retail CDs;
(2) Net interest income benefit is calculated by applying the funding mix in 2017 to the 2023 new issuance cost of funds for each channel compared to customer deposits
Cost of Funds Spread
to Customer Deposits
Direct to
Customer
Deposits
3rd Party
Deposits
ABS
Unsecured &
Short Term
1.2%
1
20172023
162
2.0%
2.2%

163. 20192020202120222023
2019 Vintage2020 Vintage2021 Vintage2022 Vintage2023 Vintage
US Consumer and Small Business Revenue1
Higher Revenue
from New Acquisition
1
Higher organic
growth from younger
customers
2
2x
Revenue Growth by Acquisition VintageImpact on
Revenue Growth
1
Our product and marketing decisions create the foundation forincreased revenue growth from new customers and higher organic growth
Note: (1) Revenues directly attributable to US Consumer and Small Business Card Member Accounts
2
163

164. We have a powerful
Shareholder Value
Creation Model
that we continue to
strengthen
We have laid the
foundation for the
building blocks of
our Long-Term
Aspiration
We have a long
track record of
delivering superior
returns and see a
long runway for
continued growth
We operate in a
large, global, and
expanding Total
Addressable
Market
Why continue to invest in American Express?
164

165. 81%78%80%
19%22%20%
200620232023 Adj. for
~$1B NII Benefit
Spend and Fee RevenuesNet Interest Income
$104
$138
20192023
No Annual Card FeeAnnual Card Fee
2.6%
Net W/O Rate3
(FY’23 )
1.3%
Net W/O Rate3
(FY’23 )
AXP Revenue Mix Over Time
(2006 through 2023)US Card Member Loans & Receivables
(US Consumer and Small Business, $B)
+$33
+$1
We expect our revenue mix will continue to be predominantly driven by spend and fees, while our lending growth is driven by card fee-based products
Note: (1) The “Managed Basis” presentation includes on-balance sheet card member loans and off-balance sheet securitized card member loans. Upon adoption of new GAAP effective January 1, 2010, both the Company’s
securitized and non-securitized card member loans are included in the consolidated financial statements. See Annex H for a reconciliation between “Owned Basis” (GAAP) information and “Managed Basis” information for 2006;
(2) Net interest income benefit is calculated by applying the funding mix in 2017 to the 2023 new issuance cost of funds for each channel compared to customer deposits.
Adjusted NII and the related Total Revenue Mix are non-GAAP measures. See Annex I for a reconciliation; (3) Net write-off rates based on principal losses only
1
2
165

166. AXP Net Card Fees
YoY Growth %
…and we have seen consistently strong growth in Net Card Fee revenues, from a continued focus on our fee-based products
4% / Year15% / Year
Note: In 2021 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.
$2.3B$2.4B$2.5B$2.6B$2.7B$2.7B$2.9B$3.1B$3.4B$4.0B$4.7B$5.2B$6.1B$7.3B
5%
2%
5%3%
0%
7%7%
11%
17%15%
11%
17%
20%
20102011201220132014201520162017201820192020202120222023
% CAGR
166

167. Spend growth in a high
single-digit growth industry.
Continued Net Card Fee
growth that is accretive to
total Revenue growth.
Lending growth faster than
spending growth, driven
mostly by our premium and
tenured Card Members.
•Expanding Payment Pool
•Strong Premium Acquisition
•Wallet Penetration
•Coverage Expansion
•Product Refreshes / Pricing
•Premiumization of Portfolio
•Renewal Rates / Upgrades
•Penetration of Lending Wallet
•Balance Sheet Funding
•Pricing Decisions
Long-Term AspirationSources of Revenue Growth
Discount
Revenue
Card Fees
Net Interest
Income
Taken together, our strategy gives us confidence in our ability to sustainably deliver 10%+ revenue growth over time
167

168. Card Member Loans & Receivables Growth Vs. PeersDelinquency1 Rates Vs. Peers
AXPPeer Average2 AXPPeer Average2
1.5%1.3%
2.4%
3.0%
Q4'19Q4'23
2.2%2.0%
3.4%
3.7%
Q4'19Q4'23
AXPPeer Average2
5%
13%
6%
12%
Q4'19Q4'23
+90
bps
+170
bps
Net Write-off1 Rates Vs. Peers
+120
bps
+170
bps
Our premium positioning and thoughtful risk management drive best-in-class credit
Note: Delinquency rates represent 30+ days past due; AXP Net write-off rates based on principal losses only; See Statistical Tables for each respective quarter, available at ir.americanexpress.com
for net write-off rates including interest and fees; (1) 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); (2) Peers include top 5 US issuers and expressed as a weighted average, includes: JPM, C, COF, BAC, and DFS168

169. % from Fee-based Products
% from High FICO (>720)1
% from Balance Transfer
80%
70%
<1%
54%
55%
10%
20072023
…and an even higher quality portfolio compared to the past
US Consumer & Small Business
Card Member Loans & Receivables
Note: (1) Represents Q4 Average of Balances for Card Members with > 720 FICO
169

170. We allocate resources to the highest return opportunities and look for expense efficiencies…
VCE expense to grow slightly faster
than revenue, as we continue to focus
on our premium products and driving
engagement from our Card Members.
Marketing expenses to grow slower
than Revenues, while continuing to invest
at high levels and drive efficiencies.
Ongoing OPEX leverage, while
continuing to invest in key areas
such as technology.
•Partner Funded Value
•Product Refreshes
•Everyday Redemption Options
•Personalized offers
•New and innovative capabilities
•Distribution channels (e.g. Resy)
•Continuous modernization of core
platforms
•Hybrid cloud strategy
•OPEX Discipline
•Engagement with digital capabilities
Long-Term AspirationSources of Expense Efficiencies
Variable Customer
Engagement
Marketing
Operating
Expenses
170

171. Operating Expense as % of Revenue
2017 2019 2023
30%
25%27%
…and have a proven track record of generating operating leverage
171

172. Building Blocks to 10%+
Revenue Growth
Mid-Teens
EPS GrowthBest-in-Class Credit
Expense Efficiencies
Note: Our ability to achieve our long-term aspirations in any given period is subject to contingencies and factors beyond the company's control.
Refer to “Cautionary Note Regarding Forward-Looking Statements” at the end of this presentation
Taking everything together, we believe we are well positioned to deliver sustainable and accretive growth consistent with our Long-Term Aspiration
172

173. We have a powerful
Shareholder Value
Creation Model
that we continue to
strengthen
We have laid the
foundation for the
building blocks of
our Long-Term
Aspiration
We have a long
track record of
delivering superior
returns and see a
long runway for
continued growth
We operate in a
large, global, and
expanding Total
Addressable
Market
Why continue to invest in American Express?
173

174. 15%
30%32%
200920192023
84%
71%
90%
Revenue GrowthEPS GrowthRevenue &
EPS Growth
Historical Return On Equity% of S&P 500 AXP Exceeds (FY’23)
We have a 30%+ ROE, and generatesignificant returns relative to the S&P 500
Great
Financial
Crisis
Note: Source: Bloomberg L.P.174

175. (43.7)
(40.9)
(29.2)(26.9)
(12.7)
(8.1)(7.9)(6.4)(6.2)(5.6)(4.7)(4.2)(4.2)(4.1)(3.8)(3.3)(3.1)(2.7)(2.4)(1.9)(1.8)
0.20.30.40.40.61.21.81.92.44.65.17.1
2022 CCAR Fed Modeling
(9 quarter stress test, 33 Banks)
Our performance was one of the most resilientof US institutions under CCAR stress testing
Note: Federal Reserve estimates in the severely adverse scenario, DFAST Supervisory Stress Test Methodology and Results (June 2022). The stress test results represent estimates under a
hypothetical macroeconomic scenario that is more adverse than the current and economist consensus forecasted macroeconomic environments. Thus, the Net Income Before Taxes estimates are not forecasts
and are not necessarily indicative of future performance under a severe stress scenario. Actual results could differ materially
Net Income Before Taxes ($B)
175

176. $2.98
$3.34
$2.32
$1.54
$3.35$4.12
$3.89
$4.88$5.56
$5.05$5.61
$5.89
$7.82$7.99
$3.77
$10.02
$9.85
$11.21
200620072008200920102011201220132014201520162017201820192020202120222023
AXP Adjusted EPS
Our flexible business model allows us to navigate different economic environments, and deliver strong earnings generation
6% / Year10% / Year
% CAGR
Note: (1) Adjusted Diluted Earnings per share, a non-GAAP measure, excludes the impacts of the Tax Cuts and Jobs Act of $2.90 and ($0.09) in 2017 and 2018,
respectively. For the ‘17 to ‘23 CAGR, EPS for 2017 was further adjusted by $0.59 to reflect the estimated impact when applying FY’18 effective tax rate, excluding
2018 discrete tax items, to FY’17 Pre-tax Income. See Annex A for a reconciliation to Diluted EPS on a GAAP basis
11
176

177. $4B$4B$0B$0B$1B$2B$4B$4B$4B$5B$4B$4B$2B$5B$1B$8B$3B$4B
$0.15$0.18$0.18$0.18$0.18$0.18$0.20$0.23$0.26$0.29$0.32$0.35$0.39$0.43$0.43$0.43
$0.52
$0.60
$0.70
2006200720082009201020112012201320142015201620172018201920202021202220232024
Share Repurchases ($B)
We have consistently paid and increased dividends over time, and have a disciplined capital management program to return excess capital to shareholders
Quarterly Dividend per Common Share (Q4)
8% / Year 10% / Year
% CAGR
Note: Q4’24 dividend subject to board approval
177

178. $11B$11B$12B$14B$16B$19B$19B$19B$21B$21B$21B$18B$22B$23B$23B$22B$25B$28B
1,2381,1931,1561,1711,1951,1841,1411,0891,0511,003
935886859830806790752736
200620072008200920102011201220132014201520162017201820192020202120222023
Diluted Average Common Shares Outstanding (M)
Total Shareholders’ Equity ($B)
CET1 Ratio
We combine a strong capital position with the ability to reduce share count while growing the business significantly
Note: (1) Inclusive of Stress Capital Buffer
Q4'23
10.5%
Target
CET1 Ratio:
10 -11%
Regulatory
Minimum1:
7%
178

179. +$24B
Revenue+70BPS
DQ Rate Gap
to Peers1
+1.7x
Adjusted EPS2+1.7x
Quarterly
Dividend3
Significantly increased
scale of Revenue since 2017
Generating
Substantial Earnings
…while increasing gap
to peers in Credit
…and distribution of
Capital to Shareholders
Over the last 6 years, we have accelerated these results
Note: All comparisons are 2023 vs. 2017; (1) Represents the growth in the Delinquency rate gap vs. peers from 2017 to 2023; Delinquency rates represent 30+ days past due; AXP 30+ days past due
represents Global Consumer and Global Small Business Services Card Member loans and Card Member receivables (unavailable for Corporate); Peers include top 5 US issuers and expressed as a
weighted average; (2) Adjusted Diluted Earnings Per Share, excluding the impacts of the Tax Cuts and Jobs Act in Q4’17 and estimating the EPS impact when applying the FY’18 effective tax rate to
FY’17 Pre-tax Income, is a non-GAAP measure. See Annex A for a reconciliation to Diluted EPS on a GAAP basis; (3) Dividends per common share as of Q4’17 vs. Q4’23179

180. We have significantly transformed our business and believe there is runway for future growth
Runway for GrowthWays We Have Transformed
Focus on differentiated products and
growing partner-funded value
Embedded revenue growth from younger
age cohorts
New-to-plastic industries in the US, and
International coverage expansion
Further digitization of servicing, as calls per
Card Member can continue to decline
Deepen relationships with customers through
Business & Rewards Checking
Continued improvements in OPEX leverage,
with increased scale
Significantly increased % of cards
acquired on premium products
Increased appeal to younger age cohorts
Achieved virtual parity Coverage in the US in
2019, and maintained each year since
Strengthened our digital capabilities, and
increased number of digital-native customers
Grew deposits, covering 70%+ of all
our funding needs
Improved OPEX leverage from 30% to 25%
of Revenue from ’17 through ‘23
180

181. Why continue to invest in American Express?
Revenue Growth
>10%
EPS Growth
Mid-teens
We operate in a large,
global, and expanding
Total Addressable Market
We have a powerful
Shareholder Value
Creation Model that we
continue to strengthen
We have laid the foundation
for the building blocks of
our Long-Term Aspiration
We have a long track
record of delivering
superior returns and
see a long runway for
continued growth
Long-Term Aspiration
Note: Our ability to achieve our long-term aspirations in any given period is subject to contingencies and factors beyond the
company's control. Refer to “Cautionary Note Regarding Forward-Looking Statements” at the end of this presentation181

182. 182182

183. Glossary
•Billed Business (Card Member spending): Represents transaction volumes (including cash advances) on cards and other payment
products issued by American Express.
•Billed Business Retention: Calculated as 100% minus the percentage of prior year Billed Business from Card Members that attrited in the
current period. Attrited Card Members are defined as customers with > 13 months tenure who closed all account relationships, calculated
separately at the Business Unit level.
•FX-Adjusted: FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency
translation into U.S. dollars (for example, assumes FY’23 foreign exchange rates apply to FY’22 results).
•Locations in Force (LIF): Represent proprietary and partner acquired merchant locations. LIF Coverage is the number of merchants who
are enabled to accept Amex, as a percentage of all card-accepting merchants.
•Net promoter score (NPS): The metric is calculated from ratings given by customers in response to aquestion that asks the customer if
they were having a conversation with a peer, how likely would they be to recommend American Express, using a 1-10 scale where “1”means
“Not at all Likely” and “10” means “Extremely Likely.” Customers who respond with a rating of 9 or 10 are “Promoters” while customers who
respond with a ratingbetween 1 and 6 are “Detractors.” The Net Promoter Score is calculated by subtracting the percentage of Detractors
from the percentage of Promoters. The survey,conducted annually, is done via email and phone and administered by an independent
research company on behalf of American Express.
•New Accounts Acquired (NAA): Includes new card acquisitions lesssupplementary cards.
•Operating Expenses: Represent salaries and employee benefits, professional services, data processing and equipment, and other expenses.
•Return on Average Equity (ROE): Calculated by dividing net income for the period by average shareholders’ equity for the period.
183

184. Glossary
•SBS: Refers to Small Business Services products.
•Servicing Expenses: Represent operating expenses of customer servicing groups, global real estate expenses and certain support groups.
Prior period amounts have been revised to exclude allocated technology expenses and non-operating expenses related to the servicing
function to conform to current period presentation.
•SME: Refers to small and mid-sized businesses with less than $300MM in annual revenues.
•Spend and Fee Revenues: Consist of Discount Revenue, Net Card Fees, Service Fees & Other Revenue, and Processed Revenue.
•Technology Expenses: Include Technology Investment and Technology Operations. Technology Investment represents development
spending for new capabilities and new products and services, as well as uplifting and maintaining existing applications. Technology
Operations represents the costs of processing business volumes necessary to run Business Unit applications, upgrading and maintaining our
tech infrastructure, such as our authorization platform and merchant network infrastructure. Technology operations also include costs of
embedding security in our processes to ensure compliance and mitigation of business risk. Certain shifts in resource allocation between
technology investments and operations occur over time in response to the evolving technology landscape. Reclassifications of prior period
amounts between the technology-expense sub-categories have been made to conform to the current period presentation.
•Travel & Entertainment (T&E) – related volume: Represents spend on travel and entertainment, which primarily includes airline, cruise,
lodging and dining merchant categories.
•Variable Customer Engagement (VCE) Expenses: Represent the aggregate of Card Member rewards, business development and Card
Member services expenses.
184

185. FY 2006FY 2017FY 2018FY 2023
Diluted EPS$2.98$2.99$7.9111.21
Tax Act Provisional Charge$2.90($0.09)
Adjusted EPS$5.89$7.82
Tax Rate Impacts*$0.59
Adjusted EPS for 2017-2023 growth
rates $6.48
2006-20172017-2023
CAGR (GAAP EPS)0% 25%
CAGR (Adjusted EPS)6% 10%
ÜAdjusted EPS
Annex A
*Represents estimated EPS impact when applying FY’18 effective tax rate, excluding 2018 discrete tax items, to FY’17 Pre-tax Income. The FY’18 effective tax rate is
not necessarily indicative of what the effective tax rate would have been in FY’17 had the lower U.S. federal corporate income tax rate
as a result of the Tax Cuts and Jobs Act been effective for that year.# Denotes a variance of more than 100%.185
2023 vs. 2017
YoY% Inc/(Dec) in GAAP EPS#
YoY% Inc/(Dec) in Adjusted EPS73%

186. ÜUS Consumer Net Interest Yield on Average Card Member Loans
Annex B
* 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. Net
interest income divided by average Card Member loans, 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. 186
($ in millions, except percentages and where indicated)
201920222023
Net interest income $6,660$7,474$9,652
Exclude:
Interest expense not attributable to our Card Member loan portfolio*$276$139$192
Interest income not attributable to our Card Member loan portfolio**($220)($228)($386)
Adjusted net interest income*** $6,716$7,385$9,458
Average Card Member loans (billions) $59.4$63.7$76
Net interest income divided by average Card Member loans11.2%11.7%12.7%
Net interest yield on average Card Member loans*** 11.3%11.6%12.4%
Net Write-off Rate (Principal Only)2.3%0.9%1.7%
Net Credit Margin (Interest Yield on average Card Member loans less write-off rate)8.9%10.8%11.0%
Net Credit Margin (Net Interest Yield on average Card Member Loans less write-off rate)9.0%10.7%10.7%

187. ÜInternational Billed Business – Reported & FX-Adjusted
Annex C
*All time periods have been FX adjusted at 2023 rates.
187
($ in billions)
2017201920222023
Reported International Billed Business$207$262$294$344
FX-Adjusted International Billed Business$188$246$292
Reported 2017-2019 CAGR 13%
FX-Adjusted 2017-2019 CAGR* 14%
Reported YoY% Inc/(Dec)17%
FX-Adjusted YoY% Inc/(Dec)*18%

188. 2017201920222023
International Revenues Net of Interest Expense by region:
EMEA $4$4$5$6
APAC $3$4$4$4
LACC $3$3$3$4
International Revenues Net of Interest Expense$10$11$12$14
International GNS Revenues Net of Interest Expense:($1)($1)($1)($1)
International Revenues Net of Interest Expense excluding GNS$9$10$11$13
FX-Adjusted International Revenues Net of Interest Expense excluding GNS$8$10$11$13
Reported 2017-2019 CAGR in International Revenues Net of Interest Expense6%
FX-Adjusted 2017-2019 CAGR in InternationalRevenues Net of Interest Expense*8%
Reported YoY% Inc/(Dec)in International Revenues Net of Interest Expense17%
FX-Adjusted YoY% Inc/(Dec) in InternationalRevenues Net of Interest Expense*17%
Reported 2017-2019 CAGR in International Revenues Net of Interest Expense excluding GNS8%
FX-Adjusted 2017-2019 CAGR in InternationalRevenues Net of Interest Expense excluding GNS*10%
Reported YoY% Inc/(Dec)in International Revenues Net of Interest Expense excluding GNS17%
FX-Adjusted YoY% Inc/(Dec) in InternationalRevenues Net of Interest Expense excluding GNS*17%
ÜInternational Revenues – Reported & Adjusted
Annex D (1 of 2)
*All time periods have been FX adjusted at 2023 rates.188
($ in billions)

189. ÜInternational Revenue Composition
Annex D (2 of 2)
*Subtotals may not foot due to rounding.189
($ in billions)
FY 2023
International Revenues Net of Interest Expense$14
International Spend & Fee Revenues$12
International GNS Spend & Fee Revenues$1
International Spend & Fee Revenues excluding GNS$11
International Net Interest Income$1
International GNS Net Interest Income$0
International Net Interest Income excluding GNS$1
International Revenues Net of Interest Expense excluding GNS$13
International Spend & Fee Revenues as a % of Total90%
International Net Interest Income as a % of Total10%
International Spend & Fee Revenues excluding GNS as a % of Total89%
International Net Interest Income excluding GNS as a % of Total11%

190. ÜInternational SBS Billed Business – Reported & FX-Adjusted
Annex E
*All time periods have been FX adjusted at 2023 rates.190
($ in billions)
2017201920222023
Reported International SBS Billed Business$26$39$61$72
FX-Adjusted International SBS Billed Business$23$35$59
Reported 2017-2019 CAGR 23%
FX-Adjusted 2017-2019 CAGR* 25%
Reported YoY% Inc/(Dec) 19%
FX-Adjusted YoY% Inc/(Dec)*23%

191. ÜInternational Consumer & SBS Loans and Billed Business – Reported & FX-Adjusted
Annex F
*All time periods have been FX adjusted at 2023 rates.191
($ in billions)
2017201920222023
International Consumer & SBS Average Loans
Reported $7$10$12$15
FX-Adjusted* $7$10$12
Reported 2017-2019 CAGR 16%
FX-Adjusted 2017-2019 CAGR* 20%
Reported YoY% Inc/(Dec) 22%
FX-Adjusted YoY% Inc/(Dec)* 22%
International Consumer & SBS Billed Business
Reported 2019 vs. 2017 CAGR15%
FX-Adjusted 2019 vs. 2017 CAGR*17%
Reported YoY% Inc/(Dec) 18%
FX-Adjusted YoY% Inc/(Dec)* 18%

192. ÜNetwork Spend at International Merchants – Reported & FX-Adjusted
Annex G
*All time periods have been FX adjusted at 2023 rates.192
($ in billions)
20172023
Reported Network Spend at International Merchants$338$518
FX-Adjusted Network Spend at International Merchants*$304

193. ÜRevenue Mix
Annex H
* Effective January 1, 2010, the Company's non-securitized Card Member loans and related debt performance are included in the consolidated financial statements193
($ in Billions)FY 2006% of Total
GAAP Net Interest Income$2.811%
Securitization Activities*$1.9
Adjusted Net Interest Income$4.719%
GAAP Noninterest Income$22.089%
Securitization Activities*($1.3)
Adjusted Non-interest Income$20.781%
GAAP Revenue Net of Interest Expense$24.8
Securitization Activities*$0.6
Adjusted Revenues Net of Interest Expense$25.4

194. ÜNet Interest Income Impact of Funding Mix
Annex I
* Net interest income benefit is calculated by applying the funding mix in 2017 to the 2023 new issuance cost of funds for each channel compared to customer deposits.194
($ in Billions)FY 2023% of Total
GAAP Net Interest Income$13.122%
Net Interest Income impact of funding mix*($1.0)
Adjusted Net Interest Income$12.120%
GAAP Noninterest Income$47.4
GAAP Noninterest income (as % of GAAP Revenue Net of
Interest Expense) 78%
GAAP Noninterest income (as % of Adjusted Revenue Net of
Interest Expense) 80%
GAAP Revenue Net of Interest Expense$60.5
Net Interest Income impact of funding mix*($1.0)
Adjusted Revenues Net of Interest Expense$59.5

195. Cautionary Note Regarding 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 American Express Company’s current expectations regarding business and financial performance,
including management’s outlook for 2024 and long-term growth aspiration, 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 2024 earnings per common share (EPS) outlook and grow EPS in the future consistent with the company’s growth aspiration,
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, marketing,
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: macroeconomic conditions, such as recession risks, changes
in interest rates, effects of inflation, labor shortages or higher rates of unemployment, supply chain issues, energy costs and fiscal and monetary policies;
geopolitical instability, including the ongoing Ukraine and Israel wars, broader regional hostilities and tensions involving China and the U.S.; the impact of any
future contingencies, including, but not limited to, legal costs and settlements, the imposition of fines or monetary penalties, increases in Card Member
remediation, investment gains or losses, restructurings, impairments and changes in reserves; issues impacting brand perceptions and the company’s reputation;
impacts related to new or renegotiated cobrand and other partner agreements and joint ventures; 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;
•the company’s ability to achieve its 2024 revenue growth outlook and grow revenues net of interest expense in the future consistent with the company’s growth
aspiration, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs, as well as the following: the spending
environment not being consistent with expectations, including further moderation in organic spend by U.S. small and mid-sized enterprise Card Members or a
slowdown in U.S. consumer or International spending volumes; an inability to address competitive pressures, innovate and expand the company’s products and
services, leverage the advantages of the company’s differentiated business model, attract and grow spending and lending with customers across generations and
age cohorts, including Millennial and Gen Z customers, and implement strategies and business initiatives, including within the premium consumer space,
commercial payments and the global network; the effects of regulatory initiatives, including fee caps; merchant discount rates changing by a greater or lesser
amount than expected; and changes in foreign currency exchange rates;
195

196. Cautionary Note Regarding Forward-Looking Statements
•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 and demand
for the company’s fee-based products; and the company’s inability to address competitive pressures, develop attractive premium value propositions and
implement its strategy of refreshing card products, enhancing and delivering benefits and services and continuing to innovate with respect to its products;
•net interest income and the growth of loans and Card Member receivables outstanding 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 underwriting risk and enhance Card Member value propositions to continue to attract premium Card Members; 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;
•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; the
impact of the usage of debt settlement companies; 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, the relationship of these variable customer engagement costs to
revenues, and the amount of partner-funded value and redemptions in the future, 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; the company’s ability to identify and negotiate partner-funded value for Card Members; and the pace and cost of the
expansion of the company’s global lounge collection;
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197. Cautionary Note Regarding Forward-Looking Statements
•the actual amount the company spends on marketing in 2024 and beyond and the effectiveness and efficiency of its marketing spending, which will be based in
part on continued changes in the macroeconomic and competitive environment and business performance, including the levels of demand for the company’s
products; 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; management’s ability to develop premium value propositions and drive
customer demand; the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives; and the company’s ability to
realize marketing efficiencies and balance expense control and investments in the business;
•the company’s ability to control operating expenses, the actual amount spent on technology investment and operating expenses in 2024 and beyond and the
growth of servicing expenses, technology investment expenses and operating expenses relative to revenues, 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; 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 and 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, including related to the completion of the company’s sale of Accertify; information or cybersecurity 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, such as due to the devaluation of
foreign currencies;
•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
(or the expiration of provisions of tax laws or regulations), the implementation of tax guidelines by jurisdictions, 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, including future dividend payments, 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; required company approvals; and the economic environment and
market conditions in any given period;
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198. Cautionary Note Regarding Forward-Looking Statements
•changes affecting the expected timing for closing the sale of Accertify, the amount of the potential gain the company recognizes upon the closing and the portion
of such gain management determines to reinvest back into the business, which will depend on regulatory and other approvals, consultation requirements, the
execution of ancillary agreements, the cost and availability of financing for the purchaser to fund the transaction and the potential loss of key customers, vendors
and other business partners and management’s decisions regarding future operations, strategies and business initiatives;
•changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure and competitor settlements and
mergers that may materially impact the prices charged to merchants that accept American Express cards and surcharging by merchants, the desirability of the
company’s premium card products, competition for new and existing cobrand relationships, competition with respect to new products, services and technologies,
competition from new and non-traditional competitors and the success of marketing, promotion and rewards programs;
•the company’s ability to expand its leadership in the premium consumer space and grow consumer Card Member spending, which will be impacted in part by
competition, brand perceptions (including perceptions related to merchant coverage) and reputation, and the company’s ability to develop and market new
benefits and value propositions that appeal to Card Members and new customers, grow spending with new and younger age cohort Card Members, offer
attractive services and rewards programs and build greater customer loyalty, which will depend in part on identifying and funding investment opportunities,
addressing changing customer behaviors, new product innovation and development, Card Member acquisition efforts and enrollment processes, including
through digital channels, continuing to realize the benefits from strategic partnerships and evolving the company’s infrastructure to support new products,
services and benefits;
•the company’s ability to grow its leadership in commercial payments and capture future spending, including with respect to small and mid-sized enterprise
customers, which will depend in part on competition, the willingness and ability of companies to use credit and charge cards for procurement and other business
expenditures as well as use the company’s other products and services for financing needs, perceived or actual difficulties and costs related to setting up B2B
payment platforms, the company’s ability to offer attractive value propositions and new products to current and potential customers, the company’s ability to
enhance and expand its payment and lending solutions, increase customer engagement, and build out a multi-product digital ecosystem to integrate its broad
product set, which is dependent on the company’s continued investment in capabilities, features, functionalities, platforms and technologies;
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199. Cautionary Note Regarding Forward-Looking Statements
•the company’s ability to expand merchant coverage globally and our success, as well as the success of third-party merchant acquirers, aggregators and
processors, in signing merchants to accept American Express, which will depend on, among other factors, the value propositions offered to merchants and
merchant acquirers for card acceptance, the awareness and willingness of Card Members to use American Express cards at merchants, scaling marketing and
expanding programs to increase card usage, identifying and growing acceptance in low- and new-to-plastic industries and businesses as they form, working with
commercial buyers and suppliers to establish B2B acceptance, executing on the company’s plans to increase coverage in priority international cities,
destinations, countries and industry verticals, and continued network investments, including in capabilities that allow for greater digital integration and
modernization of its authorization platform;
•the company’s ability to successfully invest in, benefit from and expand the use of technological developments, digital payments, servicing, risk management and
travel solutions and other technology capabilities, which will depend in part on the company’s success in evolving its products and processes for the digital
environment, developing new features in the Amex app and enhancing its digital channels, effectively utilizing data and data platforms, building partnerships and
executing programs with other companies, effectively utilizing artificial intelligence and machine learning and increasing automation to address servicing and
other business and customer needs, and supporting the use of our products as a means of payment through online and mobile channels, all of which will be
impacted by investment levels, customer and colleague receptiveness and ability to adopt new technologies, new product innovation and development and the
platforms and infrastructure to support new products, services, benefits and partner integrations;
•the company’s ability to grow internationally, including across geographies and customer segments, which could be impacted by regulation and business
practices, such as those capping interchange or other fees, mandating network access or data localization, favoring local competitors or prohibiting or limiting
foreign ownership of certain businesses; the company’s inability to successfully replicate aspects of its business model internationally and tailor products and
services to make them attractive to local customers; competitors with more scale, local experience and established relationships with relevant customers,
regulators and industry participants; the success of the company and its network partners in acquiring Card Members and/or merchants; and political or
economic instability or regional hostilities;
•the possibility the actual amount the company earns from new Card Members and the of amount new Card Member spend will be lower than estimated, which will
depend in part on factors such as changes in the economic and business environment, the effectiveness of the company’s marketing and loyalty programs to
continue to engage Card Members and the willingness of Card Members to sustain spending and borrowing behaviors
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200. Cautionary Note Regarding Forward-Looking Statements
•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;
•changes affecting the company’s ability to grow direct retail deposits, including due to market demand, changes in benchmark interest rates and competition or
regulatory restrictions on the company’s ability to obtain deposit funding or offer competitive interest rates, which could affect the company’s net interest yield
and ability to fund its businesses;
•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 governance, 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; impact card fees and rewards
programs; exert further pressure on merchant discount rates and the company’s GNS business, as well as result in an increase in surcharging or steering; alter
the competitive landscape; subject the company to heightened regulatory scrutiny and result in increased costs related to regulatory oversight and compliance,
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 global economic and business conditions, consumer and business spending generally, unemployment rates,
geopolitical conditions, including further escalations or widening of ongoing military conflicts and regional hostilities, adverse developments affecting third
parties, including other financial institutions, merchants or vendors, as well as severe weather conditions, natural disasters, power loss, disruptions in
telecommunications, health pandemics, 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, 2023, Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and the company’s other reports filed with the Securities and Exchange Commission.
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