Agenda - S&P Global€¦ · 3/2/2010 · * Represents "Corporate & Other" segment, which includes...

2009 Performance

Unique Opportunities for Growth

Business Unit Overview

Why is our credit performance better than the competitionrsquos

Whatrsquos happening to spending

How will we grow

Question and Answer Session

Agenda

1

2


3

Payments Landscape

Note The trademarks logos and service marks used on this slide and throughout this presentation are the property of their respective owners

FY09 Business Performance

4 Represents Corporate amp Other segment which includes American Express Publishing Global Prepaid Corporate functions and other company operations

55

1518

12

USCS ICS GCS GNS

1214

18

42

14

USCS ICS GCS GNMS Other

Total = $620B Total = $21B

5

Agenda

2009 Performance





How will we grow


6

Weaker economic environment

Geographic concentration

Small business concentration

Growth in lending

High balance delinquencies

Drivers of US Lending Deterioration

USCS Managed Lending Net Write-off and 30 Day Past Due Rates

67

89

75

4Q 08 3Q 09 4Q 09

Note See Annex 2 for owned basis

4741

37

4Q 08 3Q 09 4Q 09

7

US Unemployment Rates and USCS Managed Lending Net Write-off Rates

8

0

12

Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09

Source Bureau of Labor Statistics Historical USCS managed lending net write-off rates are adjusted to exclude an estimate for interest and fees

US Unemployment Rate USCS Managed Lending Net Write-off Rate

Q409

USCS Managed Lending Net Write-off Rate vs Competitors

9

Competitors include Bank of America Credit Card JPMorgan (excluding Washington Mutual) Citi Branded North America Citi Holdings North America Retail Partners Capital One US Card Discover US Card and Wells Fargo Credit Card Excludes Wells Fargo and Citi prior to 1Q 08 See Annex 2 for owned basis

0

1

2

3

4

5

6

7

8

9

10

11

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

Competitors US Card Services

10


See Annex 2 for owned basis Capital One US Card Discover US Card Fiscal year ends November 30 Excludes impacts of the Washington Mutual acquisition Including Washington Mutual Net Write-Off rates are 56 for Q408 103 for Q309 and 93 for Q409 Includes some international volumes daggerCredit Card DaggerCitiHoldings North America Retail Partners and Citi Branded North America

67 71

56 53

7280

8996

8694

129

115

75

9688 86

119111

AXP US Card Services

Capital One Discover JPMorgan Bank of America

Citi

Q4 08 Q3 09 Q4 09

Dagger

dagger

USCS Managed Lending 30 Days Past Due Rate vs Competitors

11

Competitors include Bank of America Credit Card JPMorgan (excluding Washington Mutual) Citi Branded North America Citi Holdings North America Retail Partners Capital One US Card Discover US Card and Wells Fargo Credit Card Excludes Wells Fargo and Citi prior to 1Q08 See Annex 2 for owned basis

0

1

2

3

4

5

6

7

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


12

USCS Managed Lending30 Days Past Due Rate vs Competitors

See Annex 2 for owned basis Capital One US Card Discover US Card Fiscal year ends November 30 Excludes impacts of the Washington Mutual acquisition Including Washington Mutual 30 Day Past Due rates are 50 for Q408 60 for Q309 and 63 for Q409 Includes some international volumes daggerCredit Card DaggerCitiHoldings North America Retail Partners and Citi Branded North America

Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13

High Quality Customer Base

744

753

2005 2006 2007 2008 2009

For Lending accounts in US Consumer and OPEN portfolios Argus September 2009 Credit Card Payments Study US Consumer Credit only Sample of consumer credit cards provided by 24 issuers including AXP

754

722

AXP US ConsumerIndustry (excl AXP)

Recognized economic weakness early

Built new set of capabilities models

Developed new set of programs to manage high risk customers

Managed high balances

Risk Mitigation

14

Industry (excl AXP)

US Consumer Lending Credit Line Decrease vs Competitors

0

1

2

3

4

Jan08 May08 Sep08 Jan09 May09 Sep09

15Argus March 2009 and September 2009 Credit Card Payments Study US Consumer Credit only Sample of consumer credit cards provided by 24 issuers including AXP

of accounts with a credit line decrease

US Consumer Lending

Customer Assistance and Relief ndash CARE

$ in millions

0

1500

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

16

0

100

USCS Managed Loans in CARE

Rest of USCS Managed LoansLoans in CARE includes In-House loans only and excludes CARE loans managed by outside agencies

December 09

USCS High Balance Accounts

1Q 08 4Q 09

High Balance gt$10k Low Balance lt$10k

0

8

Jan 08 Jul 08 Jan 09 Jul 09


17Note Data reflect USCS Lending products including Lending on Charge

Dec 09

18

$3000

$9000

Dec 05 Jun 06 Dec 06 Jun 07 Dec 07 Jun 08 Dec 08 Jun 09 Dec 09

US Consumer Managed LendingAverage Write-off Balance

US Consumer Lending

19

$3000

$9000

Oct 08 Jan 09 Apr 09 Jul 09 Sep09

US Consumer Managed Lending Average Write-off Balance vs Competitors

Industry (excl AXP)

US Consumer Lending

Argus March 2009 and September 2009 Credit Card Payments Study US Consumer Credit only Sample of consumer credit cards provided by 24 issuers including AXP

30

(16)

High balance customers continue to be important

ndash Represent affluent high spending base

Delinquency rates for segment improving

Percentage of high balance loans declining

High Balance Summary

20

10

18

Jul 08 Oct 08 Jan 09 Apr 09 Jul 09 Oct 09

25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09

US Card Services Customers x000

USCS Managed Lending Roll Rates and Bankruptcy Filings

Dec 09

Dec 0921

USCS Managed Lending Current to 30 Days Past Due

22

10

18

Apr 09 Jun 09 Aug 09 Oct 09 Dec 09

Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10

USCS Charge Card Net Write-off and 30 Days Past Due Rates

3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24

ICS Charge Card Net Loss Ratio and 90 Days Past Due Rates

0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25

There are no off-balance sheet ICS securitizations Therefore the credit metrics for ICS are on an owned basis

ICS Lending Net Write-off and 30 Days Past Due Rates

51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27

ICS Lending Net Write-off Rates by Market

2

4

6

8

Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 Aug09 Oct09 Dec09

Australia

Canada

Mexico

UK

GCS amp GNMS Provision as a Percent of Total Revenues Net of Interest Expense

28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29

High quality customer base

Quick action to change our models policies and procedures

Focus on high balance customers

Improving across the board

Credit Summary

30

Agenda

2009 Performance





How will we grow


Worldwide Billed Business

(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70

Jan 08 Apr 08 Jul 08 Oct 08 Jan 09 Apr 09 Jul 09 Oct 09 Dec 09

YoY Growth - Reported YoY Growth - FX Adjusted

$ in billions

FX adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into US dollars (eg assumes foreign exchange rate used for Dec09 applies to Dec08 and rate used for Nov09 applies to Nov08 etc)

31

32

increase(decrease) vs prior year

Billings Growth by Business

FX adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into US dollars (eg assumes foreign exchange rate used for Dec09 applies to Dec08 and rate used for Nov09 applies to Nov08 etc) See Annex 3 for reported billings growth rates

(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09

USCS Spending by Product

33

(30)

(20)

(10)

0

10

20

Charge Co-Brand Proprietary Lending

Q1 09 Q2 09 Q3 09 Q4 09


34


Note Spending growth rates have been adjusted for days mix as spend volume can vary depending upon the specific day of the week and prior periods will have a different mix of days than the present period


(15)

(10)

(5)

0

5

10

15


Oct 09 Nov 09 Dec 09

Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09

US Consumer Spending by Size of Wallet

Note Size of wallet is a customerrsquos total spend on plastic (excludes debit) Customer wallets are frozen as of December 2007 Monthly spending growth rates have been adjusted for days mix as spend volume can vary depending upon the specific day of the week and prior periods will have a different mix of days than the present period


35

(20)

(15)

(10)

(5)

0

5

10

CA NY FL TX NJ GA IL PA

Q1 09 Q2 09 Q3 09 Q4 09

US Consumer Spending by Key States increase(decrease) vs prior year

36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59

Note Monthly spending growth rates have been adjusted for days mix as spend volume can vary depending upon the specific day of the week and prior periods will have a different mix of days than the present period

(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09

Non-discretionary consists of spending in oil supermarket and warehouse Discretionary consists of spending in department store electronics restaurant fitness and wellness fashion lodging airline entertainment home improvement and home furnishing Note Spending growth rates have been adjusted for days mix as spend volume can vary depending upon the specific day of the week and prior periods will have a different mix of days than the present period

37

US Consumer Discretionary vs Non-Discretionary Spending

Dec 09


Non-Discretionary

Discretionary

+114

+48

December 09 US Consumer Discretionary Spending by Industry


of Transactions

Transaction size

Total spending

Source Global Merchant Services discount billed business Note Monthly spending growth rates have been adjusted for days mix as spend volume can vary depending upon the specific day of the week and prior periods will have a different mix of days than the present period All transactions greater than $50

38

US Consumer Spending Highlights

(40)

(30)

(20)

(10)

0

10

20

Jan 09 Apr 09 Jul 09 Oct 09

39

December 2009 increase(decrease) vs prior year


Dec 09 YOY +124

239

124106

23

Cruises Tours Airlines LodgingDec09


40

International Card Services Spending

(15)

(10)

(5)

0

5

10

15

Jan08 Jul08 Jan09 Jul09 Dec09

increase(decrease) vs prior year FX adjusted

FX adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into US dollars (eg assumes foreign exchange rate used for Dec09 applies to Dec08 and rate used for Nov09 applies to Nov08 etc) See Annex 4 for reported basis

0

10

20

30

40

50

60

70


41

Global Network Services Spending


US

Intrsquol


International Card Services -FX adjusted

Global Network Services -FX adjusted

US Consumer

US Small Business

Global Corporate Services -FX adjusted

Improvement in Billed Business

42



43

Broad based spending improvements in fourth quarter

ndash Business segments

ndash Wallet sizes

ndash Regions

Global Spending Summary

44

Agenda

2009 Performance





How will we grow


45

Key Risks and Challenges

Consumer behavior evolving

Small business customers still challenged by current environment

Increasing focus on premium segments

New forms of payments emerging

CARD Act

Pressure on interchange

46

Strong Hand To Play

47

High Average Cardmember Spend

$9342

$2672$2300

AXP Visa MasterCard

Note Calculated using a five-point average of worldwide total basic cards in force for AXP and credit card and charge accounts for Visa and MasterCard (excludes debit) AXPrsquos reported average spending per proprietary basic cards for 2008 was $12025 Source Company reports based upon calendar year 2008 data

Stable Discount Rate

258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48

Note Average discount rate represents the percentage of billed business (both proprietary and Global Network Services) retained by the Company from merchants it acquires prior to payments to third parties unrelated to merchant acceptance

49

Driving Growth

Drive new revenue by leveraging unique business model Fee-Based Services

Focus on premium customers Charge Card

Co-Brands

Proprietary Lending

Drive network growth Grow merchant coverage

Drive GNS partner volume onto network

50

Focus on Charge

Membership Rewards

World Class Service

Positive Credit History

No Preset Spend Limit

Charge A smart alternative to debit

Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend

Portion of 2009 USCS and ICS Billed Business

51

New Entry Level Charge Product

Customizable card benefits through Lifestyle Packs (Social Connect Go Eco)

Ongoing customer feedback into product design via Zync Tank

Low annual fee

ZyncBeta launched

December 8 2009

52

Premier Rewards Gold

Premier Rewards Gold Card

Launched October 8 2009

Richer rewards with simple 3-2-1 rewards structure

Bonus points for spend thresholds

53

Increasing Awareness of Charge

54

World Class Rewards Program

More than one million unique SKUs for point redemption

Over 150 redemption partners in the US

55

Everyday Redemptions

Greater redemption opportunities

Offset everyday charges on statement with MR points

Business Services

Communications

Merchandise amp Supplies

Utilities

Transportation

56

Continued Strength in Co-Brands

Americas EMEA JAPA

Loyal customer base

Global expansion

Access to partner distribution channel

57

Recent Co-Brand Highlights

Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58

USCS Proprietary Lending Portfolio Overview

13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions

Dec 08 Mar 09 Jun 09 Sep 09 Dec 09

USCS Managed Lending Balances

Ending Monthly CardmemberLoans

Average 2009 CardmemberLoans

9689 91

87

108

95 96 97

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09Increased Cost of Funds due to

spike in October 1M LIBOR rate

Repriced additional segments of US lending

portfolio

Loss of revenue due to August CARD Act implementation

Impact of Collections

Strategy

Lower revolve rate

See Annex 6 for owned basis

Improved Cost of Funds due to LIBOR

reversion

Re-priced 55 of US Lending Portfolio

USCS Net Interest Yield on Managed Cardmember Loans

60

61

Driving Growth


LoyaltyEdge

Provide end-to-end loyalty program design and management for third partiesLaunched January 22 2010

62

Combines real behavioral data with powerful analytics to deliver insights that enable businesses to improve their performance

American Express Business Insights

Highly structured custom analysis

Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum

A community designed to help small businesses grow their business

Launched 20 in July

Since 20 launch

ndash Over 4M page views

ndash 17M unique visitors

64

Mixx Gold AwardBrand Awareness amp Positioning

2008

2009

2009

Webby HonoreeBest Business Blog

Best Branded WebsiteBest Branded Social Media

Community

65

OPEN AcceptPay

All-in-one online invoicing and payment acceptance solution

Faster payments

Improved efficiencies

Added financial control

Ease of use

Launched December 21 2009

66

Driving Growth



Expanding Global Footprint

67

Proprietary Sales Force

Client Managers

External Sales Agents

Telesales

Want to Honor

Bank Partners

Growing Coverage

68

Over 17000 new merchants signed for target cities in 2009

Memphis

Minneapolis Detroit

Over 18000 new merchants signed in 2009

Growing Small Merchant Coverage

29

71

OnePoint Other Sales Channels

113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B

Global Network Services Growth Trajectory

2004-08

1997-2009CAGR 32

CAGR 40

70

Network Growth in Emerging Markets

Key Partners in

Emerging Markets

Emerging markets defined as non-OECD (Organisation for Economic Co-operation and Development) countries and South Korea

0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71

Broad Network of Partnerships

72

Americas EMEA JAPA

Note Fidelity and Merrill Lynch products are issued by FIA Card Services

73

Driving Growth Summary

74

Credit and spending showing signs of improvement and reflect high quality of our customer base

Unique business model gives us a strong hand to play

Great growth opportunities in which we are investing

ndash Focus on premium customers

ndash Drive new revenue by leveraging unique business model

ndash Drive network growth

Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77

FX adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into US dollars (eg assumes foreign exchange rate used for 4Qrsquo09 applies to 4Qrsquo08 rate used for 3Qrsquo09 applies to 3Qrsquo08 etc)

Billed Business Year-Over-Year Growth Rates

Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409

International Consumer amp Small Business

Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0

International Corporate Services

Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22

Oct09 Nov09 Dec09 Q409

International Card Services

Reported 12 16 12 14

FX Adjusted (3) 0 3 0

Global Corporate Services

Reported 1 8 16 8


Global Network Services


FX Adjusted 16 22 27 22

Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

Cardmember Lending Owned Basis

30 Days Past Due Loans as a of Total

USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74

Cardmember Lending Managed Basis


USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30


increase(decrease) vs prior year Reported

-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol

Annex 6($ in millions except percentages)

(A) Represents net interest income allocable to the Companys cardmember lending portfolio which excludes the impact of card fees on loans and balance transfer feesattributable to the Companys cardmember lending portfolio (B) Represents average loans excluding the impact of deferred card fees net of deferred direct acquisitioncosts for cardmember loans (C) Net interest yield on cardmember loans represents the net spread earned on cardmember loans Net interest yield on cardmember loans(both on an owned and managed basis) is computed by dividing adjusted net interest income by adjusted average loans computed on an annualized basis The calculationof net interest yield on cardmember loans (both on an owned and managed basis) includes interest and fees that are deemed uncollectible For the owned basispresentation reserves and net write-offs related to uncollectible interest and fees are recorded through provisions for losses - cardmember lending and for the managedbasis presentation reserves and net write-offs related to uncollectible interest and fees are included as a reduction to securitization income net therefore such reservesand net write-offs are not included in the net interest yield calculation The Company believes net interest yield on cardmember loans (on both an owned and managedbasis) is useful to investors because it provides a measure of profitability of the Companys cardmember lending portfolio (D) Includes on-balance sheet cardmember loansand off-balance sheet securitized cardmember loans Refer to the information set forth under US Card Services Selected Financial Information for further discussion of themanaged basis presentation (E) Includes the GAAP to managed basis securitization adjustments to interest income and interest expense as set forth under US CardServices Selected Financial Information managed basis presentation (F) Represents net interest income allocable to the Companys managed cardmember lendingportfolio which excludes the impact of card fees on managed loans and balance transfer fees attributable to the Companys managed cardmember lending portfolio (G)Represents average managed loans excluding the impact of deferred card fees net of deferred direct acquisition costs for managed cardmember loans

82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis

Net interest income $699 $650 $662 $559 $728 $534 $565 $539

Average loans (bill ions) $396 $379 $363 $332 $302 $265 $234 $227

Adjusted net interest income (A) $855 $776 $787 $687 $763 $548 $521 $494

Adjusted average loans (bill ions) (B) $396 $380 $363 $333 $303 $266 $235 $228

Net interest yield on cardmember loans (C) 87 82 86 82 102 83 88 86

Managed Basis (D)

Net interest income (E) $1382 $1290 $1349 $1231 $1531 $1257 $1221 $1210


Adjusted net interest income (F) $1538 $1416 $1475 $1380 $1581 $1311 $1278 $1265

Adjusted average loans (bill ions) (G) $646 $642 $647 $631 $592 $552 $530 $519


Quarters Ended

2


3

Payments Landscape




55

1518

12

USCS ICS GCS GNS

1214

18

42

14



5

Agenda

2009 Performance





How will we grow


6




Growth in lending




67

89

75

4Q 08 3Q 09 4Q 09


4741

37

4Q 08 3Q 09 4Q 09

7


8

0

12

Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09



Q409


9


0

1

2

3

4

5

6

7

8

9

10

11

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


10



67 71

56 53

7280

8996

8694

129

115

75

9688 86

119111



Citi

Q4 08 Q3 09 Q4 09

Dagger

dagger


11


0

1

2

3

4

5

6

7

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


12



Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

3

Payments Landscape




55

1518

12

USCS ICS GCS GNS

1214

18

42

14



5

Agenda

2009 Performance





How will we grow


6




Growth in lending




67

89

75

4Q 08 3Q 09 4Q 09


4741

37

4Q 08 3Q 09 4Q 09

7


8

0

12

Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09



Q409


9


0

1

2

3

4

5

6

7

8

9

10

11

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


10



67 71

56 53

7280

8996

8694

129

115

75

9688 86

119111



Citi

Q4 08 Q3 09 Q4 09

Dagger

dagger


11


0

1

2

3

4

5

6

7

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


12



Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended



55

1518

12

USCS ICS GCS GNS

1214

18

42

14



5

Agenda

2009 Performance





How will we grow


6




Growth in lending




67

89

75

4Q 08 3Q 09 4Q 09


4741

37

4Q 08 3Q 09 4Q 09

7


8

0

12

Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09



Q409


9


0

1

2

3

4

5

6

7

8

9

10

11

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


10



67 71

56 53

7280

8996

8694

129

115

75

9688 86

119111



Citi

Q4 08 Q3 09 Q4 09

Dagger

dagger


11


0

1

2

3

4

5

6

7

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


12



Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

5

Agenda

2009 Performance





How will we grow


6




Growth in lending




67

89

75

4Q 08 3Q 09 4Q 09


4741

37

4Q 08 3Q 09 4Q 09

7


8

0

12

Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09



Q409


9


0

1

2

3

4

5

6

7

8

9

10

11

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


10



67 71

56 53

7280

8996

8694

129

115

75

9688 86

119111



Citi

Q4 08 Q3 09 Q4 09

Dagger

dagger


11


0

1

2

3

4

5

6

7

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


12



Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

6




Growth in lending




67

89

75

4Q 08 3Q 09 4Q 09


4741

37

4Q 08 3Q 09 4Q 09

7


8

0

12

Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09



Q409


9


0

1

2

3

4

5

6

7

8

9

10

11

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


10



67 71

56 53

7280

8996

8694

129

115

75

9688 86

119111



Citi

Q4 08 Q3 09 Q4 09

Dagger

dagger


11


0

1

2

3

4

5

6

7

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


12



Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


67

89

75

4Q 08 3Q 09 4Q 09


4741

37

4Q 08 3Q 09 4Q 09

7


8

0

12

Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09



Q409


9


0

1

2

3

4

5

6

7

8

9

10

11

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


10



67 71

56 53

7280

8996

8694

129

115

75

9688 86

119111



Citi

Q4 08 Q3 09 Q4 09

Dagger

dagger


11


0

1

2

3

4

5

6

7

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


12



Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


8

0

12

Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09



Q409


9


0

1

2

3

4

5

6

7

8

9

10

11

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


10



67 71

56 53

7280

8996

8694

129

115

75

9688 86

119111



Citi

Q4 08 Q3 09 Q4 09

Dagger

dagger


11


0

1

2

3

4

5

6

7

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


12



Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


9


0

1

2

3

4

5

6

7

8

9

10

11

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


10



67 71

56 53

7280

8996

8694

129

115

75

9688 86

119111



Citi

Q4 08 Q3 09 Q4 09

Dagger

dagger


11


0

1

2

3

4

5

6

7

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


12



Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

10



67 71

56 53

7280

8996

8694

129

115

75

9688 86

119111



Citi

Q4 08 Q3 09 Q4 09

Dagger

dagger


11


0

1

2

3

4

5

6

7

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


12



Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


11


0

1

2

3

4

5

6

7

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


12



Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

12



Dagger

dagger

47 48 4744

67

58

41

54 53 54

74

62

37

58 56 55

72

63



Citi

Q4 08 Q3 09 Q4 09

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

13


744

753

2005 2006 2007 2008 2009


754

722






Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended





Risk Mitigation

14

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

Industry (excl AXP)


0

1

2

3

4




US Consumer Lending


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


$ in millions

0

1500


16

0

100



December 09


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


1Q 08 4Q 09


0

8




Dec 09

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

18

$3000

$9000



US Consumer Lending

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

19

$3000

$9000



Industry (excl AXP)

US Consumer Lending


30

(16)






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended






20

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

10

18


25

50


33

42

4853

57

70 71 71

1Q 08 4Q 08 2Q 09 4Q 09



Dec 09

Dec 0921


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


22

10

18


Write-off in Q1 10


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


23

10

18


Write-off in Q1 10

Write-off in Q2 10


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


3532

19

4Q 08 3Q 09 4Q09

37

22

18

4Q 08 3Q 09 4Q 09

24


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


0304 04

4Q 08 3Q 09 4Q 09

31

25

21

4Q 08 3Q 09 4Q 09

25



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended



51

71

61

4Q 08 3Q 09 4Q 09

36 3733

4Q 08 3Q 09 4Q 09

26

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

9

14

19

24

27


2

4

6

8


Australia

Canada

Mexico

UK


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


28

66

5053

4034

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

3842

36 34 34

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

29





Credit Summary

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

30

Agenda

2009 Performance





How will we grow



(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25

$0

$10

$20

$30

$40

$50

$60

$70



$ in billions


31

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

32




(30)

(20)

(10)

0

10

20

30

40

50


GNS (FX Adj)

GCS (FX Adj)

AXP (FX Adj)

USCS

ICS (FX Adj)

Dec rsquo09


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


33

(30)

(20)

(10)

0

10

20


Q1 09 Q2 09 Q3 09 Q4 09


34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

34




(15)

(10)

(5)

0

5

10

15



Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

Dec 09 YOY +38

Dec 09 YOY +08

(30)

(20)

(10)

0

10

lt20K 20-30K 30-80K 80-200K 200K+

Q1 09 Q2 09 Q3 09 Q4 09




35

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

(20)

(15)

(10)

(5)

0

5

10


Q1 09 Q2 09 Q3 09 Q4 09


36

Dec 09 YOY

+35 +25+63 +28 +38 +26 +49 +59


(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25



37


Dec 09


Non-Discretionary

Discretionary

+114

+48



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended



of Transactions

Transaction size

Total spending


38


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


(40)

(30)

(20)

(10)

0

10

20


39



Dec 09 YOY +124

239

124106

23



40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

40


(15)

(10)

(5)

0

5

10

15




0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

0

10

20

30

40

50

60

70


41



US

Intrsquol




US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended



US Consumer

US Small Business



42



43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

43



ndash Wallet sizes

ndash Regions


44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

44

Agenda

2009 Performance





How will we grow


45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

45






CARD Act


46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

46

Strong Hand To Play

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

47


$9342

$2672$2300

AXP Visa MasterCard



258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


258 257 256 255 254

230

235

240

245

250

255

260

265

270

275

280

2005 2006 2007 2008 2009

48


49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

49

Driving Growth



Co-Brands

Proprietary Lending



50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

50

Focus on Charge

Membership Rewards

World Class Service




Pay in Full

Purchase Protection

Fraud Protection

61

39

Charge Lend


51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

51




Low annual fee

ZyncBeta launched

December 8 2009

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

52






53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

53


54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

54




55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

55




Business Services

Communications


Utilities

Transportation

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

56


Americas EMEA JAPA

Loyal customer base

Global expansion


57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

57


Americas

EMEA

JAPA

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

Blue SkyBlue

Blue Cash Clear

58


13

87

2009

Proprietary Lending

Rest of USCS

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

59

$ in billions





9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

9689 91

87

108

95 96 97




portfolio



Strategy

Lower revolve rate



reversion



60

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

61

Driving Growth


LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

LoyaltyEdge


62




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended




Competitive Focus

Local IQ

Industry IQ

Destination IQ

63

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

OPEN Forum


Launched 20 in July

Since 20 launch



64


2008

2009

2009



Community

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

65

OPEN AcceptPay


Faster payments



Ease of use


66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

66

Driving Growth




67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


67


Client Managers


Telesales

Want to Honor

Bank Partners

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

Growing Coverage

68


Memphis

Minneapolis Detroit



29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


29

71


113009 YTD

69


Client Managers


Telesales

Want to Honor

Bank Partners

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$72B


2004-08

1997-2009CAGR 32

CAGR 40

70


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


Key Partners in

Emerging Markets


0

20

40

60

80

100

FY09

Developed Markets

Emerging Markets

71


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended


72

Americas EMEA JAPA


73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

73


74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

74







Closing Thoughts

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

75

Agenda

2009 Performance





How will we grow


Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

Annex 1

77



Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409


Reported 21 20 11 (14) (21) (20) (12) 14

FX Adjusted 9 10 8 1 (5) (7) (6) 0


Reported 22 25 13 (18) (30) (33) (19) 12

FX Adjusted 10 14 10 (3) (15) (21) (13) (1)

GNS

Reported 50 42 29 0 (6) (3) 2 34

FX Adjusted 40 35 27 11 8 6 7 22






Reported 1 8 16 8





Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

Annex 2

78

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09



USCS 23 21 24 28 34 35 39 47 51 44 42 37

AXP 25 22 25 28 33 34 37 44 49 43 40 36

Net Write-off Rate

USCS 29 29 30 35 45 58 61 70 85 103 98 80

AXP 34 34 34 37 45 55 58 65 80 96 91 74



USCS 24 21 24 28 32 33 39 47 51 44 41 37

AXP 25 23 25 28 32 33 38 46 50 43 40 36

Net Write-off Rate

USCS 29 29 30 34 43 53 59 67 85 100 89 75

AXP 33 33 32 36 43 51 57 65 82 97 86 73

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

79


Annex 3

(30)

(20)

(10)

0

10

20

30

40

50

60


GNS (Reported)

GCS (Reported)

AXP (Reported)

USCS

ICS (Reported)

Dec rsquo09

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

80

Annex 4

(30)

(20)

(10)

0

10

20

30



-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

-20

-10

0

10

20

30

40

50

60

70


81

Annex 5


US

Intrsquol



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended



82

33108 63008 93008 123108 33109 63009 93009 123109

Owned Basis






Managed Basis (D)






Quarters Ended

Date post:	11-Oct-2020
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Agenda - S&P Global€¦ · 3/2/2010 · * Represents "Corporate & Other" segment, which includes...

Documents