AXP American Express Company

American Express Company (NYSE:AXP) today reported first-quarter net income of $1.5 billion, up 6 percent from $1.4 billion a year ago. Diluted earnings per share rose 11 percent to $1.48, from $1.33 a year ago.

(Millions, except percentages and per share amounts)

        Quarters Ended

March 31,

Percentage

Inc/(Dec)

2015     2014 Total Revenues Net of Interest Expense $ 7,950 $ 8,173 (3 )% Net Income $ 1,525 $ 1,432 6 % Earnings Per Common Share – Diluted:

Net Income Attributable to Common Shareholders1

$ 1.48 $ 1.33 11 % Average Diluted Common Shares Outstanding 1,023 1,067 (4 )% Return on Average Equity 29.0 % 28.3 %  

Results for the quarter were negatively affected by the significant impact of a stronger U.S. dollar on international operations.

First-quarter consolidated total revenues net of interest expense decreased to $7.9 billion from $8.2 billion a year ago, down 3 percent (up 1 percent FX adjusted2). Excluding the business travel operations that were part of the company a year ago, adjusted revenues increased 5 percent on an FX adjusted basis3. That increase was driven by higher Card Member spending and higher net interest income.

Consolidated provisions for losses totaled $420 million, down 13 percent from $485 million a year ago. The decrease primarily reflected a larger reserve release this quarter compared to last year. Credit indicators continued to be at historically strong levels.

Consolidated expenses totaled $5.2 billion, down 5 percent (down 1 percent FX adjusted2) from $5.5 billion a year ago. Excluding business travel operations, adjusted expenses increased 5 percent on an FX adjusted basis3. That increase primarily reflected higher rewards costs and Card Member services, partially offset by lower operating expenses4.

The effective tax rate for the quarter was 34 percent, down from 35 percent a year ago.

The company's return on average equity (ROE) was 29.0 percent, up from 28.3 percent a year ago.

“First quarter results showed solid core performance and continued progress in expanding the American Express franchise despite an impact from several of the headwinds we’re confronting,” said Kenneth I. Chenault, chairman and chief executive officer.

“Underlying performance reflected some familiar themes: higher Card Member spending (3 percent globally, 7 percent on an FX adjusted basis); a modest increase in loans; credit metrics near their historic lows; disciplined cost controls; and a strong balance sheet that allows us to return substantial amounts of capital to shareholders. These results came against the negative impact of a sharply stronger U.S. dollar, an uneven global economy, and the long-term renewal of several cobrand relationships that provide us with lower initial economics than the prior agreements. We also felt the impact from ending our relationship with Costco Canada, which expired at year end.

“During the quarter, we announced the launch of a new loyalty coalition business in the U.S. This business, named Plenti, leverages the success of similar programs in our international markets that are building business for merchants and delivering rewards to more than 60 million participating customers. We also moved forward on initiatives that are gaining broader card acceptance among smaller merchants and aimed at capturing a greater share of U.S. consumers’ everyday spending.

“Separately, based on our strong outcome on the Federal Reserve’s annual stress test, we gained the flexibility to increase the quarterly dividend by 12 percent to 29 cents per share and repurchase up to $6.6 billion of common shares through second quarter of 2016.

“As previously reported, we expect full year 2015 earnings will be flat to modestly down year-over-year with the headwinds we’re facing and as we ramp up investments to help offset the impact from ending our relationship with Costco in the U.S. next year. Looking further ahead, we have a range of growth opportunities across the business and continue to be very positive about the moderate to long term outlook for our company.”

Segment Results

U.S. Card Services reported first-quarter net income of $934 million, up 7 percent from $876 million a year ago.

Total revenues net of interest expense increased 6 percent to $4.5 billion from $4.3 billion a year ago. The increase reflected a 7 percent rise in Card Member spending and higher net interest income.

Provisions for losses totaled $296 million, down 13 percent from $342 million a year ago. The decrease primarily reflected a larger reserve release this quarter than last year.

Total expenses increased 9 percent to $2.7 billion from $2.5 billion a year ago. The rise primarily reflected higher rewards and Card Member services expenses driven by increased Card Member spending volumes and additional costs related to renewing certain cobrand relationships.

The effective tax rate was 37 percent compared to 38 percent a year ago.

International Card Services reported first-quarter net income of $134 million, down 16 percent from $159 million a year ago. The decline reflected the impact of the stronger U.S. dollar.

Total revenues net of interest expense decreased 8 percent (up 4 percent FX adjusted2) to $1.2 billion.

Provisions for losses totaled $76 million, down 13 percent from $87 million a year ago.

Total expenses decreased 8 percent (up 1 percent FX adjusted2) to $1 billion. The decrease primarily reflected lower marketing, promotion and rewards costs.

The effective tax rate was 27 percent compared to 22 percent a year ago.

Global Commercial Services reported first-quarter net income of $180 million, down from $184 million a year ago. The decline reflected the impact of the stronger U.S. dollar.

Total revenues net of interest expense decreased 31 percent (27 percent FX adjusted2) to $827 billion from $1.2 billion. Year-ago revenues included the company’s business travel operations.

Total expenses decreased 42 percent (39 percent FX adjusted2) to $508 million from $871 million a year ago. Year-ago expenses included the company’s business travel operations.

Global Network & Merchant Services reported first-quarter net income of $444 million, flat from a year ago. Results were negatively impacted by the stronger U.S. dollar.

Total revenues net of interest expense decreased 2 percent (up 3 percent FX adjusted2) to $1.3 billion. The negative impact of foreign exchange rates was partially offset by an increase in global Card Member spending.

Total expenses decreased 2 percent to $635 million (up 2 percent FX adjusted2) from $647 million a year ago. The decrease reflected lower marketing, promotion and rewards costs in the current quarter.

Corporate and Other reported first-quarter net loss of $167 million, compared with net loss of $230 million in the year-ago period.

About American Express

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/companies/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products and services: charge and credit cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, corporate card and business travel

The 2015 First Quarter Earnings Supplement will be available today on the American Express website at http://ir.americanexpress.com. An investor conference call will be held at 5:00 p.m. (ET) today to discuss first-quarter earnings results. Live audio and presentation slides for the investor conference call will be available to the general public at the same website. A replay of the conference call will be available later today at the same website address.

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the company’s expected business and financial performance and are subject to risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including those described in the 2015 First Quarter Earnings Supplement of American Express Company furnished today as an exhibit to a Current Report on Form 8-K, the company's Annual Report on Form 10-K for the year ended December 31, 2014 and the company’s other reports on file with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements.

1 Represents net income less earnings allocated to participating share awards of $11 million and $12 million for the three months ended March 31, 2015 and 2014, respectively.

2 As reported in this release, FX adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the three months ended March 31, 2015 apply to the period(s) against which such results are being compared). Certain amounts included in the calculations of FX-adjusted revenues and expenses, which constitute non-GAAP measures, are subject to management allocations. The company believes the presentation of information on an FX adjusted basis is helpful to investors by making it easier to compare the company’s performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

3 Adjusted revenue growth and adjusted expense growth are non-GAAP measures and exclude the impact of changes in foreign exchange rates and the company’s business travel operations in Q1’14 from total revenues net of interest expense and total expenses, respectively. Management believes these metrics are useful in evaluating the ongoing operating performance of the company. See Appendix V in the selected statistical tables for reconciliations to total revenues net of interest expense and total expenses on a GAAP basis.

4 Operating expenses reflect salaries and employee benefits, professional services, occupancy and equipment, communications and other, net.

American Express Company             (Preliminary)

Consolidated Statements of Income

(Millions, except percentages and per share amounts)     Quarters Ended % Change Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Mar 31, 2015 vs. 2015 2014 2014 2014 2014 Mar 31, 2014 Revenues Non-interest revenues Discount revenue (A) $ 4,660 $ 4,961 $ 4,889 $ 4,919 $ 4,620 1 Net card fees 667 671 680 687 674 (1 ) Travel commissions and fees 89 91 104 500 423 (79 ) Other commissions and fees 619 624 642 624 618 0 Other   468     1,310     593     585     501   (7 ) Total non-interest revenues   6,503     7,657     6,908     7,315     6,836   (5 ) Interest income Interest on loans 1,795 1,769 1,753 1,696 1,711 5 Interest and dividends on investment securities 41 43 45 45 46 (11 ) Deposits with banks and other   21     17     17     18     19   11 Total interest income   1,857     1,829     1,815     1,759     1,776   5 Interest expense Deposits 103 97 91 91 94 10 Long-term debt and other   307     308     329     352     345   (11 ) Total interest expense   410     405     420     443     439   (7 ) Net interest income   1,447     1,424     1,395     1,316     1,337   8 Total revenues net of interest expense   7,950     9,081     8,303     8,631     8,173   (3 ) Provisions for losses Charge card 174 198 196 183 215 (19 ) Card Member loans 235 341 265 282 250 (6 ) Other   11     43     27     24     20   (45 ) Total provisions for losses   420     582     488     489     485   (13 ) Total revenues net of interest expense after provisions for losses   7,530     8,499     7,815     8,142     7,688   (2 )   Expenses Marketing and promotion (A) 609 887 783 959 587 4 Card Member rewards 1,640 1,881 1,695 1,773 1,582 4 Card Member services and other 261 203 205 192 222 18 Salaries and employee benefits 1,305 1,607 1,290 1,658 1,540 (15 ) Professional services 624 768 731 817 692 (10 ) Occupancy and equipment 434 446 432 467 462 (6 ) Communications 88 98 91 101 93 (5 ) Other, net   253     384     342     (137 )   302   (16 ) Total   5,214     6,274     5,569     5,830     5,480   (5 ) Pretax income 2,316 2,225 2,246 2,312 2,208 5 Income tax provision   791     778     769     783     776   2 Net income $ 1,525   $ 1,447   $ 1,477   $ 1,529   $ 1,432   6 Net income attributable to common shareholders (B) $ 1,514   $ 1,436   $ 1,466   $ 1,517   $ 1,420   7 Effective tax rate 34.2 % 35.0 % 34.2 % 33.9 % 35.1 %  

Earnings Per Common Share

  BASIC Income from continuing operations attributable to common shareholders $ 1.49 $ 1.40 $ 1.41 $ 1.44 $ 1.34 11 Income from discontinued operations   -     -     -     -     -   - Net income attributable to common shareholders $ 1.49   $ 1.40   $ 1.41   $ 1.44   $ 1.34   11 Average common shares outstanding   1,019     1,028     1,041     1,052     1,060   (4 ) DILUTED Net income attributable to common shareholders $ 1.48   $ 1.39   $ 1.40   $ 1.43   $ 1.33   11 Average common shares outstanding   1,023     1,033     1,047     1,058     1,067   (4 ) Cash dividends declared per common share $ 0.26   $ 0.26   $ 0.26   $ 0.26   $ 0.23   13   # - Denotes a variance of more than 100 percent.    

American Express Company

Condensed Consolidated Balance Sheets

(Billions, except percentages, per share amounts and where indicated)         Quarters Ended % Change Mar 31, Dec 31,   Sep 30,   Jun 30,   Mar 31, Mar 31, 2015 vs. 2015 2014 2014 2014 2014 Mar 31, 2014 Assets Cash & cash equivalents $ 24 $ 22 $ 21 $ 18 $ 21 14 Accounts receivable 46 47 47 49 47 (2 ) Investment securities 4 4 5 5 5 (20 ) Loans 67 70 66 66 63 6 Other assets   14     16     15     14     15   (7 ) Total assets $ 155   $ 159   $ 154   $ 152   $ 151   3   Liabilities and Shareholders' Equity Customer deposits $ 45 $ 44 $ 43 $ 42 $ 43 5 Short-term borrowings 2 3 3 3 3 (33 ) Long-term debt 55 58 56 55 54 2 Other liabilities   31     33     32     32     31   - Total liabilities   133     138     134     132     131   2   Shareholders' Equity   22     21     20     20     20   10 Total liabilities and shareholders' equity $ 155   $ 159   $ 154   $ 152   $ 151   3  

Selected Statistical Information

  Return on average equity (C) 29.0 % 29.1 % 28.8 % 28.8 % 28.3 % Return on average common equity (C) 29.3 % 29.0 % 28.6 % 28.5 % 28.1 % Return on average tangible common equity (C) 36.2 % 35.9 % 35.6 % 35.8 % 35.4 % Common shares outstanding (millions) 1,016 1,023 1,035 1,046 1,059 (4 ) Book value per common share (dollars) $ 21.49 $ 20.21 $ 19.54 $ 19.32 $ 18.87 14 Shareholders' equity $ 21.8 $ 20.7 $ 20.2 $ 20.2 $ 20.0 9   # - Denotes a variance of more than 100 percent.     American Express Company              

Financial Summary

(Millions)     Quarters Ended % Change Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Mar 31, 2015 vs. 2015 2014 2014 2014 2014 Mar 31, 2014  

Total revenues net of interest expense

U.S. Card Services $ 4,525 $ 4,594 $ 4,501 $ 4,451 $ 4,264 6 International Card Services 1,241 1,355 1,394 1,391 1,352 (8 ) Global Commercial Services 827 1,585 900 1,269 1,194 (31 ) Global Network & Merchant Services   1,344     1,477     1,450     1,455     1,365   (2 ) 7,937 9,011 8,245 8,566 8,175 (3 ) Corporate & Other   13     70     58     65     (2 ) #   CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE $ 7,950   $ 9,081   $ 8,303   $ 8,631   $ 8,173   (3 )  

Pretax income (loss)

U.S. Card Services $ 1,480 $ 1,083 $ 1,411 $ 1,200 $ 1,406 5 International Card Services 184 1 176 69 203 (9 ) Global Commercial Services 284 949 309 865 285 (0 ) Global Network & Merchant Services   698     670     670     578     702   (1 ) 2,646 2,703 2,566 2,712 2,596 2 Corporate & Other   (330 )   (478 )   (320 )   (400 )   (388 ) (15 )   PRETAX INCOME $ 2,316   $ 2,225   $ 2,246   $ 2,312   $ 2,208   5  

Net income (loss)

U.S. Card Services $ 934 $ 665 $ 889 $ 770 $ 876 7 International Card Services 134 33 142 77 159 (16 ) Global Commercial Services 180 594 204 561 184 (2 ) Global Network & Merchant Services   444     417     427     373     443   0 1,692 1,709 1,662 1,781 1,662 2 Corporate & Other   (167 )   (262 )   (185 )   (252 )   (230 ) (27 )   NET INCOME $ 1,525   $ 1,447   $ 1,477   $ 1,529   $ 1,432   6   # - Denotes a variance of more than 100 percent.     American Express Company               (Preliminary)

Selected Statistical Information (continued)

(Billions, except percentages and where indicated)   Quarters Ended % Change Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Mar 31, 2015 vs. 2015 2014 2014 2014 2014 Mar 31, 2014 Card billed business (D): United States $ 169.2 $ 182.5 $ 173.0 $ 173.4 $ 159.2 6 Outside the United States   76.4     86.0     85.1     84.7     78.9   (3 ) Total $ 245.6   $ 268.5   $ 258.1   $ 258.1   $ 238.1   3 Total cards-in-force (E) (millions): United States 54.8 54.9 54.5 54.1 53.5 2 Outside the United States   57.4     57.3     56.6     55.8     54.7   5 Total   112.2     112.2     111.1     109.9     108.2   4 Basic cards-in-force (E) (millions): United States 42.4 42.6 42.2 42.0 41.5 2 Outside the United States   47.3     47.0     46.3     45.6     44.6   6 Total   89.7     89.6     88.5     87.6     86.1   4   Average discount rate (A) (F) 2.49 % 2.44 % 2.48 % 2.48 % 2.51 % Average basic Card Member spending (dollars) (G) $ 4,008 $ 4,377 $ 4,223 $ 4,288 $ 3,991 0 Average fee per card (dollars) (G) $ 39 $ 39 $ 40 $ 41 $ 40 (3 ) Average fee per card adjusted (dollars) (G) $ 44 $ 44 $ 45 $ 45 $ 45 (2 )   Worldwide Card Member receivables: Total receivables $ 43.7 $ 44.9 $ 45.1 $ 45.3 $ 44.7 (2 ) Loss reserves (millions): Beginning balance $ 465 $ 432 $ 413 $ 414 $ 386 20 Provisions (H) 174 198 196 183 215 (19 ) Net write-offs (I) (199 ) (156 ) (168 ) (182 ) (170 ) 17 Other (J)   (11 )   (9 )   (9 )   (2 )   (17 ) (35 ) Ending balance $ 429   $ 465   $ 432   $ 413   $ 414   4 % of receivables 1.0 % 1.0 % 1.0 % 0.9 % 0.9 % Net write-off rate (principal only) - USCS/ICS (K) 2.1 % 1.5 % 1.6 % 1.8 % 1.8 % Net write-off rate (principal and fees) - USCS/ICS (K) 2.3 % 1.7 % 1.8 % 2.0 % 2.0 % 30 days past due as a % of total - USCS/ICS 1.6 % 1.6 % 1.6 % 1.5 % 1.7 % Net loss ratio (as a % of charge volume) - GCS 0.10 % 0.08 % 0.09 % 0.09 % 0.09 % 90 days past billing as a % of total - GCS 0.7 % 0.8 % 0.8 % 0.7 % 0.7 %   Worldwide Card Member loans: Total loans $ 66.8 $ 70.4 $ 66.1 $ 66.3 $ 64.0 4 Loss reserves (millions): Beginning balance $ 1,201 $ 1,146 $ 1,170 $ 1,191 $ 1,261 (5 ) Provisions (H) 235 341 265 282 250 (6 ) Net write-offs - principal (I) (259 ) (237 ) (245 ) (267 ) (280 ) (8 ) Net write-offs - interest and fees (I) (43 ) (40 ) (40 ) (42 ) (42 ) 2 Other (J)   (4 )   (9 )   (4 )   6     2   # Ending balance $ 1,130   $ 1,201   $ 1,146   $ 1,170   $ 1,191   (5 ) Ending reserves - principal $ 1,074 $ 1,149 $ 1,093 $ 1,114 $ 1,135 (5 ) Ending reserves - interest and fees $ 56 $ 52 $ 53 $ 56 $ 56 - % of loans 1.7 % 1.7 % 1.7 % 1.8 % 1.9 % % of past due 163 % 167 % 165 % 171 % 159 % Average loans $ 67.6 $ 67.7 $ 66.4 $ 65.2 $ 64.5 5 Net write-off rate (principal only) (K) 1.5 % 1.4 % 1.5 % 1.6 % 1.7 % Net write-off rate (principal, interest and fees) (K) 1.8 % 1.6 % 1.7 % 1.9 % 2.0 % 30 days past due loans as a % of total 1.0 % 1.0 % 1.1 % 1.0 % 1.2 % Net interest income divided by average loans (L) 8.6 % 8.4 % 8.5 % 8.1 % 8.4 % Net interest yield on Card Member loans (L) 9.6 % 9.3 % 9.3 % 9.2 % 9.5 %   # - Denotes a variance of more than 100 percent.     U.S. Card Services               (Preliminary)

Selected Income Statement Data

(Millions, except percentages) Quarters Ended % Change Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Mar 31, 2015 vs. 2015 2014 2014 2014 2014 Mar 31, 2014   Revenues Non-interest revenues (A) $ 3,148 $ 3,253 $ 3,188 $ 3,196 $ 2,991 5 Interest income 1,529 1,490 1,465 1,408 1,423 7 Interest expense   152     149     152     153     150   1 Net interest income   1,377     1,341     1,313     1,255     1,273   8 Total revenues net of interest expense   4,525     4,594     4,501     4,451     4,264   6 Provisions for losses   296     399     316     339     342   (13 ) Total revenues net of interest expense after provisions for losses   4,229     4,195     4,185     4,112     3,922   8 Expenses Marketing, promotion, rewards, (A) Card Member services and other 1,733 2,038 1,764 1,839 1,556 11 Salaries and employee benefits and other operating expenses   1,016     1,074     1,010     1,073     960   6 Total   2,749     3,112     2,774     2,912     2,516   9 Pretax segment income 1,480 1,083 1,411 1,200 1,406 5 Income tax provision   546     418     522     430     530   3 Segment income $ 934   $ 665   $ 889   $ 770   $ 876   7 Effective tax rate 36.9 % 38.6 % 37.0 % 35.8 % 37.7 %  

Selected Statistical Information

(Billions, except percentages and where indicated) Card billed business $ 132.5 $ 145.0 $ 136.2 $ 136.5 $ 124.3 7 Total cards-in-force (millions) 45.9 45.6 45.2 44.7 44.1 4 Basic cards-in-force (millions) 34.2 34.0 33.7 33.3 32.8 4 Average basic Card Member spending (dollars) $ 3,875 $ 4,281 $ 4,069 $ 4,133 $ 3,805 2   U.S. Consumer Travel: Travel sales (millions) $ 988 $ 817 $ 956 $ 1,027 $ 974 1 Travel commissions and fees/sales 6.6 % 7.5 % 7.4 % 7.4 % 6.5 %   Total segment assets $ 107.7 $ 113.2 $ 103.3 $ 101.1 $ 98.9 9 Segment capital (M) $ 10.8 $ 10.4 $ 9.9 $ 9.9 $ 9.7 11 Return on average segment capital (N) 32.1 % 32.5 % 35.5 % 35.3 % 35.6 % Return on average tangible segment capital (N) 33.2 % 33.6 % 36.6 % 36.5 % 36.9 %   Card Member receivables: Total receivables $ 21.5 $ 22.5 $ 21.3 $ 21.2 $ 20.7 4 30 days past due as a % of total 1.7 % 1.7 % 1.6 % 1.5 % 1.8 % Average receivables $ 21.3 $ 21.8 $ 21.4 $ 21.3 $ 20.6 3 Net write-off rate (principal only) (K) 2.2 % 1.4 % 1.5 % 1.8 % 1.8 % Net write-off rate (principal and fees) (K) 2.4 % 1.6 % 1.7 % 2.0 % 2.0 %   Card Member loans: Total loans $ 59.9 $ 62.6 $ 58.0 $ 57.7 $ 55.8 7 30 days past due loans as a % of total 1.0 % 1.0 % 1.0 % 0.9 % 1.1 % Average loans $ 60.4 $ 59.7 $ 58.0 $ 56.8 $ 56.1 8 Net write-off rate (principal only) (K) 1.5 % 1.3 % 1.4 % 1.6 % 1.7 % Net write-off rate (principal, interest and fees) (K) 1.7 % 1.5 % 1.6 % 1.8 % 1.9 % Net interest income divided by average loans (L) 9.1 % 9.0 % 9.1 % 8.9 % 9.2 % Net interest yield on Card Member loans (L) 9.5 % 9.1 % 9.2 % 9.1 % 9.4 %   # - Denotes a variance of more than 100 percent.     International Card Services               (Preliminary)

Selected Income Statement Data

(Millions, except percentages)   Quarters Ended % Change Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Mar 31, 2015 vs. 2015 2014 2014 2014 2014 Mar 31, 2014   Revenues Non-interest revenues $ 1,061 $ 1,166 $ 1,206 $ 1,208 $ 1,157 (8 ) Interest income 244 260 273 275 277 (12 ) Interest expense   64     71     85     92     82   (22 ) Net interest income   180     189     188     183     195   (8 ) Total revenues net of interest expense   1,241     1,355     1,394     1,391     1,352   (8 ) Provisions for losses   76     95     98     90     87   (13 ) Total revenues net of interest expense after provisions for losses   1,165     1,260     1,296     1,301     1,265   (8 ) Expenses Marketing, promotion, rewards, Card Member services and other 437 555 532 577 496 (12 ) Salaries and employee benefits and other operating expenses   544     704     588     655     566   (4 ) Total   981     1,259     1,120     1,232     1,062   (8 ) Pretax segment income 184 1 176 69 203 (9 ) Income tax provision/(benefit)   50     (32 )   34     (8 )   44   14 Segment income $ 134   $ 33   $ 142   $ 77   $ 159   (16 ) Effective tax rate 27.2 % # 19.3 % -11.6 % 21.7 %  

Selected Statistical Information

(Billions, except percentages and where indicated) Card billed business $ 28.7 $ 34.0 $ 33.9 $ 34.1 $ 31.9 (10 ) Total cards-in-force (millions) 14.9 15.7 15.8 15.7 15.7 (5 ) Basic cards-in-force (millions) 10.4 11.0 10.9 10.9 10.9 (5 ) Average basic Card Member spending (dollars) $ 2,729 $ 3,109 $ 3,100 $ 3,137 $ 2,942 (7 )   International Consumer Travel: Travel sales (millions) $ 334 $ 353 $ 362 $ 354 $ 353 (5 ) Travel commissions and fees/sales 7.2 % 7.4 % 6.9 % 6.8 % 6.2 %   Total segment assets $ 29.0 $ 30.7 $ 31.1 $ 31.6 $ 30.4 (5 ) Segment capital (M) $ 3.2 $ 3.0 $ 3.0 $ 3.0 $ 3.0 8 Return on average segment capital (N) 12.7 % 13.6 % 15.8 % 15.7 % 20.0 % Return on average tangible segment capital (N) 22.3 % 24.6 % 28.9 % 28.8 % 36.8 %   Card Member receivables: Total receivables $ 6.4 $ 7.7 $ 7.3 $ 7.5 $ 7.2 (11 ) 30 days past billing as a % of total 1.6 % 1.3 % 1.4 % 1.3 % 1.4 % Net write-off rate (principal only) (K) 1.9 % 1.8 % 1.9 % 1.9 % 1.9 % Net write-off rate (principal and fees) (K) 2.0 % 1.9 % 2.1 % 2.0 % 2.0 %   Card Member loans: Total loans $ 6.8 $ 7.7 $ 8.0 $ 8.6 $ 8.2 (17 ) 30 days past due loans as a % of total 1.8 % 1.6 % 1.6 % 1.6 % 1.7 % Average loans $ 7.2 $ 7.9 $ 8.3 $ 8.3 $ 8.3 (13 ) Net write-off rate (principal only) (K) 2.0 % 1.9 % 1.9 % 2.0 % 2.2 % Net write-off rate (principal, interest and fees) (K) 2.5 % 2.4 % 2.4 % 2.4 % 2.7 % Net interest income divided by average loans (O) 10.0 % 9.6 % 9.1 % 8.8 % 9.5 % Net interest yield on Card Member loans (O) 10.9 % 10.5 % 9.9 % 9.6 % 10.1 %   # - Denotes a variance of more than 100 percent.     Global Commercial Services               (Preliminary)

Selected Income Statement Data

(Millions, except percentages)   Quarters Ended % Change Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Mar 31, 2015 vs. 2015 2014 2014 2014 2014 Mar 31, 2014   Revenues Non-interest revenues $ 871 $ 1,635 $ 957 $ 1,332 $ 1,249 (30 ) Interest income 4 4 4 3 4 - Interest expense   48     54     61     66     59   (19 ) Net interest expense   (44 )   (50 )   (57 )   (63 )   (55 ) (20 ) Total revenues net of interest expense   827     1,585     900     1,269     1,194   (31 ) Provisions for losses   35     50     49     43     38   (8 ) Total revenues net of interest expense after provisions for losses   792     1,535     851     1,226     1,156   (31 ) Expenses Marketing, promotion, rewards, Card Member services and other 164 178 161 177 166 (1 ) Salaries and employee benefits and other operating expenses   344     408     381     184     705   (51 ) Total   508     586     542     361     871   (42 ) Pretax segment income 284 949 309 865 285 (0 ) Income tax provision   104     355     105     304     101   3 Segment income $ 180   $ 594   $ 204   $ 561   $ 184   (2 ) Effective tax rate 36.6 % 37.4 % 34.0 % 35.1 % 35.4 %  

Selected Statistical Information

(Billions, except percentages and where indicated) Card billed business $ 45.3 $ 47.1 $ 46.5 $ 47.6 $ 45.5 (0 ) Total cards-in-force (millions) 6.9 6.9 6.9 7.0 7.1 (3 ) Basic cards-in-force (millions) 6.9 6.9 6.9 7.0 7.1 (3 ) Average basic Card Member spending (dollars) $ 6,567 $ 6,817 $ 6,691 $ 6,781 $ 6,429 2   Total segment assets $ 19.6 $ 18.5 $ 20.6 $ 20.8 $ 21.6 (9 ) Segment capital (M) $ 4.1 $ 3.8 $ 3.8 $ 3.8 $ 3.8 9 Return on average segment capital (N) 39.9 % 40.9 % 30.3 % 32.0 % 23.2 % Return on average tangible segment capital (N) 70.6 % 74.4 % 56.0 % 60.3 % 44.4 %   Card Member receivables: Total receivables $ 15.7 $ 14.6 $ 16.4 $ 16.5 $ 16.6 (5 ) 90 days past billing as a % of total 0.7 % 0.8 % 0.8 % 0.7 % 0.7 % Net loss ratio (as a % of charge volume) 0.10 % 0.08 % 0.09 % 0.09 % 0.09 %   # - Denotes a variance of more than 100 percent.     Global Network & Merchant Services               (Preliminary)

Selected Income Statement Data

(Millions, except percentages)   Quarters Ended % Change Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Mar 31, 2015 vs. 2015 2014 2014 2014 2014 Mar 31, 2014 Revenues Non-interest revenues $ 1,270 $ 1,399 $ 1,368 $ 1,366 $ 1,293 (2 ) Interest income 20 17 14 11 10 # Interest expense   (54 )   (61 )   (68 )   (78 )   (62 ) (13 ) Net interest income   74     78     82     89     72   3 Total revenues net of interest expense   1,344     1,477     1,450     1,455     1,365   (2 ) Provisions for losses   11     35     24     18     16   (31 ) Total revenues net of interest expense after provisions for losses   1,333     1,442     1,426     1,437     1,349   (1 ) Expenses Marketing, promotion, rewards, Card Member services and other 147 185 201 277 156 (6 ) Salaries and employee benefits and other operating expenses   488     587     555     582     491   (1 ) Total   635     772     756     859     647   (2 ) Pretax segment income 698 670 670 578 702 (1 ) Income tax provision   254     253     243     205     259   (2 ) Segment income $ 444   $ 417   $ 427   $ 373   $ 443   0 Effective tax rate 36.4 % 37.8 % 36.3 % 35.5 % 36.9 %  

Selected Statistical Information

(Billions, except percentages and where indicated) Global Card billed business (P) $ 245.6 $ 268.5 $ 258.1 $ 258.1 $ 238.1 3   Global Network & Merchant Services: Total segment assets $ 17.8 $ 18.1 $ 18.2 $ 18.7 $ 18.3 (3 ) Segment capital (M) $ 2.2 $ 2.0 $ 2.0 $ 2.0 $ 1.9 13 Return on average segment capital (N) 82.1 % 84.0 % 82.6 % 79.4 % 81.2 % Return on average tangible segment capital (N) 90.6 % 92.9 % 91.3 % 87.8 % 89.7 %   Global Network Services: Card billed business $ 39.1 $ 42.5 $ 41.6 $ 40.1 $ 36.6 7 Total cards-in-force (millions) 44.5 44.0 43.2 42.5 41.3 8   # - Denotes a variance of more than 100 percent.     American Express Company             (Preliminary)

Components of Return on Average Equity (ROE), Return on Average Common Equity (ROCE), and Return on Average Tangible Common Equity (ROTCE)

Appendix I

(Millions, except percentages)   For the Twelve Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2015 2014 2014 2014 2014

ROE

Net income $ 5,978 $ 5,885 $ 5,746 $ 5,635 $ 5,511 Average shareholders' equity $ 20,606 $ 20,254 $ 19,948 $ 19,591 $ 19,442 Return on average equity (Q) 29.0 % 29.1 % 28.8 % 28.8 % 28.3 %  

Reconciliation of ROCE and ROTCE

Net income $ 5,978 $ 5,885 $ 5,746 $ 5,635 $ 5,511 Preferred shares dividends and related accretion - - - - - Earnings allocated to participating share awards and other   45     46     46     47     48   Net income attributable to common shareholders $ 5,933   $ 5,839   $ 5,700   $ 5,588   $ 5,463     Average shareholders' equity $ 20,606 $ 20,254 $ 19,948 $ 19,591 $ 19,442 Average preferred shares   350     114     -     -     -   Average common shareholders' equity $ 20,256   $ 20,140   $ 19,948   $ 19,591   $ 19,442   Average goodwill and other intangibles   3,845     3,888     3,941     3,994     4,012   Average tangible common shareholders' equity $ 16,411   $ 16,252   $ 16,007   $ 15,597   $ 15,430   Return on average common equity (Q) 29.3 % 29.0 % 28.6 % 28.5 % 28.1 % Return on average tangible common equity (R) 36.2 % 35.9 % 35.6 % 35.8 % 35.4 %     American Express Company           (Preliminary)

Components of Return on Average Segment Capital (ROSC) and Return on Average Tangible Segment Capital (ROTSC)

Appendix II

(Millions, except percentages)   For the Twelve Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2015 2014 2014 2014 2014

U.S. Card Services

Segment income $ 3,258 $ 3,200 $ 3,399 $ 3,292 $ 3,265 Average segment capital $ 10,148 $ 9,843 $ 9,580 $ 9,337 $ 9,180 Average goodwill and other intangibles   339     319     299     311     323   Average tangible segment capital $ 9,809   $ 9,524   $ 9,281   $ 9,026   $ 8,857   Return on average segment capital (S) 32.1 % 32.5 % 35.5 % 35.3 % 35.6 % Return on average tangible segment capital (S) 33.2 % 33.6 % 36.6 % 36.5 % 36.9 %  

International Card Services

Segment income $ 386 $ 411 $ 481 $ 481 $ 612 Average segment capital $ 3,043 $ 3,020 $ 3,043 $ 3,063 $ 3,053 Average goodwill and other intangibles   1,311     1,350     1,376     1,394     1,389   Average tangible segment capital $ 1,732   $ 1,670   $ 1,667   $ 1,669   $ 1,664   Return on average segment capital (S) 12.7 % 13.6 % 15.8 % 15.7 % 20.0 % Return on average tangible segment capital (S) 22.3 % 24.6 % 28.9 % 28.8 % 36.8 %  

Global Commercial Services

Segment income $ 1,539 $ 1,543 $ 1,131 $ 1,188 $ 853 Average segment capital $ 3,859 $ 3,771 $ 3,736 $ 3,707 $ 3,679 Average goodwill and other intangibles   1,678     1,696     1,715     1,736     1,759   Average tangible segment capital $ 2,181   $ 2,075   $ 2,021   $ 1,971   $ 1,920   Return on average segment capital (S) 39.9 % 40.9 % 30.3 % 32.0 % 23.2 % Return on average tangible segment capital (S) 70.6 % 74.4 % 56.0 % 60.3 % 44.4 %  

Global Network & Merchant Services

Segment income $ 1,661 $ 1,660 $ 1,642 $ 1,606 $ 1,645 Average segment capital $ 2,024 $ 1,976 $ 1,989 $ 2,022 $ 2,026 Average goodwill and other intangibles   190     189     190     192     193   Average tangible segment capital $ 1,834   $ 1,787   $ 1,799   $ 1,830   $ 1,833   Return on average segment capital (S) 82.1 % 84.0 % 82.6 % 79.4 % 81.2 % Return on average tangible segment capital (S) 90.6 % 92.9 % 91.3 % 87.8 % 89.7 %     American Express Company             (Preliminary)

Net Interest Yield on Card Member Loans

Appendix III

(Millions, except percentages and where indicated)   Quarters Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2015 2014 2014 2014 2014   Net interest income $ 1,447 $ 1,424 $ 1,395 $ 1,316 $ 1,337 Exclude: Interest expense not attributable to the Company's Card Member loan portfolio $ 249 $ 250 $ 247 $ 259 $ 263 Interest income not attributable to the Company's Card Member loan portfolio $ (95 ) $ (92 ) $ (90 ) $ (89 ) $ (88 )     Adjusted net interest income (T) $ 1,601 $ 1,582 $ 1,552 $ 1,486 $ 1,512   Average loans (billions) $ 67.6 $ 67.7 $ 66.4 $ 65.2 $ 64.5 Exclude: Unamortized deferred card fees, net of direct acquisition costs of Card Member loans, and other (billions) $ (0.2 ) $ (0.2 ) $ (0.2 ) $ (0.2 ) $ (0.2 )   Adjusted average loans (billions) (U) $ 67.4 $ 67.5 $ 66.2 $ 65.0 $ 64.3   Net interest income divided by average loans (V) 8.6 % 8.4 % 8.5 % 8.1 % 8.4 % Net interest yield on Card Member loans (W) 9.6 % 9.3 % 9.3 % 9.2 % 9.5 %     U.S. Card Services and International Card Services             (Preliminary)

Net Interest Yield on Card Member Loans

Appendix IV

(Millions, except percentages and where indicated) Quarters Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2015 2014 2014 2014 2014

USCS:

Net interest income $ 1,377 $ 1,341 $ 1,313 $ 1,255 $ 1,273 Exclude: Interest expense not attributable to the Company's Card Member loan portfolio $ 38 $ 39 $ 39 $ 40 $ 39 Interest income not attributable to the Company's Card Member loan portfolio $ (3 ) $ (3 ) $ (3 ) $ (3 ) $ (3 )           Adjusted net interest income (T) $ 1,412 $ 1,377 $ 1,349 $ 1,292 $ 1,309 Average loans (billions) $ 60.4 $ 59.7 $ 58.0 $ 56.8 $ 56.1 Exclude: Unamortized deferred card fees, net of direct acquisition costs of Card Member loans (billions) $ -   $ -   $ -   $ -   $ 0.1   Adjusted average loans (billions) (U) $ 60.4 $ 59.7 $ 58.0 $ 56.8 $ 56.2 Net interest income divided by average loans (V) 9.1 % 9.0 % 9.1 % 8.9 % 9.2 % Net interest yield on Card Member loans (W) 9.5 % 9.1 % 9.2 % 9.1 % 9.4 %  

ICS:

Net interest income $ 180 $ 189 $ 188 $ 183 $ 195 Exclude: Interest expense not attributable to the Company's Card Member loan portfolio $ 18 $ 26 $ 24 $ 21 $ 18 Interest income not attributable to the Company's Card Member loan portfolio $ (8 ) $ (9 ) $ (10 ) $ (10 ) $ (10 )           Adjusted net interest income (T) $ 190 $ 206 $ 202 $ 194 $ 203 Average loans (billions) $ 7.2 $ 7.9 $ 8.3 $ 8.3 $ 8.3 Exclude: Unamortized deferred card fees, net of direct acquisition costs of Card Member loans, and other (billions) $ (0.1 ) $ (0.2 ) $ (0.2 ) $ (0.2 ) $ (0.2 ) Adjusted average loans (billions) (U) $ 7.1 $ 7.7 $ 8.1 $ 8.1 $ 8.1 Net interest income divided by average loans (V) 10.0 % 9.6 % 9.1 % 8.8 % 9.5 % Net interest yield on Card Member loans (W) 10.9 % 10.5 % 9.9 % 9.6 % 10.1 %     American Express Company         (Preliminary)

Revenue and Expense Reconciliation

Appendix V

(Millions, except percentages)   Quarters Ended   Mar 31, Mar 31, % Change 2015 2014

Consolidated:

  Reported total revenues net of interest expense $ 7,950 $ 8,173 (3 ) Global Business Travel ("GBT") revenues net of interest expense   -   339 Adjusted total revenues net of interest expense   7,950   7,834 1 FX and GBT adjusted total revenues net of interest expense (X) 7,570 5   Reported total expenses 5,214 5,480 (5 ) GBT expenses   -   336 Adjusted total expenses   5,214   5,144 1 FX and GBT adjusted total expenses (X) 4,975 5  

Global Commercial Services:

  Reported total revenues net of interest expense 827 1,194 (31 ) GBT revenues net of interest expense   -   339 Adjusted total revenues net of interest expense   827   855 (3 ) FX and GBT adjusted total revenues net of interest expense (X) 821 1   Reported total expenses 508 871 (42 ) GBT expenses   -   336 Adjusted total expenses $ 508 $ 535 (5 ) FX and GBT adjusted total expenses (X) 519 (2 )  

Note: GBT revenues and expenses represent operating performance as reported in Q1'14.  Adjustments do not include other Global Business Travel-related items, including equity earnings from the joint venture and impacts related to a transition services agreement that will phase out over time.

    Appendix VI                       (Preliminary)     All Information in the preceding tables is presented on a basis prepared in accordance with U.S. generally accepted accounting principles (GAAP), unless otherwise indicated.   (A) In Q1’15, the Company changed the classification related to certain payments to co-brand partners reducing both marketing and promotion and discount revenue. The misclassification in prior periods has been conformed to the current period presentation. The discount rate for prior periods has also been revised accordingly, resulting in a reduction of between zero and one basis point in any period from what was originally reported. (B) Represents net income, less earnings allocated to participating share awards of $11 million for the quarter ended March 31, 2015, $11 million for the quarter ended December 31, 2014, $11 million for the quarter ended September 30, 2014, $12 million for the quarter ended June 30, 2014 and $12 million for the quarter ended March 31, 2014. (C) Refer to Appendix I for components of return on average equity, return on average common equity and return on average tangible common equity, a non-GAAP measure. (D) Card billed business includes activities (including cash advances) related to proprietary cards, cards issued under network partnership agreements (non-proprietary billed business), and certain insurance fees charged on proprietary cards. In-store spend activity within retail co-brand portfolios in Global Network Services, from which the Company earns no revenue, is not included in non-proprietary billed business. Card billed business is reflected in the United States or outside the United States based on where the issuer is located. (E) Total cards-in-force represents the number of cards that are issued and outstanding. Proprietary basic consumer cards-in-force includes basic cards issued to the primary account owner and does not include additional supplemental cards issued on that account. Proprietary basic small business and corporate cards-in-force include basic and supplemental cards issued to employee Card Members. Non-proprietary cards-in-force includes all cards that are issued and outstanding under network partnership agreements, except for retail co-brand Card Member accounts that have no out-of-store spend activity during the prior 12 month period. (F) This calculation is designed to reflect pricing at merchants accepting general purpose American Express cards. It 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. (G) Average basic Card Member spending and average fee per card are computed from proprietary card activities only. Average fee per card is computed based on net card fees, including the amortization of deferred direct acquisition costs divided by average worldwide proprietary cards-in-force. The adjusted average fee per card, which is a non-GAAP measure, is computed in the same manner, but excludes amortization of deferred direct acquisition costs. The amount of amortization excluded for these periods was $83 million for the quarter ended March 31, 2015, $79 million for the quarter ended December 31, 2014, $77 million for the quarter ended September 30, 2014, $77 million for the quarter ended June 30, 2014 and $73 million for the quarter ended March 31, 2014. The Company presents adjusted average fee per card because the Company believes this metric presents a useful indicator of card fee pricing across a range of its proprietary card products. (H) Provisions for principal (resulting from authorized transactions) and fee reserve components. (I) Consists of principal (resulting from authorized transactions), interest and/or fees, less recoveries. (J) Beginning in first quarter 2014, reserves related for card-related fraud losses are reflected in Other liabilities. All periods include foreign currency translation adjustments and other items. (K) The Company presents a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, because the Company's practice is to include uncollectible interest and/or fees as part of its total provision for losses, a net write-off rate including principal, interest and/or fees is also presented. Q1’15 reflects a change in timing of charge-offs for loans in certain modification programs from 180 days past due to 120 days past due beginning January 2015. Excluding the impact of the change, the USCS/ICS Charge net write-off rate – principal only was 1.9% and the USCS Lending net write-off rate - principal only was 1.4%. (L) See Appendix III for quarterly calculations of net interest yield on Card Member loans, a non-GAAP measure, and net interest income divided by average loans, a GAAP measure, and the Company's rationale for presenting net interest yield on Card Member loans. For calculations for the twelve months ended December 31, 2014 and 2013, please refer to Annex 3 of the Company’s 2014 Fourth Quarter/ Full Year Earnings Supplement on file with the Securities and Exchange Commission. (M) Segment capital represents capital allocated to a segment based upon specific business operational needs, risk measures, and regulatory capital requirements. (N) Refer to Appendix II for components of return on average segment capital and return on average tangible segment capital, a non-GAAP measure. (O) See Appendix IV for calculations of net interest yield on Card Member loans, a non-GAAP measure, and net interest income divided by average loans, a GAAP measure, and the Company's rationale for presenting net interest yield on Card Member loans. (P)

Global Card billed business includes activities (including cash advances) related to proprietary cards, cards issued under network partnership agreements (non-proprietary billed business), and certain insurance fees charged on proprietary cards. In-store spend activity within retail co-brand portfolios in Global Network Services, from which the Company earns no revenue, is not included in non-proprietary billed business.

(Q) Return on average equity and return on average common equity are calculated by dividing one year period net income/net income attributable to common shareholders by one year average total shareholders’ equity/average common shareholders' equity, respectively. (R) Return on average tangible common equity, a non-GAAP measure, is computed in the same manner as return on average common equity except the computation of average tangible common shareholders' equity, a non-GAAP measure, excludes from average common shareholders' equity, average goodwill and other intangibles. The Company believes that return on average tangible common equity is a useful measure of the profitability of its business. (S) Return on average segment capital is calculated by dividing one year period segment income by one year average segment capital. Return on average tangible segment capital, a non-GAAP measure, is computed in the same manner as return on average segment capital except the computation of average tangible segment capital, a non-GAAP measure, excludes average goodwill and other intangibles. The Company believes that return on average tangible segment capital is a useful measure of the profitability of its business. (T) Adjusted net interest income, a non-GAAP measure, represents net interest income allocated to the Company's Card Member loan portfolio excluding the impact of interest expense and interest income not attributable to the Company's Card Member loan portfolio. The Company believes adjusted net interest income is useful to investors because it is a component of net interest yield on Card Member loans. (U) Adjusted average loans, a non-GAAP measure, represents average Card Member loans excluding the impact of deferred card fees, net of deferred direct acquisition costs of Card Member loans, and other. The Company believes adjusted average loans is useful to investors because it is a component of net interest yield on Card Member loans. (V) This calculation includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on Card Member loans. The calculation includes interest income and interest expense attributable to investment securities and other interest-bearing deposits as well as to Card Member loans, and interest expense attributable to other activities, including Card Member receivables. (W) Net interest yield on Card Member loans, a non-GAAP measure, is computed by dividing adjusted net interest income by adjusted average loans, computed on an annualized basis. The calculation of net interest yield on Card Member loans includes interest that is deemed uncollectible. For all presentations of net interest yield on Card Member loans, reserves and net write-offs related to uncollectible interest are recorded through provisions for losses - Card Member loans; therefore, such reserves and net write-offs are not included in the net interest yield calculation. The Company believes net interest yield on Card Member loans is useful to investors because it provides a measure of profitability of the Company's Card Member loan portfolio. (X) Revenue net of interest expense and total expenses on an FX adjusted basis are a non-GAAP measures. FX adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes Q1’15 foreign exchange rates apply to Q1'14 results). Country results used to calculate FX adjusted revenues and expenses, which constitute non-GAAP measures, are subject to management allocations. The Company’s calculations of non-GAAP measures may differ from the calculations of similarly titled measures of other companies.

Media:Marina H. Norville, marina.h.norville@aexp.com,+1.212.640.2832orInvestors/Analysts:Ken Paukowits, ken.f.paukowits@aexp.com, +1.212.640.6348Rick Petrino, richard.petrino@aexp.com, +1.212.640.5574