AMERICAN EXPRESS COMPANY

              9/17/93 52-Wk-Rng FY/Q  EPS93  EPS94 PE94 NxtQtr LyQtr
American Expr   34.00   34-20   12/3   2.80   3.05 11.1   0.75 -0.45 AXP


FS YR        Q1         Q2         Q3        Q4
Dec         March      June       Sept       Dec      Annual
XXX         XXXX       XXXX       XXXX       XXXX      XXXX

1994                                                    3.05
1993        0.49A      0.83A      0.75       0.73       2.80
1992        0.51A      0.63A     -0.45A      0.51A      1.20A

1. Analysts believe the credit card industry remains one of financial services'
most attractive.  Earnings estimates are being driven upward by accelerating
card receivable growth as smaller niches gain share and benefit from a gradual
strengthening in the domestic economy.

2. Analysts are raising estimates by $0.10 for 1993 and $0.05 for 1994 at
American Express for different reasons, to $2.80 and $3.05.  These reasons
include a growing confidence on declining provisions and expenses at TRS and a
growing confidence that Lehman will continue to operate relatively surprise
free.  At current prices  American Express shares sell at 12.1 times and 11.0
times respectively 1993 and 1994 estimates.

3.  Analysts see little risk to their 1993 estimates at this juncture given the
fact that high delinquencies and provisions continue to moderate and TRS has
added flexibility to further reduce its reserves modestly.  Analysts caution
that earnings benefits from declining reserves will dissipate over the balance
of this year, and eventually management needs to reverse relatively weak
comparative trends in operating fundamentals.  Barring this, there is little of
the operating visibility and growth inherent in pure credit card companies such
as MBNA and First USA.  For instance, cards outstanding are projected to
decrease 2%-3% this year and hold flat next year.  Merchant discount fees
remain under pressure and continued improvement in spending per card will be at
least partially offset by reduced merchant discount rates which are expected to
limit TRS's net revenue growth to low single digits.

4.  Analysts are impressed with the spirit, style, focus and innovative
approach of American Express' new management as it attempts to strengthen and
enhance a single world-wide brand name.  There will likely be a number of new
initiatives by management in the months ahead such as the introduction of a new
corporate procurement card, and an even greater visibility in strengthening
card acceptance particularly at retail establishments through significant and
selective reductions in discount rates, or more dramatic competitive thrusts.

5.  However, in sum, it is thought the slight discount to faster growing card
niches remains more than justified.  Analysts think the rebuilding process is on
track but they remain concerned about near term asset, card and spending growth
visibility, particularly if the domestic economy continues to recover in a
lackluster way and if weak conditions in Asian and European economies limit
growth opportunities.