(a) Net revenues (managed basis) are total revenues as reported under U.S. Generally Accepted Accounting Principles (GAAP), net of American Express Financial Advisors’ provision for losses and benefits, and exclude the effect of TRS’ asset securitization activities.
(b) 1998 is adjusted to exclude the following first quarter items: $138 million credit loss provision at American Express Bank relating to its Asia/Pacific portfolio, as well as income of $78 million representing gains on the sale of First Data Corporation shares and a preferred dividend based on Lehman Brothers’ earnings. 1996 is adjusted to exclude a $300 million gain on the exchange of the company’s DECS and a $138 million restructuring charge.
(c) Return on average shareholders’ equity is based on adjusted income from continuing operations in 1996 and excludes the effect of SFAS No. 115. In addition, book value per share excludes the effect of SFAS No. 115.
