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(a) Net revenues (managed basis) are total revenues as reported under U.S. General Accepted Accounting Principles (GAAP), net of American Express Financial Advisors’ provision for losses and benefits, and exclude the effects of Travel Related Services’ asset securitization activities.

(b) Adjusted to exclude the following 1998 first quarter items: a $138 million (after-tax) credit loss provision at American Express Bank relating to its Asia/Pacific portfolio, as well as income of $78 million (after-tax) representing gains on the sale of First Data Corporation shares and a preferred dividend based on Lehman Brothers’ earnings.

(c) Excludes the effect of SFAS No. 115.

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