(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) Results for 2001 include three significant items: (1) a charge of $1.01 billion
pretax ($669 million after-tax) reflecting losses associated with high-yield securities
recorded during the first half of 2001; (2) restructuring charges of $631 million pretax
($411 million after-tax); and (3) the one-time adverse impact from the September 11th
terrorist attacks of $98 million pretax ($65 million after-tax). Results for 1998 include
the following items: $138 million credit loss provision at American Express Bank relating
to its Asia/Pacific portfolio and income of $78 million representing gains on the sale of
First Data Corporation shares.
(c) Return on average shareholders' equity and book value per share excludes the
effect of SFAS No. 115 and, in 2001, SFAS No. 133.
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