On March 25, 2010, the board of directors of American Express Credit Corporation (“Credco”), in consultation with Credco’s management, concluded that due to an error in the classification of cash flows pertaining to amounts due from affiliates, Credco will restate its previously issued Consolidated Statement of Cash Flows for the nine months ended September 30, 2009. Accordingly, Credco’s previously issued Consolidated Financial Statements included in its Quarterly Report on Form 10-Q for the period ended September 30, 2009, should no longer be relied upon. The restatement does not impact Credco’s previously reported overall net change in cash and cash equivalents in its Consolidated Statement of Cash Flows or Credco’s Consolidated Balance Sheet or Consolidated Statement of Income for the period presented.

The restatement is the result of the correction of an error in the classification of cash flows pertaining to amounts due from affiliates. The error resulted from an incorrect identification of cash flows between investing and operating activities from transactions between Credco and its affiliates. As a result, a cash outflow from investing activities was inadvertently recorded as a cash inflow, with an equal and off-setting error in cash flow from operating activities. The error resulted in an overstatement of cash from investing activities and an understatement of cash from operating activities of $3.9 billion. The error was identified by Credco’s management in the course of preparing the Consolidated Statement of Cash Flows for Credco’s 2009 Annual Report on Form 10-K, and brought immediately to the attention of Credco’s internal and external auditors. Credco’s board of directors and its management have discussed these matters with Credco’s independent registered public accounting firm.

Credco plans to file an amended Quarterly Report on Form 10-Q/A for the period ended September 30, 2009 today following the filing of this Current Report on Form 8-K.