AMERICAN EXPRESS CO

Understanding the Chart

• • Bars show number of subsidiaries per jurisdiction
• • Red = High-risk tax havens (Cayman Islands, Luxembourg, etc.)
• • Yellow = Moderate tax jurisdictions (Singapore, Hong Kong, etc.)
• • Blue = Standard jurisdictions

Why This Matters

• • Companies choose jurisdictions strategically for tax optimization
• • High concentration in tax havens may indicate aggressive tax planning
• • Helps investors understand corporate tax strategy
• • Data sourced from SEC 10-K Exhibit 21 filings