American Express Financial Advisors Appoints Glen Salow as Executive Vice President of Technologies and Operations.

MINNEAPOLIS -- American Express Financial Advisors (AEFA), a unit of American Express Company (NYSE:AXP), today announced the appointment of Glen Salow, 48, to the new position of executive vice president of Technologies and Operations. He formerly served as executive vice president and chief information officer of American Express Company. Earlier this year, American Express announced plans to pursue a spin-off to shareholders of AEFA. The transaction is expected to be completed in the third quarter of 2005, subject to certain conditions.

As executive vice president of Technologies and Operations, Salow will be responsible for creating a new, integrated state-of-the-art technology and service delivery organization to enable AEFA to accelerate its growth strategies as an independent company. He will report to Jim Cracchiolo, AEFA chairman and CEO, and will serve on the company's Executive Team.

"By having these two core areas under one leader, we will be better able to leverage technology to create competitive advantage for our new company and achieve best-in-class economics," said Cracchiolo. "Glen's outstanding business and technical expertise, his leadership skills and his record of achievement make him uniquely qualified to take on this exciting new challenge."

Salow has more than 25 years of experience in developing and delivering end-to-end technology solutions for large financial services companies. He joined American Express in March 1997, where he led the company's initial moves into the e-commerce arena and established the infrastructure for the launch of several interactive products and services.

He also helped American Express become an industry leader in applying technology to grow the business. In addition, he held senior leadership roles at Lehman Brothers and Consco Enterprises before serving as Chief Information Officer of Aetna Retirement Services, a division of Aetna Life and Casualty.

In 2002, Salow was named Internet Business Leader of the Year by iQ Magazine. In 2004, he was named to the ComputerWorld list of Premier 100 IT Leaders and received the Pace University Award for Leadership and Service in Technology. He holds a master's degree in business administration from Monmouth University and a bachelor's degree in accounting from the Richard Stockton College of New Jersey.

American Express Financial Advisors (AEFA) is one of the nation's leading financial planning, asset management and insurance companies. Through its nationwide network of more than 12,000 financial advisors, AEFA helps clients achieve their financial goals by building long term relationships based on trusted, knowledgeable advice. The company specializes in meeting the retirement-related financial needs of the mass affluent. AEFA provides retail and institutional asset management products and services in the U.S. through American Express Financial Corporation, and in Europe through Threadneedle Asset Management, Limited. Insurance products are issued by IDS Life Insurance Company, IDS Property Casualty Company and their subsidiaries. American Express Retirement Services provides investment management and recordkeeping services to large and mid-size company 401(k) plans, as well as workplace financial education programs. For more information, visit www.americanexpress.com .

On Feb. 1, 2005, American Express Company announced plans to pursue a spin-off to shareholders of the American Express Financial Advisors unit. The transaction is expected to be completed in the third quarter of 2005, subject to certain conditions.

American Express Financial Advisors Inc. Member NASD and SIPC. American Express Company is separate from American Express Financial Advisors Inc. and is not a broker-dealer.