American Express Retirement Services Announces New Vice President, National Sales Manager; New Promotion in National Sales and Distribution: Steven J. Moen.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--May 6, 2004

American Express Retirement Services today announced that Steven J. Moen has been promoted to vice president, national sales manager for sales and distribution of American Express Retirement Services.

Previously group vice president, Moen will now lead the sales and distribution efforts for direct-sold large and mid market 401(k)/retirement plan products, and Financial Education and Planning Services. Moen will lead American Express Retirement Services' regionally based direct sales force and consultant relations group from its headquarters in Minneapolis.

"Steve is ideally suited for the job," said Ward Armstrong, president, American Express Retirement Services. "He brings to this position a very successful track record in institutional sales and has been instrumental in helping American Express Retirement Services become one for the country's leading providers of 401(k) services."

Part of the American Express team since 1986, Moen has served various roles. Prior to his promotion, Moen was responsible for providing institutional sales force leadership throughout the United States. He has worked with clients such as UnitedHealth Group, City of San Diego, Air Products, and Alliant Energy, among others. Moen also served as regional vice president, sales; responsible for selling American Express defined contribution products and services to corporations in the Midwest region of the United States. Additionally, Moen has held the position of national marketing manager for American Express Retirement Services.

American Express Financial Advisors popularized early saving and investing programs for working people more than 100 years ago, helping give rise to financial planning, mutual funds and retirement plans in the past century. Today, American Express continues its commitment to individuals and corporations with its Financial Education & Planning Services (FEPS) unit of American Express Retirements services, which delivers comprehensive financial education programs to organizations ranging from small businesses to Fortune 500 corporations. FEPS provides Web, phone, print and face-to-face education, guidance and advice to more than two million workers nationwide.

American Express Retirement Services, a service group of American Express Financial Advisors, provides corporations, unions and municipalities, and their more than one million workers nationwide with a complete package of financial education, recordkeeping, investments and trustee services for their qualified retirement plans. For more information on American Express Retirement Services, visit www.americanexpress.com/sponsors.

First use 05/06/2004

Registered investments and financial planning services are offered through American Express Financial Advisors Inc., Member NASD. American Express Company is separate from American Express Financial Advisors Inc. and is not a broker-dealer. Retirement plan and trust-related services are offered through American Express Trust Company.