American Express Retirement Services Media Advisory: House Passes Pension Security Act with Significant Bipartisan Support.

News Editors/Business Editors/Assignment Desks

MINNEAPOLIS--(BUSINESS WIRE)--May 16, 2003

Promises American workers better and more affordable

access to advice for their retirement plan investments

    WHAT: The U.S. House of Representatives yesterday gave bipartisan
        approval to the Pension Security Act (H.R. 1000), the
        comprehensive pension protection bill backed by President Bush
        that would give millions of Americans new tools to help them
        better manage and expand their retirement savings. The bill
        was passed by a bipartisan vote of 271-157, including 49
        Democrats, and was authored by Education & the Workforce
        Committee Chairman John Boehner (R-OH) and Employer-Employee
        Relations Subcommittee Chairman Sam Johnson (R-TX).

        American Express Retirement Services is a proponent of
        comprehensive financial education and supports the Pension
        Security Act as a way to empower plan participants and workers
        to make better-informed choices specific to their retirement
        plan investments and their future.

    WHO: Ward Armstrong, president - American Express Retirement
        Services

        Armstrong, based in Minneapolis, is a nationally recognized
        expert on retirement savings plans and has been in the
        industry for more than 23 years. He has also served and a
        two-time delegate to the National Summit on Retirement Savings
        in 2002 and 2000. He is available for interviews to discuss
        investment advice components of the Pension Security Act/HR
        1000.

        Chris Kopka, counsel - American Express Financial Advisors

        Kopka is an attorney with the General Counsel's Office of
        American Express Financial Advisors focusing in the area of
        employee benefits and executive compensation. He also is
        available for interviews to discuss investment advice
        components of the Pension Security Act/HR 1000.

        Rusty Field, vice president - Financial Education & Planning
        Services, American Express Retirement Services

        Field is a long-time proponent of employee financial
        education, helping American Express pioneer comprehensive
        financial education programs in the workplace. He is a sought
        after speaker and expert on the subject, and has a first-hand
        understanding of the positive impact this legislation could
        have on workers needing help with their retirement plan
        investments.

American Express Retirement Services, a service group of American Express Financial Advisors, is a provider of services for defined contribution and 401(k) plans with total combined assets of more than $26 billion and a participant base of more than 1 million as of December 31, 2002. Based in Minneapolis, it provides corporations, unions and municipalities nationwide with a complete package of financial education, recordkeeping and trustee services for qualified retirement plans. For more information on American Express Retirement Services, visit www.americanexpress.com/sponsors.

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.