AMERICAN EXPRESS CREATES GLOBAL FUND OF HEDGE FUNDS PLATFORM

Date: Tuesday, February 3, 2004

MINNEAPOLIS – (February 3, 2004) – American Express Financial Corporation, a wholly owned subsidiary of American Express Company (NYSE: AXP), today announced the creation of a global fund of hedge funds platform through the integration of American Express Bank and American Express Financial Corporation’s fund of hedge funds businesses. The combined entity has total assets under management in excess of $1 billion.

“With the creation of a global fund of hedge funds platform, American Express will be in a more powerful position to significantly grow our business both in the US and internationally,” said Ted Truscott, chief investment officer, American Express Financial Corporation. “It will provide greater integration of our fund of hedge funds leadership, management and research talent.

”The new entity is led by Sam Perruchoud, senior director, based in Geneva, Switzerland. Perruchoud reports to Truscott.

The fund of hedge funds business will continue to operate out of Geneva, Minneapolis and New York. Peter Slattery, portfolio manager, will continue his portfolio management responsibilities, reporting to Perruchoud.

The combined businesses are expected to have greater alignment and expansion of research coverage, improved risk management and an integrated product development and management function.

Perruchoud noted, “With this new structure, American Express is in a better position to deliver outstanding alternative investment products and service to clients throughout the world.”

The announcement does not impact Threadneedle Asset Management’s or American Express Financial Corporation’s single strategy hedge fund businesses. Threadneedle is a wholly owned subsidiary of American Express Financial Corporation.

American Express Company (www.americanexpress.com), founded in 1850, is a global travel, financial and network services provider.

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.