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AMERICAN EXPRESS COMPANY 2002 ANNUAL REPORT
02
ANNUAL REPORTAMERICAN EXPRESS COM PANY

Table of contents

  • Page 1
    02 AMERICAN EXPRESS COMPANY ANNUAL REPORT ANNUAL REPORT AM ERICAN EXPRESS COM PANY 2002

  • Page 2
    ... the words " believe," " expect," " anticipate," " optimistic," " intend," " plan," " aim," " will," " should," " could" " likely," and similar expressions. Certain factors that may affect these forward-looking statements, including American Express Company's ability to achieve its goals referred to...

  • Page 3
    ... TO SHAREHOLDERS- 3 FINANCIAL REVIEW- 26 CONSOLIDATED STATEMENTS OF INCOME- 54 CONSOLIDATED BAL ANCE SHEETS- EQUITY- 55 CONSOLIDATED STATEMENTS OF CASH FLOWS- 56 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' 57 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS- 58 REPORT OF MANAGEMENT- 85 REPORT...

  • Page 4
    ... Excludes the effect on Shareholders' Equit y of unrealized gains or losses related to SFAS No. 115 , "Accounting for Certain Invest ment s in Debt and Equit y Securities," and SFAS No. 133 , "Accounting for Derivative Financial Inst rument s and Hedging Activities." ‡ - Denotes a variance greater...

  • Page 5
    ... fficer TO OUR SHAREHOLDERS: American Express emerged from 20 02 a st ronger and more resilient company. In a challenging business environment , we not only delivered good financial results but also made fundamental changes that will bet ter enable us to grow our business over the long term. We ent...

  • Page 6
    ...In making these comparisons, it is important to note that our year-ago net income was affected by a number of unusual items - a $1.01 billion ($669 million after-tax) charge reflecting write-downs and losses associated with high-yield securities at American Express Financial Advisors, a company-wide...

  • Page 7
    ...the N ew York Stock Exchange guidelines and other measures to strengthen corporate governance and restore public trust in business institutions. M any of the steps required by the new regulations were already in place at American Express. Therefore, we did not have to make significant changes to our...

  • Page 8
    ...2.9 percent a year ago. In addition, we made the decision to expense options beginning with 2003 awards. We were able to make these and other changes while maintaining a total compensation program that will enable us to attract and retain highly talented employees, and to reward superior performance...

  • Page 9
    ... BOTH GOOD AND BAD ECONOMIC CYCLES. ❙ WE DELIVERED MORE THAN $ 1 BILLION IN SAVINGS AND IMPROVED MAJOR BUSINESS PROCESSES THROUGH REENGINEERING, EXPANDED OUR USE OF THE INTERNET TO SERVE CUSTOMERS, CONTINUED TO DIVERSIFY CARD SPENDING BY LOWERING OUR RELIANCE ON THE TRAVEL AND ENTERTAINMENT SECTOR...

  • Page 10
    ... in corporate spending, as companies remained cautious about travel and entertainment expenditures. Revenues from our global cardmember lending portfolio increased due to wider interest rate spreads and solid growth in loan balances. We added a net total of 2.1 million cards in force in 2002. As...

  • Page 11
    ...items including high-yield investment losses, and AEFA's portion of restructuring and September 11th-related charges. Continued volatility and weakness in the equity markets made 2002 a challenging year for most financial services companies, and AEFA was no exception. Total assets owned, managed and...

  • Page 12
    ... in key business processes and to eliminate costly errors. In 2002, our Six Sigma activities produced nearly $200 million in financial benefits and delivered important quality enhancements. Since launching Six Sigma at American Express in 1999, we IMPROVING OUR BUSINESS MODELS We took a number of...

  • Page 13
    ... transactions are completed online. The Internet also serves as an important product development and customer acquisition channel across both our card and financial services businesses. O nline servicing can dramatically reduce unit costs. We realized substantial benefits in 2002, while improving...

  • Page 14
    ... expertise of our partner while substantially lowering costs. Another example is the expansion of our global servicing network by accessing customer service capabilities and educated workforces around the world. For example, last year we opened a new customer service center in India as a complement...

  • Page 15
    ... REWARDS CARDS AND LOYALTY PROGRAMS, CREATED NEW PRODUCT OFFERINGS FOR SMALL BUSINESS CUSTOMERS, SHARPENED OUR FOCUS ON GROWING OUR CORPORATE MIDDLE MARKET AND COMMERCIAL CARD BUSINESSES, ADDED MANY NEW INVESTMENT PRODUCTS AT AEFA, AND ADDED FINANCIAL SERVICES PRODUCTS IN MARKETS AROUND THE WORLD...

  • Page 16
    ... itabilit y . New Rewards Green and Rewards Gold cards in t he U.S. have Mem bership Rewards built in and of f er double point s f or purchases at supermarket s and ot her " every day " locat ions. The expansion of our Corporate Purchasing Card program for middle and large market companies is also...

  • Page 17
    ...company over the short, moderate and long term. H ere is a look at some of our progress in key areas of our business. Growing Our Global Payments Businesses American Express is a world leader in providing charge and credit cards to consumers, small businesses and corporations. During 2002, we moved...

  • Page 18
    ... market s. We also launched the American Express Cash Rebate Card for U.S. consumers. This product carries no annual fee and offers up to 5 percent cash back, based on a cardmember's annual spending and payment activity. Following their launch, the new American Express Rewards Green and Gold cards...

  • Page 19
    ... our Global N etwork Services (GN S) business in our international markets. In this business, we partner with third-party financial institutions who issue American Express-branded charge or credit cards that are accepted on our merchant network. We signed eight new GN S partners in 2002, including...

  • Page 20
    ... number of countries. Together, these GN S partners launched 40 new products during the past year. We look forward to launching this business in the United States once the appeals of the Department of Justice lawsuit against Visa and MasterCard are completed. Work program, which provides U.S. mid...

  • Page 21
    ... Card. We also improved one of our original prepaid products, the 111-year-old American Express Travelers Cheque. In 2002, we launched enhanced services for Travelers Cheque customers, including passport and credit replacement assistance. Growing Retail Financial Services American Express Financial...

  • Page 22
    ...business volumes in Private Banking, and launched several investment and insurance products in key markets. For example, American Express Bank expanded its distribution partnerships with financial institutions to bring new investment products to clients. During 2002, AEB launched several mutual fund...

  • Page 23
    ... ON THOSE THINGS WE COULD CONTROL, WORKING TOGETHER TO IMPLEMENT OUR STRATEGIES, SERVE OUR CUSTOMERS AND IMPROVE OUR BUSINESS MODELS. ❙ THE RENEWAL WITHIN OUR COMPANY AND COMMUNITY WAS SYMBOLIZED BY THE RETURN TO OUR HEADQUARTERS AT THE WORLD FINANCIAL CENTER THIS PAST SPRING, WHICH IN MANY...

  • Page 24
    ...marketplace. While American Express is a leader in serving the affluent and upscale market in most of our businesses, being a premium provider does not just mean serving elite customers. For us, it means providing products and services that offer premium value in every line of business and for every...

  • Page 25
    ...aspect of our company's renewal in 2002. In M ay, we celebrated our return to the American Express Tower. O ur headquarters staff had been scattered across seven locations in N ew York, N ew Jersey and Connecticut while we waited for repairs to be completed and the World Financial Center area to be...

  • Page 26
    ... in the process. We gained a great deal of momentum in 2002, both in terms of our financial performance, and in the actions we took in the marketplace to build competitive advantages, add and deepen customer relationships, broaden our array of products and services that offer superior value, and...

  • Page 27
    AMERICAN EXPRESS 20 02 FINANCIAL INDEX FINANCIAL REVIEW- FLOWS- 26 CONSOLIDATED STATEMENTS OF INCOME- 54 CONSOLIDATED BAL ANCE SHEETS- 55 CONSOLIDATED STATEMENTS OF CASH 56 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY- 57 86 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS- 58 REPORT OF ...

  • Page 28
    ...banking services throughout the world. The company generates revenue from a variety of sources including global payments such as charge and credit cards; travel services including airline, hotel and rental car reservations; and a wide range of retail financial service products. Financial Reporting...

  • Page 29
    ... other product related sales increases. In 2001, management and distribution fees declined 13 percent due to lower average assets under management and weaker sales, particularly in mutual fund products, reï¬,ecting the negative impact of weak equity market conditions throughout the year. Income from...

  • Page 30
    ...-tax) of one-time costs and business interruption losses related to the September 11th terrorist attacks. These losses included provisions for credit exposures to travel industry service establishments and insurance claims, as well as approximately $8 million of waived finance charges and late fees...

  • Page 31
    ... of travel rewards, retail merchandise and gourmet gifts. The company makes payments to its reward partners when cardmembers redeem their points and establishes reserves to cover the cost of future reward redemptions. The provision for the cost of M embership Rewards is based upon points awarded...

  • Page 32
    ... current and prospective financial condition. Fair value is generally based on quoted market prices. H owever, the company's investment portfolio also contains structured investments of various asset quality, including collateralized debt obligations (CDO s) and secured loan trusts (backed by high...

  • Page 33
    ... equity of the 2001 high-yield portfolio losses at AEFA. The company repurchases its common shares primarily by open market purchases using several brokers at competitive commission and fee rates. In addition, common shares may also be purchased from the company-sponsored Incentive Savings Program...

  • Page 34
    ... credit may not be drawn. The company's charge card products have no pre-set spending limit and, therefore, are not reï¬,ected herein. ❙ $3.8 billion of committed payments for worldwide business arrangements, principally related to TRS. ❙ $2.4 billion of minimum aggregate rental commitments...

  • Page 35
    ... credit ratings are critical to maintaining short-term funding sources and determining related interest costs. Rating agencies review factors such as capital adequacy, liquidity, business volumes, asset quality and economic market trends, among others, in assessing the company's appropriate ratings...

  • Page 36
    ... earnings, based on year-end positions. The market changes, assumed to occur as of year-end, are a 100 basis point increase in market interest rates, a 10 percent strengthening of the U.S. dollar versus all other currencies, and a 10 percent decline in the value of equity securities under management...

  • Page 37
    ... TRS and net revenues at AEFA is used by management and is important to investors. TRAVEL REL ATED SERVICES Results of Operations STATEM ENTS OF INCOM E Years Ended December 31, ( Millions) 2002 20 01 20 0 0 Net revenues: Discount revenue Net card fees Lending: Finance charge revenue Interest...

  • Page 38
    Travel Related Services reported net income of $2.1 billion in 2002, a 46 percent increase from $1.5 billion in 2001, which was down 24 percent from 2000. 2001 results included restructuring charges of $414 million ($267 million after-tax) and one-time costs and waived customer fees directly related...

  • Page 39
    ... travel commissions and fees, Travelers Cheque investment income and other revenues. These increases reï¬,ect the benefits of higher net finance charge revenue from the cardmember lending portfolio due to higher loan balances and improved spreads and growth in worldwide billed business. 2001 net...

  • Page 40
    ... card related fee income and larger insurance premiums. M arketing and promotion expense increased 20 percent in 2002 from the launch of the new brand advertising campaign, the introduction of the new charge cards with M embership Rewards built-in and the Cash Rebate card, more loyalty marketing...

  • Page 41
    ...Total Card billed business: United States Outside the United States Total Average discount rate* Average basic cardmember spending (dollars)* Average fee per card - managed (dollars)* Non-Amex brand:** Cards-in-force (millions) Billed business Travel sales Travel commissions and fees/sales Travelers...

  • Page 42
    ... due Average loans Net write-off rate U.S. Lending - Managed Basis: Total loans Past due loans as a %of total: 30 - 89 days 90+ days Loss reserves (millions): Beginning balance Provision Net charge-offs/other Ending balance %of loans %of past due Average loans Net write-off rate Net interest yield...

  • Page 43
    ...American Express Credit Card, O ptima Line of Credit and Sign & Travel/Extended Payment O ption revolving credit accounts or features owned by Centurion Bank, a wholly-owned subsidiary of TRS, and, in the future, may include other charge or credit accounts, features or products. At December 31, 2002...

  • Page 44
    ... ($31 million related to the U.S. dollar), based on 2002 and 2001 year-end positions, respectively. This effect is primarily a function of the extent of variable rate funding of charge card and fixed rate lending products, to the degree that interest rate exposure is not managed by derivative...

  • Page 45
    ... stronger U.S. dollar on overseas earnings for the subsequent year. AMERICAN EXPRESS FINANCIAL ADVISORS Results of Operations STATEM ENTS OF INCOM E Years Ended December 31, ( Millions) 2002 20 01 20 0 0 Revenues: Investment income Management and distribution fees Other revenues Total revenues...

  • Page 46
    ... in mutual fund products, reï¬,ecting the negative impact of weak equity market conditions throughout the year. O ther revenues rose in both 2002 and 2001 due to increased life and property-casualty insurance premiums and charges and higher financial planning and advice service fees. The...

  • Page 47
    ... life products to anticipate near-term and long-term growth at an annual rate of 7% . The customer asset value growth rate is the rate at which contract values are assumed to appreciate in the future. This rate is net of asset fees, and anticipates a blend of equity and fixed income investments...

  • Page 48
    .... ❙ Finally, AEFA reviewed its acquisition costs to clarify those costs that vary with and are primarily related to the acquisition of new and renewable annuity and insurance contracts, or are incremental and vary directly with the acquisition of back-end loaded mutual funds. AEFA revised the...

  • Page 49
    ...Ended December 31, ( Millions, except percentages and where indicated) 2002 20 01 20 0 0 Cash sales: Mutual funds Annuities Investment certificates Life and other insurance products Institutional Other Total cash sales Number of financial advisors Fees from financial plans and advice services...

  • Page 50
    ...the CDO and SLT investments and AEFA's projected return are based on discounted cash ï¬,ow projections that require a significant degree of management judgment as to assumptions primarily related to default and recovery rates of the high-yield bonds and/or bank loans either held directly by the CDO...

  • Page 51
    ... purchases index options to manage the margin related to certain investment certificate and annuity products that pay interest based upon the relative change in a major stock market index betwen the beginning and end of the product's term. At December 31, 2002, equity-based derivatives with a net...

  • Page 52
    ... in corporate banking and lower mutual fund fees within the financial institution business, partially offset by higher loan volumes in PFS. In 2002, foreign exchange income and other revenue increased primarily because of higher joint venture income, due to lower funding costs within the premium...

  • Page 53
    ... spot and forward contracts, foreign currency options, interest rate swaps, futures and forward rate agreements. Generally, they are used to manage specific interest rate and foreign exchange exposures related to deposits, long-term debt, equity, loans and securities holdings. At December 31, 2002...

  • Page 54
    ...interpretations in accounting for its stock-based employee compensation plans. No stock-based employee compensation expense is reï¬,ected in net income for the years ended December 31, 2002, 2001 or 2000, as all options granted under those plans had an exercise price equal to the market value of the...

  • Page 55
    ...insurance businesses; credit trends and the rate of bankruptcies, which can affect spending on card products, debt payments by individual and corporate customers and businesses that accept the company's card products and returns on the company's investment portfolios; foreign currency exchange rates...

  • Page 56
    ... OF INCOME American Express Company Years Ended December 31, ( Millions, except per share amount s) 2002 20 01 20 0 0 Revenues Discount revenue Interest and dividends, net Management and distribution fees Securitization income Net card fees Cardmember lending net finance charge revenue Travel...

  • Page 57
    ... earnings Other comprehensive income (loss), net of tax: Net unrealized securities gains Net unrealized derivatives losses Foreign currency translation adjustments Minimum pension liability Accumulated other comprehensive income (loss) Total shareholders' equity Total liabilities and shareholders...

  • Page 58
    ... Repurchase of American Express common shares Dividends paid Net cash provided by (used in) financing activities Effect of exchange rate changes on cash Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year See...

  • Page 59
    CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY American Express Company Three Years Ended December 31, 20 02 ( Millions) Total Common Shares Capital Surplus Accumulated Ot her Comprehensive Income/ ( Loss) Retained Earnings Balances at December 31, 1999 $ 10,095 2,810 151 33 2,994 (1,327) 348 (...

  • Page 60
    ... accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts, fees and other payments, so that the related loan or security recognizes a constant rate of return on the outstanding balance throughout its term. Gains and losses are...

  • Page 61
    .... Premiums on property/casualty insurance are recognized ratably over the coverage period. Oth er O ther revenues include fees from financial planning, consulting and business services and miscellaneous investment income. Marketing and Promotion The company expenses advertising costs in the year...

  • Page 62
    ...issuer's current and prospective financial condition. Fair value is generally based on quoted market prices. H owever, the company's investment portfolio also contains structured investments of various asset quality, including CDO s and secured loan trusts (backed by high-yield bonds and bank loans...

  • Page 63
    ... term insurance plans. Anticipated interest rates range from 4% to 10% , depending on policy form, issue year and policy duration. Liabilities for future disability income and long-term care policy benefits include both policy reserves and claim reserves. Policy reserves are based on the net...

  • Page 64
    ...No. 123 for stock options for the years ended December 31, 2002, 2001 and 2000. ( Millions, except per share amount s) 2002 20 01 20 0 0 Net income: As reported Deduct: Total stock option employee compensation expense determined under fair value based method, net of related tax effects Pro forma...

  • Page 65
    ... in Note 2. The SLTs provide returns to investors primarily based on the performance of an underlying portfolio of $3.4 billion in high-yield loans with a market value at December 31, 2002 of $3.1 billion, which are generally managed by the company. While the potential consolidation of these...

  • Page 66
    ...Value Cost Gross Unrealized Gains 20 01 Gross Unrealized ( Losses) Fair Value Corporate debt securities Mortgage and other assetbacked securities State and municipal obligations Structured investments (a) Foreign government bonds and obligations U.S. Government and agencies obligations Other Total...

  • Page 67
    ... terms of this security based on earnings from Lehman for the six months ended M ay 31, 2002. The change in net unrealized securities gains (losses) recognized in other comprehensive income includes two components: (i) unrealized gains (losses) that arose from changes in market value of securities...

  • Page 68
    ...related costs, are not material. Each new sale of securitized loans results in the removal of the sold assets from the balance sheet, a reduction in a previously established reserve for credit losses and the recognition of the present value of the future net cash ï¬,ows (i.e., finance charge income...

  • Page 69
    ... at December 31: ( Billions) Total Principal Amount of Loans Principal Amount of Loans 3 0 Day s or More Past Due Net Credit Losses During t he Year 2002 20 01 2002 20 01 2002 20 01 Cardmember loans managed Less: Securitized cardmember loans sold Cardmember loans on balance sheet $ 32.8 16...

  • Page 70
    ... Net Income Basic EPS Diluted EPS Reported Add back: Goodwill amortization (after-tax) Adjusted Note 6 $ 1,311 $ 82 $ 1,393 $ 0.99 $ 0.06 $ 1.05 $ 0.98 $ 0.06 $ 1.04 SHORT- AND LONG-TERM DEBT AND BORROWING AGREEMENTS Short-Term Debt At December 31, 2002 and 2001, the company's total short-term...

  • Page 71
    ...the effect on diluted earnings per share of outstanding in-the-money stock options issued under the company's stock option program. Each of the agreements terminates after five years, at which time the company is required to deliver an amount equal to the original purchase price for the shares. The...

  • Page 72
    ... currently in earnings. Cash Flow Hedges The company uses interest rate products, primarily swaps, to manage funding costs related to TRS' charge card business, as well as AEFA's investment certificate business. For its charge card products, TRS uses interest rate swaps to achieve a targeted...

  • Page 73
    ... offset the effect of changes in foreign currency exchange rates on future operating results. ❙ AEFA uses interest rate caps, swaps and ï¬,oors to protect the margin between the interest rates earned on investments and the interest rates credited to holders of certain investment certificates and...

  • Page 74
    ... cash requirements. The company's charge card products have no preset spending limit and are not reï¬,ected in unused credit available to cardmembers. The company also has committed payments for worldwide business arrangements, principally related to TRS, with maximum related future payments which...

  • Page 75
    ...such as life insurance obligations, employee benefit obligations and investments accounted for under the equity method are excluded. The fair values of financial instruments are estimates based upon market conditions and perceived risks at December 31, 2002 and 2001 and require management judgment...

  • Page 76
    ... carrying values. For other long-term debt, fair value is estimated using either quoted market prices or discounted cash ï¬,ows based on the company's current borrowing rates for similar types of borrowing. Fair values of separate account liabilities, after excluding life insurance related elements...

  • Page 77
    ... sponsors the American Express Incentive Savings Plan, under which purchases of the company's common shares are made by or on behalf of participating U.S. employees. In 1998, the Compensation and Benefits Committee adopted a restoration stock option program. This program provides that employees who...

  • Page 78
    ...length of service, compensation and other factors and is currently being funded through a trust. Funding of retirement costs for the Plan complies with the applicable minimum funding requirements specified by ERISA. Employees' accrued benefits are based on recordkeeping account balances, which are...

  • Page 79
    ...value of assets for all plans accounted for under SFAS No. 87: RECONCILIATION OF CHANGE IN BEN EFIT OBLIGATION ( Millions) 2002 20 01 Benefit obligation, October 1 prior year Service cost Interest cost Benefits paid Actuarial loss Settlements/curtailments Foreign currency exchange rate changes...

  • Page 80
    ...fit obligation and the market-related value of assets are amortized over the average remaining service period of active participants. The weighted average assumptions used in the accounting for the company's defined benefit plans were: 2002 20 01 Discount rates Rates of increase in compensation...

  • Page 81
    ... company during 2002, 2001 and 2000 were $872 million, $545 million and $858 million, respectively, and include estimated tax payments and cash settlements relating to prior tax years. The items comprising comprehensive income in the Consolidated Statements of Shareholders' Equity are presented net...

  • Page 82
    ..., investment advisory services and a variety of products, including insurance and annuities, investment certificates and mutual funds. AEB's products and services include providing private, financial institution and corporate banking; personal financial services and global trading. The company...

  • Page 83
    ... 31, 2002, 2001 and 2000 and for each of the years then ended: Travel Related Ser vices American Express Financial Advisors American Express Bank Corporate and Ot her Adjust ment s and Eliminat ions ( Millions) Consolidated 20 02 Revenues (GAAP basis) Net revenues (managed basis) Interest...

  • Page 84
    ...million in contract termination costs and $24 million of currency translation losses. During the year ended December 31, 2002, the company adjusted the prior year's aggregate restructuring charge liability by taking back into income a net pretax amount of $31 million ($20 million after-tax). This is...

  • Page 85
    ... credit exposures to travel industry service establishments and insurance claims. $79 million of the pretax charge was incurred by TRS, while $11 million was incurred by AEFA. In addition to the pretax charge, the company waived approximately $8 million of finance charges and late fees. During 2002...

  • Page 86
    ... FINANCIAL DATA ( Unaudit ed) 2002 12/ 31 9/ 30 6/ 30 3/ 31 12 / 31 20 01 9/ 30 6/ 30 3 / 31 ( Millions, except per share amount s) Quarters ended Revenues Pretax income Net income(a) Earnings per common share:(a) Basic Diluted Cash dividends declared per common share Common share price: High...

  • Page 87
    ...The management of American Express Company (the company) is responsible for the preparation and fair presentation of its Consolidated Financial Statements, which have been prepared in conformity with accounting principles generally accepted in the United States, and include amounts based on the best...

  • Page 88
    ...INDEPENDENT AUDITORS The Shareholders and Board of Directors of American Express Company We have audited the accompanying consolidated balance sheets of American Express Company as of December 31, 2002 and 2001, and the related consolidated statements of income, shareholders' equity, and cash ï¬,ows...

  • Page 89
    ... Expenses Net income(a) Return on average shareholders' equity (b) Balance Sheet Cash and cash equivalents Accounts receivable and accrued interest, net Investments Loans, net Total assets Customers' deposits Travelers Cheques outstanding Insurance and annuity reserves Short-term debt Long-term debt...

  • Page 90
    ... H EQ UE G RO UP ALFRED F. KELLY, JR. G roup President U.S. C O N SUM ER AN D SM ALL BUSIN ESS SERVICES JONATHAN S. LINEN Vice Chairm an AM ERICAN EXPRESS C O M PAN Y Board of Directors DANIEL F. AKERSON Form er Chairm an and Chief Ex ecutive O fficer XO C O M M UN ICATIO N S, IN C . EDWIN L. ARTZT...

  • Page 91
    ...FINANCIAL ACCOUNT AMERICAN EXPRESS PLATINUM FINANCIAL SERVICES® AMERICAN EXPRESS WORLD SERVICE & DESIGN® BLUE FROM AMERICAN EXPRESS® BUSINESS MANAGEMENT ACCOUNTSM BUSINESS PURCHASE ACCOUNTSM CENTURION® CARD GLADIATOR HEAD® DESIGN MEMBERSHIP REWARDS® OPEN: THE SMALL BUSINESS NETWORK SM PLATINUM...

  • Page 92
    American Express Company 200 Vesey Street New York, NY 10285 212.640.2000 www.americanexpress.com