Consumer response to initial pre-selling activities for the MBNA Affinity Rewards American Express Cards has been overwhelmingly positive. To date, MBNA has already issued more than 300,000 American Express-branded cards. Early consumer demand for these cards demonstrates clearly that customers want richer rewards on a product that represents their membership in an affinity organization.

These new cards are being offered to members of a broad range of organizations, including alumni associations, professional groups, and recreational and philanthropic organizations such as Georgetown University, Penn State University, the National Education Association, the National Wildlife Federation, the Aircraft Owners and Pilots Association, the American Society of Civil Engineers, the American Quarter Horse Association and many others.

The cards include such features as:

Exceptional Rewards

• Complimentary enrollment in MBNA WorldPoints(SM)
• One point for every purchase; double points for travel and dining until 2006
• Redemption options include cash, travel with no blackout dates, brand-name merchandise and gift cards

Special Privileges

• Cardmember offers from American Express with top-name retail and travel merchants
• VIP access to dining, hotel and sought-after tickets from personal Concierge services

Broad Range of American Express Travel and Retail Benefits

• Access to 1,700 American Express® Travel Service locations in more than 130 countries along with emergency assistance service
• Automatic travel accident insurance, car rental loss and damage insurance
• Retail protection against theft or damage for goods purchased with this card

World Class Service

• MBNA's world-class customer service plus access to the MBNA Rewards American Express Card online site
• Online banking center linking all MBNA-issued cards, now including MBNA American Express Card accounts within a single site

MBNA Affinity Rewards American Express Cardmembers will also benefit from a series of exceptional values from premier American Express merchants. For example, an exclusive 2004 holiday guide featuring special offers from nearly 100 of the most popular names in retail will be available to the new MBNA Affinity Rewards American Express Cardmembers this year. There also will be opportunities to purchase some of the most sought-after holiday items at amazing prices. Other themed promotions and values will be offered on a year-round basis.

In addition to the core products, MBNA later this year will introduce a line of premium American Express-branded cards that will feature even greater rewards, including increased point earn rates, bonus points and enhanced travel benefits, such as companion airline tickets and airport lounge access. These premium cards will have a fee commensurate with the unique benefits they provide.

Commenting on the launch of this new card, MBNA Corporation's CEO Bruce Hammonds said, “MBNA credit cards have long been a valuable part of membership in many of America's best known affinity groups. Now, membership in those groups has become even more valuable. We are enhancing the rewards and features of MBNA's affinity relationships with the benefits of the American Express merchant network. This means greater choice, flexibility, and value for the consumer, and it positions MBNA as the only U.S. financial institution offering all of the major credit card brands.”

“We are delighted to partner with MBNA on an innovative family of products that deliver terrific value to their customers,” said Kenneth I. Chenault, Chairman and CEO of American Express. “By adding American Express-branded products, this partnership allows MBNA to offer its customers and affinity groups an unprecedented range of choice. At the same time, our merchants will see more high-spending, loyal Cardmembers in their establishments.”

“It is the cachet of the American Express brand, so complementary of Celebrity's own brand, that convinced us to make this card available to our customers,” said Steven Hancock, Senior Vice President, Celebrity Cruises. “For the first time, our customers have access to the privileges of American Express in an affinity card that reflects their preference for Celebrity Cruises. That's a powerful offering.”

Karen Gebhart, Senior Vice President of the Aircraft Owners and Pilots Association (AOPA), addressed the new cards' value: “For AOPA, it's all about offering choice and value in a credit card. Enabling our members to express their affinity through an American Express-branded card is a tremendous new choice and a value that we are proud to be among the first to offer.”

In January of this year, MBNA and American Express reached a milestone agreement for MBNA to be the first U.S. bank to issue credit cards accepted on the American Express network. Under the terms of its card-issuing agreement with American Express, MBNA manages the customer accounts and receivables. In addition, MBNA is responsible for all customer service, billing and payment systems, accounting support, credit and fraud resolution, and card marketing. All MBNA American Express Cards-branded are accepted and processed on the American Express global merchant network.

About MBNA
MBNA Corporation (NYSE: KRB), the largest independent credit card lender in the world and a recognized leader in affinity marketing, is an international financial services company providing lending, deposit, and credit insurance products and services. MBNA credit cards and related products and services are endorsed by more than 5,000 organizations and financial institutions worldwide. MBNA employs more than 28,000 people, each of whom is committed to satisfying the Customer. For more information, visit the company's web site at www.mbna.com.

About American Express
American Express Company is a diversified worldwide travel, financial and network services company, founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, business services, insurance and international banking. Since 1996, American Express has been aggressively pursuing a strategy of opening its merchant network to third party issuers around the world. By leveraging its global infrastructure and the powerful appeal of the American Express brand, the Company aims to gain even broader reach for its network worldwide. American Express has now established more than 80 card-issuing partnership arrangements in 95 countries.

For more information about American Express and the partnership with MBNA, please visit www.americanexpress.com/bankpartnership.