American Express Corporate Cards and Business Travel Accounts provide companies with a flexible payment solution for their employees. They are designed to help corporate customers to better manage their travel and entertainment expenses and identify opportunities for cost savings.

The cooperation links the world-leading corporate card product and the global platform of American Express with the strong distribution power of Deutsche Bank to its target customers. It enables corporations to manage all their travel and entertainment expenses globally in an efficient and comprehensive manner. A high quality management information tool supports the worldwide consolidation of all expenses made by all respective employees and provides detailed reporting according to the customers' needs. Earlier this year, Deutsche Bank agreed to issue American Express corporate cards to its own employees.

“We are delighted that Deutsche Bank has chosen to work with us and believe that its customers will benefit from American Express' best-in-class corporate expense management solutions," said Jean-Luc Durant, vice president and head of Network Development Commercial Card for American Express in Europe. "The agreement with Deutsche Bank, as one of the world's leading financial service providers, is an important step in the strengthening of our position in the corporate card market.“

Norbert Wanninger, Head of Global Cash Management, Deutsche Bank, commented, “The cooperation between two strong global organizations will result in a harmonized, efficient corporate expense management offering. We are convinced that Deutsche Bank has found the right partner to provide our corporate customers with a top quality card solution on a global basis.”

The expense management solution will be available to Deutsche Bank corporate customers in July 2004.

About Deutsche Bank
With roughly Euro 878 billion in assets and approximately 66,900 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private & business banking franchise in Germany and other selected countries in Continental Europe. www.deutsche-bank.com

About American Express
Through its Global Corporate Services group, American Express provides expense management services to more than 100,000 firms worldwide, serving nearly 70 percent of the Fortune 500 companies. More information on expense management tools from Corporate Services can be found at http://www.americanexpress.com/corporateservices.

The American Express Company is a diversified worldwide travel, financial, and network services company founded in 1850. It is a leader in charge and credit cards, travelers checks, financial planning, investment products, insurance and international banking.