DBS Bank Arranges A Five-Year S$200,000,000 Floating Rate Note Facility For Amercian Express International, Inc. Singapore Branch

SINGAPORE, [14 July 2000] - DBS Bank said today that it has arranged a S$200,000,000 Floating Rate Note Facility ("FRN Facility") for American Express International, Inc. Singapore Branch ("AEII Singapore").

The proceeds from the notes issued under the FRN Facility will be used by AEII Singapore to refinance existing Singapore dollar borrowings and for working capital purposes in Singapore. This is the first time that American Express is tapping the Singapore capital markets for its funding requirements.

American Express International, Inc. is incorporated in the State of Delaware in the United States of America. The holding company of AEII is American Express Travel Related Services Company, Inc. ("TRS"). TRS is in turn wholly-owned by American Express Company ("AEC"). AEC is listed on the New York Stock Exchange, Boston Stock Exchange, Chicago Stock Exchange, Pacific Stock Exchange, London Stock Exchange, Swiss Stock Exchange, Dusseldorf Stock Exchange, Frankfurt Stock Exchange, Paris Stock Exchange and Brussels Stock Exchange.

Through its subsidiaries, AEC is primarily engaged in the business of providing travel-related services, financial advisory services and international banking services throughout the whole world. AEII Singapore is principally engaged in providing financial, travel, charge and credit card-related services.

AEC and TRS is rated A1 and Aa3 by Standard & Poor's, respectively.

"The establishment of the FRN Facility is in line with the government's recent encouragement to participate in the Singapore capital market, and will provide AEII with an alternative source of funds at an attractive rate" said Anthony Lee, Area Manager, Travel Related Services, Singapore, Malaysia and Indonesia, AEII.

"We are delighted to work with American Express International, Inc. (Singapore Branch) on its inaugural capital market issue in Singapore. Recent government initiatives have boosted the number of foreign corporates and supranationals issuing S$ bonds here. We believe the rapid growth and development of the S$ bond market coupled with the low interest rate environment will provide American Express with an attractive market to raise funds" said Stephen Finch, Managing Director of Debt Capital Markets, DBS Bank.

DBS Bank is one of the leading debt issuance houses in Singapore and a major player in the development of the Singapore dollar bond market, having lead-managed S$2.9 billion worth of bonds in 1999.

American Express Company, which is celebrating its 150th anniversary this year, is a diversified worldwide travel and financial services company founded in 1850. It is a leader in charge and credit cards, travellers cheques, travel, financial planning, investment products, insurance, accounting and international banking.

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For more information, please contact:
Ms Julie Yeo
Vice President, Corporate Relations
Tel: +65 6321-5447
Fax: +65 6222-4478

Ms Chan Mui Sin
Deputy Manager, Capital Markets
Tel: +65 6228-2156
Fax: +65 6225-6783