December

2 0 07
A mAgAzine proviDing current content AnD pertinent context for the people of AmericAn express

On Top of Customer Satisfaction

Axp ranked number one for customer satisfaction.

Will to Win
merchant services team takes on and wins frances largest retailer.

Around the World with Robin Turner

u.s. consumer travel counselor

Business of going Green

The

many companies are taking a more active role in protecting the environment and whats good for the planet is good for business.

IN PRINT THIS ISSUE

2
Additional online content for this issue of Context:
www.amexweb.com/context
green is good What some companies are doing to address climate change.

AXP Shorts
Protecting the irrePlaceable preserving cultural landmarks for future generations global exPress

ONLINE DEcEmbEr 2007

Whats happening in Australia, brazil, china, germany, Japan, Kazakhstan and the u.s. time caPsule employees good ideas

On The COveR Cover Art_beppe Giacobbe Editor_cynthia Aquila Design_bernhardt Fudyma Design Group Printer_bannon Group Ltd.

4
On Top of Customer Satisfaction
by Christine MeyerOertel American express is ranked #1 for customer satisfaction in the card industry. heres why.

12
The Business of Going Green
cover story

20

24
uPdate:

by Christine Meyer-Oertel companies are more focused on protecting the environment and whats good for the planet is good for business. plus: green goals for the blue box

Where Are They now?

by Kristin Roth clear and one from American express two years later.

Will to Win: If at First You Dont Succeed...

by Julie Moline how frances merchant services team turned retail giant carrefours persistent no into a resounding yes.

Around the World with Robin Turner, Consumer Travel Counselor

by Cynthia Aquila With robin turners passion for travel and commitment to her customers, its no wonder she is one of consumer travels top travel counselors.

Page _2

{GLObAL ExprESS}

A PluM iDEA fOR sMAll BusinEss OwnERs

managing cash flow can be one of the biggest challenges for small business owners. American express open recently unveiled an innovative solution. the plum card offers cardmembers flexible trade terms, which means they

On THE nETwOrk: THE LATEST GLObAL nETwOrk SErvIcES (GnS) pArTnErSHIpS AnD cArD LAUncHES
BEiJing

china citic bank and American express have launched the citic American express card. this product offers cardmembers up to triple rewards points, the best earn rate available in the market. this is American express second partnership with a leading financial organization in china.

have the option to defer payment for up to two months on card purchases or receive a 2 percent discount for paying in full within
AXP DRivEs Off with BMw COnsuMER AnD CORPORAtE CARD DEAls

10 days of being billed. the card was developed for small businesses with high material costs and variable cash flow, such as those in construction, retail, wholesale, and information technology, among others.

American express recently signed a fiveyear commercial card contract with bmW. the luxury auto manufacturer was one of the top 10 accounts of lufthansa Airplus, a visa cobrand. under a separate agreement, American express and bmW will issue consumer charge cards in germany, the car companys largest market. As a result, bmW will no

tOKyO

mitsubishi is the latest gns partner that will offer American express-branded cards in Japan. the company plans to begin issuing cards in the spring of 2008. ge finance (ge money) also issues American expressbranded cards in Japan.
BluE sKiEs in AustRAliA AlMAty

items of interest to the people of AmericAn express

SHORTS

longer issue visa- and mastercard-branded cards in the country. Australia, thailand, new zealand, and the united Kingdom have had bmW premium cards for several years, and a bmW credit card was launched in Dubai last year. Australian travelers now have an easier way to use points to fly whenever they want with the recently launched blue sky credit card. the card is the only one in Australia that lets travelers use points to book flights without having to join a frequent-flier program. there are also no seat restrictions or blackout dates with this product. the blue sky credit card was originally launched in the united states in 2005.

Jsc Kazkommertsbank has launched the American express gold card and platinum card in Kazakhstan. the countrys largest private, full-service bank is the exclusive issuer of American express cards in the market and is also responsible for signing new merchants.
RiO DE JAnEiRO

banco bradesco has launched the first blue card in brazil, one of the worlds largest credit card markets. the company also issues the centurion line of cards in green, gold and platinum.

2.25
Page _3 _

SuStainable touriSm: Protecting the irrePlaceable

The numbers

| under a recent settlement agreement, visa will pay $2.25 billion to Axp. this

billion

leisure travelers logged about 450 million arrivals last year, according years ahead. As the pace of tourism increases, so does the potential impact on the environment. that makes it more important than ever to protect and preserve historic sites and cultural landmarks for future generations. American express and the World monuments fund recently launched a new effort to promote sustainable tourism. over the next four years,

to the World travel organization. And that number is expected to rise in the

settlement will compensate us for lost business opportunities resulting from visas role in blocking u.s. banks from working with us.

{TImE cApSULE}

Suggestion box

grants totaling $4 million will go to a variety of projects that integrate historic preservation, culturally and ecologically sensitive tourism, and visitor education. the first projects chosen to receive funding in 2007 are: st. pAuls cAtheDrAl, lonDon $500,000 over two years to help

looking for fresh, cost-saving ways to do business? Ask employees. in 1949, American Express did just that with the Employee suggestion Plan. Employees companywide were asked to submit ideas on how to increase efficiency and cut operational costs. those whose proposals were approved received cash awards, acknowledgment in the company newsletter and a certificate of membership in the American Express idea Club. Eager to participate, employees submitted more than 150 suggestions in the first month. Even simple improvements such as using window envelopes or rewording forms to eliminate confusion were recognized for their cost-saving value.

relieve crowding and lessen the impact of tourism on the churchs nave, which suffers from heavy foot traffic, abrasion and fluctuations in humidity. mexico city historic center $200,000 to help fund an educational program about historic sites, architectural history, sustainability challenges and urban green spaces. Delhi heritAge city $200,000 to support a project for a new heritage route that connects some of Delhis most extraordinary monuments. historic u.s. route 66 $150,000 for an economic and environmental impact study of this long-distance corridor between chicago and los Angeles. the study will provide strategies to preserve the famed route. this initiative is part of the American express partners in preservation program with the World monuments fund and the national trust for historic preservation begun in 2006, which is dedicated to preserving historic sites both in the u.s. and around the world.
photos (top from left): the nave and spiral staircase of st. pauls cathedral, and a view of flying buttresses supporting the nave. fans of the harry potter films might recognize the staircase since it was used in the movies.

Page _4

ON TOP of CUSTOmER SATISFACTION

Its a moment of truth a customer opens her wallet and pulls out a credit card to pay for her purchases. With most people carrying more than one card, what compels someone to choose one card over another? In the intensively competitive card industry, the battle for customers is more challenging than ever. With so much at stake, card issuers need to know what satisfies customers to shape the products and services that win their loyalty. Now one of the worlds best-known consumer research firms, J.D. Power and Associates, has addressed this question in the 2007 Credit Card Satisfaction Survey, the companys first study in eight years of the card industry. The study profiles customer satisfaction among the 10 largest U.S. credit card issuers, which collectively represent 90 percent of the U.S. card market. Nearly 8,000 consumers were asked to evaluate the card they use most often and rank how satisfied they are with it. So how is American Express doing in the eyes of its customers? Extremely well. American Express was ranked number one overall in customer satisfaction and had the largest percentage of highly committed customers. We should all feel very proud, said American Express President Al Kelly when accepting the J.D. Power award in October. External recognition of this caliber, reflecting the views of our customers, affirms that were delivering on our goal to give our cardmembers an experience that is truly exceptional. The study delved deep, evaluating five factors that influence customer satisfaction. About onethird of customers surveyed said that Benefits and Features was the most important consideration, and American Express was ranked first in this category. Other key factors were Rewards (25 percent ranked this as most important), followed by the Billing and Payment Process (21 percent), Fees and Rates (16 percent), and Problem Resolution (4 percent). While problem resolution ranked lowest, its importance jumps substantially when a customer actually has a problem. At that point, how well a company does or doesnt fix the problem drives 50 percent of a customers overall satisfaction. Fortunately, problem resolution is another category where American Express came in first.

by_Christine Meyer-Oertel

Page _

Overall satisfaction score

American Express Discover 735 728 652 651 646 638 636 617 607 571 industry Average 658

CARD USAgE
More than half of customers surveyed say they use one card over another based on the ability to earn rewards. Discover ranked first in overall rewards satisfaction, particularly for ease of redeeming awards and understanding the rewards program. this was largely due to their customers preference for cash-back rewards. American Express was a close second in overall rewards satisfaction, ranking first for ease of accumulating points. Customer service also impacts card preference, particularly for American Express cardmembers. we have the highest percentage of customers who choose us for the quality of our service 39 percent for American Express, compared with 18 percent for the industry overall. for cardmembers who have a problem, nearly 20 percent gave us a 10 (out of a 10-point satisfaction scale) for problem resolution. thats a strong endorsement for our ability to turn an unpleasant situation into a delightful experience for customers, as the study notes. Conversely, for all issuers, poor customer service has the most pronounced negative impact on overall satisfaction and loyalty. One in three customers surveyed who reported a problem in the past 12 months also said they plan to switch to another card. >>

Citi Cards Chase us Bank waMu wells fargo Capital One Bank of America

Key reasons customers use their primary cards

hsBC

53%

66% RANKINg of ISSUERS 68%

with a score of 735 on a 1,000-point scale, American Express scored highest for overall customer satisfaction among the top 10 issuers in the industry. the report touted the unique membership proposition American Express offers: More than half of their customers pay an annual fee and are willing to do so because the benefits of their rewards programs outweigh the cost. Rewards programs are the primary reason customers select American Express credit cards. American Express outpaced all other issuers, except Discover, by at least 80 points. Discover came in a close second, largely on the strength of their rewards and billing and payment processes. But Discover offers customers a more limited set of products and rewards, which are not for everyone. And unlike American Express, the company has not been growing.

to earn rewards that are preferred

50%
Easy to accumulate awards points

18%

39%
has better customer service

32%
has no annual fee

50%

32%

35% 30%

Offers online accessibility

22%

has a higher credit limit

American Express

industry Average

>>

Page _6

Brand-Related Attributes
Customers rated each brand-related attribute that J.D. Power measures on a scale of 1 to 7, with 7 as the highest score.

5.23

Exciting

5.50
BRAND ImAgE >>

4.56

Personal Service

4.67

5.07
Dependable

Innovative

6.08 6.39
5.79

4.48

5.47

the J.D. Power study noted that a customers image of a brand develops over time and is based largely on direct experiences with the brand. Customers rated American Express highest across the board in all seven of the brand-related attributes the study measures: personal service, dependable, flexible, good reputation, exciting, secure and innovative. the strongest factor in a customers perception of a card brand is personal service, a finding that reinforces American Express commitment to delivering world-class service and personal recognition to its cardmembers.

6.23 4.94

Secure

5.52
Flexible

Good Reputation

4.46

American Express

industry Average

Page _7

Average number of card benefits/features offered

CUSTOmER COmmITmENT
On an emotional level, the loyalty that customers feel is based on both their experience as consumers and their affinity for the brand. American Express has the highest number of committed customers, followed by Discover and wells fargo. the report drew a parallel between this level of commitment and behaviors that drive business results. highly committed customers, for example, spend more on their preferred card, recommend it nearly three times more often and switch cards less frequently. American Express has the highest percentage of customers who say they definitely will recommend American Express to others 43 percent. we also have the highest percentage of loyal customers, those who definitely will not switch to another provider 38 percent. when comparing highly loyal customers with high-risk customers, American Express has the industrys best ratio of 33 to one, compared with an industry average of nine to one.

American Express Citi Cards Bank of America wells fargo Chase us Bank hsBC Capital One Discover waMu

6.2 3.7 3.4 3.3 3.2 3.2 2.9 2.8 2.8 2.4 industry Average 3.5

Percent of customers highly committed to their primary card

American Express Discover wells fargo waMu Capital One Citi Cards Bank of America us Bank hsBC Chase 32% 25% 20% 12% 9% 8% 7% 6% 6% 6% industry Average 15%

BENEFITS and FEATURES

Benefits and features have the greatest impact on overall customer satisfaction. the more benefits and features, the greater a customers satisfaction. Cardmembers reported an average of 6.2 benefits, compared with the industry average of 3.5, putting American Express in the lead in this category. the report noted that since card programs offer similar basic features, customer awareness of benefits is important. the study found that of all issuers, American Express does the best job informing customers. Benefits cited as differentiators were travel-related insurance, purchase protection and fraud detection. the most satisfied customers are those who said their card offers preferred access to special events. American Express certainly delivers in this arena with programs and special offers through sponsorships, gold Card Events and By invitation Only programs, among others.

>>

>>

Page 8

Will to Win:
How Frances Merchant Services team battled seemingly insurmountable opposition and won over the markets #1 retailer and longtime holdout Carrefour.

iF AtYoU Dont SUCCEED... FiRSt

Page _11

by_Julie moline

In the U.S., plenty of retail brands have national recognition: mcDonalds, Exxon, Nordstrom, Home Depot and Starbucks, to name just a few. But when it comes to major supermarket chains Kroger, Safeway, Publix each only has a national market share in the single digits. Thats not the case in France, where Carrefour leads not only the grocery industry, but several key retail segments. Its the #1 bookseller, the #1 florist, the #1 wine shop and the #1 consumer electronics store in the market. In fact, Carrefour is the largest retailer in Europe, and the second largest in the world, behind only Wal-mart. It has such a market presence that half of French households 25 million people shop in Carrefours hypermarkets (a hybrid department store/supermarket), supermarkets, discount stores and convenience stores. In French, carrefour means crossroads. But for American Express, the road to a merchant relationship with the 34 billion (US$47.5 billion) company seemed impassable. Despite persistent efforts by the merchant Services team, Carrefour rejected proposal after proposal, year after year, since first approached in the late 1990s. Even when there was turnover at Carrefours executive level, the new leaders always delivered the same answer: Non. Signing Carrefour was vital. Because Carrefour is so effective at capturing the French publics everyday spending, American Express was losing out on a valuable market. Whats more, cardmembers were unhappy with the lack of acceptance. Once the biggest player and a notorious holdout did sign, it would be easier to land other retailers that would be eager to match a move by the market leader. So why exactly did Carrefours leaders resist so strenuously and for so long? They clearly didnt believe they needed us, says Armand de milleville, vice president, merchant Services in France. Everyone here has a Visa card. There are fewer American Express Cards in the market. Carrefour felt that since they were already number one without us, how could we bring them any new customers.
a Formidable Partner: the incredible growth of cardmember spending at carrefours competitors finally convinced the retail giant that American express could be a formidable partner. the merchant services team that made it happen (from left, top to bottom): Arnaud bernet, Anne-laure Delacour, Jean-cyrille girardin, laurent playez, Armand de milleville, henri Williaume, valentine studer and Jean-franois Dumas.

Photography_Joseph Ford (team members); Spencer Jones (receipt); corbis (others)

Page _10

Determined to prove otherwise, de milleville didnt let up. It often took months of persistent phone calls merely to organize a meeting. Once he began his pitch, Carrefour executives would barely conceal their lack of interest. During one memorable meeting with senior American Express executives from New York, two Carrefour officers, without warning, explanation or apology, got up and left. De milleville, shrugging it off as a tactic, told his American Express colleagues to follow suit: to go without saying so much as a good-bye. I explained we had to show Carrefour we are on the same level as they are. The next move would prove to be equally bold.

to earn the loyalty of American Express Cardmembers for as long as Carrefour was a holdout. To encourage cardmembers to shop in these stores, they were offered double membership Rewards points and other incentives; and e-mails were personalized to direct them to the closest store that accepts the card. The response from supermarket owners, both corporate and franchisees, was so high that Playez quickly moved on the next phase: hiring an external sales force of 20 to blitz the market. Within six months, the acquisition team had signed up 500 supermarkets. These merchants saw results immediately; cardmembers spent an average of

Carrefour is the largest retailer in europe, and the seCond largest in the world, behind only wal-Mart.
The value proposition in reverse Our merchant proposition is to demonstrate our value, to show merchants what a formidable partner we can be in driving business to them, de milleville says. After Carrefour refused our positive value proposition several times, we decided to take the opposite approach with them: sign up their competitors and channel cardmember spending to those merchants instead of Carrefour to show Carrefour how effective we could be in driving business elsewhere. In 2004, Laurent Playez, director and head of global merchant Services Acquisition in France, organized a team of four salespeople to approach the five integrated supermarket chains (among them, Casino and Champion) and the six independent chains (among them, Intermarche and Super U). While Carrefour played hard to get, its competitors, even franchisees with a single location, were happy to be courted. American Express offer to help drive cardmembers to their stores through targeted marketing resonated particularly well. In the French supermarket world, it may take 10 years to move market share even by 1 percent, Playez says. Here, we were able to bring store owners new customers in a matter of weeks. We were also able to convince them to sign up quickly the more opportunity 25 percent more than non-cardmembers, far beyond what American Express had predicted and the store owners expected. By the end of 2005, Playezs team had signed 1,000 supermarkets. Sometimes the signings came one at a time; other times, they were in a cluster. That was the case when team member Emmanuel Wahl signed the gant and Shopi chains, with 120 and 800 locations, respectively. By the time the number of signings hit 2,000, de milleville had a years worth of data to present to Carrefour that showed the incredible growth of cardmember spending at the retail giants competitors. But Carrefours response was still not interested. Closing the deal It wasnt until mid-2006, when the number of new signings hit 3,000 half of the French supermarket universe, including two of Carrefours biggest competitors that the retailer began to waver. At this meeting, Carrefours CFO finally asked, What is your offer? De milleville laughs as he relates the conversation. Offer? I just came to share this information. I thought you would say no like you had all these years, so I hadnt prepared one. Two weeks later, the deal was signed. And it was exactly what we had offered two years before, he said.

Page _11

In the four years it took to win over Carrefour, de milleville estimates that he spent 10 to 15 percent of his time on this single holdout. How did he manage to keep motivated? I stayed focused on the objective, he says. The potential 200 million euros in billings, the opportunity to make significant headway against Visa, the opportunity to grow American Express in France. Its like sports. You might lose, but you still enjoy playing and want to play again. It wasnt just the sales and acquisition teams that wanted to savor the hard-won victory. The entire employee base in France, it seemed, had a personal stake in the outcome. In the 12 months it took to implement, the employees kept asking about the Carrefour deal at town halls, de milleville says. They wanted to know if wed really make it happen. It took so long, and was such a challenge, that at times, it seemed like it would never get off the ground. Takeoff If getting to yes with Carrefour was a struggle, getting the contract signed was another trial to overcome. It definitely was a challenge, says Jean-Franois Dumas, head of American Express legal team. Carrefours legal department questioned every clause in detail. You cant make a special contract, even for a big client. When it comes to a technical issue like authorization, for example, you cant change the terms, because the authorization process is the same everywhere. All told, it took six months before the contract was signed. While most of the implementation issues were worked out in the contract negotiations, there was still a lot of work to be done to get Carrefour ready to accept American Express Cards. It required tremendous coordination and cooperation involving multiple departments and functions: network development (which completed the technical rollout in June 2007), marketing (which dropped cardmember communications on June 21), acquisition (which signed a significant number of Carrefours franchised outlets before communications were launched) and client management (which coordinated all of these initiatives with Carrefour). One issue under contention during this phase: timing. American Express wanted an aggressive implementation; Carrefour wanted a more measured pace. Some of the challenges were technical, explains Henri Williaume, head of Network Development in France. Because Carrefour grew by acquisition, there were multiple legacy

systems to work around. Other challenges related to scale: there were 1,400 locations to ramp up, which involved the training of 44,000 cashiers, according to Jean-Cyrille girardin, director, Client management. There was also the matter of point-of-purchase materials to ship and install. To facilitate coordination and ensure that teams from both companies were working together effectively, girardin put Arnaud Bernet, client manager for the supermarket industry, in charge. Throughout the process, we focused on building a strong partnership by working with decision makers across all of Carrefours business units, girardin says. Winning back Carrefours customers Once Carrefour signed, marketing plans began immediately. According to Valentine Studer, head of marketing, merchant Services France, we used every kind of communication, including national billing stuffers, direct mail and personalized e-mails. Some of the direct mail pieces included giveaways, such as small booklets of shopping lists and refrigerator magnets. Direct marketing and advertising also cross-promote Carrefours loyalty card, which offers discounts and special sales. Shoppers use their Carrefour loyalty card and pay with their American Express Card. There was even a campaign to encourage American Express employees to use their cards at Carrefour. The promotion, a daily drawing of a supermarket receipt, reimbursed the winner for the total amount of his or her purchases. Studer and her team are now in the process of working on joint promotions, such as wine-tasting events. Efforts are paying off. Carrefours preliminary results have been strong: the average American Express transaction is double the average cash transaction, and higher than an average Visa transaction and those of the retailers most loyal customers. In the supermarket segment in France, American Express went from zero coverage to 70 percent coverage in three years, a significant achievement. On June 21, the first day the card was accepted at Carrefour in Paris, de milleville went to the nearest hypermarket. At checkout, American Express decals stood out on the gray counters, and the lifesize point-of-purchase promotions pronounced American Express and Carrefour: You will be hyper-satisfied. It finally sunk in then, de milleville says. We won. It really happened.

Page _12

The Business of
by_christine meyer-oertel

As concerns about global climate change set off red alerts, companies are recognizing that they can and must play a role in meeting the challenge of our generation: making this world a greener, healthier, more livable place. The green wave is sweeping into business life and redefining how corporations manufacture goods, maintain facilities, use resources and market products. Global warming, which for years seemed locked in scientific and futuristic debate, is now widely recognized as a crisis that impacts us all today. Scientists say that a 50 to 80 percent reduction in greenhouse gases is needed by 2050 to avert dangerous climate change, according to a report from Business for Social Responsibility, a not-for-profit advocacy group. While melting icebergs form one picture of this threat, sky-high fuel costs, pollution and weather disasters form another affecting our own neighborhoods, demanding attention.

Page _13

Going Green
Public awareness is increasing fast. A recent consumer poll shows that 85 percent of Europeans and 70 percent of Americans believe they will be personally affected by global warming in the next 10 years. In 2005, 73 percent of Europeans and 63 percent of Americans viewed climate change as a threat. In the past few years, companies of all sizes have gotten the message, establishing environmental goals as a key component of their corporate citizenship. And, more importantly, they are launching programs that put these good intentions into action. The triplewin is that conserving natural resources can benefit society, enhance a companys reputation and, in many cases, save a significant amount of money. In September, American Express took a major step in pledging to reduce its carbon footprint and announced plans to form an Office of Environmental Responsibility to coordinate and drive our green efforts. Citing a duty to protect the planets resources, Ken Chenault noted that individuals and companies are stepping up efforts to conserve energy, reduce waste and promote the sustainable use of natural resources. American Express can and should be counted among them.

Reputations on the line

The threat of global warming is not new, but companies are becoming active now for a number of reasons, including the fact that many recognize they can make a real difference. Also, to rank among the most admired, companies need to demonstrate good citizenship by being sensitive to the environment. Over the past few years, corporations have been communicating their commitment to the community through corporate social responsibility (CSR) reports. Business for Social Responsibility states that more than half of the largest companies (global 250) now issue a CSR report. And about two-thirds include details on their greenhouse gas emissions. In its first CSR report, Recognizing Responsibility, issued in November 2007, American Express addresses its commitments to society and describes how we put these principles into action. Featured in the report is our approach to conservation and the environment our use of resources, current projects designed to decrease our carbon footprint, and goals for reducing the environmental impact of our business. But being sensitive to the environment is only one aspect of

illustration_beppe Giacobbe

Page _14

Our Carbon
Current Total: 303,000
BASE YEAR 2006

Footprint
Other emissions from facilities

3%

(METRIC TONS OF CO2)

27%
70%

Business travel

Electricity

American Express has set an aggressive goal to reduce its global carbon footprint by at least 10 percent by 2012. We plan to do this mainly by focusing on increasing energy efficiency in facilities we manage, and obtaining more electricity from renewable sources.

social responsibility. Recognizing Responsibility also addresses our values, operating principles, business practices, corporate culture and community outreach (see sidebar on page 19). many major corporations have stepped up and become more active environmental proponents. general Electric, IBm, Virgin, Wal-mart, microsoft, Starbucks, Nokia, 3m, Coca-Cola and News Corporation, to name a few megabrands, have initiated well-publicized and well-funded programs to address sustainability. Coca-Cola, for example, focuses on reducing its water usage and recycling containers. Virgin, with its global

airline business, has made a $3 billion commitment (over 10 years) to develop renewable fuels like ethanol. And Starbucks offers a 10 cent discount to customers who bring their own cups. In financial services, Citibank, Bank of America, Barclays and Wells Fargo have all made major investments in environmental programs. But companies will need to proceed with caution as they take steps toward being greener. Environmental watchdog groups are closely scrutinizing corporate practices and have been quick to accuse some corporations of making misleading eco-friendly claims. (See related story online at www.amexweb.com/Context.)

Page _1

A few years ago, as media attention was rising, being active on the environment might have been viewed as a business fad, says Andy Basacchi, vice president, global Services, for CB Richard Ellis, which manages real estate for corporations including American Express. But research has shown that this problem truly is serious, and companies are looking to make a long-, not shortterm, commitment. The new focus on green business can also be traced to a new awareness on the part of customers, suppliers, investors and the government. Ethical, responsible companies want to do business with like-minded partners, so a focus on the environment becomes one of the prerequisites of partnership. Peer pressure in the supply chain is also powerful. Wal-mart, for example, has required its suppliers to reduce the packaging in products. American Express global Purchasing Services group will now be evaluat-

institutional investors, reports greenhouse gas emissions data collected from major companies worldwide for investors to evaluate. government regulations will also have an impact. The European Union is introducing aggressive carbonreduction targets that will encourage more use of renewable energy. In the U.S., the state of California is at the forefront, having passed legislation aimed at reducing emissions 25 percent by 2020.

Doing well by doing good

Several conservation efforts currently under way at

American Express are thanks to the ideas and actions of employees.

ing the environmental practices of our key suppliers, asking them to describe their commitments. The investment community is paying attention, too. Increased investor demand for information on a companys environmental impact is spurring more research, new measurements, new index funds and new value placed on companies aiming to do well by doing good. The Carbon Disclosure Project, a not-forprofit organization that works on behalf of global

Companies are also recognizing that going green can reap tangible rewards, including direct savings and new business opportunities. As fuel costs increase, energy efficiency becomes a cost-cutting strategy as well as a benevolent act. American Express can already point to projects that have lowered costs. By reducing the paper weight on certain direct mail pieces, American Express saved 1.4 million pounds of paper and reduced its annual postage expense by about $500,000. Electronic statements, in addition to being more convenient for customers, can also be credited for lowering billing costs for the company as well as saving trees. Theres also an opportunity to make (not just save) money by going green. With more consumers interested in environmentally friendly products, companies are moving to address this need. Efficiency and conservation are strong marketing messages, which flow through advertising in everything from appliances and automobiles to home mortgages and dog beds.

Page _16

Making Every Day

Earth Day
Here are some suggestions for small actions that can make a big difference:

At Work and on the Road

Make sure your computer goes into automatic stand-by mode when not in use. Consider teleconferences or videoconferencing for meetings and discussions. Reduce paper consumption (e.g., avoid printing big presentations as a supplement to PowerPoint presentations; use less color for templates; set your printer for double-sided printing). When traveling, follow hotel energy-saving suggestions, such as minimizing the daily replacement of bath towels. Share taxis with colleagues who are headed in the same direction.

At Home
Recycle whatever you can, including plastic, newspapers, cell phones, batteries, ink cartridges and computer equipment. Choose electronics, appliances and lighting fixtures that have an energy-efficient label. (In the U.S., look for the Energy Star designation.) Use compact fluorescent lightbulbs and rechargeable batteries. Select products made with recycled materials or recycled packaging. Consider fuel efficiency in buying an automobile. Use public transportation if possible. Adjust your thermostat by two degrees (up in summer, down in winter). Unplug electrical devices and shut off power strips when not in use to decrease phantom power. Use your own shopping bags whenever possible to reduce landfill waste. Turn off water while brushing your teeth; consider installing low-flow showerheads.

For more tips about how to be more earth friendly, go to www.earthshare.org.

Page _17

By making just a few wise changes to our daily routines, we all can have a positive influence on the environment.

Time for action

Considering all of these factors, American Express began to look into how to become more active on the environmental issue. global Real Estate conducted an audit to understand the companys impact on the environment today and then help determine where we needed to go. The team surveyed all major facilities globally to assess the companys carbon footprint, which is the total amount of greenhouse gas emissions directly or indirectly caused by a companys operations. The results showed that American Express produces approximately 303,000 metric tons of CO2, with 70 percent of emissions coming from the use of electricity in our facilities, 27 percent related to business travel, and 3 percent from emissions other than electricity. Not surprisingly, about two-thirds of the emissions are from North America, where most of our facilities are located and where emissions from the U.S. power grid are generally higher than in regions like Europe. American Express has had energy-reduction and waste management programs in place since the 1990s. Last year alone, we reduced electricity use in the United States by 4 million kilowatt hours. In our New York City headquarters, improvements to lighting systems, escalator usage and fan pressure contributed about 50 percent of that reduction. In Sydney, Australia, the Real Estate team is currently supervising construction of a new green building that is expected to earn a high Australian Building greenhouse Rating. Although smaller energy-saving projects have been under way, the company hadnt established a comprehensive program with measurable targets. That

changed with the announcement of the companys commitment to reduce our global carbon footprint 10 percent by 2012. To put these numbers in context, the team benchmarked American Express results against those of many leading companies in financial services and other industries. This aggressive goal is at the high end of commitments for actual reductions of carbon emissions made so far by peer companies. To meet our goal, the company plans to focus on increasing energy efficiency in managed facilities (such as customer service and data centers), obtaining more electricity from renewable sources such as wind and solar power, and taking other steps that will have a beneficial effect on the environment. As important as this goal is to our environmental program, there is more we can and should do. To focus our efforts globally, the company is forming the Office of Environmental Responsibility within the Corporate Affairs and Communications group. A small staff of experts in environmental science and management will ensure we meet our carbon reduction goals and oversee companywide environmental activities. Some business units and staff groups have already begun their own eco-friendly efforts, such as reducing the weight of paper in marketing materials, recycling paper and office waste, promoting sustainable tourism and supporting environmentally focused charities. The new office will coordinate these activities, and identify and share best practices across the company. A network of environmental champions will be created in every business unit, staff group and geographic region to foster a greener focus in ongoing

Page _18

business activities, and encourage employee participation. We all play a role in the companys efforts to protect the environment. Employees have shown they care deeply about this issue. In fact, several conservation efforts currently under way within the company are thanks to the ideas and actions of employees. The recent announcement about the companys strengthened commitment to the environment has been enthusiastically endorsed by employees around the world. many have expressed their desire to pitch in and have offered some great ideas. These suggestions fall under several categories: using sustainable materials instead of Styrofoam or bottled water; creating and enforcing a more comprehensive recycling program; reducing printing and paper and electricity usage; and developing relevant green products from the Blue Box. The response from employees has been remarkable, says Judy Tenzer, vice president, Corporate Social Responsibility. We need everyones continued support and input. So keep your ideas coming. You can e-mail comments and suggestions to greenIdeas@aexp.com or join the ongoing discussion on the In the Loop forum on AmexWeb.

Next steps

While the next steps vary by business group or region, we expect to move forward in a number of areas, including: n Installing new energy-efficient systems at certain facilities and setting optimum temperatures through more zone controls

Accessing more power from renewable energy providers n Continuing to promote electronic statements for consumer and corporate clients n Encouraging greater use of online (vs. paper) data reporting among Commercial Card and Business Travel clients n Exploring opportunities to offer customized reports that would help corporate clients track their carbon footprint related to business travel n Rallying employees who want to volunteer on projects that benefit the environment n Using our influence to engage partners, such as suppliers, on energy efficiency and conservation n Finding new marketing approaches to reduce our use of paper in direct mail solicitations. This effort will not be easy, say the experts. A 10 percent target is extremely aggressive because we have already captured the low-hanging fruit with our existing energy-savings program, says Doug Dudinski, vice president, global Real Estate. And, since American Express is continually expanding, hiring more people and opening new facilities, well have an added challenge in reducing our footprint. There is no question that the commitment of all 65,000 American Express employees will play a large part in our success. If our people get involved in this effort, they will see that they can help the world while helping American Express.
n

Have an idea for how American Express can conserve more and help protect the environment? E-mail your comments and suggestions to GreenIdeas@aexp.com or join the ongoing discussion on In the Loop on AmexWeb.

Page _19

Corporate Social Responsibility:

In the wake of the corporate scandals of the 1990s, companies have worked harder to define how they conduct business, communicating their ethics and values alongside their financial results to highlight success. The outside world, including shareholders, investors, customers and business partners, wants to be reassured that a company is not only solid financially, but that it is also a solid citizen, giving back to the community while operating with high standards. To show what they stand for, more and more companies are issuing Corporate Social Responsibility (CSR) or Corporate Citizenship reports in order to spotlight their values, operating principles, business practices, corporate culture and community outreach. Its estimated that the majority of multinational corporations now issue some type of CSR report. Accountability is hardly a new business philosophy for American Express. The company has demonstrated its commitment to good citizenship throughout its 157-year history, and those principles are communicated in public documents, such as our annual report and our company Web site, as well as in daily interactions with investors, clients, partners, employees and the media. This fall, however, we issued our first corporate citizenship report, entitled Recognizing Responsibility, summarizing the many ways American Express contributes to society. The report, available at www.americanexpress.com, is intended for a wide audience, including investors,

Defining Integrity
government officials, consumer advocates, customers, suppliers, partners and employees. Weve made the report available primarily online in an effort to reduce the amount of paper and energy used for printed copies. Beyond the facts and figures, the report tells the American Express story by highlighting people such as Melinda Earl, a small business owner, who is an OPEN customer and the winner of our Make Mine a Million program, which helps women entrepreneurs in the United States. In her testimonial, she says: A lot of big companies dont even want to talk to small business owners like me. I feel like American Express has really been there and understands my needs. Being there has clearly been a hallmark for the company, and in the pages of this report, readers can learn about American Express actions during and after September 11, our support to causes like the World Monuments Fund and our efforts to encourage employees to volunteer in their communities. We are proud of our history of citizenship, but there is always more to accomplish, says Chairman and Chief Executive Officer Ken Chenault. Our success depends on how well we recognize and carry out our responsibilities to our shareholders, our customers, our employees and the world around us while remaining true to the values that have guided us for nearly 160 years.

The Corporate Citizen Report focuses on the various ways in which American Express honors ethical business practices and demonstrates respect for people, communities and the environment. The document is organized according to four basic sections:

Shareholders features a brief history of American Express; a summary of our businesses, brand and corporate values; our commitment to supplier diversity; corporate governance; compliance; and the Code of Conduct.

World Around Us describes our tradition of philanthropy and volunteerism, and our commitment to the environment.

Customers highlights our worldwide customer care, cause-related marketing, consumer education programs, sustainable tourism, data security and privacy, and fraud prevention.

Employees focuses on workplace quality, flexible work environment, leadership development and diversity.

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Around the World with Robin Turner

When do I land? How do I transfer to the hotel? Where can I cash my travelers cheques? Can I upgrade to first class? Where do I meet the group for the day trip? How long is the flight? How early do I need to arrive at the airport? How many other travelers are on this tour? When do we take off?
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CONSUMER TRAVEL
i nformation

B a

* BOARDIN G PASS ON LY *

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WHERE WOULD YOU LIKE TO GO?

22:00
north

so

ut

Shanghai is a scintillating city swirling with rapid cultural change. Since market restrictions were lifted, Shanghai has embraced the forces of business and design, and rewritten its rule book shaping a fresh, new city that is sophisticated, innovative and living a life it has never lived before. While it can't match the epic history of Beijing or Xian's grander sights, Shanghai is the hotspot of modern China; a cosmopolitan city buzzing with the concept of 'lifestyle revolution', showcased in the architectural temples of art, fine dining and contemporary urban living on the Bund. amSterdam is one of the world's best hangouts, a canny blend of old and new: radical squatter art installations hang off 17th-cen-

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>>>> AndorrA, AntiguA, ArmeniA, AustrAliA, AustriA, BelArus, BoliviA, BrAzil, BurkinA FAso, CAnAdA, CApe verde, CentrAl AFriCAn repuBliC, Chile, Comoros, >>>> Cte divoire, denmArk, >>>> dominiCA, dominiCAn repuBliC, eCuAdor, egypt, eritreA, ethiopiA, FrAnCe, gAmBiA, georgiA, ghAnA, greeCe, guAtemAlA, hAiti, iCelAnd, indonesiA, irelAnd, isrAel, >>>> itAly, JAmAiCA, JApAn, JordAn, kenyA, lAos, liBeriA, AndorrA, AntiguA, ArmeniA, Austr >>>> AliA, AustriA, BelArus, BoliviA, BrAzil, BurkinA FAso, CAnAdA, CApe verde, CentrAl AFriCAn repuBliC, Chile, Comoros, Cte divoire, denmArk, dominiCA, dominiCAn repuBliC, eCuAdor, egypt, eritreA, ethiopiA, FrAnCe, gAmBiA, georgiA, ghAnA, greeCe, guAtemAlA, hAiti, >>>> iCelAnd, indonesiA, irelAnd, isrAel, itAly, JAmAiCA, JApAn, JordAn, kenyA, lAos, liBeriA, AndorrA, AntiguA, ArmeniA, AustrAliA, AustriA, BelArus, BoliviA, BrAzil, BurkinA FAso, CAnAdA, CApe verde, CentrAl AFriCAn repuBliC, Chile, Comoros, Cte divoire, denmArk, dominiCA, dominiCAn repuBliC, eCuAdor, egypt, eritreA, ethiopiA, FrAnCe, gAmBiA,

GATE 23

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COUNSELOR

by_cynthia aquila

youll love the hotels casual restaurant where tables seem to perch on the limbs of a tree. Dont miss snorkeling at the Coral garden. Just be careful of the sea urchins. try a couples massage at the resorts Bora-Bora Deep Ocean spa, where the glass floors give you a close-up view of the tropical fish swimming by.
Sounds like travel tips one friend might share with another. In a way, they are. These comments are just a few of the travel insights in this case, about French Polynesia which Robin Turner shares with her customers as an American Express Consumer Travel Counselor. Robin specializes in travel to France, French Polynesia, Hawaii and Southeast Asia, although she books trips for her clients anywhere in the world. Over the past 30 years, her expertise, passion for travel and personal service have earned her a loyal clientele and garnered both internal and external recognition. She has been named a Consumer Travel Pacesetter for sales performance and customer service for 20 consecutive years. She also has been included in Travel + Leisures A-list of travel agents for the past five years. Robin is only one of the many dedicated U.S. Consumer Travel Counselors who ably
Photography_mark battrell

serve some of our most discerning customers every day. Context recently visited with Robin for a glimpse at what its like to be a travel counselor. Here are some of the stories she has to tell.
First stop: Chicago

most mornings, youll find Robin at her desk an hour before the doors to the Chicago Travel Service Office open at 8:30 a.m. Cardmembers and passersby can stop in at the street-level office to talk with Robin, Cheryl Brown or Alla Tsirlin about a dream vacation; or Bonita Kemp and Robin Tyson to pay an American Express card bill or buy travelers cheques and gift cards. For the most part, Robins clients are either returning customers or referrals who usually contact her by e-mail or voicemail. The early-morning starts give her a chance to plan the day and sort through messages customers

Page _22

have left overnight. Theyve been thinking about their trips and often have additional questions or ideas, she says. This morning, a customer has left a voicemail about taking a cruise with his wife and 10 of their neighbors. Robin doesnt have firsthand experience with the ship they have requested. Its not possible to be an expert about every venue or supplier, she says. But you have to keep up.

What do they hope to experience? What are they interested in doing? Do they prefer wellknown, upscale hotels or more intimate, outof-the-way places? Sometimes their expectations dont fit with the destination, she says. If they like to golf and are thinking of Tahiti, they shouldnt go. Tahiti doesnt have any golf courses. In that case, Robin will suggest an alternate destination, like Hawaii, that would be a better fit.

When planning vacations for customers, Robin starts with their expectations not just where they want to go but why they want to go to a particular destination.
First, Robin calls a contact on the Platinum Card Services cruise desk for his opinion. She then checks the companys ranking on Travel + Leisures Worlds Best Cruise Lines list and the STAR report, which provides independent reviews of hotels and cruises. The ship in question turns out to be highly rated. Now Im ready to have a conversation with my customer and make some recommendations, she says. She then wraps up the mornings e-mails by confirming dinner reservations for a couple traveling to Copenhagen.
Points of arrival: Tahiti Southeast Asia

When planning vacations for customers, Robin starts with their expectations not just where they want to go but why they want to go to a particular destination.

Once Robin starts talking about Tahiti, you soon realize she is passionate about this destination. That passion has led her to experience and hone her expertise about French Polynesia. When she was first cited as a French Polynesia specialist in Travel + Leisure four years ago, she realized satisfying the well-traveled, upscale customers coming her way would require a higher level of quality and service. She made it a point to get to know the managers and concierges of top hotels and the chefs at some of the best restaurants. Through these relationships, Robin is able to arrange some special touches for her clients, like selecting a specific over-water bungalow that has the best views, having the hotel bed decorated with a traditional Tahitian flower design for honeymooners or booking reservations directly with the chefs at top restaurants.

Its these little things that make a difference and keep clients coming back, she says. Some longtime customers trust Robins expertise so much that they give her carte blanche for planning their travel. One of her favorite clients, who is going blind, has asked her to choose a special destination for him and his wife. The trip will probably be the last they take before he loses his sight completely. Its a tremendous responsibility, Robin says. I really want it to be as vivid and incredible as possible. And what could be more vivid than a festival in Thailand honoring the Hindu goddess of Water, where thousands of banana-leaf baskets decorated with flowers and candles are floated along a river during a full moon. Hotair lanterns are also launched into the night to symbolize the release of peoples troubles. The couple was delighted with Robins plan to include the Loi Krathong Festival during their trip.
Next stop: France

Often Robin will work with a tour operator for a particular destination to arrange details such as hotel accommodations, sightseeing tours and airport transfers. But there are times when a suppliers offerings dont match the customers requirements. Thats what happened with a family of eight planning a trip to France. The customer was treating her grown children and their families to this vacation. They were initially interested in several packages and independent tour options, but none worked out perfectly. So the client asked Robin to customize an itinerary for them. France is another destination that Robin knows well, having

Page 23

traveled there almost every year for the past 15 years. Dont get me started talking about the South of France, she says. I think its the best of all worlds colorful markets, excellent wine, great food, terrific scenery. Ive rambled up and down every cobblestone street in just about every village. It wasnt difficult to put an itinerary together. But it was time-consuming, especially since I couldnt find one company that offered everything the client wanted. Each week, the customer would call with a new request cooking classes, a bike excursion to mount Ventoux for her sonin-law, fully guided tours of the Louvre and Versailles with expert guides, reservations at Taillevent, the top restaurant in Paris, and more. It was up to Robin to handle everything from researching local tours and excursions to booking hotels, restaurants and transportation to writing detailed descriptions of every leg of the trip. She not only did all of that but helped acquire three new American Express Cardmembers in the process. Since the client was already a Platinum Cardmember, Robin suggested that three other family members apply for cards so they could take advantage of the complimentary companion ticket benefit. They were able to purchase eight businessclass tickets for the price of four, which was a significant savings for them, she says. When the woman returned, she couldnt thank Robin enough, saying the vacation was perfect . . . everything and more than she expected.

Destinations unknown

Even when faced with an unfamiliar destination, it doesnt stop Robin from providing a travel experience thats nothing short of amazing, in the words of a new, very satisfied customer. The cardmember from Florida and his fiance from Los Angeles were getting married in Arizona and honeymooning in greece. getting the couple to and from these locations and coordinating accommodations was a challenge, but one that Robin deftly handled. The cardmember also had a special request. He had a list of greek gods he was interested in and asked me to put together an itinerary around them. Robin set to work brushing up on greek mythology and history so she could make the couples honeymoon as

memorable as possible. The cardmember was so pleased with the results he wrote a letter commending Robin for an outstanding job and strengthening our commitment to American Express. What higher praise could you ask for? Robins love of travel hasnt lessened after 30 years in the business. For her next vacation, shes off to San miguel de Allende to celebrate the Day of the Dead. After that, she wants to check out the maldives to find out what all the buzz is about. I like to experience a destination for myself, discover out-of-the-way places, what makes them special and authentic, she says. And you can be sure she will share those finds with her customers to make their next vacation one of the best theyve ever had.

Departures
The cardmember commended Robin for an outstanding job and strengthening our commitment to American Express.

Page _24

Where are they noW? clear and one from american exPreSS tWo yearS later
Clear from American Express and One from American Express both debuted in October 2005 with a similar goal: more choice for cardmembers. to accomplish this, the teams behind both cards looked beyond classic rewards programs and found inventive ways to create value. so how have these innovative products fared over the past two years? heres a look back at how they were developed, and an update on how theyre doing now as they celebrate their second birthdays.

{UpDATE}

by_Kristin Roth

One from American Express

Clear from American Express

Clear was created under a simple guiding principle: Be clear. To the team behind the card, this meant the card should have no fees of any kind and rewards that are simple and automatic. Every time cardmembers spend $2,500, a gift Card worth $25 is delivered straight to their doors. The idea was to create a card with a focus on consumer advocacy and to provide a new option, says Christine Etheredge, director of marketing for Clear. To gauge demand for this type of product, the team focused their initial marketing on only two cities, Dallas and Boston. A targeted marketing and public relations campaign led local news channels and print publications to pick up the story, which created considerable buzz. The card has performed well in those locations, and acquisition through the Internet since launch has been strong, even with very little external publicity or marketing efforts. Cardmembers who have the card clearly love it. Of American Expresss many products, Clear has one of the highest net-promoter scores which is the measure for whether cardmembers would recommend the card to a friend. Clear is another example of how we offer consumers choice, Etheredge says. Its a complementary addition to our overall portfolio of offerings, which has allowed American Express to step out in a very positive way.

The One card has an appropriate name. Its benefits were designed with one need in mind allowing cardmembers to earn savings while spending. Every time cardmembers make purchases with the card, American Express contributes funds directly into an FDICinsured high-yield savings account in the cardmembers name. The card also offers interest protection no interest is charged on new purchases even when cardmembers carry a balance. With most credit cards, interest is charged from the day a purchase is made. Theres no true card competitor to this product, says Simran Kalra, vice president of marketing for the One card. Its value is distinctive. While the One card is not typical, neither are its cardmembers. For this audience, standard rewards are interesting but dont do the trick, says Kalra. They are more focused on balancing spending and saving. And while they prefer to pay balances in full, they occasionally need to revolve. Consumers have connected with the card. Cardmember satisfaction as measured through net-promoter scores is among the highest for American Express cards at 67 percent. In addition, the amount that cardmembers spend per account is double what the team had estimated another display of cardmember contentment. Fifteen percent of cardmembers have even deposited their own money into the savings account. The team is now focusing on targeting and acquiring more cardmembers, but keeping existing cardmembers happy and emotionally connected to the One card remains an important goal. One way theyre doing this is by allowing cardmembers to set up a savings goal online. Its another way of making this personal for them, Kalra says.

COnTeXT cOrrESpOnDEnTS

ARGenTInA_geraldine c campbell Office 54.11.4310.3507 Fax 54.11.4328.8275 AuSTRAlIA_luisa s megale Office 612.9271.2070 Fax 612.9271.2554 CAnADA_tina l Princiotto Office 905.474.8445 Fax 905.474.8363 FRAnCe_beatrice FRAnCe_beatrice hervieu Office 33.1.47 77 78 45 Fax 33.1.47.77.77.83 33.1.47 77 77 83 GeRmAnY_ursula e hellstern Office 49.69.9797.2332 Fax 49.69.9797.2919 hOnG KOnG_susanna s hui Office 852.2.811.6325 Fax 852.2.811.2331 InDIA_vibha b bajaj Office 91.124.680.1590 Fax 91.124.639.8304 ITAlY_luciana b strippoli Office 39.06.722.80.756 Fax 39.06.722.80.424

Office 44.207.976.4677 unITeD KInGDOm_deepa bose Fax 44.207.233.0873 Office 44.207.976.4677 Fax 44.207.233.0873 unITeD STATeS FT. lAuDeRDAle, unITeD STATeS Fl_stacey orange Office 954.503.9519 FT. lAuDeRDAle, Fl_stacey orange Fax 954.503.3056 Office 954.503.9519 Fax 954.503.3056 GReenSBORO, nC_tyler J cox Office 336.668.5824 GReenSBORO, nC_tyler J cox Fax 336.668.5696 Office 336.668.5824 Fax 336.668.5696 neW YORK, nY_cynthia aquila Office 212.640.5917 neW YORK, nY_cynthia aquila Fax 212.640.0331 Office 212.640.5917 Fax 212.640.0331 PhOenIX, AZ_mindy J adams Office 623.492.7412 PhOenIX, AZ_mindy J adams Fax 623.492.7411 Office 623.492.7412 Fax 623.492.7411 SAlT lAKe CITY, uT_steve allnatt Office 801.945.5268 SAlT lAKe CITY, uT_steve allnatt Fax 801.945.5675 Office 801.945.5268 Fax 801.945.5675

got a story idea? we welcome your thoughts on items and people we cover in Context features and in the following departments: update_whatever happened to...? behind the scenes_How did we score that big win? at Work_American Express employees and the jobs they do corporate citizens_putting a face on philanthropy the numbers_Quantifying our success time capsule_mining the archives for reminders of our 157-year history please contact any of the Context correspondents (at right) with your comments.

JAPAn_misao JAPAn_migao s eddy Office 81.3.3220.6186 81.3.3220 6186 Fax 81.3.3220.6717 meXICO_adriana a rivera Office 525.55.209.7310 Fax 525.55.209.7317 SInGAPORe_liang may shee Office 65.6880.1730 Fax 65.6294.0516 SPAIn_luis b dupuy Office 34.91.743.7229 Fax 34.902.195.111 TAIWAn_tiffany t chen Office 886.2.2514.3930 Fax 886.2.8712.3836 ThAIlAnD_Peera Pomkaew Office 66.2.273.5019 Fax 66.2.273.0324 unITeD KInGDOm_deepa bose

Context is printed on sappi opus dull containing 10 percent post-consumer recycled waste fiber. you can also read Context online at www.amexweb.com/context. We have significantly reduced the number of copies printed since 1998, when we first began providing an online version. We will continue to look for ways to further minimize the environmental impact of producing the magazine. copyright 2007 american express company. all rights reserved.

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