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## TO OUR SHAREHOLDERS: 

American Express emerged from 2002 a stronger and more resilient company. In a challenging business environment, we not only delivered good financial results but also made fundamental changes that will better enable us to grow our business over the long term. 

We entered the year with several important goals: to deliver solid earnings, improve the underlying economics of our business, lower our risk profile and increase investments in business-building activities. By most measures, we achieved what we set out to do – all against the backdrop of weak economies and financial markets. As a result, we ended the year with a business that is more flexible and adaptable, less reliant on robust market conditions to deliver strong results, and more aggressive in the marketplace. 

