AE Enters Licensing Agreement w Atlantic Pacific

American Express Enters Licensing Agreement With Atlantic Pacific

Consolidation to deliver benefits to business travel customers through synergy

Auckland, 2 May 2006 – American Express Business Travel and Atlantic Pacific have entered into a partnership that will combine the strengths of two successful travel management companies into one operation - becoming one of the country’s most experienced business travel service providers in the process.

Atlantic Pacific is a business travel division of listed travel company Gullivers Travel Group and, following the completion of the transition, will trade as Atlantic Pacific American Express.

Taking a best-in-class approach, the combined entity will offer a business travel management value proposition that has a high focus on delivering quantifiable savings, service and control to customers.

“This decision is in line with our growth strategy to form partnerships with leading firms in select markets where our clients can benefit from a strong local partner,” said Libby Roy, Vice President and General Manager of American Express Business Travel for Japan, Asia-Pacific, Australia.

“As a combined entity, Atlantic Pacific American Express will be better positioned to provide stronger, more tailored services than any other managed travel competitor in New Zealand,” she added.

The combined operations will be managed by Atlantic Pacific CEO Sharryn Waters who stated – “We are delighted with the opportunity to expand our services with such a reputable brand as American Express. It also achieves part of our business strategy to target growth within the Asia Pacific region. The new organisation will achieve greater economies of scale, establish stronger supplier relationships, provide versatile billing solutions, strong global marketing and expertise in corporate travel management. All of this will enhance the delivery of exceptional premium added value and superior services to clients of different sizes and needs.”

The transition is expected to be complete by the end of June. Terms have not been disclosed.

ENDS

About Atlantic Pacific

Atlantic & Pacific Business Travel Limited is a premier subsidiary of the Gullivers Travel Group, the single largest vertically-integrated travel operation in New Zealand. Atlantic Pacific manages a major share of New Zealand’s corporate travel market, specialising in government and large corporate customers. Atlantic Pacific is recognised as a market leader in business travel services, has earned a reputation for regional expertise, IT solutions, and service excellence.

The delivery of strong financial solutions to customers is at the core of the Atlantic Pacific experience in corporate travel management.

The company is proud of its values-based organisation with strong focus on its 130 staff, with centrally located offices in Auckland, Wellington and Christchurch. It boasts a strong executive team with international experience and an average tenure of 12 years service.

About American Express Business Travel

American Express Business Travel, a division of the American Express Company, is dedicated to helping its clients realise the greatest possible value from their investment in travel through increased cost savings, outstanding customer service and greater spend control. For small businesses, medium-sized enterprises and multinational corporations, American Express Business Travel provides a combination of industry-leading booking technology, travel management consulting expertise, strategic sourcing and supplier negotiation support and customer service available around the world, around the clock, online and offline.

American Express operates the world’s largest travel agency network with over 2,200 travel service locations in over 140 countries and territories worldwide. The Company processed nearly $19 billion in global travel sales in 2005.

The American Express Company is a diversified worldwide travel, financial services and network Services Company. Founded in 1850, it is a leader in charge and credit cards, Travellers Cheques, travel, business services, insurance and international banking.

ENDS

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