ARNOLD takes 15% travel.com.au shareholding

MEDIA RELEASE
19 August 2003

ARNOLD takes 15% travel.com.au shareholding

ARNOLD, Australasia’s leading online travel booking engine, announced today that it had subscribed to a placement of new shares in travel.com.au Limited (“TVL”), taking its shareholding to 15%. ARNOLD has been invited to appoint a representative to the Board of TVL and Mr. Roger Sharp has now been appointed a Director.

ARNOLD’s technology powers the on-line offerings of some of the region’s leading travel management companies including Carlson Wagonlit, BTI New Zealand and Harvey World Travel. ARNOLD CEO Mr. Adam Johnson said:

“This is one of several expansionary moves ARNOLD has planned for the Australasian on-line travel market”.

TVL chairman Mr. David Williams said that he was pleased to formalise the relationship with ARNOLD:

“This relationship provides travel.com.au with access to additional online travel technology expertise and capital resources”.

About ARNOLD

ARNOLD’s product offering includes a highly sophisticated online corporate booking engine and travel management system, and an online leisure booking engine. ARNOLD is owned by a consortium of private equity investors, including TMT Ventures and Co-Investor, and by its management.

ARNOLD is investing heavily in enhancing, marketing and supporting the ARNOLD booking engine and the Fare Loader fares database loading tool in Australia and New Zealand. See www.arnoldtraveltechnology.com.

About travel.com.au

From its origins in 1995 as a pioneer of on-line travel in Australia and later in New Zealand, travel.com.au Limited has become Australasia’s premier on-line travel and leisure agency. travel.com.au Limited operates under the travel.com.au and lastminute.com.au URLs in Australasia, which are recognised as two of the leading consumer brands in their sector.

The company is listed on the Australian Stock Exchange, with the stock code TVL.

travel.com.au is expected to announce its results for the year to 30 June 2003 in the next few weeks. The company announced in July that it had upgraded its forecast to break even at the EBITDA level in the year to 30 June 2004.

About Direct Capital/TMT

TMT Ventures is the New Zealand-based $103 million corporate venture capital fund which invests in companies operating in the telecommunications, media and technology sectors of New Zealand and Australia. Managed by TMT Management, a joint venture between Auckland based Direct Capital Private Equity Limited and Boston based Advent International, investors in TMT Ventures include Telecom New Zealand, Alcatel, Lucent and Marconi, together with US and Australasian institutions.

TMT is one of five investors managing the recently announced government backed New Zealand Venture Investment Fund.
See: www.directcapital.co.nz

About Co-investor

Co-investor is a Sydney-based private investment fund run with interests in the technology, leisure, food and beverages and financial services sectors.

ENDS

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