JAPAN TRAVEL BUREAU AND CARLSON WAGONLIT TRAVEL ANNOUNCE TRAVEL AND EXPENSE MANAGEMENT JOINT VENTURE IN JAPAN

Japan Travel Bureau and Carlson Wagonlit Travel confirmed today a travel and expense management joint venture which will be operational beginning January 1, 2001.

The new company - "JTB Business Travel Solutions Inc." trading as "JTB-CWT Business Travel Solutions" will incorporate the logos of JTB and Carlson Wagonlit Travel in its trading name, corporate image and branding.

The joint venture in Japan will provide corporate clients with a seamless travel and expense management service through combination of the domestic and global networks of JTB and Carlson Wagonlit Travel. JTB-CWT Business Travel Solutions will enhance cost savings and management of travel expenses and related consulting services.

The joint venture company will reinforce the provision of consistent quality service in the Japanese market and with the Global Presence of CWT allow delivery of one-stop services through the integration of JTB's advanced information technology with the products, services and Account Management strategies of Carlson Wagonlit Travel.

Owned 70 percent by JTB and 30 percent by Carlson Wagonlit Travel, the joint venture will be headed by Toshio Matsugu, former General Manager of JTB New York Office who has been appointed as a president and CEO. The company will have 320 employees and an annual turnover estimated at $300 million (USD) in 2001.