Investments

Carlson Wagonlit acquires Navigant

Bank Of America Investment Carlson Wagonlit Travel (CWT), and Navigant announced that they have signed a definitive agreement whereby CWT will acquire all outstanding shares of Navigant for $16.50 per share.

popular island of Cozumel was ranked for the third year in a row as one of the top 10 international travel destinations by Carlson Wagonlit Travel in their "2005 Travel Trends" survey. In the nationwide survey of 398 Carlson Wagonlit Travel Associates and agents, Cozumel moved up in ranking, placing ninth on the 2005 list of international hot spots. According to the survey, many travellers are looking toward Mexico, and places such as Cozumel, this year for their upcoming holidays. nine percent of the agents polled agreed that bookings to the country are up over last year.

Investment Opportunity The aggregate transaction value, including the assumption of debt, is approximately $510 million.

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Banc Of America Investment The acquisition price represents a premium of 25 percent over the closing price of $13.20 per Navigant share on April 26, 2006, and a 38-percent premium over Navigants average share price for the 60 days leading up to the announcement.

William has extensive experience in finance and investments in both public and private companies. He is the Managing Partner of Cansbridge Capital Corp., a boutique venture investment firm based in Vancouver and Palo Alto, specializing in technology. Cansbridge was an early investor in nCompass Labs (acquired by Microsoft in 2000), Intrinsyc Software ( ICS), Telos Technology (acquired by UTStarcom, UTSI in 2004). William has a MBA and Bachelor of Science in Mechanical Engineering from Queen's University in Kingston, Ontario.

Banking Investment The transaction has been approved by the boards of both companies and is expected to close in the second half of 2006.

Carlson Wagonlit Travel (CWT) is appointing Todd Kramer as vice president CWT Events EMEA (Europe, Middle East and Africa). In his new position, Kramer is responsible for developing and coordinating CWTs events business in the region. Based at CWTs global headquarters in Paris, he reports to Marino Faccini, who is both executive vice president of CWTs Mediterranean zone and responsible for the companys Meetings, Incentives, Conventions and Exhibitions (MICE) strategy for EMEA.

Investment Solution Strategic This strategic acquisition doubles CWTs size in North America, strengthening its presence in key regional markets.

(MTC) acquired Fastlink in what was considered the largest single acquisition in the Middle East area, and the largest private sector investment in Jordan.

Investment Banking Services It also expands CWTs presence in Asia Pacific, through Navigants operations in Australia and New Zealand.

Bank Investment Altogether, CWT will be the number one travel management company outside of North America and a strong number two in North America, in what remains a fragmented market. As a result of the transaction, CWT will generate annual gross volume in excess of $26 billion1 and net revenues of more than $1.6 billion, based on 2005 results.

Alternative Investment The combined company will operate in more than 150 countries and have approximately 22,000 employees. This announcement coincides with a related transaction, also announced today, under which Minneapolis-based Carlson Companies and One Equity Partners (OEP), a private equity affiliate of JPMorgan Chase & Co., agreed to acquire the 50-percent interest in CWT held by Paris-based Accor for $465 million.

Online Investment Services Upon completion of this transaction, Carlson will increase its stake in CWT to 55 percent, while OEP will own 45 percent.

Accompany Essential Investment This transaction is expected to close after receipt of regulatory approval.

Investment Company Hubert Joly, president and chief executive officer of CWT, said, Navigant is an important acquisition for CWT that greatly strengthens our competitive position in North America and in Asia Pacific. It builds upon our momentum and expands CWTs leadership in the business travel market, where our globally integrated, professional services model is delivering great value to our clients.

Investment Management Solution Mr. Joly added, We are pleased that One Equity Partners is investing in CWT and that Carlson Companies is continuing its support. We appreciate their strong confidence in the future of the business travel sector and CWT, in particular. We look forward to benefiting from both their financial and strategic support as we continue to grow.

Investment Management Services Ed Adams, Navigants chairman and chief executive officer, said, This is an excellent transaction for our shareholders, customers and employees.

Guide Investment Stock The business travel sector is experiencing a period of consolidation and aligning with the leaders of the future is the right decision for all of our stakeholders. I am confident that by combining forces with CWT, whose management I know and respect, our investors, our clients and our employees will be well served.

Investment Manual Solution CWT will embark upon the integration of Navigant after seven successful acquisitions in the past two years. Mr. Joly said, The combined leadership team will focus on ensuring that current clients of both companies continue to receive superior service, while a separate, dedicated team will lead the integration to guarantee a smooth transition for all clients and employees.

Investment Stock Mr. Joly will continue to serve as president and chief executive officer of CWT. Mr. Adams has agreed to support Mr. Joly as the companies complete this transition. Once the transition has been completed, Mr. Adams will pursue other opportunities after 27 successful years in the travel industry. Bob Griffith, Navigants chief financial officer and chief operating officer, will take on a new role as executive vice president within the combined company, reporting to Jack ONeill, who will continue as chief operating officer of CWT North America.

Essential Investment Solution Other key members of the CWT and Navigant management teams are expected to continue as senior executives within the combined organisation.

Citicorp Investment Services We look forward to working with Navigants strong team and clients to ensure that the integration of the two companies is smooth and mutually beneficial, Mr. Joly said.

Fool Guide Investment Motley CWT has obtained commitments from JPMorgan, Lehman Brothers and Morgan Stanley, which, together with its cash and cash equivalents on hand, are sufficient to satisfy in full the cash consideration payable to Navigant shareholders under the terms of the agreement.

Fidelity Investment Services The transaction is subject to a number of closing conditions, including approval by Navigants shareholders, regulatory approvals, financing, the closing of the Accor/Carlson Companies/One Equity Partners transaction, and other customary conditions.

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