Gullivers Travel Group to acquire the global travel business of Pacific International Holdings

New Zealand's travel company Gullivers Travel Group has announced an
agreement to acquire the global travel business of Pacific International
Holdings Ltd (PIH) for NZ$23 million.

This is Gullivers Travel Group's first acquisition since listing on both
the Australian and New Zealand Stock Exchanges in December 2004. It is
expected that the acquisition will be earnings positive in the 2006/2007
financial year.

Gullivers Travel Group's managing director Andrew Bagnall said: "This
acquisition is in line with the Group's strategy of acquiring businesses
that complement and benefit our existing operations and expand our
global footprint. The United Kingdom and Australian operations will take
us into the high growth inbound tourism markets of Australia, New
Zealand and Fiji."

Rick Felderhof, current group chief executive officer for PIH will
continue in his role to manage the acquisition operations, together with
existing management and staff in Australia, New Zealand and the United
Kingdom.

A statement from the company said: "The business operations are located
in Australia, United Kingdom and New Zealand, and consist of wholesale,
retail and online travel services with total sales in excess of $300
million."

The largest outbound travel services group said it has been considering
the inbound market for some time looking for the right opportunity, and
this acquisition has a close fit with our key strategies to: grow its
Franchise business; expand distribution channels for Wholesale content;
continue investment in Information Technology; grow online business
opportunities for travellers in the global market.

The businesses to be acquired include the New Zealand operations of GO
Holidays Travel Wholesale and Ticket Consolidation business; GO Retail
Travel outlets, GO Retail Travel Broker network, Travel Smart Retail
Travel Franchise operations, Travel.co.nz; Master Franchise for Harvey
World Travel retail franchise operations in New Zealand, shares in
Greenstone Technologies, Talpacific New Zealand wholesale and retail
travel operations, Talpacific Holidays UK Limited, Travel Reward
Incentive Programmes, Talpacific Australia wholesale and retail travel
operations. Settlement in cash will occur on 31 October 2005.