COMPLETED TRANSACTIONS

Professional Travel Corporation

JD Ford & Company represented the sole shareholder of the 23rd largest travel management company in the United States in its merger with U.S. Office Products. This engagement required us to develop a divestiture strategy that would enable the shareholder of PTC to obtain liquidity for his stock, while maintaining control over the operations. JD Ford, working with management, developed a comprehensive strategy for the consolidation of the corporate travel management industry. To execute this strategy, we helped the company to complete two acquisitions during the period of time that we were negotiating the merger. JD Ford & Company identified multiple strategic and financial buyers for the company and presented these buyers with a comprehensive business strategy designed to demonstrate the value of the industry consolidation. JD Ford then conducted an auction that ultimately led to a merger with US Office Products, a $3.5 billion revenue office products distributor. From February 1997 until April 1998 the Professional Travel division of US Office completed 11 additional mergers to become the fourth largest travel management company in the United States with total revenue of $250 million. In May 1998 PTC spun-off from US Office products and today is known as Navigant, a stand-alone NASDAQ-listed company. Our original client remains the CEO of this public company.

MARCH 6,1998 - JD FORD COMPLETES PROFESSIONAL TRAVEL AS IT RACES AHEAD