The Directors of Waterman Holdings Limited are pleased to announce the acquisition of the business and assets of Express Logistics for an undisclosed sum.

Waterman today announced that it had signed an unconditional agreement to acquire Express Logistics ("Express"), with final completion by 31st October 2005. Waterman and private equity fund manager Direct Capital, have jointly acquired a majority shareholding in Express, with the balance of the shares owned by Express founder Brendon Thomas, Managing Director Graeme Mann and other senior Express managers and staff. Brendon Thomas and Graeme Mann will remain as directors alongside representatives of both Waterman and Direct Capital. Graeme Mann will continue as Managing Director of Express.

Express is one of New Zealand's leading logistics companies. It is based in Auckland and Sydney and employs over 200 people at 7 sites throughout New Zealand and Australia. Express is a licensed customs broker, IATA accredited airfreight forwarder and operates its own customs bonded warehouse facilities. Beyond Australia and New Zealand, Express works with a select network of agents to offer import, export air and ocean freight services on all major trade lanes to and from Australia and New Zealand.

Graeme Mann, Express Managing Director, added that "The investment by Waterman and Direct Capital allows us to take advantage of growth opportunities including further development in the Australian market, in the knowledge that we have both the capital and strategic support from our new partner to do so. This is a very positive development for Express and the opportunity for staff to participate as shareholders was welcomed. It will ensure the business expands alongside our key stakeholders."

For further information visit Express at www.xprs.co.nz or contact:

Matt Riley or Chris Marshall
Directors
Waterman Holdings Limited
+64 9 362 0522

Graeme Mann
Managing Director
Express Logistics Group Limited
+64 9 275 4000