Barry Rand Appointed Chairman And CEO Of Equitant; Equitant Selects Fortune 500 Outsourcing Executive to Lead Equitant in Its Next Phase of Growth.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 4, 2003

Equitant, the leading provider of Order-to-Cash(a) management services to Global 1000, announced today that Barry Rand has been appointed as Chairman and CEO of Equitant.

Mr. Rand is a Fortune 500 CEO with broad executive management experience and a proven record of accelerating high-growth businesses to success, as well as driving established multi-billion dollar businesses to positions of market leadership. Mr. Rand has been an active member of the Equitant Board of Directors for the past eighteen months, working closely with the current management team. He has extensive expertise in leading enterprises like Equitant, which provides outsourced managed services to Global 1000 companies seeking to improve their working capital, costs, and service performance to their customers.

Rand, a former Chairman and CEO of Avis Group, a $4.5 billion conglomerate, oversaw the management of PHH, the world's second largest fleet leasing and outsourced fleet management services, and Wright Express, the world's largest credit card and information services provider for the fleet industry. During his tenure, Rand drove Avis to 20%+ EPS growth, and dramatically strengthened the balance sheet by increasing free cash flow from zero to $185 million. Additionally, Avis' stock price and market capitalization nearly doubled during that time.

Rand also formerly served as Executive Vice President of Worldwide Operations at Xerox where he created and globalized Xerox Business Services, which became the industry's largest services outsourcing business with $3.5 billion in sales. The group achieved a 50% market share, with 45% annual profit growth and 35% annual revenue growth.

Mr. Rand stated, "This is an opportune time for Equitant as market circumstances have caused a shift in the strategic imperatives of Global 1000 executives. Cash and working capital management have become paramount, presenting a challenge for companies who need to optimize key business processes to achieve their objectives. I am excited about my new role at Equitant because the company offers focused and world-class management of the Order-To-Cash process, which matches the market's clear need for and growing trend toward the use of managed services to improve bottom-line financial results and enhance customer service."

Equitant Founder and Co-Chairman, Paul French stated, "Barry brings enormous executive management experience and exceptional depth in market development, sales and operations for large-scale businesses, including outsourcing. His appointment represents a tremendous opportunity to take Equitant to the next level." Mr. French also noted that, "The Board is grateful for the stewardship provided by departing CEO, David Gai, who laid the foundation for Equitant's continued growth and success".

Mr. Rand also serves on the Board of Directors for several Fortune 1000 companies including AT&T Wireless, Abbott Laboratories, and Agilent Technologies.

(a)Order-To-Cash (O2C(TM))

The Order-To-Cash process comprises key activities in the financial supply chain, including order management, credit analysis and approval, invoice and billing, cash collections, dispute resolution, cash application, and financial analysis and reporting. The process is typically non-core, yet complex and labor intensive. However, the process is also critical as it significantly impacts companies' cash position, cost structure, and customer relationships.

About Equitant (www.equitant.com)

Equitant transforms the Order-To-Cash (O2C(TM)) process for some of the world's leading companies. By assuming management and accountability of the complete O2C(TM) process, Equitant is able to deliver significant improvements in working capital, reduce overall finance and administrative costs and increase customer satisfaction. Equitant serves the Global 1000, including companies such as Microsoft, Cisco and Hewlett-Packard, among others. Today Equitant manages billions of dollars of revenue for its clients.