Black & Veatch Expands International Travel Program With Hang Seng Bank's Corporate MasterCard.

Business Editors

PURCHASE, N.Y.--(BUSINESS WIRE)--May 1, 2000

Black & Veatch Becomes First Company to Use

GE Capital Corporate Card Alliance on a Multinational Scale

MasterCard International, in conjunction with GE Capital and Hang Seng Bank today announced that Black & Veatch, a leading global engineering and construction company, is the first to use MasterCard's Corporate Card alliance with GE Capital on a multinational scale. Black & Veatch's use of the MasterCard-branded Hang Seng Corporate card provides its Hong Kong-based employees with expanded purchasing power and benefits. Black & Veatch is taking advantage of an alliance between GE Capital and Hang Seng Bank to extend business travel card programs and services to GE's multinational clients with operations in Hong Kong and around the globe.

By using MasterCard's Corporate Card, Black & Veatch and its employees will enjoy the many business travel benefits worldwide such as:

-- Cash availability in 99 countries at 530,000 ATMs

-- Acceptance at 17 million locations in 220 countries

-- Car rental collision damage insurance

-- $500,000 door-to-door accidental death/dismemberment insurance

-- $5,000 secondary coverage of checked and carry-on luggage.

In the U.S., Black & Veatch uses MasterCard corporate cards issued by GE Capital Financial Inc., a GE Capital subsidiary. To better serve its multinational customers, GE Capital recently entered into an alliance agreement with Hang Seng Bank. Black & Veatch cardholders based in Hong Kong now use corporate cards issued by Hang Seng Bank, while GE Capital provides a single point of contact for Black & Veatch's corporate travel management organization.

"The wider acceptance of MasterCard's Corporate Card has proved to be a great benefit for our company's international components - in this case for our employees traveling to Mainland China," said Martin McMillan, chairman of Black & Veatch Hong Kong LTD. "Hang Seng Bank helped roll out our program in a fast and efficient manner, and they have been very responsive to our requirements, continuing to provide first-rate service."

Under the terms of the GE Capital alliance, Hang Seng Bank issues Hong Kong dollar denominated MasterCard Corporate Cards, Chinese or English language statements, customer service and will work with clients to engage merchants. In addition, GE Card Services' desktop technology makes tracking Travel and Entertainment transactions more efficient and accurate for U.S. parent companies and local GE clients. In support of MasterCard's reporting initiative for global data roll-up, Hang Seng Bank will use MasterCard's Common Data Format (CDF).

"We are pleased that a company with Black & Veatch's reputation for excellence in all aspects of business, is using the MasterCard Corporate Card as its primary purchasing mechanism for its Hong Kong operations," said Steve Abrams, senior vice president, Corporate Payment Solutions, MasterCard International. "Our relationship with GE Capital and Hang Seng Bank fits nicely into our global strategy for issuers. MasterCard's participation in this alliance demonstrates the company's efforts to provide the best payment solutions for our cardholders worldwide."

"The combination of GE Capital's reporting technology, Hang Seng Bank's outstanding business card track record with corporate customers and MasterCard's Corporate Card service, allows us to offer our clients such as Black & Veatch, the most accurate and advanced services on the market," said Jeffery R. Dye, senior vice president, GE Card Services.

About MasterCard

MasterCard International has the most comprehensive portfolio of payment brands in the world. More than 1 billion MasterCard(R), Cirrus(R) and Maestro(R) logos are present on credit, charge and debit cards in circulation today. An association comprised of 22,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is the leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. With more than 18 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. In 1999, gross dollar volume exceeded US$727 billion. MasterCard can be reached through its World Wide Web site at http://www.mastercard.com.

About Black & Veatch

Black & Veatch, a global engineering and construction company, specializes in the fields of power, infrastructure, process, telecommunications, and information technology, and provides complete engineering, procurement, construction, architectural, financial, and management consulting services for utilities, commerce, industry, and government agencies. Headquartered in Kansas City, MO, the employee-owned company has approximately 7,000 employees and 2,000 craft workers in more than 90 offices worldwide. Black & Veatch is ranked 61st on the Forbes "500 Top Private Companies in the U.S." listing. Visit our website at: http//www.bv.com.

About GE Card Services

GE Card Services, a GE Capital company, develops and markets corporate bankcards designed for medium-and large-sized, multinational companies and organizations. It also creates and operates private label credit card programs for retailers across North America. Corporate cards are issued in the U.S. by GE Capital Financial Inc., a unit of GE Card Services.

GE Capital, with assets of over US$345 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly owned subsidiary of General Electric Company, GE Capital, based in Stamford, Conn., USA, provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide.