Acquisition

Trio Holdings PLC
17 July 2001


Tuesday 17 July


                   TRIO INVESTS IN THE AIR CHARTER EXCHANGE

The Board of Trio Holdings PLC ('Trio') today announces it has acquired 61,952
Ordinary shares of the enlarged equity capital of Air Charter Exchange Limited
('ACE'), the recently launched global electronic transactional exchange for
the inter-professional wholesale market between airlines and air charterers.
David Hagan, Executive Chairman of Trio Holdings PLC has joined the Board of
ACE with immediate effect.

Trio's resulting interest in the Company represents 21.50% of the enlarged
equity, which would dilute to 18.82% on conversion of a convertible loan from
another party, and the consideration for Trio's acquisition, financed from its
existing resources, was US$80,000 supplemented by a loan of £50,000. Other
significant shareholders in ACE include Equant (NYSE: ENT) (Euronext Paris:
EQU), operator of the world's largest data network and a recognized leader in
global communications solutions, and Nittan Capital Holdings of Hong Kong, a
subsidiary group of Central Tanshi Company Limited of Tokyo,

Developed over the last 12 months by Equant, in collaboration with a global
team of five leading air charter experts, the Air Charter Exchange commenced
business on 11th July 2001, following its 'concept launch' at the Air Cargo
Forum in Washington in October 2000. Some 70 airlines, accounting for many of
the major 'wide-bodied' carriers, together with over 70 leading charterers
world-wide, have already been accepted and joined the Exchange and based on
the level of interest expressed in the market, membership is expected to grow
rapidly over the coming months.

Equant not only designed and developed the application using BEA WebLogic
Server but also will host it. By giving unparalleled access to air charter
availability, the application should improve current air charter booking
procedures and deliver dramatic cost benefits to all users. Equant's
application provides the necessary performance and scalability to enable
airlines and major charterers to sell whole aircraft charters via online
inquiries and transactions globally, 24 hours a day, 365 days a year.

David Hagan, executive chairman of Trio, said: 'I am delighted that Trio has
played a small but catalytic part in the realization of the Air Charter
Exchange, which I believe has a very exciting future. This investment
continues to broaden Trio's product, services and business base, and
complements our growing in-house expertise in electronic transactional systems
for inter-professional markets.'

David Burnett, chief executive officer of the Air Charter Exchange, said:
'Thanks to Equant's unparalleled experience as a solutions provider to the
travel, transportation and hospitality sectors, plus its extensive systems
integration and application design expertise, our collaboration with Equant
has enabled us to develop this unique service quickly and effectively. Now,
with the support of our new partners, we look forward to the success of this
highly innovative enterprise.'

Richard Stokes, head of Equant Application Services commented: 'While there
has recently been much scepticism about online enterprises, we have always
believed that this Exchange would offer real value. We are pleased to see that
this has been recognized by the company's new investors, and we are delighted
to be involved with it.'

For further information please contact:
Trio Holdings PLC

David Hagan

[phone]

[e-mail]

Citigate Dewe Rogerson

Patrick Toyne Sewell / Melanie York

[phone]

[e-mail]

[e-mail]

Equant Media Relations

Robert O'Brien

[phone]

[e-mail]

Equant Investor Relations

James Armstrong

[phone]

[e-mail]

Equant Application Services

Sue Jones

[phone]

[e-mail]

Europe

Ashley Rayfield

[phone]

[e-mail]

The Air Charter Exchange

David Burnett

[phone]

[e-mail]

About TRIO

TRIO Holdings PLC is a leading London-based money, securities and derivatives
broking house which is fully listed on the London Stock Exchange.

About Equant

Equant, which combines the resources of the former Equant and the former
Global One, is a recognized industry leader in global IP and data services for
multinational businesses. It has unmatched global reach with a seamless data
network, connecting key business centers in 220 countries and territories,
with local support in 145 countries. Building on 50 years of experience in
data communications, Equant serves approximately 3,700 large business
customers - including nearly two-thirds of the world's top 100 companies.
Equant, a member of the France Telecom Group, meets the diverse needs of
global companies with the industry's most extensive and proven portfolio of
managed data network services. The combined Equant and Global One pro forma
revenues were $2.76 billion in 2000.

About The Air Charter Exchange

The executive management of the Air Charter Exchange includes Richard Ellis
covering Asia, Lucien Huesmann covering Europe, the Middle East, Africa and
South America; Thor Kjartansson and Jack Michalek covering North America;
Prince Emanuel Galitzine advising on Eastern Europe; Graham Howes of Cambridge
University as global advisor. The chief executive officer is David Burnett,
based in London.

Any airline or principal is invited to apply for admission at no cost via the
Air Charter Exchange web site (www.aircharterexchange.com).