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August 2, 2000

American Express and Ventro in Agreement to Form New Company, MarketMile

(COMPANY PRESS RELEASE) American Express Company and Ventro Corporation announce an agreement to create a new company, MarketMile TM LLC (www.marketmile.com), to build and operate an Internet-based marketplace aimed at streamlining the way corporate America buys its everydaybusiness products and services.

By CBR Staff Writer

The new company combines American Express’ ability to provide secure and effective cost savings tools for corporate clients with Ventro’s proven track record of building and operating B2B marketplaces.

MarketMile will serve the buying needs of companies seeking an affordable e-purchasing solution for everything from office and industrial supplies, computers and peripherals, to business services such as temporary labor. The company will initially target mid-sized companies with plans to expand the offering to both large and small businesses. The overall market for general business products and services is estimated to be over $1.4 trillion.

Forming MarketMile allows Ventro and American Express to accelerate development efforts in two key way through building a critical mass of buyers and sellers rapidly by leveraging American Express’ experience with its B2B Commerce Network pilot and through Ventro’s advanced technology platform and operating experience. American Express tested the B2B Commerce Network pilot last year to service the indirect expense/MRO (maintenance, repair and operating) market, which allowed for the refinement of the solution features, and testing of the business model and customer demand.

MarketMile will be using Ariba technology as a core element, building on the work American Express has already undertaken with Ariba in developing the B2B Commerce Network. Ventro licenses Ariba technology as a major component of its platform for all of its marketplaces.

The new company represents American Express’ first separate e-commerce start-up. It also represents Ventro’s extension of its marketplace offerings to provide a general business purchasing solution. The formation of MarketMile with American Express will be Ventro’s sixth operating company. Initially, American Express will have a 65% ownership stake in MarketMile, and Ventro a 35% stake, with plans to invite future participants and service providers to become stakeholders in the marketplace through investment in the company.

The new company will begin operating for the near-term under the guidance of Interim-CEO John Corsi from Ventro Corporation, and a board comprising American Express’ Ed Gilligan, Group President, Global Corporate Services; Pierric Beckert, Senior Vice President Interactive Investments at American Express; and Robin Abrams, COO of Ventro Corporation.

MarketMile will be headquartered in Mountain View, California.

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