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To: StocksMan who wrote (20178)	12/31/2003 8:59:35 AM
From: StocksMan	Read Replies (1) \| Respond to of 20297

Travelers Express to change its name Neal St. Anthony, Star Tribune Published December 30, 2003 Travelers Express , the big money-order and wire-transfer business based in St. Louis Park, will change its name to Moneygram International after it becomes an independent public company, its corporate parent said in a filing Monday with the Securities and Exchange Commission. The filing of documents with federal regulators was the first step toward Travelers' plan to split from Phoenix-based Viad Corp. The deal is expected to be accomplished through a tax-free stock dividend to existing Viad shareholders. The distribution is scheduled to occur by the end of the first quarter of 2004, pending regulatory approvals, the filings said. The Star Tribune first reported the pending spin-off Dec. 12. Moneygram, which posted operating income of $80.2 million and revenue of $773.6 million for the first nine months of 2003, is the No. 2 provider of wire-transfer services, behind Western Union, and is the largest issuer of money orders in the United States. If it were independent today Moneygram would rank among Minnesota's 50 largest public companies, based on the Star Tribune's ranking of the state's largest 100 companies by revenue. Between 1997 and 2002 Moneygram increased its revenue and operating profit at compound annual growth rates of 30 percent and 28 percent respectively, the SEC filing said. The growth was driven in large part by Travelers' 1998 acquisition of MoneyGram Payment Systems, which today forms the foundation of its consumer money-transfer business and which has expanded from 105 countries to 155 countries in 2002. The customer base consists of so-called "unbanked consumers," typically the working poor and immigrants who lack a relationship with banks. The company also serves people who have bank savings accounts but not checking accounts, and bank customers who occasionally use Moneygram products for convenience, immediate electronic payment of bills or transfer of money overseas. Moneygram serves customers through its own offices and through long-established relationships with financial and other retailers, including Wal-Mart, Albertson's, Safeway, the United Kingdom Post Office, U.S. Bank and Wachovia Bank. . . startribune.com