ABERCROMBIE & KENT TO LAUNCH GROUNDBREAKING DESTINATION CLUB

OAK BROOK, IL - April 18, 2008 - Abercrombie & Kent, the acclaimed travel services company, has been a pioneer in the world of luxury travel services for the last 46 years. Starting this summer it will launch the Abercrombie & Kent Residence Club, a destination club that promises to transform the marketplace by combining the company's unparalleled experience and global reach, its insider access and its superlative travel services, with a unique equity club model.

BelleHavens and Crescendo, two leading equity destination clubs known for their portfolios of outstanding properties, have recently been acquired by the Abercrombie & Kent Residence Club. These acquisitions make the Abercrombie & Kent Residence Club the world's largest equity destination club and the sixth largest destination club. Abercrombie & Kent was able to execute these acquisitions with the support of private equity funds managed by affiliates of Fortress Investment Group, LLC.

Abercrombie & Kent Founder, Chairman and Chief Executive Officer Geoffrey Kent has appointed Jarvis J. Slade, Jr., a proven industry innovator, as President of the Abercrombie & Kent Residence Club. He joins Abercrombie & Kent from American Express, where he held a variety of senior executive positions, most recently heading up the company's U.S. Centurion and Platinum Card travel operations. Prior to American Express, he served as a management consultant for Booz Allen & Hamilton, specializing in consumer products and services.

In the months leading up to the official launch this summer, Mr. Slade will oversee the seamless integration of BelleHavens and Crescendo members into the Abercrombie & Kent Residence Club. New home acquisitions in the most sought-after domestic and international destinations are already underway. "We have a winning combination," he says. "A compelling equity club model backed up by a global portfolio of destinations and experiences that only Abercrombie & Kent can offer. We are not a real estate company or a typical destination club focused on acquiring homes. We are a global travel company leveraging our experience to create a new paradigm of luxury travel."


The company has no intention of following in the footsteps of existing destination clubs. Instead the Abercrombie & Kent Residence Club will revolutionize the marketplace with a series of unique membership benefits:

1) An unmatched portfolio of global destinations. By the end of 2008, the Abercrombie & Kent Residence Club expects to offer its members 43 properties in 30 destinations in the U.S. and abroad. These properties include 18 club-owned multi-million dollar homes, 12 privately owned villas and manor homes, plus suites in 13 Stein Hotels and Resorts properties in Europe.  In addition, members will be able to use some of their annual week(s) on A&K trips - like an African safari, a cruise in the Galapagos Islands or a climb to the summit of Mount Kilimanjaro - in more than 100 exciting destinations.

2) A unique membership model. Unlike most other destination clubs, the Abercrombie & Kent Residence Club is a debt-free nonprofit club that is 100% owned by its members, providing them with the peace of mind of knowing that the club will not borrow against the club's properties to fund its operations. Members will also elect two members to the Club's board which will provide them a direct voice in the club's evolution.  Annual audited financial statements are another best-in-class feature that will allow members to monitor the club's responsible governance.

3) Unsurpassed service, insider access and trust. Over the past 46 years, Abercrombie & Kent has built an unmatched reputation in these three areas. Simply put, no other club can offer its members Abercrombie & Kent's reputation for commitment and integrity, its superlative level of service, its degree of privileged access, its network of local guides and partners, or its unrivaled range of inspirational travel opportunities in over 100 countries.

"It's the next logical step for us," explains Geoffrey Kent. "We have been providing remarkable services and experiences for more than four and a half decades. Now we are applying those same skills to transforming the growing world of destination clubs. We're confident that no other company can offer this unique combination of membership benefits including extraordinary homes, luxury resorts, Abercrombie & Kent's exceptional travel opportunities and the peace of mind that comes with equity membership."

Beginning this summer, Abercrombie & Kent Residence Club will be taking applications for a limited number of new memberships in select markets. For preview information on the Abercrombie & Kent Residence Club, please go to: www.akresidenceclub.com.

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About Abercrombie & Kent
Born as a safari outfitter in 1962, Abercrombie & Kent's unparalleled travel services now extend around the globe to more than one hundred countries on all seven continents. The company built its award-winning reputation by being the first to bring unexpected comforts and amenities to remote destinations. Small group or tailor made private travel with Abercrombie & Kent combines the convenience, service and security of a U.S.-based company with support 24/7 from a network of 60 on-site offices that ensure "by invitation only" access to inspiring experiences in a personalized, low-profile and intelligent style.  www.abercrombiekent.com



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