Quark Expeditions and Peregrine Shipping

Darien, CT (August 20, 2007) .

In May 2007, Quark Expeditions became a member of TUI Travel's Activity Sector. For the following three months the Quark Management Team learned about the new parent company and its many brands. Specifically, they focused their attention on ways in which Quark and Adventure Fleet, a sister brand, could cooperate.

Adventure Fleet was TUI's expedition cruising division, an entity that brought together the Clipper Cruise Line and Peregrine Shipping brands. The Adventure fleet operated three fantastic polar expedition ships: Clipper Adventurer, Akademik Ioffe, and Akademik Sergey Vavilov.

As previously announced on June 7, 2007, Clipper Adventurer will become part of the Quark fleet. We are pleased to announce today that Quark Expeditions and Peregrine are also coming together, joining forces as the world's leading polar expedition operator. The two organizations will operate under the Quark Expeditions brand.

This merger of expertise and ships will provide our customers single-point access to a diverse fleet, offering a broad range of polar itineraries, styles of operation, and types of accommodation. While each ship's character and operational style will continue to define the experience on board, it is our goal to standardize sales and customer service procedures, and simplify the administrative process, building increased efficiency in marketing and sales cycles.

We are currently combining the best practices and resources of each organization.