During the term of the amended agreement, ACE will continue to exclusively offer Travelers Express money orders at ACEs stores. The money order agreement, which ACE and Travelers Express entered into in 1998, was scheduled to expire on December 31, 2003. Under the amendment, Travelers Express will pay ACE a total of $3.4 million structured in a similar manner as the expiring agreement. During fiscal 2003, ACE sold money orders with a face value of $1.6 billion. ACE is also an agent for MoneyGram money transfers. In fiscal 2003, ACE customers sent $400 million MoneyGram money transfers, under an existing agreement with MoneyGram Payment Systems, Inc., an affiliate of Travelers Express.
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