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17 November 2004

Terra Firma buys Tank & Rast

FRANKFURT AM MAIN, 17.11.2004. Terra Firma, one of Europe's leading private equity houses, today announced an agreement to buy the German motorway service operator, Autobahn Tank & Rast Holding AG. With 338 filling stations and 382 service areas around the country, Tank & Rast is Germany's leading company in this sector. Around half a billion people visit a Tank & Rast service facility on German motorways each year. Since its privatisation in 1998, the company has invested heavily in its service operations and built up numerous partnerships with prominent catering brands.

Guy Hands, Terra Firma’s chief executive, is delighted: "We have been following Tank & Rast for 6 years now and are delighted to have the opportunity to purchase it. We consider Tank & Rast a long-term investment and are convinced that, together with the management and staff, we will continue its successful progress.”

Terra Firma Operational Managing Director, Georg Kulenkampff, explained: "We will retain Tank & Rast as an independent company and work to make the service offering even more attractive for Tank & Rast’s customers. In doing so, we place particular emphasis on maintaining the good relationship with Tank & Rast’s leaseholders, federal and regional authorities, as well as Tank & Rast’s co-operative partners and the oil industry.”

The major shareholders of Tank & Rast are Allianz Capital Partners, Lufthansa and funds managed by Apax.

Citigroup Global Markets Limited acted as financial advisers to Terra Firma in respect of the acquisition. About Terra Firma:

Terra Firma is a European private equity business which closed the Terra Firma Capital Partners II Fund in February 2004 with approximately Euro 2 billion of commitments. This Fund has completed the acquisitions of Waste Recycling Group Limited, the landfill business of Shanks plc, Odeon Cinemas Group and UCI cinemas over the past 18 months. Terra Firma has total funds under management of Euro 3.8 billion.

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