Northgate plc

Northgate is the leading commercial vehicle rental company in the UK with a fleet of 45,700 vehicles. It also operates a fleet of 13,500 vehicles in Spain through its joint venture with Furgonetas de Alquiler SA ("Fualsa") in which it has a 40 per cent equity interest. Northgate has an option to acquire a further 40 per cent of the issued equity of Fualsa by 31 May 2004 together with the final 20 per cent by 31 May 2006. The Board believes that the excellent performance of the Fualsa business and its considerable long term potential highlight the quality of this investment. The Board therefore considers it highly probable that Northgate will exercise its option by 31 May 2004. ( www.northgateplc.com )