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22 May 2003 <br /> Stagecoach Group seils Coach USA Transit Division <br /> Stagecoach Group plc is pleased to announce that it has agreed terms for the <br /> sale to First Transit, a US subsidiary of First Group pic, of the business and <br /> assets of the Transit Division of Coach USA. <br /> The transaction is subject to normal commercial closing conditions, including <br /> approval from affected public authorities, with completion anticipated before <br /> 30 June 2003. <br /> Coach USA Transit operates bus services in a number of locations across <br /> North America under contracts with public transport authorities and other <br /> bodies. <br /> The consideration for the transaction is US$22.5 million, satisfied by cash. <br /> The transaction will not result in a material gain or loss on disposal in the <br /> consolidated accounts of Stagecoach Group plc. <br /> Martin Griffiths, Stagecoach Group Finance Director, said: "This transaction is <br /> consistent with Stagecoach Group's strategy for North America, which was � <br /> outlined in December 2002. The saies proceeds will initially be used to <br /> reduce the Group's outstanding debt. <br /> "Discussions are continuing with a number of interested parties regarding the <br /> sale of all the specific regional businesses for which we announced plans to <br /> exit. We remain on tracic to complete our restructuring programme within the <br /> 12 to 18-month timetabfe we previousiy outlined." <br /> Coach USA Transit operates in 35 locations within the US, including <br /> California, Florida, New York, North and South Carolina, Puerto Rico and <br /> Washington. The division has around 2,000 employees and operates 1,200 <br /> vehicles. <br /> In addition to the saie of small taxi operations in Colorado Springs, Miami and <br /> Cincinnati� announced in December 2002, further taxi businesses in Kansas <br /> City, Long Island and Indianapoli� have been sold for a net cash <br /> consideration of approximately US$8.5m. <br /> ENDS <br /> Enquiries to: <br /> Martin Griffiths, Group Finance Director, Stagecoach Group, 01738 <br /> 442111 <br /> Steven Stewart, Head ofi Media and Public Affairs, Stagecoach Group; <br /> 10738 442111 <br /> John Kiely, Smithfteld Financial, 020 7360 4900 <br />