HYDREX SOLD FOR £106 MILLION

22 March 2006, London - Close Brothers is pleased to announce the sale of Hydrex by Bridgepoint to Quilvest, a private equity group listed on the Luxembourg Stock Exchange, and the Shoaibi Group, a Saudi Arabian engineering company, for £106 million. Separately the Close Brothers Debt Advisory Group ran a competitive process to arrange a stapled debt package totalling £97 million.

Hydrex is a market leader in the provision of outsourcing services to users of heavy equipment in the Rail and Materials Handling sectors. Over the last four years, growth of the business has been driven through a focus on services-based products, as well as a number of selective bolt-on acquisitions. Network Rail recently awarded Hydrex primary and secondary supplier contracts in all 18 of its regions.

For further information please contact:

Close Brothers

Justin Clark on 020 7655 3784 or Gareth Davies on 020 7655 3100