News Release

16 July 2009

NEW CEO AND EXECUTIVE TEAM AT ANGEL TRAINS

Angel Trains Limited (ATL), the leading UK rolling stock company (Rosco), has announced a revised senior executive team following an organisational restructuring of the company.

Malcolm Brown, previously the Managing Director, has been appointed as Chief Executive, succeeding Rob Verrion, who was appointed on an interim basis by the private equity consortium that purchased the company in August last year.

Malcolm will be supported in his role by a strong executive team.

George Lynn, who has been Finance Director of ATL since it was created as part of the privatisation of British Rail, has been promoted to Chief Financial Officer of the ATL group.  Tim Dugher, formerly the Safety and Engineering Director, has been promoted to Chief Operating Officer and Kevin Tribley, the incumbent Commercial Director of ATL, completes the new senior team.

Malcolm, George and Tim will join the board of Angel Trains Group Limited, the holding company of ATL, and Kevin joins the board of ATL.

Speaking of his new appointment, Malcolm Brown said:  “I am looking forward to working with my fellow team members on the opportunities and challenges faced by the company in ensuring that Angel Trains continues to play a constructive role within the rail industry.”

Rob Verrion added: “I am leaving the company in the hands of a highly experienced, knowledgeable and talented team of executives. Over the past year I have had the opportunity to work closely with all of them and have a very high regard for them.”

ENDS

Notes to editors:

Background on the new team:

1. Malcolm Brown joined Angel Trains in February 2008. He was previously Deputy Managing Director for the Serco/NedRail Northern Franchise - a key customer of Angel Trains - and prior to that spent five years with National Express Group as Commercial and then Customer Service Director.  He has also worked in a number of marketing roles at Marks and Spencer, James River plc and Sea Containers/GNER.

2. Prior to joining Angel Trains in 1994, George Lynn was group finance director for Union plc and previously held senior positions in Barclays Mercantile Highland Leasing and Deloitte Haskins & Sells. He has been UK finance director of Angel Trains since before privatisation.

3. Tim Dugher joined Angel Trains in 1995 to set up and lead the Projects Section. Tim started his career at British Rail, where he joined as a technical apprentice in 1977 and advanced to key managerial roles. In April 1997, at Angel Trains, he was promoted to Account Director and then to Safety and Engineering Director in July 2002. Tim is a Chartered Engineer.

4. Kevin Tribley has been with ATL for 10 years and has been involved extensively in the re-leasing of the Angel Trains portfolio as well as many of the new build transactions completed by Angel Trains during this time. Prior to joining Angel Trains, Kevin worked in corporate and institutional banking and structured finance within Deutsche Bank and Union Bank of Switzerland respectively.

5. Rob Verrion joined Angel Trains Ltd in August 2008 following the sale of the company to the new consortium. He is a former Chief Operating Officer and director of Transco plc, where he was responsible for the safety, operations and financial results of the UK gas distribution business. Prior to joining Angel Trains Ltd he advised private equity funds on infrastructure industry investments.