Press Room

TRANSPORTATION RESOURCE PARTNERS ANNOUNCES CLOSE OF INVESTMENT FUND

Bloomfield Hills, Michigan - February 9, 2004 - Transportation Resource Partners, a leading private equity firm investing in the Transportation Industry, today announced the final close of Transportation Resource Partners, LP (TRP) with commitments totaling $265 million. TRP was formed on July 9, 2003 by its General Partner, Transportation Resource Management and founding Limited Partners including Penske Corporation, GE Corporate Financial Services and Goldman Sachs. TRP is the successor fund to Penske Capital Partners which was founded in 1997 and made six investments exceeding $300 million in equity from 1997 to 2002.

TRP will focus on making leveraged investments in growth-oriented companies operating in the Transportation and Transportation Services Industries. TRP's philosophy is to identify attractive investment situations where it can work in partnership with management to support growth. TRP's principals have extensive operating and investing experience in the Transportation Industry. TRP focuses on businesses having enterprise values of up to $500 million. TRP, along with its predecessor fund, Penske Capital Partners, has been responsible for managing over $600 million of equity capital. Current investors in TRP include both strategic and financial institutions.