6th February 2004

Close Brothers Growth Capital (“CBGC”) fully exited their investment in Delta Fluid Products Limited (“DFP”) through an £8 million refinancing of the business. The refinancing package included funding from GE Capital in the form of a loan that enabled the management team to redeem the entire acquisition finance provided by CBGC and to acquire CBGC’s equity interest in the business.

DFP is a long established, consistently profitable manufacturer of safety critical valves and fittings and is based in St Helen’s. It has an annual turnover of £12 million. The management team is led by chief executive Brian Travis, formerly of Delta plc, who has over 20 years experience in this sector. The team has worked together for over six years and is responsible for developing DFP into one of the leading suppliers of safety critical valves in Europe. CBGC backed the management team of DFP in April 2002 in its buy-out of the business from Delta plc.

The original buy-out transaction was financed exclusively by way of a hybrid equity and debt-funding package from CBGC. The management also provided equity.