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Jarvis Announces UPP and Estonian Railways Sales01/09/2004 Jarvis Plc announces today that in line with its restructuring strategy it has signed heads of terms for the sale of its University Partnerships Programme ("UPP") bidding and SPV management operations to the Alma Mater Fund Limited Partnership. The proposed transaction is conditional on due diligence and completion of documentation, and is not expected to be material in the context of the Jarvis Group. The Alma Mater Fund has previously partnered the UPP business and the university clients in developing university student accommodation projects and had recently acquired the economic interests in a number of the investments held in the UPP joint venture special purpose vehicles from the Group. Alma Mater is a joint venture partnership co managed by 3i and Barclays Private Equity and aims to develop a portfolio of student accommodation projects in partnership with universities across the UK. Jarvis can also confirm that, further to its announcement of 1 July 2004 concerning the conditional sale agreement in respect its interest in Baltic Rail Services OU, the majority shareholder in Estonian Railways (AS Eesti Raudtee), that this transaction has now completed and the cash consideration of £6.7million has been received.
or Andrew Honnor/David Trenchard at Tulchan Communications 020 7 353 4200
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