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JAB Buys Stake in RM Auctions

26 July 2000

JAB Buys $1mm Stake in Auctioneer

    GUERNSEY, United Kingdom - JAB, a Guernsey based investment vehicle, 
announces its first investment of US$1 million in the acquisition of a 9.09% 
stake in RM Auctions Inc. ("RM"), a world-leading auctioneer.

    RM operates some of the leading and most prestigious classic car auctions,
mainly in the US.  In addition, the company currently auctions a range of
luxury, high-worth collectibles (watches, cameras) alongside its collections
of cars.

    The US car collector auction market is worth US$244 million and as a
leading player, RM already has a substantial market share.  The company's
focus is on investment grade collector cars and recent sales at Amelia Island
have included:

    -- 1965 Ferrari 250LM -- sold for US$2.3 million
    -- 1934 Alfa Romeo Tipo B (P3) -- sold for US$2.1 million

    Revenues are primarily derived from entry fees and commissions paid by
sellers and from buyers' premiums paid by purchasers.

    The auctions are held at top quality venues and resorts and timed to
coincide with other major collector car related events, such as vintage car
races.  Key auctions hosted by RM include:

    -- The New York Auto Salon at the Waldorf Astoria held in conjunction with
       the Louis Vuitton Concours d'Elegance at the Rockefeller Center in New
       York
    -- Vintage Motor Cars, Meadow Brook Hall
    -- The Monterey Sports Car Auction, Pebble Beach

    The company's most recent auction in Florida, at Amelia Island's
Ritz-Carlton hotel generated sales of more than US$14 million.

    In the period from January to June 2000, RM had revenues of approximately
US$2.16 million and made operating profit before taxation and amortisation of
approximately US$765,000.  In the next fiscal year, operating profit before
taxation and amortisation is forecast to increase to US$4.17 million.


    RM Auctions -- Using the Internet for Global Expansion

    RM Auctions intends to replicate its phenomenal success in the US market
across Europe and Asia and will be using new media technology to accelerate
that growth. The company is currently developing an internet platform
to offer a service not available anywhere else on the web.  Services envisaged 
include:

    -- Streamed video images of cars up for auction
    -- Comprehensive specifications and detailed descriptions
    -- Details of forthcoming events
    -- Back catalogue information
    -- Prior sales information

    More importantly, the website moves beyond the provision of auction lot
details, and is one of the first of its kind to offer users the ability to bid
on-line, in real-time, for a range of premium collectable cars, from anywhere
in the world.

    Sir Geoffrey Pattie, Chairman of JAB, commented, "The deal has been struck
on exceptionally favourable terms for JAB.  We will use our seat on RM's board
to assist in driving the company to exceptional growth and help prepare it for
a possible flotation or trade sale.

    "This investment, which was described in our admission document, is our
first since flotation.  It conforms directly with our stated investment policy
and, we believe, will provide substantial returns for JAB shareholders.  JAB
is actively pursuing other potential investments in this area."

    David Gooding, CEO of RM, commented, "We are delighted that JAB has joined
with us to help make RM a global player.  The investment will make a
significant difference to our development programme."