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Lotus Gets New Life

8 November 2000

    London - Executives at Group Lotus must be dancing the jig following a more 
than $60 million financing deal organized through ING Barings. The issue was 
oversubscribed by a massive 70%, which shows the confidence the money market 
has in the future of the automotive manufacturer and consulting firm.

    The funding will support the planned growth of the company's vehicle range, 
manufacturing capacity and engineering consulting business. In the last fiscal 
year ended March 31, 2000 Lotus reported a sales increase of 24%, its highest 
ever recorded turnover for the fifth consecutive year. Turnover was 138.9 
million sterling and profit, before R&D and new product development, stood 
at 125 million sterling.

    Over the last two years the company has invested heavily, including 
construction of a new manufacturing plant that triples capacity. A new research 
facility has also been constructed and the company has made some strategic 
acquisitions of engineering facilities in Coventry, U.K. and in Michigan.