Railtrack PLC (in Railway Administration)

Alan Bloom, Chris Hill, Scott Martin and Mike Rollings were appointed
Joint Special Railway Administrators of Railtrack PLC on 7th October 2001

The Joint Special Railway Administrators act as agents of the company and
without personal liability

The Administrators note the proposal (subject to contract) to Railtrack Group
PLC for its interest in Railtrack PLC and certain other assets from Network Rail
Limited. A copy of the proposal has been provided to the Administrators and the
Administrators are actively reviewing it in the context of the Administration.

The Administrators are pleased to note that the proposal indicates an intention
to fully satisfy all of Railtrack PLC's creditors. The proposal also provides a
payment to Railtrack Group PLC.

Since their appointment, the Administrators have been working with the executive
management of Railtrack PLC to prepare the necessary information to market the
business, with a view to achieving a transfer of the company's undertaking in
accordance with the Railways Act 1993. Network Rail Limited's proposal has been
received in advance of the commencement of any formal marketing process. Whilst
good progress is being made the formal marketing process is not expected to
commence for some time. In meanwhile, the Administrators will continue to
consider any proposal received on their merits.

ends -

For more information please contact Railtrack press office on 020 7557 8292/3
or Ian O'Doherty at Edelman 020 7344 1554

Railnews Archive ::: 2002-03-25 RTK-002