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Letter to the Editor

CARSTAR Completes Capital Investment Deal with Harbert Management Corp

OVERLAND PARK, KS -- CARSTAR, the largest collision repair network in North America, closed on a substantial capital investment from Harbert Management Corporation on December 28, 2001. CARSTAR will use the new funding to continue the company's strategic growth initiatives and support development of its information management system.

"We are excited to have a new investment partner like Harbert," said George Hansen, CARSTAR Chief Executive Officer. "Our managed repair network is the leader in our industry in terms of scale, quality and service, and with the support of new capital from Harbert, we look forward to executing our aggressive business plan."

Kevin Karas, CARSTAR Chief Financial Officer added, "CARSTAR has successfully built a company that is profitable and cash flow positive. This new financing, which is the largest in CARSTAR's history, will fund our plans to expand our network, acquire additional company owned stores, and develop and implement strategic technology solutions."

In 2000, CARSTAR announced the launch of CARSTAR University OnLine, the first Internet-based training program in the collision repair industry, and in 2001 the company developed a custom e-commerce solution for consumers and the insurance community.

With over 300 locations across North America, the CARSTAR managed repair network generates annual repair revenue in excess of $380 million. Since 1989, CARSTAR has performed over 1.5 million repairs with an average customer satisfaction rating of 95 percent or better. Their repair work and service are backed by the only nationwide warranty in the industry. CARSTAR is headquartered in Overland Park, Kansas. Harbert Management Corporation is an asset investment and management firm based in Birmingham, Alabama.

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