New financing structure

Intermodal Resource Plc
04 December 2006


4 December 2006



          Intermodal Resource plc completes major financing agreement


Intermodal Resource plc ('Intermodal'), the UK based European transport
equipment contract hire group, has signed contracts with DCM Container Fond and
Unitas (together, 'Unitas'), the German 'KG' investment fund specialising in
containers. This is the first time the German KG structure has been used to
finance swapbodies Under the agreement, Intermodal's German subsidiary, Axis,
will sell its entire swapbody fleet, comprising 2265 units, to Unitas for a cash
consideration of £4.1m, realising a surplus to book value of £450,000. After
repayment of Axis' debts and costs associated with the transaction, a net
surplus of £1.5m will provide a strong base for new investment and strengthen
the group's working capital position.


Axis will manage Unitas's swapbody fleet for a contracted period of 12 years.
Under the terms of this agreement, Axis will earn fees based on a percentage of
the gross revenues together with procurement and disposal fees on all new
additions and disposals to the portfolio. This transaction is expected to be
earnings neutral in 2007 and to be earnings enhancing from 2008 onwards.


Under the contract, Axis will be responsible for the care and maintenance of
swapbodies owned by Unitas, providing an additional revenue stream to the
contract hire and an opportunity to strengthen client relationships through
enhanced service quality.


The agreement provides funding for an immediate 38% expansion of the swapbody
fleet with the addition of 900 units for delivery in the first quarter of 2007.
The majority of these have already been committed to Axis clients on long-term
rental contracts, effective upon delivery from the manufacturers. Axis expects
to take delivery of 400 units in Hamburg over the next twelve months and will
use the competitive advantage offered by new equipment in a tight market to
develop its presence in Northern Germany, having hitherto concentrated its
efforts on Southern and Eastern Germany.


Axis is currently experiencing strong demand for swapbodies as confidence grows
in the German economy. The total European swapbody fleet is growing at about 7%
per annum and there is a six month lead-time for new equipment.


Robert Montague, CEO of Intermodal, commented:


'This is a transformational deal for Intermodal, which gives us the funding
capacity to take on large contracts with major operators in Germany without
incurring exposure to residual values and financial risk. We can thus achieve
strong growth in Germany, allowing us to take full advantage of the recent
upturn in the German economy and the rapid adoption of swapbodies as a more
flexible alternative to containers in continental Europe. The deal also frees up
cash to fund strategic growth opportunities in our UK business.'


For further details:

Robert Montague                     Chief Executive     [phone]
JonathanGollins/Marylene Guernier   M: Delta            [phone]





Notes to editors:


Intermodal Resource plc is an equipment contract hire group that services the
transport and logistics industries in the UK and across Europe.


From several locations in the UK, Intermodal offers contract hire of trucks and
trailers, with a fleet of over 500 vehicles, together with online trailer
maintenance services. The UK business contributes approximately 75% of group
revenues. In the UK, the group trades under the names Trailerent, Assetcare and
Tailored Hire.


Intermodal also has a German business based in Cologne, Germany, trading as
'Axis'. Axis provides contract hire and maintenance services to the continental
European swap-body market (growing at about 7% p.a.) where it currently services
approximately 10% of the rental market of about 7 million units. Axis
contributes approximately 25% of group revenues. Axis has over 100 customers,
including DHL, DFDS, Gefco and the German, French and Swill postal services.


Intermodal Resource plc was admitted to the AIM market in 2004.


The German KG funding structure is designed to offer tax-efficient investment
under German law for retail investors to invest in a variety of assets. KG's
have invested in containers for a number of years but Intermodal's agreement
with Unitas is the first of its kind involving swapbodies.


Swapbodies are containers equipped with legs which can be lowered and retracted.
They can be loaded or unloaded by a truck or trailer using a built in hydraulic
system and do not require an external crane. Swapbodies are particularly
advantageous where fast turnaround times are required and bespoke loads are
being delivered to multiple locations.



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