Freeman Spogli & Co. Holds Final Closing on FS Equity Partners V, L.P.

Los Angeles, CA, March 31, 2004 - Freeman Spogli & Co. today announced the final closing of its fifth investment fund, FS Equity Partners V, L.P. (“Fund V”), with aggregate capital commitments of $1 billion. The fund exceeded the firm’s target for Fund V of $900 million.

Investors participating in the fund include California State Teachers’ Retirement System, The New York City Employees’ Pension Funds, State Teachers’ Retirement System of Ohio, California Public Employees’ Retirement System, The State Board of Administration of Florida, New York State Common Retirement Fund and Ohio Public Employees’ Retirement System.

Fund V will invest in middle-market companies in the retailing, direct marketing and distribution industries in the United States (“The Target Markets”). The Firm intends to invest at least 90% of Fund V’s capital in these areas. The Target Markets have demonstrated compelling fundamentals over the past 30 years, including strong revenue growth, stable, predictable profitability and attractive public market returns. In addition, these sectors are large and highly fragmented, providing a wealth of attractive investment opportunities. Since the Firm’s founding in 1983, Freeman Spogli has developed an expertise in these sectors, investing over 65% of its capital in the Target Markets, including over 80% of Fund IV. The Firm believes this specialized investment focus will enable Freeman Spogli to leverage its experience, resources and relationships to generate attractive returns for Fund V.

Freeman Spogli is a privately owned investment firm dedicated exclusively to investing and partnering with management in middle-market companies positioned for strong growth. Established in 1983, the Firm has a professional staff of 14 individuals and maintains offices in Los Angeles and New York. Over the past 21 years, Freeman Spogli has invested over $1.9 billion in 34 portfolio companies with aggregate transaction value in excess of $12 billion.

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