Warburg Pincus continues its strong support of Cobalt's growth

Seattle (February 13, 2002) - The Cobalt Group today announced that its principal owner, Warburg Pincus, has extended the company a $15 million secured line of credit. This financing will fund Cobalt's continued growth and development of e-business software and services for the automotive retail market.

"Cobalt has substantial financial resources, staying power and the strong support of Warburg Pincus," said Joseph P. Landy, executive managing director at Warburg Pincus and Cobalt board member. "We believe that Cobalt's people, technology, service capability, domain expertise, and demonstrated track record make it the leading e-business provider to the automotive industry and we are pleased to extend this additional financing to Cobalt."

"Warburg Pincus' extension of this $15 million line of credit demonstrates their deep confidence in Cobalt's bright future," said John Holt, president and CEO of The Cobalt Group. "It also provides Cobalt with the resources and flexibility we need to continue developing our new Nitra platform and fund the company's growth and expansion, including one or two strategic acquisitions."

Warburg Pincus has been the primary investor in Cobalt since 1998 and is now the majority shareholder. In November 2000, Warburg Pincus led a $15 million private equity investment in Cobalt, and in November 2001, Warburg Pincus invested an additional $34.5 million to take the company private.

Warburg Pincus is one of the largest private equity and venture capital firms in the world. In its 30-year history, the firm has invested approximately $12 billion in over 450 companies in 29 countries, including investments in the automotive industry.