Document:

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                                                                   EXHIBIT 10.11

                                 FORM OF SHAREHOLDERS AGREEMENT dated as
                        of March 1, 2002 (this "Agreement"), among ASBURY
                        AUTOMOTIVE GROUP, INC., a Delaware corporation (the
                        "Company"), ASBURY AUTOMOTIVE HOLDINGS L.L.C., a
                        Delaware limited liability company ("AAH"), and the
                        other stockholders listed on the signature pages hereto
                        (collectively, the "Specified Shareholders" and,
                        together with AAH, the "Shareholders").

                             PRELIMINARY STATEMENTS

                  WHEREAS, the Shareholders were members of Asbury Automotive
Group L.L.C., a Delaware limited liability company ("Oldco"), and are parties to
the LLC Agreement (as defined below); and

                  WHEREAS, the LLC Agreement provided for the IPO (as defined
below) and the execution of this Agreement by the Shareholders and the Company;
and

                  WHEREAS, the Company, as successor to Oldco, currently intends
to consummate the IPO.

                  NOW THEREFORE, in consideration of the premises and the
covenants and agreements contained herein, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

                  SECTION 1.01. DEFINITION OF CERTAIN TERMS USED HEREIN. (a) As
used herein, the following terms shall have meanings specified below:

                  "AFFILIATE" shall mean, with respect to any person, any other
person that directly or indirectly through one or more intermediaries controls
or is controlled by or is under common control with such person. For the
purposes of this definition, "control" when used with respect to any particular
person, means the power to direct the management and policies of such person,
directly or indirectly, whether through the ownership of voting securities, by
contract or

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otherwise; and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

                  "AAH MATTER" shall mean any matter brought before a
Shareholders Meeting and proposed or sponsored by AAH to be acted upon by the
stockholders of the Company at such Shareholders Meeting.

                  "AAH NOMINEE" shall mean any person nominated by AAH for
election as a director to the Board of Directors.

                  "BENEFICIAL OWNER" shall have the meaning assigned to such
term in Rule 13d-3 under the Exchange Act.

                  "BLACKOUT PERIOD" shall have the meaning specified in Section
5.01(b).

                  "BOARD OF DIRECTORS" shall mean the Board of Directors of the
Company.

                  "CLAIMS" shall have the meaning specified in Section 5.06(a).

                  "COMMON STOCK" shall mean the common stock, par value $0.01
per share, of the Company.

                  "DEALER NOMINEE" shall mean any person nominated by the
holders of a majority of the Shares held by the Specified Shareholders for
election as a director to the Board of Directors, provided such person is
reasonably acceptable to AAH. AAH agrees that each of the individuals set forth
on Schedule I is an acceptable Dealer Nominee so long as such individual
continues to be employed by the Company or an Affiliate of the Company.

                  "DEMAND HOLDER" shall mean (i) AAH or (ii) a
Majority in Interest of the Specified Shareholders .

                  "DEMAND NUMBER" shall mean (i) with respect to AAH, five and
(ii) with respect to the Specified Shareholders, two; PROVIDED that if a
Triggering Event occurs and if the Voting Termination Date has not occurred, the
Demand Number with respect to the Specified Shareholders shall be three;
PROVIDED, FURTHER, that if a Triggering Event is no longer continuing or if the
Voting Termination Date occurs, the Specified Shareholders' Demand Number shall
revert to two. Each Specified Shareholder shall be deemed to have exercised a
Demand Request if a Majority in Interest of the Specified Shareholders make a
Demand Request.

                  "DEMAND PERIOD" shall have the meaning specified in Section
5.01(a).
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                  "DEMAND REGISTRATION" shall have the meaning specified in
Section 5.01(a).

                  "DEMAND REQUEST" shall have the meaning specified in Section
5.01(a).

                  "DIRECTORS" shall mean members of the Board of Directors.

                  "DGCL" shall mean the Delaware General Corporation Law, as
amended.

                  "EFFECTIVE PERIOD" shall have the meaning specified in Section
5.04(a)(iii).

                  "EFFECTIVE TIME" shall mean one hour prior to the time at
which the IPO is consummated.

                  "ELECTION MEETING" shall mean any Shareholders Meeting
relating to the election of Directors to the Board of Directors.

                  "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934,
as amended, and the rules and regulations thereunder.

                  "EXERCISING DEMAND HOLDER" shall mean a Demand Holder who has
exercised a Demand Request that it is entitled to exercise under the terms of
this Agreement (together with any Subsidiary Holder thereof whose shares are
included in such Demand Request). If a Majority in Interest of the Specified
Shareholders make a Demand Request, each Specified Shareholder participating in
such Demand Request shall be deemed an Exercising Demand Holder.

                  "GOVERNMENTAL ENTITY" shall mean any Federal, state or local
government or any court, administrative or regulatory agency or commission or
other governmental authority or agency, domestic or foreign.

                  "INSPECTORS" shall have the meaning specified in Section
5.04(a)(iv).

                  "IPO" shall have the meaning assigned to such term in the LLC
Agreement.
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                  "LIENS" shall mean any pledges, claims, liens, charges,
encumbrances or security interests of any kind or nature whatsoever.

                  "LLC AGREEMENT" shall mean the Third Amended and Restated
Limited Liability Company Agreement of Asbury Automotive Group L.L.C. dated as
of February 1, 2000, among AAH and the Specified Shareholders.

                  "MAJORITY IN INTEREST OF THE SPECIFIED SHAREHOLDERS" shall
mean the Specified Shareholders who, at the time in question, hold (together
with their Subsidiary Holders) Shares aggregating more than 50% of all Shares
held by all Specified Shareholders (together with their Subsidiary Holders).

                  "MATERIAL TRANSACTION" shall have the meaning specified in
Section 5.01(b).

                  "MAXIMUM NUMBER" shall have the meaning specified in Section
5.02(b).

                  "OTHER HOLDER" shall have the meaning specified in Section
5.02(b).

                  "OTHER MATTER" shall mean any matter (including the election
of directors to the Board of Directors) brought before a Shareholders Meeting
and proposed or sponsored by a person other than AAH, to be acted upon by the
stockholders of the Company.

                  "PIGGY BACK REGISTRATION" shall have the meaning specified in
Section 5.02(a).

                  "PIGGY BACK REQUEST" shall have the meaning specified in
Section 5.02(a).

                  "RECORDS" shall have the meaning specified in Section
5.04(a)(iv).

                  "REGISTERED SHARES" shall have the meaning specified in
Section 5.04(a)(xvii).

                  "REGISTRATION" shall have the meaning specified in Section
5.02(a).

                  "REGISTRATION EXPENSES" shall have the meaning specified in
Section 5.05.
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                  "SEC" shall mean the United States Securities and Exchange
Commission or any other United States federal agency at the time administering
the Securities Act or the Exchange Act, as applicable, whichever is the relevant
statute.

                  "SECURITIES ACT" shall mean the Securities Act of 1933 and the
rules and regulations thereunder.

                  "SHAREHOLDERS MEETING" shall mean (i) any annual or special
meeting of the stockholders of the Company or (ii) any action by written consent
of the stockholders of the Company.

                  "SHARES" shall mean, with respect to a Shareholder, the shares
of Common Stock owned by such Shareholder or any Subsidiary Holder, including
any shares of Common Stock acquired by such Shareholder or any subsidiary Holder
after the date of this Agreement.

                  "SUBSIDIARY HOLDER" shall mean any Affiliate of a Shareholder
which has beneficial ownership of any of the Shares while this Agreement is in
effect and has executed a counterpart hereto in accordance with Section 7.06
hereof.

                  "TRIGGERING EVENT" shall mean (i) the declaration,
pronouncement, ruling, order, decision or written opinion of the SEC or a United
States federal court that a voting arrangement factually similar to Section
3.01(a) of this Agreement causes all of the Specified Shareholders collectively
to constitute a single "affiliate" of the Company for purposes of the sale of
Shares by the Specified Shareholders in compliance with the provisions of Rule
144(e)(1) promulgated under the Securities Act or (ii) the Company's refusal to
cause stop transfer restrictions to be released or the legends described in
Section 7.02 to be removed if the Company has taken the position that the
Specified Shareholders collectively constitute a single "affiliate" of the
Company. A Triggering Event shall be deemed to continue (i) for so long as such
declaration, pronouncement, ruling, order, decision or written opinion remains
in effect or is not rescinded, overruled, repealed or superseded or (ii) until
the Company either (x) causes stop transfer restrictions to be released and the
legends described in Section 7.02 to be removed or (y) ceases to take the
position that the Specified Shareholders collectively constitute a single
"affiliate" of the Company.
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                  "VOTING TERMINATION DATE" shall mean the earlier of the date
that (i) is the fifth anniversary of the Effective Time, (ii) is two years after
the date that AAH and its Subsidiary Holders first are the beneficial owners in
aggregate of less than 20% of the outstanding shares of Common Stock or (iii)
AAH and its Subsidiary Holders first are the beneficial owners in aggregate of
less than 5% of the outstanding shares of Common Stock.

                  (b) All other terms used herein without definitions shall have
the meanings ascribed to such terms in the LLC Agreement.

                  SECTION 1.02. USAGE. The definitions in this Article I shall
apply equally to both the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. All references in this Agreement to
Articles, Sections and Exhibits shall be deemed to be references to Articles,
Sections and Exhibits of or to this Agreement, unless the context shall
otherwise require. The words "include", "includes" and "including" shall be
deemed to be followed by the phrase "without limitation", regardless of whether
such phrase so appears.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

                  SECTION 2.01. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.
The Company hereby represents and warrants to each other party that it is a
corporation duly organized and validly existing under the laws of the State of
Delaware and has all requisite corporate power and authority to execute and
deliver this Agreement, to carry out the provisions hereof and to perform its
obligations hereunder. The execution, delivery and performance by the Company of
its obligations under this Agreement and the consummation by it of the
transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of the Company. This Agreement has been duly and
validly executed and delivered by the Company and constitutes a legal, valid and
binding obligation of the Company, enforceable against it in accordance with its
terms.
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                  SECTION 2.02. REPRESENTATIONS AND WARRANTIES OF THE
SHAREHOLDERS. Each Shareholder hereby represents and warrants to the Company and
each other Shareholder that this Agreement has been duly and validly executed
and delivered by such Shareholder and constitutes the legal, valid and binding
obligation of such Shareholder, enforceable against it in accordance with its
terms.

                                   ARTICLE III

                                     VOTING

                  SECTION 3.01. AGREEMENT TO VOTE. (a) At each and every
Shareholders Meeting held after the Effective Time and prior to the Voting
Termination Date, each Specified Shareholder hereby agrees (x) if any annual or
special meeting of the stockholders of the Company is held, to appear at such
meeting or otherwise cause its Shares to be counted as present thereat for
purposes of establishing a quorum, and to vote or (y) to act by written consent
with respect to (or cause to be voted or acted upon by written consent), (i) all
Shares for which such Specified Shareholder or any Subsidiary Holder thereof is
the record holder or beneficial owner at the time of such vote or action by
written consent and (ii) all Shares as to which such Specified Shareholder or
any Subsidiary Holder thereof at the time of such vote or action by written
consent has voting control, in each case:

                  (A)  In favor of:

                           (i)  All of the AAH Nominees;

                           (ii)  Any AAH Matter; and/or

                           (iii) Any Other Matter, only if AAH has informed (by
                  oral or written notice) the Specified Shareholders that AAH
                  intends to vote in favor of such Other Matter; and

                  (B)  Against:

                           (i)  The election of any person or persons
                  nominated in opposition to the AAH Nominees;

                           (ii) Any matter brought before such Shareholders
                  Meeting to be acted upon by the

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                  shareholders of the Company that is in opposition to an AAH
                  Matter; and/or

                           (iii) Any Other Matter, only if AAH has informed (by
                  oral or written notice) the Specified Shareholders that AAH
                  intends to vote against such Other Matter.

                  (b) At each and every Shareholders Meeting held after the
Effective Time and prior to the Voting Termination Date, each Shareholder hereby
agrees (x) if any annual or special meeting of the stockholders of the Company
is held, to appear at such meeting or otherwise cause its Shares to be counted
as present thereat for purposes of establishing a quorum, and to vote or (y) act
by written consent with respect to (or cause to be voted or acted upon by
written consent), (i) all Shares for which such Shareholder or any Subsidiary
Holder thereof is the record holder or beneficial owner at the time of such vote
or action by written consent and (ii) all shares as to which such Shareholder or
any Subsidiary Holder thereof at the time of such vote or action by written
consent has voting control, in each case in favor of (A) at least one Dealer
Nominee if the total number of Directors (excluding Directors that are employees
of the Company) on the Board of Directors at the time of such Shareholders
Meeting is less than seven and at least two Dealer Nominees if such number of
Directors is more than six and (B) against the election of any person or persons
nominated in opposition to such Dealer Nominee(s).

                  SECTION 3.02. FINANCIAL AND OTHER INFORMATION. Each
Shareholder shall be entitled to receive, and the Company shall provide to such
Shareholder (i) quarterly unaudited financial statements and reports, (ii)
annual audited financial statements and reports, (iii) budgets and financial
plans and (iv) such other data relating to the business, affairs, prospects or
condition (financial or otherwise) of the Company as is available to the Company
that (A) such Shareholder may reasonably request so long as such Shareholder is
the record holder or beneficial owner of at least 5% of the outstanding shares
of Common Stock or (B) such Shareholder is, or is controlled by, one of the
individuals listed on Schedule I hereto.

                  SECTION 3.03. GRANT OF IRREVOCABLE PROXY. In the event that
any Specified Shareholder shall fail at any time to vote or act by written
consent with respect to any of such Specified Shareholder's Shares as agreed by
such

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Specified Shareholder in this Agreement, such Specified Shareholder hereby
irrevocably grants to and appoints AAH (and any officer of AAH or each of them
individually), such Specified Shareholder's proxy and attorney-in-fact (with
full power of substitution), for and in the name, place and stead of such
Specified Shareholder, to vote, act by written consent or grant a consent, proxy
or approval in respect of such Shares with respect to such vote or action by
written consent exclusively as agreed by such Specified Shareholder in this
Agreement. Each Specified Shareholder hereby affirms that any such irrevocable
proxy set forth in this Section 3.03 is given in connection with the
consummation of the IPO and that such irrevocable proxy is given to secure the
performance of obligations of such Specified Shareholder under this Agreement.
Each such Specified Shareholder hereby further affirms that any such proxy
hereby granted shall be irrevocable and shall be deemed coupled with an
interest, in accordance with Section 212(e) of the DGCL. Each Specified
Shareholder agrees to execute and deliver any further powers of attorney,
consents, proxies or other agreements necessary or appropriate to give effect to
this Section 3.03. This Section 3.03 shall terminate upon the occurrence of the
Voting Termination Date.

                  SECTION 3.04. CERTAIN ACTIONS. Each Shareholder agrees that it
will, and will cause its subsidiaries and Affiliates to, take all action as a
stockholder of the Company or as is otherwise within its control as are
necessary to give effect to the provisions of this Agreement and to perform, pay
and satisfy all of their respective obligations and liabilities hereunder as and
when due.

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                                                                              10

                                   ARTICLE IV

                                    COVENANTS

                  SECTION 4.01. LOCK-UP. Each Specified Shareholder hereby
agrees that, without the prior written consent of the Company, it will not,
during the period ending two years after the Effective Time (the "Lock-Up
Period"), (i) offer, pledge, sell, assign, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, lend, or otherwise transfer or dispose of,
directly or indirectly, any of its Shares or any securities convertible into or
exercisable or exchangeable for Common Stock or (ii) enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of Common Stock, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Common
Stock or such other securities, in cash, property or otherwise (any action
prohibited by the foregoing clauses (i) or (ii), a "Transfer") except that a
Specified Shareholder (x) 180 days or more following the Effective Time, may
Transfer any of its Shares to (A) a person, other than a charity or a trust for
the benefit of a charity, that is a Permitted Transferee (as defined in clauses
(ii) or (iii) of the definition of "Permitted Transferee" in the LLC Agreement)
or (B) a charity or a trust for the benefit of a charity solely controlled by
such Specified Shareholder so long as during the Lock-Up Period such Specified
Shareholder does not Transfer in aggregate pursuant to this clause (x)(B) more
than 15% of the Shares it held at the Effective Time, (y) 180 days or more
following the Effective Time, may pledge Shares to a lender solely in connection
with a recourse loan to such Specified Shareholder so long as the aggregate
principal amount of such recourse loan does not exceed 20% of the fair market
value (determined at the time such recourse loan is made) of the Shares that
such Specified Shareholder pledges as security for such recourse loan pursuant
to this clause (y) and (z) may pledge Shares solely to the extent the pledge of
such Shares is in substitution for and to the same Lender as a pledge by such
Specified Shareholder prior to the Effective Time of all or a portion of its
equity interest in the Company or the predecessor entity of the Company, as
applicable, and such prior pledge complied with Section 7.01(c)(iv) of the LLC
Agreement; PROVIDED that each transferee pursuant to the foregoing clauses (x),
(y) and (z) prior to such Transfer shall agree in writing in a form reasonably
acceptable to the Company to be bound by this Section 4.01. In addition, each
Specified Shareholder agrees that, without the prior written consent of the
Company, it will not during the Lock-

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Up Period exercise any right available to it under Article V of this Agreement
with respect to the registration of any shares of Common Stock or any security
convertible into or exercisable or exchangeable for Common Stock. Each Specified
Shareholder agrees to enter into a "lockup" agreement with the underwriters of
the IPO for a term equal to the Lock-Up Period and that otherwise is
substantially the same as this Section 4.01.

                  SECTION 4.02. NONCOMPETITION. This Section 4.02 applies to
each employee of the Company or any subsidiary of the Company who owns Shares,
whether directly or indirectly, in the Company who is a Specified Shareholder of
the Company or is the beneficial owner of interests in a Specified Shareholder
of the Company (or a Subsidiary Holder thereof) and is not bound by a
non-competition restriction contained in a consulting or employment agreement
between such employee and the Company or any of its subsidiaries (each, a
"MANAGEMENT EMPLOYEE"); PROVIDED, HOWEVER, that this Section 4.02 shall not
apply to any Management Employee that is an Affiliate of AAH (including for this
purpose any member of the Board of Directors who was an AAH Nominee). Each
Management Employee shall agree in writing (or if a party to this Agreement,
hereby agrees) that following any termination of his employment by the Company
or a subsidiary thereof "for cause" or his voluntary resignation from such
employment (a) he shall not compete, directly or indirectly (including as an
employee, proprietor, owner, partner, shareholder, member, joint venturer or
agent of, or as a consultant to, any person or entity which competes), with the
retail motor vehicle business of the Company or any of its subsidiaries within
50 miles of any motor vehicle dealership owned by the Company or any of its
subsidiaries where such Management Employee worked during the year prior to the
termination of his employment and (b) he shall not violate Section 4.03 (with
respect to each Management Employee, a "NON-COMPETE COVENANT"). A Management
Employee's Non-Compete Covenant shall become effective on the date that such
Management Employee's employment by the Company or a subsidiary thereof
terminates and shall terminate on the first anniversary of such date. The
Company shall not be obligated to provide any Specified Shareholders with the
benefit of any of the Company's obligations under Section 4.01 or Article V
unless each Management Employee that is a direct or indirect beneficial owner of
such Specified Shareholder has provided the Company with such written agreement
in a form reasonably satisfactory to the Company.

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                  SECTION 4.03. NONSOLICITATION. No Specified Shareholder (or if
such Specified Shareholder is not a natural person, any natural person that owns
a beneficial interest in such Specified Shareholder or a Subsidiary Holder
thereof) shall, during the time such Specified Shareholder is a Specified
Shareholder and for one (1) year after such Specified Shareholder ceases to be a
Specified Shareholder or such natural person ceases to own a beneficial interest
in such Specified Shareholder or a Subsidiary Holder thereof, (i) directly or
indirectly employ, solicit, entice or encourage to leave the employ of the
Company or any of its subsidiaries, any person who is, or at any time during the
preceding twelve months was, employed by, or otherwise engaged to perform
services for, the Company or any of its subsidiaries or (ii) otherwise
intentionally interfere with the relationship of the Company or any of its
subsidiaries with any person who is employed by or otherwise engaged to perform
services for the Company or any of its subsidiaries; PROVIDED, HOWEVER, that the
restrictions set forth in this Section 4.03 shall not apply to AAH, any
Affiliate of AAH or to any Specified Shareholder or natural person who is bound
by a non-solicitation restriction contained in a consulting or employment
agreement between such Member or natural person or the Company or its
subsidiaries.
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                                    ARTICLE V

                               REGISTRATION RIGHTS

                  SECTION 5.01. DEMAND REGISTRATIONS. (a) Any time following the
Effective Time and prior to the date on which the Company shall have obtained a
written opinion of legal counsel reasonably satisfactory to each Demand Holder
and addressed to the Company and such Demand Holder to the effect that the
Shares may be publicly offered for sale in the United States by such Demand
Holder or any Subsidiary Holder thereof without restriction as to manner of sale
and amount of securities sold and without registration or other restriction
under the Securities Act (such period, the "DEMAND PERIOD"), such Demand Holder
shall have the right on a number of occasions equal to the Demand Number for
such Demand Holder to require the Company to file a registration statement under
the Securities Act in respect of all or a portion of the Shares then held by
such Demand Holder and any Subsidiary Holder thereof (so long as such request
covers at least 1% of the shares of Common Stock then outstanding), by
delivering to the Company written notice stating that such right is being
exercised, specifying the number of the Shares to be included in such
registration and describing the intended method of distribution thereof (a
"DEMAND REQUEST"). In the case of any Demand Holder other than AAH, (i) such
Demand Holder may not make a Demand Request during the Lock-Up Period, (ii) such
Demand Holder may only make one Demand Request during each successive one- year
period following the termination of the Lock-Up Period and (iii) the first
Demand Request made by such Demand Holder shall be limited with respect to each
applicable Exercising Demand Holder to a number of Shares that is less than or
equal to 50% of the number of Shares owned at such time by such Exercising
Demand Holder and any Subsidiary Holder thereof; PROVIDED that such Exercising
Demand Holders may not in aggregate register pursuant to such Demand Request
more than 20% of the aggregate number of Shares owned at such time by the
Specified Shareholders and any Subsidiary Holders thereof (the "SHARE LIMIT");
PROVIDED, FURTHER, that if the aggregate number of Shares that such Exercising
Demand Holders have included in their Demand Request exceeds the Share Limit,
the Shares of each Exercising Demand Holder requesting the registration of more
than 20% of the aggregate number of Shares owned at such time by such Exercising
Demand Holder and any Subsidiary Holder thereof (with respect to each Exercising
Demand Holder, its "20% LIMIT") shall be excluded from the Demand Requests, to
the extent necessary to comply with the Share Limit, on a pro rata basis
according to the total number of Shares requested to be registered by all such
Exercising Demand Holders until the Demand Request of each such

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Exercising Demand Holder has been reduced to (and not below) its 20% Limit. As
promptly as practicable, but in no event later than forty-five (45) days after
the Company receives a Demand Request, the Company shall file with the SEC and
thereafter use its reasonable best efforts to cause to be declared effective
promptly a registration statement (a "DEMAND REGISTRATION") providing for the
registration of such number of Shares as such Exercising Demand Holder(s) shall
have demanded be registered for distribution in accordance with such intended
method of distribution.

                  (b) Anything in this Agreement to the contrary
notwithstanding, the Company shall be entitled to postpone and delay, for a
reasonable period of time, not to exceed forty-five (45) days in the case of
clauses (i) and (ii) below, or fifteen (15) days in the case of clause (iii)
below (each, a "BLACKOUT PERIOD"), the filing of any Demand Registration if the
Company shall determine that any such filing or the offering of any Shares would
(i) in the good faith judgment of the Board, unreasonably impede, delay or
otherwise interfere with any pending or contemplated material acquisition,
corporate reorganization or other material matter involving the Company (each, a
"MATERIAL TRANSACTION"), (ii) based upon advice from the Company's investment
banker or financial advisor, materially adversely affect any pending or
contemplated financing, offering or sale of any class of securities by the
Company, or (iii) in the reasonable and good faith judgment of the Board require
disclosure of material non-public information (other than information relating
to an event described in clause (i) or (ii) of this subsection (b)) which, if
disclosed at such time, would be materially harmful to the interests of the
Company and its stockholders; PROVIDED, HOWEVER, that in the case of a Blackout
Period pursuant to clause (i) or (ii) above, the Blackout Period shall earlier
terminate upon the completion or abandonment of the relevant securities offering
or sale, financing, acquisition, corporate reorganization or other similar
material transaction; and PROVIDED, FURTHER, that in the case of a Blackout
Period pursuant to clause (iii) above, the Company shall give written notice of
its determination to postpone or delay the filing of any Demand Registration and
in the case of clause (iii) above, the Blackout Period shall earlier terminate
upon public disclosure by the Company or public admission by the Company of such
material non-public information or such time as such material non-public
information shall be publicly disclosed without breach by the Exercising Demand

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Holder(s) of the penultimate sentence of this subsection (b); and PROVIDED,
FURTHER, that in the case of a Blackout Period pursuant to clause (i), (ii)
or (iii) above, the Company shall furnish to the Exercising Demand Holder(s)
a certificate of an executive officer of the Company to the effect that an
event permitting a Blackout Period has occurred. Notwithstanding anything
herein to the contrary, the Company shall not exercise pursuant to clause
(i), (ii), or (iii) of the preceding sentence the right to postpone or delay
the filing of any Demand Registration for an aggregate period of more than
ninety (90) days in any twelve (12) month period. Upon notice by the Company
to each Exercising Demand Holder of any such determination, such Exercising
Demand Holder covenants that it shall keep the fact of any such notice
strictly confidential, and, in the case of a Blackout Period pursuant to
clause (iii) above or Section 5.01(c) below, promptly halt any offer, sale,
trading or transfer by it or any of its Affiliates of any Common Stock for
the duration of the Blackout Period set forth in such notice (or until such
Blackout Period shall be earlier terminated in writing by the Company) and
promptly halt any use, publication, dissemination or distribution of the
Demand Registration, each prospectus included therein, and any amendment or
supplement thereto by it and any of its Affiliates for the duration of the
Blackout Period set forth in such notice (or until such Blackout Period shall
be earlier terminated in writing by the Company) and, if so directed by the
Company, will deliver to the Company any copies then in such Exercising
Demand Holder's possession of the prospectus covering such Shares, that was
in effect at the time of receipt of such notice. After the expiration of any
Blackout Period and without further request from any Demand Holder, the
Company shall effect the filing of the relevant Demand Registration and shall
use its reasonable best efforts to cause any such Demand Registration to be
declared effective as promptly as practicable unless such Demand Holder shall
have, prior to the effective date of such Demand Registration, withdrawn in
writing its initial request, in which case such withdrawn request shall not
constitute a Demand Registration for purposes of determining the number of
Demand Registrations to which such Demand Holder is entitled under this
Agreement.

                  (c) Anything in this Agreement to the contrary
notwithstanding, in case a Demand Registration has been filed, if a Material
Transaction has occurred, the Company may cause such Demand Registration to be
withdrawn and its effectiveness terminated or may postpone amending or

<Page>
                                                                              16

supplementing such Demand Registration for a reasonable period of time, not to
exceed forty-five (45) days; PROVIDED, HOWEVER, that in no event shall a Demand
Registration so withdrawn by the Company count for the purposes of determining
the number of Demand Registrations to which the applicable Demand Holder is
entitled under Section 5.01(a); PROVIDED FURTHER that the Company shall not so
withdraw or terminate a Demand Registration Statement more than one time or
postpone or delay amending or supplementing any Demand Registration Statements
for an aggregate period of more than ninety (90) days during any twelve (12)
month period.

                  (d) A Demand Holder may withdraw a Demand Request in
circumstances including, but not limited to, the following: if (i) the Company
is in material breach of its obligations hereunder and has not cured such breach
after having received notice thereof and a reasonable opportunity to do so or
(ii) the withdrawal occurs during a Blackout Period. Any Demand Request
withdrawn (x) pursuant to subsection (d)(ii) prior to such Demand Registration
becoming effective or (y) pursuant to subsection (d)(i) shall not constitute a
Demand Registration for the purposes of determining the number of Demand
Registrations to which such Demand Holder is entitled under Section 5.01(a).

                  (e) Subject to Section 5.02, the Company may elect to include
in any registration statement filed pursuant to this Section 5.01 any Common
Stock to be issued by it or held by any of its subsidiaries or by any other
shareholders only to the extent such Common Stock is offered and sold pursuant
to, and on the terms and subject to the conditions of, any underwriting
agreement or distribution arrangements entered into or effected by the
applicable Demand Holder and only to the extent the managing underwriter thereof
does not reasonably and in good faith advise each applicable Exercising Demand
Holder prior to the consummation of any Demand Registration that the inclusion
in such registration statement of any such Common Stock to be issued by the
Company or sold by any of its subsidiaries or any other shareholder will not
create a substantial risk that the price per share of Common Stock that the
Exercising Demand Holder(s) will derive from such Demand Registration will be
materially and adversely affected or that the number of shares of Common Stock
sought to be registered (including any shares of Common Stock sought to be
registered at the request of the Company and any other shareholder and those

<Page>
                                                                              17

sought to be registered by such Exercising Demand Holder(s)) is a greater number
than can be reasonably sold.

                  (f) The managing underwriter for any Demand Registration shall
be selected by the Demand Holder exercising the Demand Request, PROVIDED that
such managing underwriter or underwriters shall be of recognized national
standing.

                  SECTION 5.02. "PIGGY-BACK" REGISTRATIONS. (a) Subject to
Section 4.01, if, at any time following the Effective Time, the Company proposes
to register any Common Stock under the Securities Act, whether or not for sale
for its own account, on a registration statement on Form S-1, Form S-2 or Form
S-3 (or any equivalent general registration form then in effect) for purposes of
a primary offering, secondary offering (including any Demand Registration) or
combined offering of such Common Stock, the Company shall give prompt written
notice to each Shareholder of its intention to do so. Such notice shall specify,
at a minimum, the number of shares of Common Stock so proposed to be registered,
the proposed date of filing of such registration statement, any proposed means
of distribution of such Common Stock, any proposed managing underwriter or
underwriters of such offering and a good faith estimate by the Company of the
proposed maximum offering price thereof, as such price is proposed to appear on
the facing page of such registration statement. Upon the written direction of a
Shareholder (a "PIGGY-BACK REQUEST"), given within thirty (30) business days
following the receipt by such Shareholder of any such written notice (which
direction shall specify the number of the Shares intended to be disposed of by
such Shareholder or any Subsidiary Holder thereof), the Company shall include in
such registration statement (a "PIGGY-BACK REGISTRATION" and, collectively with
a Demand Registration, a "REGISTRATION"), subject to the provisions of Section
5.02 hereof, such number of the Shares as shall be set forth in any such
Piggy-Back Request delivered by a Shareholder.

                  (b) In the event that the Company proposes to register Common
Stock in connection with an underwritten offering and a nationally recognized
independent investment banking firm selected by the Company or a Demand Holder
to act as managing underwriter thereof reasonably and in good faith shall have
advised the Company, any holder of Common Stock (including a Demand Holder if it
has made a Demand Request) intending to offer such Common Stock in a secondary
offering or combined offering (each, an "OTHER HOLDER") or

<Page>
                                                                              18

any Shareholder who submitted a Piggy-Back Request in writing that, in its
opinion, the inclusion in the registration statement of some or all of the
Shares sought to be registered by any such Shareholder making a Piggyback
Request creates a substantial risk that the price per share of Common Stock that
the Company or any Other Holder will derive from such registration will be
materially and adversely affected or that the number of shares of Common Stock
sought to be registered (including any shares of Common Stock sought to be
registered at the request of the Company and any Other Holder and those sought
to be registered by any such Shareholder making a Piggyback Request) is a
greater number than can reasonably be sold, the Company shall include in such
registration statement such number of shares of Common Stock as the Company, any
Other Holder and any such Shareholder making a Piggyback Request are so advised
can be sold in such offering without such an effect (the "MAXIMUM NUMBER") as
follows and in the following order of priority: (A) FIRST, in the case of a
secondary or combined offering, if a Demand Holder has made a Demand Request,
such number of shares of Common Stock as each applicable Exercising Demand
Holder intended to be registered and sold by it (subject to any limitation
pursuant to Section 5.01(a) on the number of Shares that may be registered under
such Demand Request by such Exercising Demand Holder), PROVIDED that if such
number exceeds the Maximum Number, the shares of Common Stock of such
Shareholders will be excluded on a PRO RATA basis according to the total number
of Shares requested to be registered by such persons (after giving effect to any
limitation pursuant to Section 5.01(a)), (B) SECOND, in the case of a secondary
or combined offering, if an Other Holder (other than such Exercising Demand
Holder(s)) has exercised a similar demand registration right and if to the
extent that such number of shares of Common Stock to be registered under clause
(A) is less than the Maximum Number, such number of shares of Common Stock as
the Other Holder intended to be registered and sold by it which, when added to
the number of shares of Common Stock to be registered under clause (A), is less
than or equal to the Maximum Number, (C) THIRD, in the case of a primary or
combined offering and if and to the extent that such number of shares of Common
Stock to be registered under clauses (A) and (B) is less than the Maximum
Number, such number of shares of Common Stock as the Company intended to be
registered and sold by the Company which, when added to the number of shares of
Common Stock to be registered under clauses (A) and (B), is less than or equal
to the Maximum Number, and (D) FOURTH, in the case of a secondary or

<Page>
                                                                              19

combined offering and if and to the extent that the number of shares of Common
Stock to be registered under clauses (A) , (B) and (C) is less than the Maximum
Number, such number of shares of Common Stock as the Shareholders who submitted
Piggy-Back Requests shall have intended to register which, when added to the
number of shares of Common Stock to be registered under clauses (A), (B), (C)
and (D), is less than or equal to the Maximum Number; PROVIDED that if such
number exceeds the Maximum Number, the shares of Common Stock of such
Shareholders will be excluded on a PRO RATA basis according to the total number
of Shares requested to be registered by such persons.

                  (c) No Piggy-Back Registration effected under this Section
5.02 shall be deemed to have been effected pursuant to Section 5.01 hereof or
shall release the Company of its obligations to a Demand Holder to effect any
Demand Registration upon request as provided under Section 5.01 hereof.

                  (d) Notwithstanding any request under this Section 5.02, each
Shareholder who submitted a Piggy-Back Request may elect in writing to withdraw
its request for inclusion of its Shares in any registration statement PROVIDED,
HOWEVER, that (i) such request must be made in writing prior to the earlier of
the execution of the underwriting agreement or the execution of the custody
agreement with respect to such registration and (ii) such withdrawal shall be
irrevocable and, after making such withdrawal, any such Shareholder shall no
longer have any right to include Shares in the registration as to which such
withdrawal was made.

                  (e) If, at any time after giving written notice of its
intention to register any Common Stock and prior to the effective date of the
registration statement filed in connection with such registration, the Company
shall determine for any reason not to register or to delay registration of such
Common Stock, the Company may, at its election, give written notice of such
determination to each Shareholder who submitted a Piggy-Back Request and (i) in
the case of a determination not to register, shall be relieved of its obligation
to register any Shares in connection with such abandoned registration, without
prejudice, however, to the rights of an Exercising Demand Holder under Section
5.01 and (ii) in the case of a determination to delay such registration of the
Company's Common Stock, shall be permitted to delay the registration

<Page>
                                                                              20

of such Shares for the same period as the delay in registering such other Common
Stock.

                  (f) If, as a result of the proration provisions of this
Section 5.02, each Shareholder who submitted a Piggy-Back Request shall not be
entitled to include all Shares in a registration that each such Shareholder has
requested to be included, each such Shareholder may elect to withdraw his
request to include Shares in such registration or may reduce the number of
Shares requested to be included, PROVIDED that the same limitations in
subsection (d) shall apply.

                  SECTION 5.03. ADDITIONAL AGREEMENTS. Anything in this
Agreement to the contrary notwithstanding, if at any time the Company shall
obtain a written opinion of legal counsel reasonably satisfactory to AAH and
addressed to the Company and the Shareholders to the effect that the Shares may
be publicly offered for sale in the United States by each Shareholder or any
Subsidiary Holder without restriction as to manner of sale and amount of
securities sold and without registration or other restriction under the
Securities Act, the Company shall no longer be obligated to file or maintain a
registration statement with respect to the Shares pursuant to this Agreement. In
such case, the Company shall issue to each Shareholder certificates representing
the Shares without any legend restricting transfer and shall remove all stop
transfer orders relating to the Shares.
<Page>
                                                                              21

                  SECTION 5.04. REGISTRATION PROCEDURES. (a) In connection with
each registration statement prepared pursuant to this Agreement, and in
accordance with the intended method or methods of distribution of the Shares as
described in such registration statement, the Company shall, as soon as
reasonably practicable (and, in any event, subject to the terms of this
Agreement, including, without limitation, Section 5.01(a), at or before the time
required by applicable laws and regulations):

                  (i) prepare and file with the SEC a registration statement on
         an appropriate registration form of the SEC, with respect to such
         Shares, which form shall be selected by the Company with the
         Shareholder's reasonable consent, and use its reasonable best efforts
         to cause such registration statement to become and remain effective
         promptly; PROVIDED that before filing a registration statement or
         prospectus or any amendments or supplements thereto, the Company will
         furnish to one counsel selected by the Demand Holder exercising the
         Demand Request and one counsel to the Shareholders selling under a
         Piggy-Back Registration, and the sales or placement agent or agents, if
         any, for the Shares and the managing underwriter or underwriters, if
         any, draft copies of all such documents proposed to be filed at least
         seven (7) days prior to such filing, which documents will be subject to
         the reasonable review of the Shareholders, the sales or placement agent
         or agents, if any, for the Shares and the managing underwriter or
         underwriters, if any, and their respective agents and representatives
         and the Company will not file any Demand Registration or amendment
         thereto or any prospectus or any supplement thereto to which such
         Demand Holder exercising such Demand Request shall reasonably object in
         writing;

                  (ii) furnish without charge to the Shareholders, the sales or
         placement agent or agents, if any, and the managing underwriter or
         underwriters, if any, such number of copies of such registration
         statement and of each amendment and supplement thereto (in each case
         including all exhibits), such number of copies of the summary,
         preliminary, final, amended or supplemented prospectuses included in
         such registration statement in conformity with the requirements of the
         Securities Act and any regulations promulgated thereunder and (upon the
         reasonable request by the Shareholders) any documents incorporated
         therein by reference and such

<Page>
                                                                              22

         other documents as the Shareholders may reasonably request in order to
         facilitate the public sale or other disposition of such Shares (the
         Company hereby consenting to the use in accordance with all applicable
         law of the prospectus or any amendment or supplement thereto by the
         Shareholders in connection with the offering and sale of the Shares
         covered by the prospectus or any amendment or supplement thereto);

                  (iii) use its reasonable best efforts to keep such
         registration statement effective for at least 180 days (not counting
         any period that such registration statement is not effective pursuant
         to Section 5.01(c)) (the "EFFECTIVE PERIOD"); prepare and file with the
         SEC such amendments, post-effective amendments and supplements to the
         registration statement and the prospectus as may be necessary to
         maintain the effectiveness of the registration for the Effective Period
         and to cause the prospectus (and any amendments or supplements thereto)
         to be filed pursuant to Rules 424 and 430A under the Securities Act
         and/or any successor rules that may be adopted by the SEC, as such
         rules may be amended from time to time; and comply with the provisions
         of the Securities Act with respect to the disposition of all Shares
         covered by such registration statement during the applicable period in
         accordance with the intended method or methods of distribution thereof,
         as specified in writing by the Shareholder;

                  (iv) except during any Blackout Period, make available for
         inspection by the Shareholders or by any underwriter, attorney,
         accountant or other agent retained by the Shareholders (collectively,
         the "INSPECTORS") financial and other records and pertinent corporate
         documents of the Company (collectively, the "RECORDS"), provide the
         Inspectors with opportunities to discuss the business of the Company
         with its officers and provide opportunities to discuss the business of
         the Company with the independent public accountants who have certified
         its most recent annual financial statements, in each case to the extent
         customary for transactions of the size and type intended, as specified
         by the Shareholders, but only to the extent reasonably necessary to
         enable each Shareholder or any underwriter retained by the Shareholders
         to conduct a "reasonable investigation" for purposes of Section 11(a)
         of the Securities Act.

<Page>
                                                                              23

         Records which the Company determines, in good faith, to be confidential
         and which it notifies the Inspectors are confidential shall not be
         disclosed by the Inspector unless (A) the disclosure of such Records is
         necessary to avoid or correct a misstatement of a material fact or
         omission to state a material fact in the Registration, (B) the
         disclosure of such Records is required by any court or governmental
         body with jurisdiction over any of the Shareholders or Inspector or (C)
         all of the information contained in such Records has been made
         generally available to the public. Each Shareholder agrees that it
         will, upon learning that disclosure of such Records is sought in a
         court of competent jurisdiction or by any governmental body, promptly
         give prior notice to the Company and allow the Company, at its expense,
         to undertake appropriate action to prevent disclosure of those Records
         deemed confidential;

                  (v) if requested by (i) a Demand Holder exercising a Demand
         Request, use reasonable best efforts to participate in and assist with
         a "road show" and other customary marketing efforts in connection with
         the sale of Shares pursuant to such registration statement, at such
         times and in such manner as the Company and such Demand Holder mutually
         may determine (and as do not unreasonably interfere with the Company's
         operations); PROVIDED that the executives of the Company shall not be
         required to participate in a "road show" unless the proposed aggregate
         offering price of the Shares being sold pursuant to such registration
         statement equals or exceeds $35,000,000 and (ii) a Demand Holder
         executing a block trade, use reasonable best efforts to assist with
         such block trade, at such times and in such manner as the Company and
         such Demand Holder mutually may determine (and as do not unreasonably
         interfere with the Company's operations);

                  (vi) use its reasonable best efforts to register or qualify
         the Shares covered by such registration statement under such other
         securities or "blue sky" laws of such jurisdictions in the United
         States as the Shareholders shall reasonably request, keep such
         registrations or qualifications in effect for so long as the
         registration statement remains in effect, and do any and all other acts
         and things which may be reasonably necessary to enable the Shareholders
         or any underwriter to consummate the public sale or other

<Page>
                                                                              24

         disposition of the Shares in such jurisdictions; PROVIDED, HOWEVER,
         that in no event shall the Company be required to qualify to do
         business as a foreign corporation in any jurisdiction where it is not
         so qualified; to execute or file any general consent to service of
         process under the laws of any jurisdiction; to take any action that
         would subject it to service of process in suits other than those
         arising out of the offer and sale of the Shares covered by the
         registration statement; or to subject itself to taxation in any
         jurisdiction where it would not otherwise be obligated to do so, but
         for this paragraph (vii);

                  (vii) use its reasonable best efforts to cause the Shares to
         be registered with or approved by such other governmental agencies or
         authorities as may be necessary to enable the Shareholders to
         consummate the public sale or other disposition of the Shares;

                  (viii) use its reasonable best efforts to cause all Shares
         covered by such registration statement to be approved for listing on a
         national securities exchange or approved for trading on a national
         interdealer quotation system or listed on the securities exchanges on
         which similar securities issued by the Company are then listed or
         traded;

                  (ix) promptly notify each Shareholder whose Shares are covered
         by a Registration, at any time when a prospectus relating to any of the
         Shares covered by such registration statement is required to be
         delivered under the Securities Act, of the Company's becoming aware
         that the prospectus included in such registration statement, as then in
         effect, includes an untrue statement of a material fact or omits to
         state any material fact required to be stated therein or necessary to
         make the statements therein not misleading in the light of the
         circumstances then existing, and, at the request of the Demand Holder
         exercising the Demand Request, promptly prepare and furnish to the
         Shareholders a reasonable number of copies of a prospectus supplemented
         or amended so that, as thereafter delivered to the purchasers of such
         Shares, such prospectus shall not include an untrue statement of a
         material fact or omit to state a material fact required to be stated
         therein or necessary to make the

<Page>
                                                                              25

         statements therein not misleading in the light of the circumstances
         then existing;

                  (x) promptly notify the Shareholders whose Shares are covered
         by a Registration, the sales or placement agent or agents, if any, for
         the Shares and the managing underwriter or underwriters, if any,
         thereof, after becoming aware thereof, when the registration statement
         or any related prospectus or any amendment or supplement has been
         filed, and, with respect to the registration statement or any
         post-effective amendment, when the same has become effective, (A) of
         any request by the SEC for amendments or supplements to the
         registration statement or the related prospectus or for additional
         information, (B) of the issuance by the SEC of any stop order
         suspending the effectiveness of the registration statement or the
         initiation of any proceedings for that purpose, (C) of the receipt by
         the Company of any notification with respect to the suspension of the
         qualification of the Shares for sale in any jurisdiction or the
         initiation of any proceeding for such purpose or (D) within the
         Effective Period of the happening of any event which makes any
         statement in the registration statement or any post-effective amendment
         thereto, prospectus or any amendment or supplement thereto, or any
         document incorporated therein by reference untrue in any material
         respect or which requires the making of any changes in the registration
         statement or post- effective amendment thereto or any prospectus or
         amendment or supplement thereto so that they will not contain any
         untrue statement of a material fact or omit to state any material fact
         required to be stated therein or necessary to make the statements
         therein (in light of the circumstances under which they were made) not
         misleading;

                  (xi) during the Effective Period, use its reasonable best
         efforts to obtain the withdrawal of any order suspending the
         effectiveness of the registration statement or any post-effective
         amendment thereto;

                  (xii) permit AAH if, in AAH's sole judgment exercised in good
         faith, it believes it might be deemed to be a controlling person of the
         Company, to participate in the preparation of such registration
         statement and all discussions between the Company and the SEC or its
         staff with respect to such registration

<Page>
                                       26

         statement, and to require the insertion therein of material, furnished
         to the Company in writing, which in the sole judgment exercised in good
         faith of AAH should be included;

                  (xiii) deliver promptly to each Shareholder whose Shares are
         subject to a Registration, upon such Shareholder's request, copies of
         all correspondence between the SEC and the Company, its counsel or
         auditors and all memoranda relating to discussions with the SEC or its
         staff with respect to the registration statement and permit such
         Shareholder to do such investigation, with respect to information
         contained in or omitted from the registration statement, as it deems
         reasonably necessary. Each such Shareholder agrees that it will use its
         reasonable efforts not to interfere unreasonably with the Company's
         business when conducting any such investigation;

                  (xiv) provide a transfer agent and registrar for all such
         Shares covered by such registration statement not later than the
         effective date of such registration statement, which transfer agent and
         registrar may be the Company, subject to any applicable law or
         regulations;

                  (xv) cooperate with each Shareholder whose Shares are subject
         to a Registration and the managing underwriter or underwriters, if any,
         to facilitate the timely preparation and delivery of certificates
         representing such Shares to be sold under the registration statement,
         which certificates shall not bear any restrictive legends except as
         required by law; and, in the case of an underwritten offering, enable
         such Shares to be in such denominations and registered in such names as
         the managing underwriter or underwriters, if any, may request in
         writing at least two (2) business days prior to any sale of the Shares
         to the underwriters;

                  (xvi) enter into such agreements (including, if the offering
         is an underwritten offering, an underwriting agreement) as are
         customary in transactions of such kind and take such other actions as
         are reasonably necessary in connection therewith in order to expedite
         or facilitate the disposition of such Shares; and (A) make such
         representations and warranties with respect to the registration
         statement,

<Page>
                                                                              27

         post-effective amendment or supplement thereto, prospectus or any
         amendment or supplement thereto, and documents incorporated by
         reference, if any, to the managing underwriter or underwriters, if any,
         of the Shares and, at the option of each Shareholder whose Shares are
         subject to a Registration, make to and for the benefit of such
         Shareholder the representations, warranties and covenants of the
         Company which are being made to the underwriters, in form, substance
         and scope as are customarily made by the Company in connection with
         offerings of Shares in transactions of such kind (representations and
         warranties by the Other Holders shall also be made as are customary in
         agreements of that type); provided that the Company shall not be
         required to make any representations or warranties with respect to
         information specifically provided by such Other Holders for inclusion
         in the registration documents; (B) obtain an opinion of counsel to the
         Company (which counsel may be internal counsel for the Company unless
         the managing underwriter or underwriters shall otherwise reasonably
         request) in customary form and covering matters of the type customarily
         covered by such an opinion, addressed to such managing underwriter or
         underwriters, if any, and to the Shareholders and dated the date of the
         closing of the sale of the Shares relating thereto; (C) obtain a
         "comfort" letter or letters from the independent certified public
         accountants who have certified the Company's most recent audited
         financial statements that are incorporated by reference in the
         registration statement which is addressed to the Shareholders and the
         managing underwriter or underwriters, if any, and is dated the date of
         the prospectus used in connection with the offering of such Shares
         and/or the date of the closing of the sale of such Shares relating
         thereto, such letter or letters to be in customary form and covering
         such matters of the type customarily covered by "comfort" letters of
         such type; (D) deliver such documents and certificates as may be
         reasonably requested by any Shareholder whose Shares are subject to a
         Registration and the managing underwriter or underwriters, if any, of
         the Shares to evidence compliance with any customary conditions
         contained in the underwriting agreement or other agreement entered into
         by the Company; and (E) undertake such obligations relating to expense
         reimbursement, indemnification and contribution as provided in Sections
         5.05 and 5.06 hereof; and

<Page>
                                                                              28

                  (xvii) comply with all applicable rules and regulations of the
         SEC and generally make available to its security holders an earnings
         statement (which need not be audited), as soon as reasonably
         practicable but in no event later than ninety (90) days after the end
         of the period of twelve (12) months commencing on the first day of any
         fiscal quarter next succeeding each sale by each Shareholder of Shares
         which have been registered pursuant to this Agreement (the "REGISTERED
         SHARES") after the date hereof, which earnings statement shall cover
         such twelve (12) month period and shall satisfy the provisions of
         Section 11(a) of the Securities Act and may be prepared in accordance
         with Rule 158 under the Securities Act.

                  (b) In the event that the Company would be required, pursuant
to Section 5.04(a)(xi)(D) above, to notify any Shareholder, the sales or
placement agent or agents, if any, for the Shares and the managing underwriter
or underwriters, if any, thereof, the Company shall, subject to the provisions
of Section 5.01(b) hereof, as promptly as practicable, prepare and furnish to
each Shareholder, to each placement or sales agent, if any, and to each
underwriter, if any, a reasonable number of copies of a prospectus supplemented
or amended so that, as thereafter delivered to purchasers of Registered Shares,
such prospectus shall not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading. Each Shareholder agrees that, upon receipt of any notice
from the Company pursuant to Section 5.04(a)(xi)(D) hereof, such Shareholder
shall, and shall use its reasonable best efforts to cause any sales or placement
agent or agents for the Shares and the underwriters, if any, thereof, to
forthwith discontinue disposition of the Shares until such person shall have
received copies of such amended or supplemented prospectus and, if so directed
by the Company, to destroy or to deliver to the Company all copies, other than
permanent file copies, then in its possession of the prospectus (prior to such
amendment or supplement) covering such Shares as soon as practicable after such
Shareholder's receipt of such notice.

                  (c) Each Shareholder whose Shares are covered by a
Registration shall furnish to the Company in writing such information regarding
such Shareholder and its intended

<Page>
                                                                              29

method of distribution of the Shares as the Company may from time to time
reasonably request in writing, but only to the extent that such information is
required in order for the Company to comply with its obligations under all
applicable securities and other laws and to ensure that the prospectus relating
to such Shares conforms to the applicable requirements of the Securities Act and
the rules and regulations thereunder. Each Shareholder whose Shares are covered
by a Registration shall notify the Company as promptly as practicable of any
inaccuracy or change in information previously furnished by such Shareholder to
the Company or of the occurrence of any event, in either case as a result of
which any prospectus relating to the Shares contains or would contain an untrue
statement of a material fact regarding such Shareholder or its intended method
of distribution of such Shares or omits to state any material fact regarding
such Shareholder or its intended method of distribution of such Shares required
to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading, and promptly
furnish to the Company any additional information required to correct and update
any previously furnished information or required so that such prospectus shall
not contain, with respect to such Shareholder or the distribution of the Shares,
an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading.

                  (d) Each Shareholder agrees not to, and shall not cause any
Subsidiary Holder to, effect any public sale or distribution of any Shares,
including any sale pursuant to Rule 144 under the Securities Act, and not to
effect any such public sale or distribution of any other equity security of the
Company or of any security convertible into or exchangeable or exercisable for
any equity security of the Company (in each case, other than as part of such
underwritten public offering) during the ten (10) days prior to, and during the
ninety (90) day period (or such longer period as the Shareholder and/or the
applicable Subsidiary Holder agrees with the underwriter of such offering)
beginning on, the consummation of any underwritten public offering of the Shares
covered by a registration statement referred to in Section 5.02 to the extent
the Shareholder's or Subsidiary Holder's Registered Shares are being sold
thereunder.

<Page>
                                                                              30

                  (e) In the case of any registration under Section 5.01
pursuant to an underwritten offering, or in the case of a Registration under
Section 5.02 if the Company has determined to enter into an underwriting
agreement in connection therewith, all Shares to be included in such
Registration shall be subject to such underwriting agreement and no person may
participate in such Registration unless such person agrees to sell such person's
securities on the basis provided therein which shall be the same for all
Shareholders whose Shares are covered by such Registration and completes and
executes all questionnaires, indemnities, underwriting agreements and other
document s(other than powers of attorney) which must be executed in connection
therewith, and provides such other information to the Company or the underwriter
as may be reasonably requested to register such person's Shares.

                  SECTION 5.05. REGISTRATION EXPENSES. The Company agrees to
bear and to pay, or cause to be paid, promptly upon request being made therefor,
all expenses incident to the Company's performance of or compliance with this
Agreement, including, without limitation: (a) all fees and expenses in
connection with the qualification of the Registered Shares for offering and sale
under state securities or "blue sky" laws referred to in Section 5.04(a)(vii)
hereof, including reasonable fees and disbursements of counsel for any placement
or sales agent or underwriter in connection with such qualifications, (b) all
expenses relating to the preparation, printing, distribution and reproduction of
the registration statement, each prospectus included therein or prepared for
distribution pursuant hereto, each amendment or supplement to the foregoing, the
certificates representing the Shares and all other documents relating hereto,
(c) the costs and charges of any escrow agent, transfer agent, registrar, any
custodian or attorney-in-fact appointed to act on behalf of the Shareholders
(including, without limitation, all salaries and expenses of the Company's
officers and employees performing legal or accounting duties), (d) fees,
disbursements and expenses of the Company's counsel and its other advisors and
experts and independent certified public accountants of the Company (including
the expenses of any opinions or "comfort" letters required by or incident to
such performance and compliance), (e) the fees and expenses incurred in
connection with the listing of the Shares on The New York Stock Exchange, Inc.
and any other stock exchange or national securities exchange on which Shares
shall at such time be listed, and (f) fees, disbursements and

<Page>
                                                                              31

expenses of one counsel selected by a Demand Holder exercising a Demand Request
and retained on behalf of all Shareholders registering Shares in connection with
such Demand Request and any Piggyback Request in connection therewith
(collectively, the "REGISTRATION EXPENSES"). To the extent that any Registration
Expenses are incurred, assumed or paid by the Shareholders, any sales or
placement agent or agents for the Shares and the underwriters, if any, thereof,
the Company shall reimburse such person for the full amount of the Registration
Expenses so incurred, assumed or paid promptly after receipt of a request
therefor. Each Shareholder shall pay its pro rata portion of underwriting
discounts and commissions and any capital gains, income or transfer taxes, if
any, attributable to the sale of such Shareholder's Shares being registered.

                  SECTION 5.06. INDEMNIFICATION; CONTRIBUTION. (a)
INDEMNIFICATION BY THE COMPANY. The Company shall, and it hereby agrees to,
indemnify and hold harmless each Shareholder, and each person who participates
as a placement or sales agent or as an underwriter in any offering or sale of
the Shares, against any losses, claims, damages or liabilities to which each
such Shareholder or such agent or underwriter may become subject, insofar as
such losses, claims, damages or liabilities (or actions or proceedings in
respect thereof) (collectively, "CLAIMS") arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in any
registration statement pursuant to which any Shares of such Shareholder are
registered pursuant to this Agreement, or any preliminary or final prospectus
contained therein, or any amendment or supplement thereto, or any document
incorporated by reference therein, or arise out of or are based upon any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading, and the Company shall,
and it hereby agrees to, reimburse each such Shareholder or any such agent or
underwriter for any legal or other out-of-pocket expenses reasonably incurred by
them in connection with investigating or defending any such Claims; PROVIDED,
HOWEVER, that the Company shall not be liable to any such person in any such
case to the extent that any such Claims arise out of or are based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in
such registration statement, or preliminary or final prospectus, or amendment or
supplement thereto, in reliance upon and in conformity with written

<Page>
                                                                              32

information furnished to the Company by such Shareholder or any agent,
underwriter or representative of such Shareholder expressly for use therein, or
by such Shareholder's failure to furnish the Company, upon request, with the
information with respect to such Shareholder, or any agent, underwriter or
representative of such Shareholder, or such Shareholder's intended method of
distribution, that is the subject of the untrue statement or omission or if the
Company shall sustain the burden of proving that such Shareholder or such agent
or underwriter sold securities to the person alleging such Claims without
sending or giving, at or prior to the written confirmation of such sale, a copy
of the applicable prospectus (excluding any documents incorporated by reference
therein) or of the applicable prospectus, as then amended or supplemented
(excluding any documents incorporated by reference therein), if the Company had
previously furnished copies thereof to such Shareholder or such agent or
underwriter, and such prospectus corrected such untrue statement or alleged
untrue statement or omission or alleged omission made in such registration
statement.

                  (b) INDEMNIFICATION BY THE SHAREHOLDERS AND ANY AGENTS OR
UNDERWRITERS. Each Shareholder shall, and hereby agrees, severally and not
jointly, to (i) indemnify and hold harmless the Company, its directors,
officers, employees and controlling persons, if any, each other Shareholder, and
each underwriter, its partners, officers, directors, employees and controlling
persons, if any, in any offering or sale of Shares, against any Claims to which
the Company, its directors, officers, employees and controlling persons, if any,
may become subject, insofar as such Claims (including any amounts paid in
settlement as provided herein), or actions or proceedings in respect thereof,
arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in such registration statement, or any preliminary
or final prospectus contained therein, or any amendment or supplement thereto,
or any document incorporated by reference therein, or arise out of or are based
upon any omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading,
in each case only to the extent that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Company by such Shareholder
or any agent, underwriter, or representative (as the case may be) expressly for
use therein, and (ii)

<Page>
                                                                              33

reimburse the Company for any legal or other out-of-pocket expenses reasonably
incurred by the Company in connection with investigating or defending any such
Claim.

                  (c) NOTICE OF CLAIMS, ETC. Promptly after receipt by an
indemnified party under subsection (a) or (b) above of written notice of the
commencement of any action or proceeding for which indemnification under
subsection (a) or (b) may be requested, such indemnified party shall, without
regard to whether a claim in respect thereof is to be made against an
indemnifying party pursuant to the indemnification provisions of, or as
contemplated by, this Section 5.06, notify such indemnifying party and the
underwriter in writing of the commencement of such action or proceeding; but the
omission so to notify the indemnifying party shall not relieve it from any
liability which it may have to any indemnified party in respect of such action
or proceeding on account of the indemnification provisions of or contemplated by
Section 5.06(a) or 5.06(b) hereof unless the indemnifying party was materially
prejudiced by such failure of the indemnified party to give such notice, and in
no event shall such omission relieve the indemnifying party from any other
liability it may have to such indemnified party. In case any such action or
proceeding shall be brought against any indemnified party and it shall notify an
indemnifying party of the commencement thereof, unless in the reasonable opinion
of outside counsel to the indemnified party a conflict of interest between such
indemnified and indemnifying parties may exist in respect of such claim, such
indemnifying party shall be entitled to participate therein and, to the extent
that it shall determine, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, with counsel reasonably satisfactory to
such indemnified party, and, after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, such
indemnifying party shall not be liable to such indemnified party for any legal
or any other expenses subsequently incurred by such indemnified party in
connection with the defense thereof other than reasonable costs of investigation
(unless such indemnified party reasonably objects to such assumption on the
grounds that there may be defenses available to it which are different from or
in addition to the defenses available to such indemnifying party, in which event
the indemnified party shall have the right to control its defense and shall be
reimbursed by the indemnifying party for the expenses incurred in connection
with retaining one separate counsel). If the indemnifying party is not entitled
to, or elects not

<Page>
                                                                              34

to, assume the defense of a claim, it will not be obligated to pay the fees and
expenses of more than one counsel for each indemnified party with respect to
such claim. The indemnifying party will not be subject to any liability for any
settlement made without its consent, which consent shall not be unreasonably
withheld or delayed. No indemnifying party shall, without the prior written
consent of the indemnified party, compromise or consent to entry of any judgment
or enter into any settlement agreement with respect to any action or proceeding
in respect of which indemnification is sought under Section 5.06(a) or (b)
(whether or not the indemnified party is an actual or potential party thereto),
unless such compromise, consent or settlement includes an unconditional term
thereof the giving by the claimant or plaintiff to the indemnified party of a
release from all liability in respect of such claim or litigation and does not
subject the indemnified party to any material injunctive relief or other
material equitable remedy.

                  (d) CONTRIBUTION. Each Shareholder and the Company agree that
if, for any reason, the indemnification provisions contemplated by Sections
5.06(a) or 5.06(b) hereof are unavailable to or are insufficient to hold
harmless an indemnified party in respect of any Claims referred to therein, then
each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such Claims in such proportion as is
appropriate to reflect the relative fault of, and benefits derived by, the
indemnifying party and the indemnified party, as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by
such indemnifying party or by such indemnified party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The relative benefit derived by the parties shall be
determined by reference to the fact that the Company entered into this Agreement
as an integral part of the transactions pursuant to which the Shares were
acquired. The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5.06(d) were determined by any method of
allocation which does not take account of the equitable considerations referred
to in this Section 5.06(d). The amount paid or

<Page>
                                                                              35

payable by an indemnified party as a result of the Claims referred to above
shall be deemed to include (subject to the limitations set forth in Section
5.06(c) hereof) any legal or other fees or expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action,
proceeding or claim. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

                  (e) The indemnification and contribution required by this
Section 5.06 shall be made by periodic payments of the amount thereof during the
course of the investigation or defense, as and when bills are received or
expense, loss, damage or liability is incurred.

                  (f) BENEFICIARIES OF INDEMNIFICATION. The obligations of the
Company under this Section 5.06 shall be in addition to any liability that it
may otherwise have and shall extend, upon the same terms and conditions, to each
employee, officer, director and partner of each Shareholder or any Subsidiary
Holder, each agent of such Shareholder or any Subsidiary Holder, each
underwriter of the Shares and each person, if any, who controls such Shareholder
or any Subsidiary Holder or any such agent or underwriter within the meaning of
the Securities Act; and the obligations of such Shareholder and each Subsidiary
Holder and any agents or underwriters contemplated by this Section 5.06 shall be
in addition to any liability that such Shareholder or any Subsidiary Holder or
their respective agents or underwriters may otherwise have and shall extend,
upon the same terms and conditions, to each officer and director of the Company
(including any person who, with his consent, is named in any registration
statement as about to become a director of the Company) and to each person, if
any, who controls the Company within the meaning of the Securities Act.

                  SECTION 5.07. UNDERWRITERS. If any of the Shares are to be
sold pursuant to an underwritten offering, the investment banker or bankers and
the managing underwriter or underwriters thereof shall be selected by the
Company except in the case of a Demand Registration, in which the managing
underwriter or underwriters shall be selected by the Demand Holder exercising
the Demand Request, PROVIDED that such managing underwriter or underwriters must
be of recognized national standing.

<Page>
                                                                              36

                  SECTION 5.08. EXCHANGE ACT FILINGS; RULE 144; RULE 144A. (a)
The Company covenants to and with each Shareholder that to the extent it shall
be required to do so under the Exchange Act, the Company shall timely file the
reports required to be filed by it under the Exchange Act or the Securities Act
(including, but not limited to, the reports under Sections 13 and 15(d) of the
Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the SEC
under the Securities Act and the rules and regulations adopted by the SEC
thereunder) and shall take such further action as any Shareholder may reasonably
request, all to the extent required from time to time to enable the Shareholders
to sell Shares without registration under the Securities Act within the
limitations of the exemption provided by Rule 144 under the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC. Upon the request of a Shareholder, the Company
shall deliver to such Shareholder a written statement as to whether it has
complied with such requirements.

                  (b) If at any time the Company is not subject to Section 13 or
15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule
12g3-2(b) under the Exchange Act, the Company agrees, upon the request of a
Shareholder seeking to transfer Shares in conformity with Rule 144A under the
Securities Act, to furnish to such Shareholder or prospective purchasers of the
Shares from the Shareholder the information required by Rule 144A(d)(4)(i) under
the Securities Act in the manner and at the times contemplated by such Rule.

                  (c) The Company covenants to make available "adequate current
public information" concerning the Company within the meaning of Rule 144(c)
under the Securities Act.

                  SECTION 5.09. AGREEMENTS OF THE SHAREHOLDERS. Each Shareholder
agrees not to, and it shall cause its Affiliates not to, make any sale, transfer
or other disposition of Shares except in compliance with the registration
requirements of the Securities Act and the rules and regulations thereunder,
including exemptions, and in accordance with the terms of this Agreement.

                  SECTION 5.10. RECAPITALIZATIONS, EXCHANGES, ETC. AFFECTING THE
SHARES. The provisions of this Agreement shall apply to any and all shares of
capital stock of the Company or any successor or assign of the Company (whether

<Page>
                                                                              37

by merger, consolidation, sale of assets or otherwise) which may be issued in
respect of, in exchange for, or in substitution of the Shares, by reason of a
stock dividend, stock split, stock issuance, reverse stock split, combination,
recapitalization, reclassification, merger, consolidation or otherwise. Upon the
occurrence of any such event, amounts hereunder shall be appropriately adjusted.

                                   ARTICLE VI

                                TERM OF AGREEMENT

                  SECTION 6.01. TERM OF AGREEMENT. This Agreement shall take
effect immediately upon the occurrence of Effective Time. This Agreement (other
than the provisions of Section 5.06) shall terminate with respect to any
Shareholder on the date that such Shareholder and its Subsidiary Holders no
longer own any shares of Common Stock.

                                   ARTICLE VII

                            MISCELLANEOUS PROVISIONS

                  SECTION 7.01. SPECIFIC PERFORMANCE. The parties hereto hereby
declare that irreparable damage would occur as a result of the failure of any
party hereto to perform any of its obligations under this Agreement in
accordance with the specific terms hereof. Therefore, all parties hereto shall
have the right to specific performance of the obligations of the other parties
under this Agreement and if any party hereto shall institute any action or
proceeding to enforce the provisions hereof, any person against whom such action
or proceeding is brought hereby waives the claim or defense therein that such
party has an adequate remedy at law. The right to specific performance should be
in addition to any other remedy to which a party hereto may be entitled at law
or in equity.

                  SECTION 7.02. LEGENDS. (a) Each certificate representing
Shares shall bear the following legend:

                  THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
                  TERMS AND CONDITIONS (INCLUDING RESTRICTIONS ON VOTING AND
                  TRANSFER) SET FORTH IN A SHAREHOLDERS AGREEMENT DATED AS OF o,
                  o, A COPY OF WHICH MAY BE OBTAINED FROM [NEWCO], INC. NO

<Page>
                                                                              38

                  TRANSFER OF SUCH SECURITIES WILL BE MADE ON THE BOOKS OF, OR
                  BE EFFECTIVE WITH RESPECT TO, [NEWCO], INC. UNLESS ACCOMPANIED
                  BY EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH AGREEMENT.

                  (b) In addition, stop transfer restrictions will be given to
the Company's transfer agent(s) with respect to the Shares and there will be
placed on the certificates or instruments representing the Shares, and on any
certificate or instrument delivered in substitution therefor, a legend stating
in substance:

                  THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                  "SECURITIES ACT"), AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE
                  TRANSFERRED EXCEPT PURSUANT TO SUCH REGISTRATION OR IN
                  ACCORDANCE WITH AN EXEMPTION FROM THE REGISTRATION
                  REQUIREMENTS OF THE SECURITIES ACT.

                  (c) The Company hereby agrees that it will cause stop transfer
restrictions to be released with respect to any Shares that are transferred in
compliance with the terms and provisions of this Agreement and (i) pursuant to
an effective registration statement under the Securities Act, (ii) pursuant to
Rule 144 or 145 under the Securities Act, (iii) in accordance with the
requirements of Rule 903 or 904 of Regulation S under the Securities Act, or
(iv) pursuant to another exemption from the registration requirements of the
Securities Act; PROVIDED, HOWEVER, that in the case of any transfer pursuant to
clause (ii), (iii) or (iv) above, the request for transfer is accompanied by a
written statement signed by a Shareholder confirming compliance with the
requirements of the relevant exemption from registration; and PROVIDED, FURTHER,
that in the case of any transfer pursuant to clause (iv) above, other than any
transfer by such Shareholder to one or more of such Shareholder's direct or
indirect subsidiaries, or among such subsidiaries, or by any such subsidiary to
such Shareholder, the Company shall have received a written opinion of counsel
reasonably satisfactory to the Company. The Company further agrees that it will
cause the legends described in subsections (a) and (b) of this Section 7.02 to
be removed in the event of any transfer as provided in clause (i), (ii) or (iii)
above.

<Page>
                                                                              39

                  SECTION 7.03. CONFLICTS AND INCONSISTENT AGREEMENTS. Each of
the Shareholders and the Company shall take all action necessary, including but
not limited to the voting of capital stock of the Company, to ensure that the
certificate of incorporation and by-laws of the Company and the certificates of
incorporation and by-laws or other governing documents of the Company's
subsidiaries are consistent with, and do not conflict with, the terms of
this Agreement. Neither the Company nor any Shareholder shall enter into any
agreement inconsistent with the terms of this Agreement.

                  SECTION 7.04. COMPLETE AGREEMENT. This Agreement constitutes
the entire agreement and understanding among the parties hereto with respect to
the matters referred to herein and supersedes all prior agreements and
understandings among the parties hereto with respect to the matters referred to
herein.

                  SECTION 7.05. AMENDMENT. This Agreement may not be amended,
modified or supplemented and no waivers of or consents to departures from the
provisions hereof may be given unless consented to in writing by the Company,
AAH and Specified Shareholders holding a majority of all Shares held by
Specified Shareholders.

                  SECTION 7.06. SUCCESSORS; ASSIGNS; SUBSIDIARY HOLDERS. Neither
this Agreement nor any of the rights, interests or obligations hereunder shall
be assigned, directly or indirectly, including by operation of law, by any
Shareholder without the prior written consent of the Company. The terms and
conditions of this Agreement shall be binding on and inure to the benefit of the
respective successors and permitted assigns of the parties hereto. Each
Shareholder agrees with respect to any Affiliate that becomes a Subsidiary
Holder hereunder, to promptly thereafter cause such Affiliate to execute a
counterpart hereof agreeing to be bound by all of the terms, conditions and
restrictions of this Agreement, as and to the same extent as such Shareholder.
The execution of a counterpart hereof by an Affiliate who has become a
Subsidiary Holder does not constitute an assignment of any part of this
Agreement prohibited by this Section 7.06, and the Shareholder with which such
Subsidiary Holder is affiliated with will remain bound by all of the terms,
conditions and restrictions of this Agreement.

<Page>
                                                                              40

                  SECTION 7.07. ATTORNEY FEES. A party in breach of this
Agreement shall, on demand, indemnify and hold harmless the other party for and
against all reasonable out-of-pocket expenses, including legal fees and
expenses, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement. The payment of such expenses is
in addition to any other relief to which such other party may be entitled.

                  SECTION 7.08. NOTICES. All notices or other communications
required or permitted to be given hereunder shall be in writing and shall be
delivered by hand or sent by prepaid telex, cable or telecopy or sent, postage
prepaid, by registered, certified or express mail or reputable overnight courier
service and shall be deemed given when so delivered by hand, telexed, cabled or
telecopied, or if mailed, three days after mailing (one business day in the case
of express mail or overnight courier service), as follows (or at such other
address, telephone number and fax number as a party shall notify each other
party hereto):

                  (i) if to the Company:

                  Asbury Automotive Group, Inc.
                  Three Landmark Square
                  Suite 500
                  Stamford, CT 06901
                  Attention: General Counsel

                  with copies to:

                  Cravath, Swaine & Moore
                  Worldwide Plaza
                  825 Eighth Avenue
                  New York, NY 10019
                  Attention:  Thomas E. Dunn, Esq.

                  (ii) if to AAH:

                  c/o Ripplewood Holdings L.L.C.
                  One Rockefeller Plaza
                  32nd Floor
                  New York, NY 10020
                  Attention: Timothy Collins

                  with copies to:
<Page>
                                                                              41

                  Cravath, Swaine & Moore
                  Worldwide Plaza
                  825 Eighth Avenue
                  New York, NY 10019
                  Attention:  Thomas E. Dunn, Esq.

                  (iii) if to any of the Specified Shareholders, at the
                  addresses for such Specified Shareholder set forth in the LLC
                  Agreement.

                  with copies to:

                  Patterson, Belknap, Webb & Tyler LLP
                  1133 Avenue of the Americas
                  New York, NY 10036
                  Attention:  George S. Frazza, Esq.

                  SECTION 7.09. INTERPRETATION; EXHIBITS AND SCHEDULES. The
headings contained in this Agreement, in any Exhibit or Schedule hereto and in
the table of contents to this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. All
Exhibits and Schedules annexed hereto or referred to herein are hereby
incorporated in and made a part of this Agreement as if set forth in full
herein. Any capitalized terms used in any Schedule or Exhibit but not otherwise
defined therein, shall have the meaning as defined in this Agreement.

                  SECTION 7.10. COUNTERPARTS. This Agreement may be executed in
one or more counterparts, all of which shall be considered one and the same
agreement, and shall become effective when one or more such counterparts have
been signed by each of the parties and delivered to the other party.

                  SECTION 7.11. SEVERABILITY. If any provision of this Agreement
(or any portion thereof) or the application of any such provision (or any
portion thereof) to any person or circumstance shall be held invalid, illegal or
unenforceable in any respect by a court of competent jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision
hereof (or the remaining portion thereof) or the application of such provision
to any other persons or circumstance.

                  SECTION 7.12. GOVERNING LAW. THIS AGREEMENT AND ALL ACTIONS
CONTEMPLATED HEREBY SHALL BE GOVERNED BY AND

<Page>
                                                                              42

CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE
(WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES).

                  SECTION 7.13. SUBMISSION TO JURISDICTION. ANY AND ALL SUITS,
LEGAL ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT SHALL BE BROUGHT IN
THE SUPERIOR COURT OR THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR THE
UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE OR IN THE SUPREME
COURT OF THE STATE OF NEW YORK, NEW YORK COUNTY OR THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND EACH PARTY HEREBY SUBMITS TO AND
ACCEPTS THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF SUCH SUITS,
LEGAL ACTIONS OR PROCEEDINGS. IN ANY SUCH SUIT, LEGAL ACTION OR PROCEEDING, EACH
PARTY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLIANT OR OTHER PROCESS AND
AGREES THAT SERVICE THEREOF MAY BE MADE BY CERTIFIED OR REGISTERED MAIL DIRECTED
TO IT AT ITS ADDRESS SET FORTH IN THE BOOKS AND RECORDS OF THE COMPANY. TO THE
FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OR ANY SUCH
SUIT, LEGAL ACTION OR PROCEEDING IN ANY SUCH COURT AND HEREBY FURTHER WAIVES ANY
CLAIM THAT ANY SUIT, LEGAL ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM.

                  SECTION 7.14. WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY (I) CERTIFIES THAT NO
REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 7.14.

<Page>
                                                                              43

                  SECTION 7.15. NO WAIVER OF RIGHTS. No failure or delay on the
part of any party in the exercise of any power or right hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power
or right preclude other or further exercise thereof or of any other right or
power. The waiver by any party or parties hereto of a breach of any provision of
this Agreement shall not operate or be construed as a waiver of any other or
subsequent breach hereunder. All rights and remedies existing under this
Agreement are cumulative and are not exclusive of any rights or remedies
otherwise available.

<Page>
                                                                              44

                  IN WITNESS WHEREOF, the parties have caused this Agreement to
be duly executed as of the date first written above.

                                                 ASBURY AUTOMOTIVE GROUP,
                                                 INC.,

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 ASBURY AUTOMOTIVE HOLDINGS
                                                 L.L.C.,

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 SPECIFIED SHAREHOLDERS:
                                                 ----------------------

                                                 ASBURY AUTOMOTIVE HOLDINGS
                                                 L.L.C.,

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 ASBURY AUTOMOTIVE GROUP,
                                                 INC.,

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

<Page>

                                                 NALLEY MANAGEMENT SERVICES,
                                                 INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 NALLEY CHEVROLET, INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 SPECTRUM SOUND &
                                                 ACCESSORIES, INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 NALLEY MARIETTA
                                                 AUTOMOBILES, INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 NALLEY LUXURY IMPORTS, INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

<Page>

                                                 NALLEY ATLANTA IMPORTS,
                                                 INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 SPECTRUM LEASING, INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 THOMAS F. MCLARTY III

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 MARK C. MCLARTY

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 THE FRANKLIN H. MCLARTY
                                                 IRREVOCABLE TRUST

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

<Page>

                                                 THE CALDWELL FAMILY LIMITED
                                                 PARTNERSHIP

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 RIVER RIDGE INVESTMENTS,
                                                 LLC

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 THE LAURA M. HUMPHRIES
                                                 IRREVOCABLE TRUST

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 THE MATTHEW B. HUMPHRIES
                                                 IRREVOCABLE TRUST

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 ROB FERON

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

<Page>

                                                 TODD SHORES

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 PHILLIP H. MAYFIELD

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 LUTHER COGGIN

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 TRACYE C. HAWKINS 1999 ATT
                                                 TRUST

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 CHRISTY C. HAYDEN 1999 ATT
                                                 TRUST

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

<Page>

                                                 CINDY S. COGGIN 1999 ATT
                                                 TRUST

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 RICHARD A. CARACELLO

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 KEVIN DELANEY

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 MITCHELL W. LEGLER AND
                                                 HARRIETTE D. LEGLER,
                                                 TENANTS BY THE ENTIRETIES

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 LINDA L. MARLETTE

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

<Page>

                                                 CHARLES L. MCINTOSH

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 NANCY D. NOBLE

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 THOMAS G. ROETS, JR.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 JOHN M. ROOKS

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 TODD F. SETH

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

<Page>

                                                 CHARLIE (C.B.) TOMM AND
                                                 ANITA DESAUSSURE TOMM,
                                                 TENANTS BY THE ENTIRETIES

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 STEPHEN M. SILVERIO

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 CNC AUTOMOTIVE, LLC

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 DEALER GROUP

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 JOHN R. CAPPS

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:
<Page>

                                                 J.I.W. ENTERPRISES, INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 DMCD AUTOS IRVING, INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 DMCD AUTOS HOUSTON, INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 JAMES TORDA

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 DAVE WEGNER

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

<Page>

                                                 CHILDS & ASSOCIATES INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 BUDDY HUTCHINSON CARS, INC.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 JEFF KING

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 ROBERT E. GRAY

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 NOEL DANIELS

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 STEVEN INZINNA

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:
<Page>

                                                 JOSEPH UMBRIANO

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 PAULA TABAR

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 GIBSON FAMILY PARTNERSHIP,
                                                 L.P.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 ROBERT DENNIS

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 THOMAS F. GILMAN

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:
<Page>

                                                 THOMAS G. MCCOLLUM

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                 AND EACH OTHER MEMBER OF
                                                 THE COMPANY

                                                 by:  ASBURY AUTOMOTIVE
                                                 HOLDINGS L.L.C., as
                                                 attorney-in-fact for the
                                                 other Specified
                                                 Shareholders pursuant to
                                                 the Powers of Attorney
                                                 granted pursuant toSection
                                                 8.05 of the LLC Agreement.

                                                 by
                                                   -----------------------------
                                                   Name:
                                                   Title:

<Page>

                                                                      Schedule I

                        NAMES OF ACCEPTABLE DESIGNEES AS
                        --------------------------------
                                DEALER DIRECTORS
                                ----------------

David McDavid

Royce Reynolds

John Capps

Luther Coggin

Jim Nalley

Thomas F. McLarty

Scott Thomason

Jeffrey I. Wooley

Charlie (C.B.) Tomm<PAGE>

                                                               EXHIBIT 10.27

                     FORM OF TRANSFER AND EXCHANGE AGREEMENT

                                      Among

                       ASBURY AUTOMOTIVE HOLDINGS L.L.C.,

                        THE DEALERS LISTED ON SCHEDULE I

                       THE MANAGERS LISTED ON SCHEDULE II

                                       And

                          ASBURY AUTOMOTIVE GROUP, INC.

                              --------------------

                            Dated as of March 1, 2002

                              --------------------

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                                      PAGE
                                                                                                      -----
                         ARTICLE I
                    DEFINITIONS AND USAGE

<S>                                                                                                  <C>
SECTION 1.01.  Defined Terms.............................................................................2
SECTION 1.02.  Other Definition Provisions...............................................................3

                         ARTICLE II
                   TRANSFER AND EXCHANGE

SECTION 2.01.  The First Transfer and Exchange...........................................................4
SECTION 2.02.  The Second Transfer and Exchange..........................................................4
SECTION 2.03.  Valuation of the Transfer and Exchange....................................................5

                       ARTICLE III
               REPRESENTATIONS AND WARRANTIES

SECTION 3.01.  Representations and Warranties of
                               the Dealers ..............................................................6
SECTION 3.02.     Representations and Warranties of
                               the Managers .............................................................6
SECTION 3.03.  Representations and Warranties of AAH.....................................................6
SECTION 3.04      Acknowledgment.........................................................................6

                        ARTICLE IV
                         COVENANTS

SECTION 4.01.  Further Assurances .......................................................................7
SECTION 4.02.  Transfer Taxes ...........................................................................7
SECTION 4.03.  Liens.....................................................................................7
SECTION 4.04.  Indemnification...........................................................................7

                         ARTICLE V
                   AMENDMENT AND WAIVER

SECTION 5.01.  Amendment and Waiver .....................................................................7

<PAGE>

                        ARTICLE VI
                    GENERAL PROVISIONS

SECTION 6.01.  Assignment................................................................................7
SECTION 6.02.  No Third-Party Beneficiaries..............................................................7
SECTION 6.03.  Expenses..................................................................................7
SECTION 6.04.  Notices...................................................................................8
SECTION 6.05.  Counterparts..............................................................................8
SECTION 6.06.  Entire Agreement..........................................................................9
SECTION 6.07.  Severability..............................................................................9
SECTION 6.08.  Submission to Jurisdiction................................................................9
SECTION 6.09.  Governing Law.............................................................................9
</TABLE>

<PAGE>

                               FORM OF TRANSFER AND EXCHANGE AGREEMENT dated as
                           of March 1, 2002 (this "AGREEMENT"), by and among
                           Asbury Automotive Group, Inc., a Delaware corporation
                           (the "COMPANY"), Asbury Automotive Holdings L.L.C., a
                           Delaware limited liability company ("AAH") and the
                           individuals and entities listed under the column
                           captioned "Dealers" on Schedule I (the "DEALERS"),
                           and the individuals and entities listed under the
                           column captioned "Managers" on Schedule II (the
                           "MANAGERS").

                  WHEREAS, pursuant to Article VIII of the AAG LLC Agreement,
AAH has the right to cause the formation of the Company and the transactions
contemplated hereby in anticipation of an IPO;

                  WHEREAS, (i) in connection with the IPO, at the Effective
Time, the Members (as defined below) desire to transfer and cause to be
transferred to the Company, the portion of their respective Interests in AAG set
forth on Schedule III (the "FIRST TRANSFERRED INTERESTS"); (ii) the Company
desires to accept from the Members the First Transferred Interests in exchange
for shares of common stock, par value $0.01 per share, of the Company (the
"COMPANY SHARES"), in the respective amounts set forth on Schedule III, and
(iii) immediately thereafter, the Company desires to contribute the First
Transferred Interests to AAGH (as defined below), in each case subject to the
terms and conditions set forth in this Agreement;

                  WHEREAS, (i) in connection with the IPO, immediately after the
First Transferred Interests are exchanged for Company Shares and contributed to
AAGH, the Members desire to transfer and cause to be transferred to the Company
all of their remaining respective Interests in AAG as set forth on Schedule IV
(the "SECOND TRANSFERRED INTERESTS"; and the First Transferred Interests and the
Second Transferred Interests being collectively referred to as the "TRANSFERRED
INTERESTS") and (ii) the Company desires to accept from the Members the Second
Transferred Interests in exchange for Company Shares, in the respective amounts
set forth on Schedule IV, in each case subject to the terms and conditions set
forth in this Agreement;

<PAGE>

                  WHEREAS, concurrently with the execution of this Agreement,
the Members have entered into the Shareholders Agreement;

                  WHEREAS, concurrently with the execution of this Agreement,
the Members, the Company and AAGH shall enter into the Fourth Amended and
Restated Limited Liability Company Agreement dated as of the date hereof, of AAG
(the "NEW AAG LLC AGREEMENT"), pursuant to which, among others (i) the Company
and AAGH shall be admitted as members of AAG and (ii) AAH, the Dealers and the
Managers shall withdraw as members of AAG;

                  WHEREAS, pursuant to Section 8.05 of the AAG LLC Agreement,
AAH holds a power of attorney and irrevocable proxy from each of the other
Members to enter into this Agreement, the New AAG LLC Agreement and the
Shareholders Agreement on their behalf; and

                  WHEREAS, the transfer of the First Transferred Interests and
the Second Transferred Interests is intended to qualify as a transfer under
Section 351 of the Internal Revenue Code of 1986, as amended.

                  NOW, THEREFORE, in consideration of the mutual promises,
covenants and conditions hereinafter set forth, intending to be legally bound,
the parties hereby agree as follows:

                                    ARTICLE I

                              DEFINITIONS AND USAGE

                   SECTION 1.01. DEFINED TERMS. The following terms as used in
this Agreement shall have the following meanings:

                   "AAG" means Asbury Automotive Group L.L.C., a Delaware
limited liability company.

                   "AAGH" means Asbury Automotive Group Holdings Inc., a
Delaware corporation and a wholly owned subsidiary of the Company.

                   "AAG LLC AGREEMENT" means the Third Amended and Restated
Limited Liability Company Agreement, dated as of February 1, 2000, of AAG, as
amended on or prior to the date hereof.

                   "AGREEMENT" means this Agreement, as amended or supplemented
from time to time.

<PAGE>
                                                                            3

                   "CARRIED INTEREST" has the meaning assigned to such term in
the AAG LLC Agreement.

                   "COMPANY" has the meaning set forth in the preamble to this
Agreement.

                  "COMPANY SHARES" has the meaning set forth in the second
recital to this Agreement.

                   "CUSTODY AGREEMENTS" means the three agreements, each dated
as of March 5, 2002, among each Selling Shareholder and Ian K. Snow and Tony W.
Lee.

                  "DEALERS" has the meaning set forth in the preamble to this
Agreement.

                  "EFFECTIVE TIME" means one hour prior to the time at which the
IPO is consummated.

                  "FIRST TRANSFERRED INTERESTS" has the meaning set forth in the
second recital to this Agreement.

                  "GS" means Goldman, Sachs & Co.

                  "INTERESTS" has the meaning assigned to such term in the AAG
LLC Agreement.

                  "IPO" has the meaning assigned to such term in the AAG LLC
Agreement.

                  "MEMBER" has the meaning set forth in the AAG LLC Agreement
and includes AAH, the Dealers and the Managers.

                  "PERCENTAGE INTEREST" shall have the meaning assigned to such
term in the AAG LLC Agreement.

                  "SECOND TRANSFERRED INTERESTS" has the meaning set forth in
the third recital to this Agreement.

                  "SECURITIES ACT" means the Securities Act of 1933 and the
rules and regulations of the Securities and Exchange Commission promulgated
thereunder.

                   "SELLING SHAREHOLDERS", AND EACH INDIVIDUALLY, A "SELLING
SHAREHOLDER" means CNC Automotive, L.L.C., , a Delaware limited liability
company, Mr. C.V. Nalley III and Mr. Luther Coggin.

<PAGE>

                                                                             4

                  "SHAREHOLDERS AGREEMENT" means the Shareholders Agreement,
dated as of the date hereof, among the Company and the Members.

                  "TRANSFER AND EXCHANGE AGREEMENT" means the Transfer and
Exchange Agreement, dated as of February 1, 2000, among AAH, Asbury Automotive
Oregon L.L.C., a Delaware limited liability company and the persons listed on
schedules I and II thereto, as amended on or prior to the date hereof.

                  "TRANSFERRED INTERESTS" has the meaning set forth in the third
recital to this Agreement.

                  SECTION 1.02. OTHER DEFINITION PROVISIONS. Wherever required
by the context of this Agreement, the singular shall include the plural, and
vice versa, and the masculine gender shall include the feminine and neuter
genders, and vice versa, and references to any agreement, document or instrument
shall be deemed to refer to such agreement, document or instrument as amended,
supplemented or modified from time to time. When used herein, the words
"including", "includes", "included" and "include" are deemed to be followed by
the words "without limitation".

                                   ARTICLE II

                              TRANSFER AND EXCHANGE

                   SECTION 2.01. THE FIRST TRANSFER AND EXCHANGE. Upon the terms
and subject to the conditions set forth in this Agreement, as of the Effective
Time, (a) each of the Members hereby assigns, transfers and delivers to the
Company all right, title and interest in, to and under all of the First
Transferred Interests owned by it, and the Company hereby accepts such First
Transferred Interests and issues Company Shares to each such Member in the
respective amounts set forth on Schedule III in exchange therefor and (b)
immediately thereafter, the Company shall contribute all such right, title and
interest in the First Transferred Interests to AAGH (such transfer, exchange and
contribution of interests being referred to as the "INITIAL TRANSFER AND
EXCHANGE").

                   SECTION 2.02. THE SECOND TRANSFER AND EXCHANGE.

<PAGE>

                                                                             5

Upon the terms and subject to the conditions set forth in this Agreement, as of
the time immediately following the Initial Transfer and Exchange, each of the
Members hereby assigns, transfers and delivers to the Company all right, title
and interest in, to and under all of the Second Transferred Interests owned by
it, and the Company hereby accepts such Second Transferred Interests and issues
Company Shares to each such Member in the respective amounts set forth on
Schedule IV in exchange therefor (such transfer and exchange of interests being
referred to as the "SECOND TRANSFER AND EXCHANGE"; and the Initial Transfer and
Exchange and the Second Transfer and Exchange being collectively referred to as
the "TRANSFER AND EXCHANGE"). No additional instruments of assignment or
transfer shall be necessary or required to effect the Transfer and Exchange.

                   SECTION 2.03. ALLOCATION OF COMPANY SHARES. The aggregate
respective Percentage Interest and Carried Interest in AAG set forth for each
Member on Schedules III and IV constitutes such Member's entire Interest in AAG
as of the date hereof. The aggregate number of Company Shares allocated to each
Member pursuant to Schedules III and IV reflects the number of Company Shares to
which such Member is entitled pursuant to Section 8.02 of the AAG LLC Agreement
in exchange for its entire Interest in AAG assuming, for purposes of the
calculation required pursuant to Section 8.02(a) of the AAG LLC Agreement, that
the price per Company Share in the IPO is $16.00. If and to the extent that the
price per Company Share in the IPO is determined on the date of pricing of the
IPO (the "ACTUAL PER SHARE PRICE") to be greater than or less than $16.00, the
Company shall appropriately adjust the aggregate number of Company Shares
allocated to each Member pursuant to Schedules III and IV so that, in light of
the Actual Per Share Price, Schedules III and IV correctly reflect the amount of
Company Shares each Member is entitled to pursuant to Section 8.02(a) of the AAG
LLC Agreement (any such adjustment, an "ALLOCATION ADJUSTMENT"), and such
adjusted Schedules III and IV shall constitute Schedules III and IV to this
Agreement. Each of the Members hereby consents to be irrevocably bound by the
amount of Company Shares allocated to it pursuant to Schedules III and IV
attached hereto, or, in the event of an Allocation Adjustment, the adjusted
Schedules III and IV, other than with respect to mathematical errors resulting
from making the Allocation Adjustment, and agrees not to institute any legal or
other proceedings seeking to adjust the amount of Company Shares

<PAGE>
                                                                             6

allocated to such Member. Each of the Members hereby agree that the aggregate
cash amount distributable to the Atlanta Dealers (as defined in the AAG LLC
Agreement) pursuant to Section 6.01(c)(iv)(A) of the AAG LLC Agreement shall be
$4,201,974.00, and that following receipt of such amount the Atlanta Dealers
shall have no further rights to any further cash or property distribution
pursuant to such Section 6.01(c)(iv)(A). Promptly following the execution of
this Agreement, the Company shall provide a copy of this Agreement (including
Schedules III and IV), together with a written description of the transactions
effected hereby, to each Member.

                  SECTION 2.04. Tax Distributions. Notwithstanding the other
provisions of this Agreement, each Member retains its rights to tax
distributions under Section 6.01(c) of the AAG LLC Agreement attributable to all
periods ending on or prior to the Effective Time, including AAG's taxable year
ending at the Effective Time.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

                  SECTION 3.01. REPRESENTATIONS AND WARRANTIES OF THE DEALERS.
Each Dealer, severally and not jointly, represents and warrants to the Company
and each other Member, that such Dealer is the record and beneficial owner of
the Transferred Interests that such Dealer is exchanging pursuant to this
Agreement, and such Dealer has good and valid title to the Transferred Interests
of such Dealer set forth on Schedules III and IV, free and clear of any liens,
claims, encumbrances, security interests, options, charges and restrictions of
any kind (a "Lien"), other than the Liens listed on Schedule V.

                  SECTION 3.02. REPRESENTATIONS AND WARRANTIES OF THE MANAGERS.
Each Manager, severally and not jointly, represents and warrants to the Company
and each other Member, that such Manager is the record and beneficial owner of
the Transferred Interests that such Manager is exchanging pursuant to this
Agreement, and such Manager has good and valid title to the Transferred
Interests of such Manager set forth on Schedules III and IV, free and clear of
any Liens.

                  SECTION 3.03. REPRESENTATIONS AND WARRANTIES OF AAH. AAH
represents and warrants to the Company and each

<PAGE>
                                                                             7

other Member that AAH is the record and beneficial owner of the Transferred
Interests that AAH is exchanging pursuant to this Agreement, and AAH has good
and valid title to the Transferred Interests of AAH set forth on Schedules III
and IV, free and clear of any Liens, other than the Liens listed on Schedule V.

                  SECTION 3.04. ACKNOWLEDGMENT. (a) Each Member, severally and
not jointly, hereby acknowledges and agrees that the representations and
warranties contained in Article IV of the Transfer and Exchange Agreement or any
other instrument pursuant to which it acquired its Interest in AAG shall survive
the execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby and shall remain in full force and effect.

                  (b) It is hereby acknowledged that the Company will issue
3,200,000 shares on behalf of the Selling Shareholders to the Custodian (as
defined in the Custody Agreements), to be delivered to GS in connection with the
IPO on behalf of the Selling Shareholders and in accordance with such Custody
Agreements.

                                   ARTICLE IV

                                    COVENANTS

                  SECTION 4.01. FURTHER ASSURANCES. The Company and each Member
shall, for no further consideration, execute, acknowledge and deliver such
assignments, transfers, consents, assumptions and other documents and
instruments and take such other actions as AAH may deem necessary or appropriate
to consummate the transactions contemplated by this Agreement on the terms and
conditions set forth herein and in Article VIII of the AAG LLC Agreement.

                  SECTION 4.02. TRANSFER TAXES. The Company and each other
Member shall pay their own respective transfer, recording, sales, ad valorem or
similar taxes arising in connection with the transfer to the Company of the
Transferred Interests.

                  SECTION 4.03. LIENS. Each Member whose Transferred Interest is
subject to any Lien, whether or not disclosed to the Company, at the Effective
Time shall cause

<PAGE>
                                                                             8

such Lien to be removed promptly following the Effective Time.

                  SECTION 4.04.  INDEMNIFICATION.  The Company hereby expressly
assumes all of the obligations of AAG under Article XI of the AAG LLC Agreement
and Section 5.07 of the Transfer and Exchange Agreement.

                                    ARTICLE V

                              AMENDMENT AND WAIVER

                  SECTION 5.01. AMENDMENT AND WAIVER. This Agreement may not be
amended except by an instrument in writing signed on behalf of each of the
parties hereto.

                                   ARTICLE VI

                               GENERAL PROVISIONS

                  SECTION 6.01. ASSIGNMENT. No party to this Agreement may
assign this Agreement or any of its rights, powers, duties or obligations
hereunder without the prior written consent of the other parties.

                  SECTION 6.02. NO THIRD-PARTY BENEFICIARIES. This Agreement is
for the sole benefit of the parties hereto and their permitted successors and
assigns and nothing herein expressed or implied shall give or be construed to
give to any person, other than the parties hereto and such successors and
assigns, any legal or equitable rights hereunder.

                  SECTION 6.03. EXPENSES. If the transactions contemplated
hereby are consummated, then except as otherwise specifically provided in this
Agreement, each party hereto shall pay their own costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby.

<PAGE>
                                                                             9

                  SECTION 6.04. NOTICES. All notices or other communications
required or permitted to be given hereunder shall be in writing and shall be
delivered by hand or sent by facsimile or sent, postage prepaid, by registered,
certified or express mail or reputable overnight courier service and shall be
deemed given when received, as follows:

                  (i) if to the Company,

                  3 Landmark Square
                  Suite 500
                  Stamford, Connecticut 06901
                  Attention:  President

         with a copy to:

                  Cravath, Swaine & Moore
                  Worldwide Plaza
                  825 Eighth Avenue
                  New York, NY 10019

                  Attention:   William B. Brannan
                               Thomas E. Dunn

                 (ii) if to AAH,

                  Ripplewood Holdings
                  One Rockefeller Plaza
                  32nd Floor
                  New York, NY 10020

                  (iii) if to the Dealers,

                  To the addresses for the Dealers
                  set forth in Schedule II to the
                  AAG LLC Agreement

                  (iv) if to the Managers,

                  To the addresses for the Managers
                  set forth in Schedule II to the
                  AAG LLC Agreement.

                  SECTION 6.05. COUNTERPARTS. This Agreement may be executed in
one or more counterparts, all of which shall be considered one and the same
agreement, and shall become effective when one or more such counterparts have
been

<PAGE>
                                                                             10

signed by each of the parties and delivered to the other parties.

                  SECTION 6.06. ENTIRE AGREEMENT. This Agreement, together with
the Transfer and Exchange Agreement, the AAG LLC Agreement, the New AAG LLC
Agreement and the Shareholders Agreement, contain the entire agreement and
understanding between the parties hereto with respect to the subject matter
hereof and supersedes all other agreements and understandings relating to such
subject matter. No party shall be liable or bound to any other party in any
manner by any representations, warranties or covenants relating to such subject
matter except as specifically set forth herein or in the Transfer and Exchange
Agreement, the AAG LLC Agreement, the New AAG LLC Agreement or the Shareholders
Agreement.

                  SECTION 6.07. SEVERABILITY. If any provision of this Agreement
(or any portion thereof) or the application of any such provision (or any
portion thereof) to any person or circumstance shall be held invalid, illegal or
unenforceable in any respect by a court of competent jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision
hereof (or the remaining portion thereof) or the application of such provision
to any other persons or circumstances.

                  SECTION 6.08. SUBMISSION TO JURISDICTION. ANY AND ALL SUITS,
LEGAL ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT SHALL BE BROUGHT IN
THE SUPERIOR COURT OR THE COURT OF CHANCERY OF THE STATE OF DELAWARE, THE UNITED
STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, THE SUPREME COURT OF THE
STATE OF NEW YORK, NEW YORK COUNTY OR THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK AND EACH OF AAH, THE COMPANY, EACH DEALER AND EACH
MANAGER HEREBY SUBMITS TO AND ACCEPTS THE EXCLUSIVE JURISDICTION OF SUCH COURTS
FOR THE PURPOSE OF SUCH SUITS, LEGAL ACTIONS OR PROCEEDINGS. IN ANY SUCH SUIT,
LEGAL ACTION OR PROCEEDING, EACH OF AAH, THE COMPANY, EACH DEALER AND EACH
MANAGER WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS AND
AGREES THAT SERVICE THEREOF MAY BE MADE BY CERTIFIED OR REGISTERED MAIL DIRECTED
TO IT AT ITS ADDRESS SET FORTH ABOVE. TO THE FULLEST EXTENT PERMITTED BY LAW,
EACH OF AAH, THE COMPANY, EACH DEALER AND EACH MANAGER HEREBY IRREVOCABLY WAIVES
ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY
SUCH SUIT, LEGAL ACTION OR PROCEEDING IN ANY SUCH COURT AND

<PAGE>
                                                                             11

HEREBY FURTHER WAIVES ANY CLAIM THAT ANY SUIT, LEGAL ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

                  SECTION 6.09. GOVERNING LAW. THIS AGREEMENT AND ALL ACTIONS
CONTEMPLATED HEREBY SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES).

<PAGE>
                                                                             12

                  IN WITNESS WHEREOF, each party hereto has executed and
delivered this Agreement, or caused this Agreement to be executed and delivered
by its officer thereunto duly authorized, in each case as of the day and year
first above written.

                                             ASBURY AUTOMOTIVE HOLDINGS L.L.C.,

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             ASBURY AUTOMOTIVE GROUP, INC.,

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             NALLEY MANAGEMENT SERVICES, INC.

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             NALLEY CHEVROLET, INC.

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

<PAGE>
                                                                             13

                                             SPECTRUM SOUND & ACCESSORIES, INC.

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             NALLEY MARIETTA AUTOMOBILES, INC.

                                              by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             NALLEY LUXURY IMPORTS, INC.

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             NALLEY ATLANTA IMPORTS, INC.

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             SPECTRUM LEASING, INC.

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

<PAGE>

                                                                            14

                                            THOMAS F. MCLARTY III

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             MARK C. MCLARTY

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             THE FRANKLIN H. MCLARTY IRREVOCABLE
                                             TRUST

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             THE CALDWELL FAMILY LIMITED
                                             PARTNERSHIP

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             RIVER RIDGE INVESTMENTS, LLC

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

<PAGE>

                                                                             15

                                             THE LAURA M. HUMPHRIES IRREVOCABLE
                                             TRUST

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             THE MATTHEW B. HUMPHRIES
                                             IRREVOCABLE TRUST

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             ROB FERON

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             TODD SHORES

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

                                             PHILLIP H. MAYFIELD

                                             by:

                                             ----------------------------------
                                             Name:
                                             Title:

<PAGE>

                                                                           16

                                            LUTHER COGGIN

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            TRACYE C. HAWKINS 1999 ATT TRUST

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            CHRISTY C. HAYDEN 1999 ATT TRUST

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            CINDY S. COGGIN 1999 ATT TRUST
                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            RICHARD A. CARACELLO

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

<PAGE>
                                                                          17

                                            KEVIN DELANEY

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            MITCHELL W. LEGLER AND HARRIETTE
                                            D. LEGLER, TENANTS BY THE ENTIRETIES

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            LINDA L. MARLETTE
                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            CHARLES L. MCINTOSH
                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            NANCY D. NOBLE

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

<Page>

                                                                            18

                                            THOMAS G. ROETS, JR.

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            JOHN M. ROOKS

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            TODD F. SETH

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            CHARLIE (C.B.) TOMM AND ANITA
                                            DESAUSSURE TOMM, TENANTS BY THE
                                            ENTIRETIES

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            STEPHEN M. SILVERIO

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

<PAGE>
                                                                            19

                                            CNC AUTOMOTIVE, LLC
                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            DEALER GROUP

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            JOHN R. CAPPS

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            J.I.W. ENTERPRISES, INC.

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            DMCD AUTOS IRVING, INC.

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

<PAGE>
                                                                           20

                                            DMCD AUTOS HOUSTON, INC.

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            JAMES TORDA
                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            DAVE WEGNER

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            CHILDS & ASSOCIATES INC.

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            BUDDY HUTCHINSON CARS, INC.

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

<PAGE>
                                                                             21

                                            JEFF KING

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            ROBERT E. GRAY

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            NOEL DANIELS

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            STEVEN INZINNA

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            JOSEPH UMBRIANO

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

<PAGE>

                                                                            22

                                            PAULA TABAR

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            GIBSON FAMILY PARTNERSHIP, L.P.

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            ROBERT DENNIS

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            THOMAS F. GILMAN

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

                                            THOMAS G. MCCOLLUM

                                            by:

                                            ----------------------------------
                                            Name:
                                            Title:

<PAGE>

                                                                            23

                                                   AND EACH OTHER MEMBER OF THE
                                                   COMPANY

                                                   by:  ASBURY AUTOMOTIVE
                                                   HOLDINGS L.L.C., as
                                                   attorney-in-fact for the
                                                   other Members pursuant to the
                                                   Powers of Attorney granted
                                                   pursuant to Section 8.05 of
                                                   the AAG LLC Agreement.

                                                     by:

                                                     --------------------------
                                                     Name:
                                                     Title:

<PAGE>

                                                                    SCHEDULE I

                                   THE DEALERS

1.  Nalley Management Services, Inc.

2.  Nalley Chevrolet, Inc.

3.  Spectrum Sound & Accessories, Inc.

4.  Nalley Marietta Automobiles, Inc.

5.  Nalley Luxury Imports, Inc.

6.  Nalley Atlanta Imports, Inc.

7.  Spectrum Leasing, Inc.

8.  Thomas F. McLarty III

9.  Mark C. McLarty

10. The Franklin H. McLarty Irrevocable Trust

11. The Caldwell Family Limited Partnership

12. River Ridge Investments, LLC

13. The L. M. Humphries Irrevocable Trust

14. The M. B. Humphries Irrevocable Trust

15. Rob Feron

16. Todd Shores

17. Phillip H. Mayfield

18. Luther Coggin

19. Tracye C. Hawkins 1999 Att Trust

20. Christy C. Hayden 1999 Att Trust

21. Cindy S. Coggin 1999 Att Trust

22. Richard A. Caracello

23. Kevin Delaney

<PAGE>

24. Mitchell W. Legler and Harriette D. Legler, Tenants by the Entireties

25. Linda L. Marlette

26. Charles L. McIntosh

27. Nancy D. Noble

28. Thomas G. Roets, Jr.

29. John M. Rooks

30. Todd F. Seth

31. Charlie (C.B.) Tomm and Anita DeSaussure Tomm, Tenants by the Entireties

32. Stephen M. Silverio

33. CNC Automotive, LLC

34. Dealer Group LLC

35. John R. Capps

36. J.I.W. Enterprises, Inc.

37. DMCD Autos Irving, Inc.

38. DMCD Autos Houston, Inc.

39. James Torda

40. Dave Wegner

41. Childs & Associates Inc.

42. Buddy Hutchinson Cars, Inc.

43. Jeff King

44. Robert E. Gray

45. Noel Daniels

46. Steven Inzinna

47. Joseph Umbriano

48. Paula Tabar

<PAGE>

                                                                    SCHEDULE II

                                  THE MANAGERS

1.  Gibson Family Partnership, L.P.

2.  Robert Dennis

3.  Thomas F. Gilman

4.  Thomas G. McCollum

<PAGE>

                                                                  SCHEDULE III

                INTERESTS TRANSFERRED AND COMPANY SHARES RECEIVED
               IN CONNECTION WITH THE FIRST TRANSFER AND EXCHANGE

<TABLE>
<CAPTION>

                                                                                                   Company
                                                                            Interests               Shares
                                                                          Transferred              Received
                                                                          -----------              --------
<S>                                                                      <C>                      <C>
1.       Asbury Automotive Holdings L.L.C.                                   5.9518%                1,755,790

I.   DEALERS

1.       Nalley Management Services, Inc.                                    0.0167%                  4,930

2.       Nalley Chevrolet, Inc.                                              0.4528%                 133,588

3.       Spectrum Sound & Accessories, Inc.                                  0.0334%                  9,857

4.       Nalley Marietta Automobiles, Inc.                                   0.0819%                 24,155

5.       Nalley Luxury Imports, Inc.                                         0.1521%                 44,859

6.       Nalley Atlanta Imports, Inc.                                        0.0368%                 10,844

7.       Spectrum Leasing, Inc.                                              0.0033%                   987

8.       Thomas F. McLarty III                                               0.1538%                 45,380

9.       Mark C. McLarty                                                     0.0071%                  2,108

10.      The Franklin H. McLarty Irrevocable Trust                           0.0039%                  1,143

11.      The Caldwell Family Limited Partnership                             0.0209%                  6,161

12.      River Ridge Investments, LLC                                        0.0156%                  4,606

13.      The L. M. Humphries Irrevocable Trust                               0.0012%                   368

14.      The M. B. Humphries Irrevocable Trust                               0.0012%                   368

15.      Rob Feron                                                           0.0023%                   686

<PAGE>

16.      Todd Shores                                                         0.0045%                  1,339

17.      Phillip H. Mayfield                                                 0.0033%                   971

18.      Luther Coggin                                                       0.5075%                 149,704

19.      Tracye C. Hawkins 1999 Att Trust                                    0.0123%                  3,614

20.      Christy C. Hayden 1999 Att Trust                                    0.0123%                  3,614

21.      Cindy S. Coggin 1999 Att Trust                                      0.0123%                  3,614

22.       Richard A. Caracello                                               0.0036%                  1,059

23.      Kevin Delaney                                                       0.0066%                  1,937

24.      Mitchell W. Legler and Harriette D. Legler, Tenants by              0.0137%                  4,027
         the Entireties

25.      Linda L. Marlette                                                   0.0051%                  1,501

26.      Charles L. McIntosh                                                 0.0059%                  1,744

27.      Nancy D. Noble                                                      0.0139%                  4,111

28.      Thomas G. Roets, Jr.                                                0.0034%                  1,007

29.      John M. Rooks                                                       0.0033%                   969

30.      Todd Seth                                                           0.0068%                  2,015

31.      Charlie (C.B.) Tomm and Anita DeSaussure Tomm, Tenants by           0.0457%                 13,489
         the Entireties

32.      Stephen M. Silverio                                                 0.0066%                  1,937

33.      CNC Automotive, LLC                                                 0.4736%                 139,706

34.      Dealer Group LLC                                                    0.4651%                 137,210

35.      John R. Capps                                                       0.1826%                 53,877

36.      J.I.W. Enterprises, Inc.                                            0.4738%                 139,758

37.      DMCD Autos Irving, Inc.                                             0.2560%                 75,517

38.      DMCD Autos Houston, Inc.                                            0.1086%                 32,035

39.      James Torda                                                         0.0261%                  7,687

40.      Dave Wegner                                                         0.0261%                  7,687

41.      Childs & Associates Inc.                                            0.0518%                 15,293

<PAGE>

42.      Buddy Hutchinson Cars, Inc.                                         0.1368%                 40,342

43.      Jeff King                                                           0.0020%                   604

44.      Robert E. Gray                                                      0.1117%                 32,956

45.      Noel Daniels                                                        0.0131%                  3,877

46.      Steven Inzinna                                                      0.0066%                  1,939

47.      Joseph Umbriano                                                     0.0030%                   871

48.      Paula Tabar                                                         0.0098%                  2,884

II.      MANAGERS

1.       Gibson Family Partnership, L.P.                                     0.0155%                  4,586

2.       Robert Dennis                                                       0.0081%                  2,394

3.       Thomas F. Gilman                                                    0.0131%                  3,859

4.       Thomas G. McCollum                                                  0.0078%                  2,315

                 CARRIED INTEREST TRANSFERRED AND COMPANY SHARES
           RECEIVED IN CONNECTION WITH THE FIRST TRANSFER AND EXCHANGE

1.  Robert Dennis                                                            0.0028%                   816

2.  Estate of Brian Kendrick                                                 0.0044%                  1,303

Total                                                                       10.0000%              2,950,000

</TABLE>

<PAGE>

                                                                   SCHEDULE IV

                INTERESTS TRANSFERRED AND COMPANY SHARES RECEIVED
               IN CONNECTION WITH THE SECOND TRANSFER AND EXCHANGE

<TABLE>
<CAPTION>

                                                                                                      Company
                                                                           Interests                  Shares
                                                                          Transferred                Received
                                                                          -----------                ---------
<S>                                                                      <C>                        <C>
1.       Asbury Automotive Holdings L.L.C.                                  53.5665%               15,802,110

I.   DEALERS

1.       Nalley Management Services, Inc.                                    0.1504%                 44,371

2.       Nalley Chevrolet, Inc.                                              4.0756%               1,202,292

3.       Spectrum Sound & Accessories, Inc.                                  0.3007%                 88,717

4.       Nalley Marietta Automobiles, Inc.                                   0.7369%                217,392

5.       Nalley Luxury Imports, Inc.                                         1.3686%                403,732

6.       Nalley Atlanta Imports, Inc.                                        0.3308%                 97,597

7.       Spectrum Leasing, Inc.                                              0.0301%                 8,879

8.       Thomas F. McLarty III                                               1.3845%                408,420

9.       Mark C. McLarty                                                     0.0643%                 18,971

10.      The Franklin H. McLarty Irrevocable Trust                           0.0349%                 10,291

11.      The Caldwell Family Limited Partnership                             0.1880%                 55,452

12.      River Ridge Investments, LLC                                        0.1405%                 41,458

13.      The L. M. Humphries Irrevocable Trust                               0.0112%                 3,311

14.      The M. B. Humphries Irrevocable Trust                               0.0112%                 3,311

15.      Rob Feron                                                           0.0209%                 6,175

<PAGE>

16.      Todd Shores                                                         0.0409%                 12,051

17.      Phillip H. Mayfield                                                 0.0296%                 8,740

18.      Luther Coggin                                                       4.5673%               1,347,339

19.      Tracye C. Hawkins 1999 Att Trust                                    0.1103%                 32,526

20.      Christy C. Hayden 1999 Att Trust                                    0.1103%                 32,526

21.      Cindy S. Coggin 1999 Att Trust                                      0.1103%                 32,526

22.       Richard A. Caracello                                               0.0323%                 9,532

23.      Kevin Delaney                                                       0.0591%                 17,435

24.      Mitchell W. Legler and Harriette D. Legler, Tenants by              0.1229%                 36,242
         the Entireties

25.      Linda L. Marlette                                                   0.0458%                 13,507

26.      Charles L. McIntosh                                                 0.0532%                 15,697

27.      Nancy D. Noble                                                      0.1254%                 36,995

28.      Thomas G. Roets, Jr.                                                0.0307%                 9,067

29.      John M. Rooks                                                       0.0296%                 8,718

30.      Todd F. Seth                                                        0.0615%                 18,134

31.      Charlie (C.B.) Tomm and Anita DeSaussure Tomm, Tenants by           0.4115%                121,403
         the Entireties

32.      Stephen M. Silverio                                                 0.0591%                 17,435

33.      CNC Automotive, LLC, f/k/a Crown North Carolina, LLC                4.2622%               1,257,358

34.      Dealer Group LLC                                                    4.1861%               1,234,890

35.      John R. Capps                                                       1.6437%                484,897

36.      J.I.W. Enterprises, Inc.                                            4.2638%               1,257,825

37.      DMCD Autos Irving, Inc.                                             2.3039%                679,651

38.      DMCD Autos Houston, Inc.                                            0.9773%                288,318

39.      James Torda                                                         0.2345%                 69,179

40.      Dave Wegner                                                         0.2345%                 69,179

41.      Childs & Associates Inc.                                            0.4666%                137,639

<PAGE>

42.      Buddy Hutchinson Cars, Inc.                                         1.2308%                363,080

43.      Jeff King                                                           0.0184%                 5,435

44.      Robert E. Gray                                                      1.0054%                296,607

45.      Noel Daniels                                                       0.1183%                 34,895

46.      Steven Inzinna                                                          0.0591%                 17,447

47.      Joseph Umbriano                                                     0.0266%                 7,839

48.      Paula Tabar                                                         0.0880%                 25,956

II.      MANAGERS

1.       Gibson Family Partnership, L.P.                                     0.1399%                 41,273

2.       Robert Dennis                                                       0.0730%                 21,542

3.       Thomas F. Gilman                                                    0.1177%                 34,730

4.       Thomas G. McCollum                                                  0.0706%                 20,838

                 CARRIED INTEREST TRANSFERRED AND COMPANY SHARES
          RECEIVED IN CONNECTION WITH THE SECOND TRANSFER AND EXCHANGE

1.  Robert Dennis                                                            0.0249%                  7,340

2.  Estate of Brian Kendrick                                                 0.0397%                 11,724

    Total                                                                   90.0000%             26,550,000

</TABLE>

<PAGE>

                                                                    SCHEDULE V

                                      LIENS

JOHN CAPPS

The Transferred Interests of John Capps may be subject to a pledge in form of
Asbury Automotive Holdings L.L.C. (formerly known as Asbury Automotive Group
L.L.C.).

JAY TORDA

The Transferred Interests of Jay Torda are restricted under a negative pledge
agreement dated November 6, 1998 between NationsBank N.A. and Jay Torda.

DAVE WEGNER

The Transferred Interests of Dave Wegner are restricted under a negative
pledge agreement dated November 6, 1998 between NationsBank N.A. and Dave
Wegner.

CHARLIE (C.B.) TOMM AND ANITA DESAUSSURE TOMM, TENANTS BY THE ENTIRETIES

The Transferred Interests of Charlie (C.B.) Tomm and Anita DeSaussure Tomm,
Tenants by the Entireties are subject to (i) a Put/Call Agreement entered into
with Luther Coggin and (ii) a lien in favor of AmSouth Bank to secure a purchase
of 5.78 acres of land on the intercoastal waterway in St. Johns County, Florida.

KEVIN F. DELANY, TODD F. SETH AND STEVE SILVERIO

The Transferred Interests of Kevin F. Delaney and Todd F. Seth are, and the
Transferred Interest of Steve Silverio may be, subject to liens held by First
Union National Bank of Florida.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]