
<PAGE>   1

                           OFFER TO PURCHASE FOR CASH

                     ALL OUTSTANDING SHARES OF COMMON STOCK

                                       OF

                                COACH USA, INC.

                                       AT

                              $42.00 NET PER SHARE

                                       BY

                               SCH HOLDINGS CORP.

                           A WHOLLY OWNED SUBSIDIARY

                                       OF

                            STAGECOACH HOLDINGS PLC

 THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 10:00 A.M., NEW YORK CITY TIME,
            ON MONDAY, JULY 26, 1999, UNLESS THE OFFER IS EXTENDED.

                                                                   June 18, 1999

To Our Clients:

     Enclosed for your consideration is an Offer to Purchase dated June 18, 1999
(the "Offer to Purchase"), and the related Letter of Transmittal relating to an
offer by SCH Holdings Corp., a Delaware corporation ("Purchaser") and a
wholly-owned subsidiary of Stagecoach Holdings plc, a public limited company
organized under the laws of Scotland ("Parent"), to purchase all of the
outstanding shares of Common Stock, $0.01 par value per share (the "Shares"), of
Coach USA, Inc., a Delaware corporation (the "Company"), at a purchase price of
$42.00 per Share, net to the seller in cash without interest thereon, upon the
terms and subject to the conditions set forth in the Offer to Purchase and in
the related Letter of Transmittal (which, as amended from time to time, together
constitute the "Offer") enclosed herewith. Holders of Shares whose certificates
for such Shares (the "Share Certificates") are not immediately available or who
cannot deliver their Share Certificates and all other required documents to IBJ
Whitehall Bank & Trust Company, the Depositary, prior to the Expiration Date (as
defined in the Offer to Purchase), or who cannot complete the procedures for
book-entry transfer on a timely basis, must tender their Shares according to the
guaranteed delivery procedures set forth in Section 3 of the Offer to Purchase.

     WE ARE THE HOLDER OF RECORD OF SHARES HELD BY US FOR YOUR ACCOUNT. A TENDER
OF SUCH SHARES CAN BE MADE ONLY BY US AS THE HOLDER OF RECORD AND PURSUANT TO
YOUR INSTRUCTIONS. THE LETTER OF TRANSMITTAL IS FURNISHED TO YOU FOR YOUR
INFORMATION ONLY AND CANNOT BE USED BY YOU TO TENDER SHARES HELD BY US FOR YOUR
ACCOUNT.
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     We request instructions as to whether you wish to have us tender on your
behalf any or all of such Shares held by us for your account, pursuant to the
terms and subject to the conditions set forth in the Offer to Purchase.

     Your attention is directed to the following:

     1. The Offer price is $42.00 per share, net to the seller in cash without
        interest thereon.

     2. The Offer is made for all of the outstanding Shares.

     3. The Board of Directors of the Company has approved the Merger Agreement
        (as defined below) and the transactions contemplated thereby, including
        the Offer and the Merger (as defined below) and determined that the
        terms of the Offer and the Merger are advisable and fair to, and in the
        best interests of, the holders of Shares and recommends that holders of
        the Shares accept the Offer and tender their Shares to Purchaser.

     4. The Offer is being made pursuant to an Agreement and Plan of Merger,
        dated as of June 12, 1999 (the "Merger Agreement") by and among Parent,
        Purchaser, SCH Acquisition Corp. ("Merger Sub"), and the Company. The
        Merger Agreement provides, among other things, that subsequent to the
        consummation of the Offer, Merger Sub will merge with and into the
        Company (the "Merger"). At the effective time of the Merger (the
        "Effective Time"), each Share issued and outstanding immediately prior
        to the Effective Time (other than Shares owned by the Company or any
        subsidiary of the Company and each Share owned by Parent, Purchaser or
        any other subsidiary of Parent, which shall be canceled, and other than
        Shares, if any, held by stockholders who have properly exercised
        appraisal rights under Section 262 of the Delaware General Corporation
        Law) will, by virtue of the Merger and without any action on the part of
        the holders of the Shares be converted into the right to receive in cash
        the per share price paid in the Offer, payable to the holder thereof,
        without interest, upon surrender of the certificate formerly
        representing such Share, less any required withholding taxes.

     5. The Offer and withdrawal rights will expire at 10:00 a.m., New York City
        time, on July 26, 1999, unless the Offer is extended. The initial
        Expiration Date is five business days following the expected earliest
        date of the Parent shareholders meeting in order to provide sufficient
        time for notice to be given to the Company's stockholders of the
        satisfaction of the Parent Shareholder Approval Condition (as defined
        below) following the Parent shareholders meeting. If the Parent
        shareholders meeting takes place on a later date, Purchaser expects
        that, subject to the Merger Agreement and the other considerations set
        forth in Section 1 of the Offer to Purchase, it would extend the Offer
        until five business days following such later date.

     6. Tendering stockholders will not be obligated to pay brokerage fees or
        commissions or, except as set forth in Instruction 6 of the Letter of
        Transmittal, stock transfer taxes on the purchase of Shares pursuant to
        the Offer.

     7. The Offer is conditioned upon, among other things, (i) at the expiration
        of the Offer there being validly tendered and not properly withdrawn
        prior to the expiration of the Offer a number of Shares which constitute
        more than 50% of the voting power (determined on a fully diluted basis)
        on the date of purchase of all Shares entitled to vote generally in the
        election of directors or in a merger, (ii) the expiration or termination
        of any and all applicable waiting period under the Hart-Scott-Rodino
        Antitrust Improvements Act of 1976, as amended, (iii) (A) the receipt by
        Parent of a favorable informal advisory opinion from the staff of the
        United States Surface Transportation Board ("STB") to the effect that
        the proposed use of the Voting Trust (as defined in the Offer to
        Purchase) will effectively insulate Parent from acquiring unlawful
        control of the Company and such advisory opinion not having been
        withdrawn or (B) the STB having approved Parent's and Purchaser's
        acquisition of the federally regulated carriers controlled by the
        Company and (iv) a majority of the ordinary shares of Parent present and
        voting at an extraordinary general meeting of shareholders having duly
        adopted resolutions approving the acquisition by Parent of the Company
        pursuant to the Offer and the Merger and certain related matters (the
        "Parent Shareholder Approval Condition").

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<PAGE>   3

     The Offer is being made solely by the Offer to Purchase and the related
Letter of Transmittal and is being made to all holders of Shares. Purchaser is
not aware of any state where the making of the Offer is prohibited by
administrative or judicial action pursuant to any valid state statute. If
Purchaser becomes aware of any valid state statute prohibiting the making of the
Offer or the acceptance of Shares pursuant thereto, Purchaser will make a good
faith effort to comply with any such state statute. If, after such good faith
effort, Purchaser cannot comply with such state statute, the Offer will not be
made to, nor will tenders be accepted from or on behalf of, the holders of
Shares in such state. In any jurisdiction where the securities, blue sky or
other laws require the Offer to be made by a licensed broker or dealer, the
Offer shall be deemed to be made on behalf of Purchaser by J.P. Morgan
Securities Inc., or one or more registered brokers or dealers that are licensed
under the laws of such jurisdiction.

     IF YOU WISH TO HAVE US TENDER ANY OR ALL OF THE SHARES HELD BY US FOR YOUR
ACCOUNT, PLEASE INSTRUCT US BY COMPLETING, EXECUTING AND RETURNING TO US THE
INSTRUCTION FORM CONTAINED IN THIS LETTER. IF YOU AUTHORIZE A TENDER OF YOUR
SHARES, ALL SUCH SHARES WILL BE TENDERED UNLESS OTHERWISE SPECIFIED IN SUCH
INSTRUCTION FORM. YOUR INSTRUCTIONS SHOULD BE FORWARDED TO US IN AMPLE TIME TO
PERMIT US TO SUBMIT A TENDER ON YOUR BEHALF PRIOR TO THE EXPIRATION OF THE
OFFER.

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<PAGE>   4

               INSTRUCTIONS WITH RESPECT TO THE OFFER TO PURCHASE
                FOR CASH ALL OUTSTANDING SHARES OF COMMON STOCK
                                       OF
                                COACH USA, INC.
                                       BY
                               SCH HOLDINGS CORP.

     The undersigned acknowledge(s) receipt of your letter enclosing the Offer
to Purchase dated June 18, 1999 (the "Offer to Purchase") and the related Letter
of Transmittal pursuant to an offer by SCH Holdings Corp., a Delaware
corporation and a wholly owned subsidiary of Stagecoach Holdings plc, a public
limited company organized under the laws of Scotland, to purchase all
outstanding shares of Common Stock, $0.01 par value per share (the "Shares"), of
Coach USA, Inc., a Delaware corporation at a purchase price of $42.00 per Share,
net to the seller in cash without interest thereon, upon the terms and subject
to the conditions set forth in the Offer to Purchase and the related Letter of
Transmittal.

     This will instruct you to tender the number of Shares indicated below (or,
if no number is indicated below, all Shares) which are held by you for the
account of the undersigned, upon the terms and subject to the conditions set
forth in the Offer to Purchase and in the related Letter of Transmittal
furnished to the undersigned.

<TABLE>
<S>                                                        <C>

Number of Shares to be Tendered*                                            SIGN HERE
----------------------------------------                   --------------------------------------------
                                                           --------------------------------------------
                                                                           SIGNATURE(S)
   Dated            , 1999                                 --------------------------------------------
                                                                       PLEASE PRINT NAME(S)
                                                           --------------------------------------------
                                                                             ADDRESS

                                                           --------------------------------------------
                                                                  AREA CODE AND TELEPHONE NUMBER
                                                           --------------------------------------------
                                                              TAX IDENTIFICATION, OR SOCIAL SECURITY
                                                                              NUMBER
</TABLE>

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* Unless otherwise indicated, it will be assumed that all of your Shares held by
  us for your account are to be tendered.
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