
<PAGE>   1
                                                                EXHIBIT 11(a)(8)


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO CANADA OR JAPAN

FOR IMMEDIATE RELEASE                                            14TH JUNE, 1999

             STAGECOACH AGREES TO ACQUIRE COACH USA FOR $1.2 BILLION

-        Stagecoach, the international passenger transport company, today
         announces the agreed acquisition of Coach USA, the largest provider of
         motorcoach charter, tour and sightseeing services and one of the
         largest non-municipal providers of commuter and transit motorcoach
         services in the United States.

-        Stagecoach and Coach USA have entered into an agreement under which a
         subsidiary of Stagecoach will make a tender offer of $42 per share in
         cash to acquire the common stock of Coach USA. The offer values Coach
         USA's fully diluted share capital as at 31st March, 1999 at
         approximately $1,237 million (pound sterling773 million). This
         represents a premium of 41% to the closing price on the New York Stock
         Exchange on 7th June, 1999, the day prior to speculation regarding a
         possible acquisition of Coach USA for $42 per share. In addition,
         Stagecoach will assume Coach USA's net indebtedness which, as at 31st
         March, 1999, was $638 million (pound sterling399 million). Net of
         proceeds to be received from the exercise of options, this figure would
         be adjusted to $571 million (pound sterling357 million).

-        Coach USA is already established as a successful US carrier with strong
         operational management and financial disciplines. The acquisition of
         Coach USA offers Stagecoach a strategic entry into the North American
         market with a leading market position and a successful and committed
         management team.

-        Stagecoach is entering the fragmented North American market at an early
         phase in its consolidation. Coach USA is one of the leading
         consolidators in the US market, having completed over 70 acquisitions
         since its initial public offering in May 1996. The enlarged group will
         enjoy a stronger financial platform from which to continue Coach USA's
         successful growth strategy.

-        Stagecoach intends that the senior management of Coach USA will be
         incentivised to participate in the continuing growth of the business.
         In addition, certain executives of Coach USA intend to invest $10
         million in Stagecoach shares and to enter into other incentivisation
         arrangements.

-        Stagecoach has agreed the terms of a $2.25 billion loan facility with
         Credit Suisse First Boston, J.P. Morgan, The Royal Bank of Scotland plc
         and Bank of Scotland, part of which will also be used to refinance
         Coach USA and existing Stagecoach facilities. Following completion of
         the tender offer, Stagecoach intends in due course to refinance
<PAGE>   2
          at least $1 billion of the facility through access to the debt capital
          markets and an internationally marketed offering of equity or
          equity-related securities.

     -    The Acquisition is conditional, inter alia, on tender of at least a
          majority of the Coach USA shares on a fully diluted basis and on
          approval by Stagecoach shareholders, as well as certain regulatory and
          other consents. The tender offer for Coach USA is expected to close in
          the third quarter of 1999.

     -    The Merger Agreement provides for the payment to Stagecoach of a $35
          million termination fee in certain circumstances.

     -    Directors of Coach USA have irrevocably undertaken to tender their
          shares in the offer and not to withdraw such tender in respect of
          approximately 8% of Coach USA's issued share capital.

     -    Stagecoach's earnings per share before goodwill amortisation are
          expected to be immediately enhanced following completion of the
          Acquisition.

Commenting on the transaction, Brian Souter, Chairman of Stagecoach, said:

"I am delighted that we are entering the North American market at an early stage
in its consolidation with the prospect of exciting growth opportunities. In
Coach USA we are acquiring an excellent company which has already built a strong
position in North America. Our two companies have a shared background of
successful growth by acquisition and we have found a high degree of
compatibility between the two management teams."

Larry King, Chairman and Chief Executive of Coach USA, said:

"I believe that in Stagecoach we have identified the ideal partner who can
provide the financial flexibility and resources to support our next growth
phase. The Coach USA management team looks forward to working alongside the
management of Stagecoach to meet our collective objectives in North America."

This summary should be read in conjunction with the full text of this
announcement.

In connection with the proposed acquisition, Stagecoach has been advised by J.P.
Morgan and Noble Grossart Limited. Credit Suisse First Boston is acting as
corporate broker to Stagecoach. Coach USA has been advised by Morgan Stanley
Dean Witter.

An analysts' and investor meeting regarding the acquisition will be held today
at 10:00 a.m. at J.P. Morgan, 60 Victoria Embankment, London, EC4Y 0JP. A press
conference will be held at 12:00 noon at the same location.


                                       2
<PAGE>   3



ENQUIRIES:

STAGECOACH HOLDINGS PLC
Brian Souter                            0171 325 8900
Executive Chairman
Mike Kinski                             0171 325 8900
Group Chief Executive
Keith Cochrane                          0171 325 8900
Group Finance Director
Rob Ballantyne                          0171 325 8900
Head of Corporate Communications

SMITHFIELD FINANCIAL
John Kiely                              0171 360 4900

KEKST AND COMPANY
Ruth Pachman                            00 1 212 521 4891

J.P. MORGAN
Daniel Chamier (London)                 0171 325 5506
Jim Hamilton (New York)                 00 1 212 648 7801

NOBLE GROSSART
David Mathewson                         0131 226 7011

COACH USA
Larry King                              0171 325 8900
Chairman and Chief Executive Officer

J.P. Morgan and Noble Grossart Limited, which are regulated by The Securities &
Futures Authority Limited, are acting for Stagecoach in connection with this
transaction and for no one else and will not be responsible to anyone other than
Stagecoach for providing the protections afforded to customers of J.P. Morgan
and Noble Grossart Limited or for providing advice in relation to this
transaction.







                                       3
<PAGE>   4
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO CANADA OR JAPAN

FOR IMMEDIATE RELEASE                                            14TH JUNE, 1999

             STAGECOACH AGREES TO ACQUIRE COACH USA FOR $1.2 BILLION

Stagecoach and Coach USA have entered into an agreement under which a subsidiary
of Stagecoach will make a tender offer of $42 per share in cash to acquire the
common stock of Coach USA. The offer values Coach USA's fully diluted share
capital as at 31st March, 1999 at approximately $1,237 million (pound
sterling773 million). This represents a premium of 41% to the closing price on
the New York Stock Exchange on 7th June, 1999, the day prior to speculation
regarding a possible acquisition of Coach USA for $42 per share. In addition,
Stagecoach will assume Coach USA's net indebtedness which, as at 31st March,
1999, was $638 million (pound sterling399 million). Net of proceeds to be
received from the exercise of options, this figure would be adjusted to $571
million (pound sterling357 million).

INFORMATION ON COACH USA AND ITS MARKETPLACE

The US motorcoach industry is highly fragmented with approximately 5,000
motorcoach operators in a c. $20 billion market; similar fragmentation exists in
the c.$5 billion airport ground transportation, taxicab and paratransit service
markets. Opportunities also exist in the $15 billion schoolbus market. The
motorcoach industry in the United States can be broadly divided into three types
of services:

-    Recreation and excursion (charter, tour and sightseeing); -

-    Commuter and transit (including outsourcing and privatisation contracts);
     and

-    Regularly scheduled intercity service.

Coach USA was founded in September 1995 to create a nationwide provider of
motorcoach and other ground transportation services. Since Coach USA's initial
public offering in May 1996, Coach USA has acquired over 70 motorcoach and
taxicab businesses.

Coach USA is the largest provider of motorcoach charter, tour and sightseeing
services and one of the largest non-municipal providers of commuter and transit
motorcoach services in the United States. Coach USA also provides airport ground
transportation, paratransit, taxicab and other related passenger ground
transportation services. Coach USA operates in 33 states across North America,
with operating locations in over 120 cities, including 23 of the top 25
motorcoach and convention cities. It operates approximately 9,500 motorcoaches,
taxicabs and other high occupancy vehicles, with over half of the fleet less
than five years old.




                                       4
<PAGE>   5
Summary financial information on Coach USA

<TABLE>
<CAPTION>
                                                                                               YEAR ENDED 31 DECEMBER
                                                                    --------------------------------------------------
                                                                      1996                   1997                1998
<S>                                                                 <C>                    <C>                 <C>
Revenues ($ million)                                                 325.7                  542.8               803.6
Income from Operations ($ million)                                    37.3                   77.5               126.1
Net Income ($ million)                                                16.8                   31.4                53.8
Basic EPS ($)                                                         1.14                   1.46                2.23
Diluted EPS ($)                                                       0.95                   1.46                2.14
</TABLE>

Note:
(1)      Coach USA figures shown under US GAAP.

Further information on Coach USA is set out in Appendix II.

BENEFITS OF AND STRATEGIC RATIONALE FOR THE ACQUISITION

The Board of Stagecoach believes that Coach USA represents an ideal opportunity
for Stagecoach to transfer its proven acquisition and operational skills to the
North American market. Since its flotation Coach USA has focused on establishing
strong regional positions across the US through an aggressive acquisition
programme. Stagecoach intends to support and build on Coach USA's existing
strategy to expand and enhance its position as the leading provider of
motorcoach, airport ground transportation and taxicab services in the United
States.

Coach USA brings with it a number of key strengths which differentiate it as a
suitable platform for Stagecoach to develop its North American presence.
Although it is not an interstate bus line, Coach USA has established a national
presence in the US motorcoach industry enabling regional and national marketing,
cross-servicing of its vehicle fleet and additional value creation through
further acquisitions. As the leading US consolidator of motorcoach companies,
Coach USA's management team has proven adept at identifying, acquiring and
integrating a large number of complementary businesses. Furthermore, Coach USA
is well placed to take advantage of further opportunities in the $15 billion
schoolbus market. Stagecoach intends that the senior management of Coach USA
will be incentivised to participate in the continuing growth of the business. In
addition, certain executives of Coach USA intend to invest $10 million in
Stagecoach shares and to enter into other incentivisation arrangements.

In addition to consolidation opportunities through further acquisitions, a
number of industry trends suggest increasing demand for Coach USA's services,
with significant opportunities for organic growth. These include the expected
growth of the US travel and tourism industry, a fast growing industry in the US;
continued privatisations by both state and local governments of commuter and
transit services and ancillary services such as paratransit services; the
continued outsourcing of transport services by hotels, casinos, rental car
companies and colleges that operate large motorcoach fleets and other high
occupancy vehicles; increasing traffic congestion in metropolitan areas where
motorcoach and related carriers are an increasingly viable alternative to
capital intensive projects; increasing traffic congestion at airports where
Coach USA is



                                       5
<PAGE>   6
introducing its Express Shuttle US brand in all airports; and the continued use
of taxicabs at airports and by local commuters seeking to avoid congestion.

Stagecoach's earnings per share before goodwill amortisation are expected to be
immediately enhanced following completion of the transaction.

BOARD AND MANAGEMENT

Larry King will remain as Chairman and CEO of Coach USA. Coach USA's Board will
be strengthened by the appointment of Mike Kinski, Brian Souter and Keith
Cochrane. Larry King will be invited to join the Board of Stagecoach as an
executive director once the Acquisition is completed and all necessary
regulatory approvals have been received.

FINANCING

Stagecoach has agreed the terms of a $2.25 billion loan facility with Credit
Suisse First Boston, J.P. Morgan, The Royal Bank of Scotland plc and Bank of
Scotland, part of which will also be used to refinance Coach USA and existing
Stagecoach facilities. Following completion of the tender offer for Coach USA,
Stagecoach intends in due course to refinance at least $1 billion of the
facility through access to the debt capital markets and an internationally
marketed offering of equity or equity-related securities.

INFORMATION ON STAGECOACH

Stagecoach is an international passenger transport company with its head office
in Perth, Scotland. It operates bus, train and airport businesses in the United
Kingdom, buses and ferries in New Zealand, buses in Sweden, Finland, Portugal,
Australia, Hong Kong and China together with strategic investments in railways
in the United Kingdom and toll roads in China. The Stagecoach group employs
approximately 37,000 people worldwide.

At the close of business on 11th June, 1999, Stagecoach had a market
capitalisation of pound sterling3,091 million.





                                       6
<PAGE>   7
Summary financial information on Stagecoach


<TABLE>
<CAPTION>
                                                                                                     YEAR ENDED 30 APRIL
                                                                               -----------------------------------------
                                                                               1998                     1999 (UNAUDITED)
<S>                                                                            <C>                      <C>
Turnover (pound sterlingmillion)                                               1,347.0                          1,548.4
Total operating profit (pound sterlingmillion)                                   216.3                            274.7
Profit after tax (pound sterlingmillion)                                         113.6                            158.3
EPS (basic)                                                                       9.5p                            12.0p
DPS net                                                                           2.4p                             3.0p
</TABLE>

Notes:
(1)  Stagecoach figures shown in UK GAAP.
(2)  1998 EPS restated to take into account 5:1 stock split on 19 October 1998.
(3)  1998 figures restated to reflect Financial Reporting Standard Numbers 11
     and 12

Further information on Stagecoach is set out in Appendix I.

TERMS AND STRUCTURE OF THE ACQUISITION

Stagecoach and Coach USA have entered into a definitive Merger Agreement under
which a subsidiary of Stagecoach will make a tender offer for all Coach USA
shares for $42 per share in cash. Following successful completion of the tender
offer, Coach USA will merge with a wholly owned subsidiary of Stagecoach and
holders of Coach USA shares will receive $42 per share in cash. The tender offer
for Coach USA is expected to close in the third quarter of 1999.

Shareholder, Regulatory and Other Approvals

The transaction is conditional on a number of approvals and other customary
conditions. Principal requirements are acceptance or approval by both Stagecoach
and Coach USA shareholders and approval by various regulatory bodies, including
receipt of an informal advisory opinion from the staff of the United States
Surface Transportation Board ("STB") relating to the voting trust agreement
described below.

Shareholder approval - Stagecoach

The transaction will be subject to the approval of Stagecoach shareholders at an
extraordinary general meeting which is expected to take place in July 1999.
Formal documentation relating to the transaction will be dispatched to
Stagecoach shareholders as soon as possible. This documentation will include the
notice of the extraordinary general meeting, full details of the transaction
(including further information on Coach USA), and will specify the necessary
action to be taken by Stagecoach shareholders. Brian Souter and Ann Gloag, both
directors of Stagecoach, have undertaken to vote in favour of the resolution to
be proposed at the forthcoming extraordinary general meeting to approve the
Acquisition in respect of their beneficial holdings of Stagecoach shares
representing, in aggregate, 24% of the current issued share capital.



                                       7
<PAGE>   8
Shareholder acceptance - Coach USA

The tender offer will be conditional on, among other things, the tender of at
least a majority of the shares of Coach USA common stock on a fully diluted
basis. Following successful completion of the tender offer, Stagecoach and its
subsidiaries will be able to approve a second step merger, in which remaining
Coach USA shareholders will receive the same $42 cash price per share, without
the approval of any other Coach USA shareholders. A formal Offer to Purchase and
related documentation will be dispatched to Coach USA shareholders no later than
18th June, 1999, and will include details of the transaction and instructions
for tendering Coach USA shares. The tender offer will close 20 business days
after its commencement, unless extended in accordance with the terms of the
offer and the Merger Agreement.

Regulatory approvals

The tender offer will be subject to receipt of informal approval by the staff of
the STB of a required voting trust agreement. Coach USA shares acquired by
Stagecoach in the tender offer and the merger will be placed in the voting trust
pending full approval by the STB. However, other than the informal approval of
the voting trust agreement, STB approval will not be a condition to the
transaction.

The US Department of Justice and Federal Trade Commission will be given formal
notice of the Merger Agreement under the Hart-Scott-Rodino Antitrust
Improvements Act, and the transaction is subject to expiration or termination of
the applicable waiting period. In addition, the transaction is subject to
various requirements of other relevant authorities.

Merger Agreement

The Merger Agreement sets out the conditions to the tender offer and the merger.
The Offer to Purchase will also describe these conditions. The Merger Agreement
also contains certain termination rights, mutual representations and warranties
and various covenants relating to the operation of Coach USA and other matters.
The Merger Agreement provides for a termination fee of $35 million to be paid by
Coach USA to Stagecoach if the Merger Agreement is terminated in certain
circumstances. The Merger Agreement also provides for a termination fee of $25
million to be paid to Coach following, in certain circumstances, a change in the
recommendation of the Stagecoach board to Stagecoach shareholders to vote in
favour of the Acquisition. A summary of all the terms of the Merger Agreement
will be included in the documentation sent to Coach USA shareholders in
connection with the tender offer.




                                       8
<PAGE>   9
ENQUIRIES:

STAGECOACH HOLDINGS PLC
Brian Souter                            0171 325 8900
Executive Chairman
Mike Kinski                             0171 325 8900
Group Chief Executive
Keith Cochrane                          0171 325 8900
Group Finance Director
Rob Ballantyne                          0171 325 8900
Head of Corporate Communications

SMITHFIELD FINANCIAL
John Kiely                              0171 360 4900

KEKST AND COMPANY
Ruth Pachman                            00 1 212 521 4891

J.P. MORGAN
Daniel Chamier (London)                 0171 325 5506
Jim Hamilton (New York)                 00 1 212 648 7801

NOBLE GROSSART
David Mathewson                         0131 226 7011

COACH USA
Larry King                              0171 325 8900
Chairman and Chief Executive Officer

J.P. Morgan and Noble Grossart Limited, which are regulated by The Securities &
Futures Authority Limited, are acting for Stagecoach in connection with this
transaction and for no one else and will not be responsible to anyone other than
Stagecoach for providing the protections afforded to customers of J.P. Morgan
and Noble Grossart Limited or for providing advice in relation to this
transaction.




                                       9
<PAGE>   10
APPENDIX I: INFORMATION ON STAGECOACH

DESCRIPTION

UK Bus

Stagecoach has approximately a 16% share of the UK bus market. The company has a
fleet of 7,500 buses with an average age of seven years, the lowest in the
industry. In 1998, the UK bus business was restructured from nineteen individual
companies into three regions.

Overseas Bus

Outside the UK Stagecoach runs bus services in Sweden, Finland, Portugal, New
Zealand (in conjunction with ferries), Australia, Hong Kong and China.

Train Operations

Stagecoach holds two UK rail franchises - South West Trains, which is the
biggest single franchise in the UK, and the Island Line. Both franchises were
awarded for seven years in 1996. In 1998, Stagecoach purchased a 49%
shareholding in Virgin Rail Group, operator of the West Coast Main Line and
CrossCountry franchises, both of which run to 2012.

Porterbrook

Porterbrook is one of three rolling stock companies which currently own the
entire fleet of UK railway stock. Porterbrook provides rolling stock under
operating leases to eighteen of the twenty-five UK train operating companies and
carries out heavy maintenance on the rolling stock.

Prestwick Airport

Stagecoach acquired Prestwick Airport in April 1998. Prestwick currently handles
over 600,000 passengers per annum and 52,000 freight tonnes per annum.

Road King

Stagecoach acquired a minority stake in Road King, a Chinese toll road operator,
in April 1998.





                                       10
<PAGE>   11
STAGECOACH SUMMARY GROUP PROFIT AND LOSS ACCOUNTS
PRESENTED UNDER UK GAAP

<TABLE>
<CAPTION>
                                                                                                YEARS ENDED 30 APRIL
                                                                                ------------------------------------
(pound sterling million)                                                           1998             1999 (unaudited)
<S>                                                                             <C>                 <C>
Group Turnover                                                                  1,347.0                      1,548.4
Total Operating Profit (including share of joint
 ventures and associates)                                                         216.3                        274.7
Profit on ordinary activities before taxation                                     155.7                        210.1
                                                                                -------                      -------
Profit/(loss) for the year                                                        113.5                        158.4
                                                                                -------                      -------
Earnings per ordinary share (basic)                                                9.5p                        12.0p
Dividends per ordinary share                                                       2.4p                         3.0p
</TABLE>

1998 EPS restated to take into account subdivision of ordinary shares from 2.5p
to 0.5p on 19 October 1998.



STAGECOACH SUMMARY GROUP BALANCE SHEETS
PRESENTED UNDER UK GAAP

<TABLE>
<CAPTION>
                                                                                                YEARS ENDED 30 APRIL
                                                                                ------------------------------------
(pound sterling million)                                                           1998             1999 (unaudited)
<S>                                                                             <C>                 <C>
Fixed assets                                                                    1,520.1                      2,105.8
                                                                                -------                      -------
Current assets                                                                    331.0                        516.4
Creditors: amounts falling due within                                           (600.0)                      (706.3)
    one year
                                                                                -------                      -------
Net current liabilities                                                         (269.0)                      (189.9)
                                                                                -------                      -------
Total assets less current liabilities                                           1,251.1                      1,915.9
                                                                                -------                      -------
Creditors: amounts falling due after                                            (741.7)                      (950.8)
    more than one year
Provisions                                                                      (239.3)                      (234.1)
                                                                                -------                      -------
Net assets                                                                        270.1                        731.0
                                                                                -------                      -------

Equity shareholders' funds                                                        269.8                        731.0
Minority interests                                                                  0.3                          0.0
                                                                                -------                      -------
Capital employed                                                                  270.1                        731.0
                                                                                -------                      -------
</TABLE>

1998 figures restated to reflect Financial Reporting Standard Numbers 11 and 12.




                                       11
<PAGE>   12
APPENDIX II: INFORMATION ON COACH USA

DESCRIPTION

Coach USA was founded in September 1995 to create a nationwide provider of
motorcoach and other ground transportation services.

It is the largest provider of motorcoach charter, tour and sightseeing services
and one of the largest non-municipal providers of commuter and transit
motorcoach services in the United States. Coach USA also provides airport ground
transportation, paratransit, taxicab and other related passenger ground
transportation services. Coach USA operates in 33 states and provinces across
North America, with operating locations in over 120 cities, including 23 of the
top 25 motorcoach and convention cities. It operates approximately 9,800
motorcoaches, taxicabs and other high occupancy vehicles, with over half of the
fleet less than five years old.

A detailed description of the services provided by Coach USA is set out below.

Recreation and Excursion

-        Charter and Tour Services
Charter services are provided on a fixed daily rate, based on mileage and hours
of operation. Coach USA offers both daily and long-term charter and tour
arrangements (as long as 30 days) with various levels of luxury and price. Coach
USA has arrangements with tour agencies to provide various levels of service and
equipment for agent-sponsored and organised tours. Under these arrangements,
Coach USA contracts with tour agencies to provide the motorcoach and driver at a
fixed daily rate. To increase equipment utilisation, it also regularly offers
shorter charter services to various social groups or other organisers for
transportation to events or specific destinations. In some instances, Coach USA
organises its own tours and markets them on a per passenger basis.

-        Sightseeing
Coach USA provides per seat sightseeing services on a scheduled basis at an
advertised or published price. Customers can make reservations for the tours or
simply board on an "open-door" basis at scheduled locations. Payment is made by
the customer, or through a travel agent or a hotel on a per seat basis. Coach
USA uses a network of hotel lobby ticket counters, hotel concierges and travel
agents to sell sightseeing tours.

-        Airport Service
Coach USA picks up passengers at airports in various cities and transports them
to and from their hotel, casino, cruise ship or convention site. Coach USA uses
motorcoaches and other high occupancy vehicles to provide passenger ground
transportation services to, from and between airports in certain cities in which
Coach USA operates. These services are provided on either a fixed schedule or on
a demand basis. Customers can arrange for services through computerised
reservations systems or through ticket purchases at a service desk at the
airport.




                                       12
<PAGE>   13
-        Specialised Destination Route Services
Coach USA provides specialised destination route services, including daily
scheduled services to casinos in various gaming states including Connecticut,
New Jersey, Louisiana, Nevada, Colorado and Mississippi. Luxury motorcoaches
pick passengers up at specified locations. Customers are taken on an "open-door"
basis or by reservation. Tickets are also sold on a per seat basis through
agents and at specified locations.

Commuter and Transit Services

-        Commuter Services
In most of Coach USA's commuter services, fixed routes are serviced on a daily
basis. Most of these routes are owned (as a result of federal or state regular
route authority) by one of Coach USA's individual operating subsidiaries. Many
of the motorcoaches that are dedicated to commuter service are owned by a state
or municipal transit authority and provided to Coach USA at nominal rent or
given by such authority at a nominal rent or given by such authority to service
a particular route. In all cases, Coach USA employs the drivers and operations
personnel and is responsible for maintenance of the equipment. Coach USA is paid
through individual ticket purchases or through a fare box. Contracts with
transit authorities for commuter services typically have one to three year terms
and are periodically reviewed for rate and fare increases. Commuter services are
provided daily.

-        Outsourcing Contracts
Coach USA has agreements with various corporations, institutions and government
entities to provide motorcoaches, drivers and equipment for their employees and
customers. Coach USA believes that these entities look for opportunities to
outsource non-core activities as a means to better manage their capital and
operating revenues and improve their profitability.

-        Privatisation Transit Contracts
In privatisation transit contracts, Coach USA contracts with a transit authority
to service fixed routes on a daily basis. The route schedules are established by
the transit authority. Coach USA operates dedicated equipment owned either by
the company or by the transit authority. In each instance, Coach USA employs the
drivers and operations personnel and is responsible for equipment maintenance.
Coach USA receives a fixed amount from the municipality based on a number of
miles or hours operated. Contracts for this service range in length from three
to five years and are periodically reviewed for rate increases.

-        Regional Line Runs
Coach USA operates motorcoach transportation services in certain limited
regional areas of the country on a daily basis. The route schedules are
established in advance to provide seamless ground transportation services to
customers. Coach USA is generally paid for these services through individual
tickets, which are either pre-sold or are purchased on the date Coach USA
renders service.

-        Paratransit Services
Coach USA contracts with agencies of various counties that are responsible for
co-ordinating the non-emergency transportation of medical aid patients.
Following receipt of patient reservation


                                       13
<PAGE>   14
schedules, it provides the scheduled services, usually through the use of
independent contractor drivers, and invoices the county organisation for the
services provided. These contracts are generally on a multi-year basis and
require that certain performance standards are met.

Taxicab Services

Coach USA's taxicab revenues are derived primarily from services provided to
independent contractors that own or lease and operate vehicles under one of
Coach USA's trade names. The independent contractor drivers pay a weekly or
daily fee for dispatching and use of the vehicle equipment, use of operating
rights, charge account, contractual liability indemnity and other services. The
independent contractor collects and retains the fares from the passenger. Fares
charged to passengers are subject to municipal or state regulatory approval. In
addition to the daily or weekly fee paid to Coach USA by the drivers for
dispatching and other support services, revenues are derived through vehicle
sales and financing services to drivers, maintenance, parts and labour provided
to drivers and vehicle mini-billboard advertising.

-        Radio Dispatched Services
Radio dispatched services are provided primarily on a call-in basis. When a
customer makes a request for the services, the closest available vehicle is
notified through Coach's computer dispatching system. The driver of the
identified vehicle accepts the trip and picks up the customer.

-        Airport Services
Coach USA provides taxicab services to passengers going to and coming from
airports in certain municipalities. Most services are provided on a demand basis
as passengers exit the airport and summon a taxicab at the airport cab station.
Services for passengers travelling to the airport are provided through advance
reservations.




                                       14
<PAGE>   15
COACH USA SUMMARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND RETAINED
EARNINGS
PRESENTED UNDER US GAAP

<TABLE>
<CAPTION>
                                                 3 MONTHS ENDED 31 MARCH                  YEARS ENDED 31 DECEMBER
                                                 -----------------------------     -----------------------------------
($ million)                                            1998             1999           1996         1997          1998
                                                   (UNAUDITED)
<S>                                                <C>                 <C>            <C>         <C>           <C>
Revenues                                              150.0            201.6          325.7        542.8         803.6
Income from operations                                 11.8             16.9           37.3         77.5         126.1
Income before income taxes and
extraordinary items                                     4.0              5.9           24.3         54.4          89.2
Income before extraordinary items and                   2.4              3.6           14.1         32.3          54.4
change in accounting principle
Extraordinary items and effect of
change in accounting principle (net
of tax)                                                   -            (5.2)            2.6        (0.9)         (0.6)

Net income/(loss)                                       2.4            (1.6)           16.7         31.4          53.8
</TABLE>




<TABLE>
<CAPTION>
                                                3 MONTHS ENDED 31 MARCH                   YEARS ENDED 31 DECEMBER
($ million)                                            1998             1999           1996         1997          1998
                                                -------------------------------     ----------------------------------
                                                   (UNAUDITED)
<S>                                                  <C>              <C>              <C>        <C>           <C>
Retained earnings                                      41.6             91.5            8.7         39.3          93.0
                                                      -----            -----            ----       -----         -----
($)
Earnings per share - basic
Income before extraordinary items                      0.11            0.14            0.96         1.51          2.25
Extraordinary items                                       -           (0.20)           0.18        (0.05)        (0.02)
                                                      -----            -----           ----        -----         -----
Total                                                  0.10           (0.06)           1.14         1.46          2.23
                                                      -----            -----           ----        -----         -----

Earnings per share - diluted
Income before extraordinary items                      0.11            0.14            0.95         1.46          2.14
Extraordinary items                                   (0.01)          (0.20)           0.17        (0.04)        (0.02)
                                                      -----            -----           ----        -----         -----
Total                                                  0.10           (0.06)           1.12         1.42          2.12
                                                      -----            -----           ----        -----         -----
</TABLE>






                                       15
<PAGE>   16
COACH USA SUMMARY CONSOLIDATED BALANCE SHEETS
PRESENTED UNDER US GAAP

ASSETS

<TABLE>
<CAPTION>
                                                3 MONTHS ENDED 31 MARCH                    YEARS ENDED 31 DECEMBER
($ million)                                            1998             1999           1996        1997            1998
                                                   (UNAUDITED)
<S>                                                <C>              <C>               <C>        <C>           <C>
Total current assets                                  107.0            157.2           40.5        97.8           148.8
Property plant and equipment - net                    460.9            596.3          191.1       395.8           574.3
Other assets                                          202.1            450.4           45.2       172.3           456.1
                                                      -----            -----          -----       -----         -------
TOTAL ASSETS                                          770.0          1,203.9          276.8       665.9         1,179.2
                                                      -----          -------          -----       -----         -------

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities                                   116.6            173.4           45.1       103.2           174.2
Other liabilities                                      45.4             64.0           58.1        41.1            65.1
Long-term debt                                        436.3            616.8          109.6       361.1           588.8
Total stockholders' equity                            171.7            349.8          104.0       160.6           351.0
                                                      -----          -------          -----       -----           -----
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY                                                770.0          1,203.9          276.8       665.9         1,179.2
                                                      -----          -------          -----       -----         -------
</TABLE>





                                       16
<PAGE>   17
BIOGRAPHICAL DETAILS ON THE SENIOR EXECUTIVE COMMITTEE OF COACH USA

Larry K. King
Chairman and Chief Executive Officer

Age 42, became a director of Coach USA in May 1996. Mr. King has served as
Chairman of the Board of Directors and Chief Executive Officer since December
1998. Mr. King served as Senior Vice President and Chief Financial Officer of
Coach USA from December 1995 to December 1998. Mr. King is also currently a
director of Transportation Components, Inc.

John Mercadante, Jr.
President

Age 54, has been a director of Coach USA since May 1996. Mr Mercadante has
served as President of Coach USA since May 1996 and previously served as
President and Chief Operating Officer from May 1996 to December 1997. Mr
Mercadante is currently a director of the Atlantic City Bus Operators
Association and a director of the New Jersey Motor Bus Association.

Frank P. Gallagher
Executive Vice-President, Chief Operating Officer

Age 55, became a director of Coach USA in May 1996. Mr Gallagher has served as
Executive Vice President and Chief Operating Officer of Coach USA since December
1997 and formerly served as Senior Vice President - Corporate Development from
May 1996 to December 1997.





                                       17
<PAGE>   18
APPENDIX III: SOURCES AND BASES OF INFORMATION

For ease of reference, in this document all currency conversions between Pounds
Sterling and US dollars have been made at a rate of pound sterling 1.00 = $1.60.

The total consideration of $1,808 million is based on an offer price of $42 per
share applied to 25.4 million shares in issue as at 7th May 1999, including
compensation for the holders of 4.0 million Coach USA shares under option. In
addition, Stagecoach will assume Coach USA's net indebtedness which, as at 31st
March, 1999, was $638 million. Net of proceeds to be received from the exercise
of options, this figure would be adjusted to $571 million.

The information on Coach USA and its markets is based on the Form 10-K of Coach
USA for the fiscal years ended 31st December, 1998, 1997 and 1996 and the Form
10-Q of Coach USA for the three months ended 31st March, 1999 and 31st March,
1998.

The financial information relating to Stagecoach set out in Appendix I has been
derived from the audited consolidated accounts of Stagecoach for the financial
period ended 30th April, 1998, and the preliminary announcement of the 30th
April, 1999 results approved by the Board on 7th June, 1999. The financial
information contained in this announcement does not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985. Statutory
consolidated accounts of Stagecoach for the financial period ended 30th April,
1998 received an unqualified audit opinion, did not contain a statement under
section 237(2) or (3) of the Companies Act and have been delivered to the
Registrar of Companies. The statutory consolidated accounts of Stagecoach for
the financial year ended 30th April, 1999 will be submitted to shareholders and
delivered to the Registrar of Companies in due course.

This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements are based on
the current plans and expectations of Coach USA, and involve risks and
uncertainties that could cause actual future results to be materially different
from those set forth in the forward-looking statements. Important factors that
could cause actual results to differ include, among others, risks that no
transaction will occur and risks associated with the valuation of possible
business combination transactions.




                                       18
<PAGE>   19
APPENDIX IV: DEFINITIONS
<TABLE>
<S>                                                          <C>
Acquisition                                                  The proposed acquisition of Coach USA by Stagecoach, as
                                                             described in this announcement

Coach USA                                                    Coach USA, Inc

Merger Agreement                                             Agreement and Plan of Merger, dated 12th June, 1999
                                                             among Stagecoach, SCH Holding Corp., SCH Acquisition
                                                             Corp. and Coach USA

J.P. Morgan                                                  J. P. Morgan Securities Ltd

London Stock Exchange                                        London Stock Exchange Limited

Stagecoach                                                   Stagecoach Holdings plc

United Kingdom or UK                                         The United Kingdom of Great Britain and Northern Ireland

United States or US                                          The United States of America, its territories and
                                                             possessions and any state of the United States and the
                                                             District of Columbia
</TABLE>





                                       19
