Statement regarding Pendragon PLC

On September 20, 2023, Pendragon PLC ("Pendragon") announced that it had received a possible offer from Hedin Mobility Group AB (publ) (“Hedin”) and PAG International Ltd. (“PAG”).

Hedin and PAG confirm that they do not intend to make an offer for Pendragon.

Accordingly, except with the consent of the Panel on Takeovers and Mergers (the “Takeover Panel”), Hedin and PAG, and any person acting in concert with Hedin and PAG, is bound by the restrictions under Rule 2.8 of the Code.

For the purposes of Rule 2.8 of the Code, Hedin and PAG (and any person(s) acting in concert with them) reserve the right to make or participate in an offer for Pendragon (and/or take any other actions which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement:

1. with the agreement or recommendation of the board of Pendragon;
2. following the announcement of a firm intention to make an offer for Pendragon, by or on behalf of a third party;
3. following the announcement by Pendragon of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and/or
4. if there has been a material change of circumstances (as determined by the Takeover Panel).

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