Rule 2.8 Announcement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

09 December 2022

Statement Regarding Pendragon plc

On 26 September 2022, Pendragon plc ("Pendragon") announced a possible offer had been received from Hedin Mobility Group AB ("Hedin"). Further announcements on 24 October and 21 November 2022, subsequently extended the offer period.

Given the challenging market conditions and uncertain economic outlook, Hedin confirms that it does not intend to make an offer for Pendragon.

For the purposes of Rule 2.8 of the Code, Hedin and any person(s) acting in concert with it 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:

(i) with the agreement of the Pendragon Board;

(ii) following the announcement of a firm intention to make an offer for Pendragon by or on behalf of a third party;

(iii) following the announcement by Pendragon of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Takeover Code) or a reverse takeover (as defined in the Code); or

(iv) where the Takeover Panel has determined that there has been a material change of circumstances.

Enquiries:

Publication of this announcement

A copy of this announcement will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, at https://www.hedinmobilitygroup.com/ no later than 12 noon (London time) on Monday 12 December 2022. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

The person responsible for arranging for the release of this announcement on behalf of Hedin is Andreas Joersjo.