Holding(s) in Company

Form TR-1 with annex. FSA Version 2.1 updated April 2007

For filings with the FSA include the annex  
                                            
For filings with issuer exclude the annex   

TR-1: Notifications of Major Interests in Shares                               

1. Identity of the issuer or the underlying              Pendragon Plc         
issuer of existing shares to which voting                                      
rights are attached:                                                           
                                                                               
2. Reason for notification (yes/no)                                            
                                                                               
An acquisition or disposal of voting rights                          Yes       
                                                                               
An acquisition or disposal of financial instruments which may result No        
in the acquisition of shares already issued to which voting rights             
are attached                                                                   
                                                                               
An event changing the breakdown of voting rights                     No        
                                                                               
Other (please specify):______________                                No        
                                                                               
3. Full name of person(s) subject to    AEGON UK Group of Companies            
notification obligation:                                                       
                                                                               
4. Full name of shareholder(s) (if                                             
different from 3):                                                             
                                                                               
5. Date of transaction (and date on     12th November 2009                     
which the threshold is crossed or                                              
reached if different):                                                         
                                                                               
6. Date on which issuer notified:       16th November 2009                     
                                                                               
7. Threshold(s) that is/are crossed or  6%                                     
reached:                                                                       

8: Notified Details                                                            
                                                                               
A: Voting rights attached to shares                                            
                                                                               
Class/type of  Situation previous  Resulting situation after the triggering    
shares         to the triggering   transaction                                 
               transaction                                                     
If possible                                                                    
use ISIN code                                                                  
                                                                               
                                                                               

Number of    Number of  Number of  Number of voting      Percentage of            
shares       voting     shares     rights                voting rights            
             rights                                                               
                                   Direct     Indirect   Direct    Indirect       
                                                                                  
GB00B1JQBT10 45,040,046 45,040,046 46,040,046 40,005,475 6,034,571 6.10     0.92  

B: Financial Instruments                                                       
                                                                               
Resulting situation after the triggering transaction                           
                                                                               
Type of        Expiration     Exercise/       No. of voting      Percentage of 
financial      date           conversion      rights that may be voting rights 
instrument                    period/date     acquired (if the                 
                                              instrument                       
                                              exercised/                       
                                              converted)                       
                                                                               

Total (A+B)                                                                    
                                                                               
Number of voting rights                 Percentage of voting rights            
                                                                               
46,040,046                              6.95%                                  

9. Chain of controlled undertakings through which the voting rights and /or the
financial instruments are effectively held, if applicable:                     
                                                                               
AEGON UK Group of companies - parent undertaking of:                           
                                                                               
AEGON Asset Management UK plc                                                  
                                                                               
AEGON Investment Management UK ltd.                                            
                                                                               
AEGON ICVC                                                                     

Proxy Voting:                                                                  
                                                                               
10. Name of proxy holder:               AEGON UK Group of Companies            
                                                                               
11. Number of voting rights proxy                                              
holder will cease to hold:                                                     
                                                                               
12. Date on which proxy holder will                                            
cease to hold voting rights:                                                   

13. Additional information:             AEGON UK Group of Companies consists   
                                        of:                                    
                                                                               
                                        AEGON Asset Management UK plc          
                                                                               
                                        AEGON Investment Management UK ltd     
                                                                               
                                        AEGON ICVC                             
                                                                               
14 Contact name:                        Richard Maloney                        
                                                                               
15. Contact telephone name:             01623 725 200                          

For notes on how to complete form TR-1 please see the FSA website.

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in shares                               

A: Identity of the persons or legal entity subject to the notification         
obligation                                                                     
                                                                               
Full name                               AEGON Asset Management UK plc          
                                                                               
(including legal form of legal                                                 
entities)                                                                      
                                                                               
Contact address                         AEGON House,                           
                                                                               
(registered office for legal entities)  3 Lochside Avenue,                     
                                                                               
                                        Edinburgh Park,                        
                                                                               
                                        Edinburgh,                             
                                                                               
                                        EH12 9SA                               
                                                                               
Phone number & email                    0870 60 90 101                         
                                                                               
Other useful information                Ian G Young, Company secretary,        
                                                                               
(at least legal representative for      0131 549 6398                          
legal persons)                                                                 

B: Identity of the notifier, if applicable                                     
                                                                               
Full name                                                                      
                                                                               
Contact address                                                                
                                                                               
Phone number & email                                                           
                                                                               
Other useful information                                                       
                                                                               
(e.g. functional relationship with the                                         
person or legal entity subject to the                                          
notification obligation)                                                       

C: Additional information