Offer Update - IML

Inchcape PLC
2 May 2002

   Inchcape offer to acquire the minority holding in Inchcape Motors Limited,
           Singapore, has been declared unconditional in all respects

Inchcape plc announced today in Singapore that the voluntary conditional cash
offer to buy out the minority holding in its quoted Singaporean subsidiary,
Inchcape Motors Limited (IML), has been declared unconditional in all respects.
The level of acceptances has now reached 90.82%. This offer is being made by its
wholly owned subsidiary, Inchcape Special Investments BV.

The offer values IML at c. £167.4m and the minority stake at c. £61.5m. The
profit before tax of IML for 2001, before exceptional items, was £20.4m*
(S$53.8m). Net assets were £115.4m* (S$304.7m) and included £83.2m* (S$219.6m)
of cash and cash equivalents.

IML is the national importer and retailer for Toyota, Lexus and Suzuki
automobiles in Singapore, and for Toyota and Lexus in Brunei.

The announcement issued to the Singapore Stock market declaring the offer
unconditional, can be accessed at the website of the Singapore Exchange Limited,
www.sgx.com.sg

Notes to editors

For further information, please contact:

Group Communications, Inchcape plc
020 7546 0022

John Olsen/Tom Leatherbarrow, Hogarth Partnership Limited
020 7357 9477

For further information, visit us at www.inchcape.com

*At an assumed rate of S$2.64 = £

2 May 2002

                      This information is provided by RNS
            The company news service from the London Stock Exchange
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