Issue of Debt

Pendragon PLC
2 March 2004

                         PENDRAGON PLC ('pendragon')

Pendragon PLC is pleased to announce that it has concluded a US$177 million loan
note issue through a private placement with a group of US institutional
investors. In addition, the company has issued £17 million of loan notes through
a private placement with a UK institution.

The funding is split into two tranches with $110 million maturing in 7 years and
$67 million and £17 million maturing in 10 years. The whole of the issue has
been swapped into floating rate sterling.

Commenting on the transaction, Trevor Finn, Chief Executive of Pendragon, said:

'Following the acquisition of C D Bramall PLC we have taken this Opportunity to
put a proportion of the group's borrowing facilities on a longer term basis. 
This strengthens Pendragon's financing and demonstrates our ability to access
longer term debt markets.'

Enquiries:

Pendragon                  Trevor Finn   Tel: [phone] 
                           David Forsyth





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