Re Joint Venture-Amendment

Pendragon PLC
02 November 2005




The following amendment has been made to the 'Re Joint Venture'
announcement released today at 11:01 under RNS No 5073T.

The heading at the top of the announcement should read 'Property Joint Venture' 
and not 'Properly Joint Venture' as previously stated. 

All other details remain unchanged.

The full amended text is shown below.







                             ANNOUNCEMENT 
                       PENDRAGON PLC ('Pendragon')

Property Joint Venture

We are pleased to announce that we have successfully completed a joint venture 
agreement with a wholly owned subsidiary of The Royal Bank of Scotland PLC 
('RBS'), which has subscribed in cash for a 49% equity shareholding in our new 
subsidiary company PPHO Limited ('PPHO').

PPHO, which owns properties which are leased to Pendragon, has entered into a 
ten year loan facility agreement with RBS to fund the business on a long term 
committed basis. The new loan facility will be used to repay the existing intra 
group loan account with Pendragon. The gross assets of PPHO at completion are 
£105.3 million.

As a result of this joint venture agreement Pendragon receives net cash proceeds 
of £98.0 million and will recognise a profit before tax of £6.2 million.


Enquiries
Trevor Finn, Chief Executive         -      01623 725 114     
David Forsyth, Finance Director      -      01623 725 114     




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