Revised Offer Document Posted

Pendragon PLC
15 February 2006

Not for release, publication or distribution, in whole or part, in, into or from
                 the United States, Canada, Australia or Japan.


FOR IMMEDIATE RELEASE                                           15 February 2006



            MANDATORY UNCONDITIONAL RECOMMENDED INCREASED CASH OFFER

                                       by

                 CITIGROUP GLOBAL MARKETS LIMITED ('citigroup')

                                  on behalf of

                          PENDRAGON PLC ('PENDRAGON')

                                      for

                          REG VARDY PLC ('REG VARDY')


                       Posting of Revised Offer Document



Further to the announcement made on 8 February 2006 of a mandatory cash offer by
Citigroup on behalf of Pendragon for Reg Vardy (the 'Mandatory Offer'),
Pendragon announces that the document containing the terms of the Mandatory
Offer (the 'Revised Offer Document') has been posted to Reg Vardy Shareholders
today, together with a revised Form of Acceptance (the 'Revised Form of
Acceptance').

The Mandatory Offer is unconditional in all respects and will remain open for
acceptance until further notice. Not less than 14 days' notice in writing will
be given to those Reg Vardy Shareholders who have not accepted the Mandatory
Offer prior to closing of the Mandatory Offer.

If you hold Reg Vardy Shares in certificated form, to accept the Mandatory
Offer, you should complete, sign and return the Revised Form of Acceptance as
soon as possible.

If you hold Reg Vardy Shares in uncertificated form (that is, in CREST), to
accept the Mandatory Offer, you should complete, sign and return the Revised
Form of Acceptance, and transfer your Reg Vardy Shares to an escrow balance so
that the TTE instruction to escrow settles as soon as possible.

Copies of the Revised Offer Document and Revised Form of Acceptance are and will
remain available for collection by Reg Vardy shareholders from the offices of
Citigroup Global Markets Limited, Citigroup Centre, Canada Square, Canary Wharf,
London E14 5LB during normal business hours on any weekday (public holidays
excepted) until the Mandatory Offer closes.



Pendragon PLC                          Tel: [phone]

Trevor Finn, Chief Executive
David Forsyth, Finance Director



Citigroup Global Markets Limited       Tel: [phone]

Philip Robert-Tissot
Sam Small
Chris Zeal (Corporate Broking)



Finsbury Group                         Tel: [phone]

Rupert Younger
Gordon Simpson



Citigroup Global Markets Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting exclusively for
Pendragon and no one else in connection with the Mandatory Offer and will not be
responsible to any other person for providing the protections afforded to
clients of Citigroup Global Markets Limited or for providing advice in relation
to the Mandatory Offer.

This announcement does not constitute, or form part of, any offer for, or any
solicitation of any offer for, securities.  Any acceptance or other response to
the Mandatory Offer should be made only on the basis of information referred to
in the Revised Offer Document.

The Mandatory Offer is not being and will not be made, directly or indirectly,
in or into, or by use of the mails of, or by any means or instrumentality
(including, without limitation, facsimile transmission, electronic mail, telex
or telephone) of interstate or foreign commerce of, or any facilities of a
national securities exchange of, the United States, Canada, Australia or Japan
and the Mandatory Offer will not be capable of acceptance by any such use,
means, instrumentality or facility, directly or indirectly from or within the
United States, Canada, Australia or Japan.


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