Non-binding Proposal with Penske Corporation to Acquire Free-float Shares of Penske Automotive Group, Inc.

Japan, July 22 -- Mitsui & Co., Ltd. and its wholly owned subsidiary Mitsui & Co. (U.S.A.), Inc. (together, "Mitsui"), and Penske Corporation ("PC"), acting on behalf of itself and its wholly owned subsidiary Penske Automotive Holdings Corp.(collectively, the "PC-Mitsui Investors"), determined to submit and submitted a non-binding proposal (the "Proposal") to acquire all of the free-float shares of common stock of Penske Automotive Group, Inc. ("PAG").

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