Document:

EX-4.2

Exhibit 4.2

Agreement

between

The Royal Bank of Scotland plc acting as agent for National Westminster Bank Plc

and

Sytner Group Limited

Our ref: 65443v4(A28)/CDD/LB/NWWMID

1

THIS IS AN IMPORTANT DOCUMENT. YOU SHOULD TAKE INDEPENDENT LEGAL ADVICE BEFORE SIGNING AND
SIGN ONLY IF YOU WANT TO BE LEGALLY BOUND. YOU MAY HAVE TO PAY THE BANK FOR BREAKAGE COSTS IF YOU
REPAY EARLY – SEE CLAUSE 6.

THIS AGREEMENT is made between:-

	 	 	Sytner Group Limited; and

	 	 	The Royal Bank of Scotland plc (“RBS”) acting as agent for National Westminster Bank Plc.

By which it is agreed as follows:-

	1	 	PURPOSE, DEFINITIONS AND INTERPRETATION

	1.1	 	This Agreement sets out the terms and conditions upon and subject to which the Bank agrees to
make available to the Borrower a loan of £30,000,000 to assist with (i) the refinance the
£45,000,000 loan made available to the Borrower by the Bank in an agreement dated 28 February
2003 as amended and increased in a supplemental agreement dated 25 May 2004 and maintained
under account number 81338 and (ii) the costs involved with the Acquisition. As interest on
the Loan is to be charged at a fixed rate plus the Margin as detailed in Clause 2. to the
Schedule 1 to this Agreement, formal arrangements require to be made with Financial Markets to
establish the fixed rate of interest. In the event that the Loan is not drawn down and/or
repaid as agreed, the Borrower shall compensate the Bank for any Breakage Loss incurred.

	1.2	 	In this Agreement unless the context otherwise requires:-

“Acquisition” means the acquisition by the Borrower of the issued share capital of the Target
and, if appropriate, its Subsidiaries;

“Bank” means National Westminster Bank Plc, which is the lender under this Agreement and the
“Bank” means its successors and assigns;

“Bank’s Base Rate” means the base interest lending rate of the Bank from time to time (as
amended and advised from time to time);

“Bank Indebtedness” means the Loan and the Multi-Option Facility;

“Bank Office” means the office of RBS acting as agent for the Bank at 5th Floor 2 St Philips
Place, Birmingham B3 2RB or such other office/address as the Bank may notify to the Borrower
from time to time;

“Base Accounts” means the audited financial statements of the Borrower and the consolidated
audited financial statements of the Group for the period ended 31 December 2004;

“Borrower” means Sytner Group Limited, Company Number 2883766;

“Breakage Loss” means the amount the Bank reasonably determines in good faith to be its total
loss, cost, liability and expense directly resulting from or attributable to any early
repayment or recovery of the Loan in whole or in part (other than as permitted pursuant to
Clause 5.1) including:-

	 	(i)	 	the loss of the right to receive interest at the rate detailed in Clause 2.(i) of
the Schedule 1 to this Agreement for the remaining term of the Loan on the amount so
repaid or recovered but allowing for the opportunity to relend the amount so repaid or
recovered (excluding the margin on any such relending);

	 	(ii)	 	without duplication, any loss or expense in connection with the funding of the Loan
(or any part of it); and

	 	(iii)	 	without duplication, any loss, cost, liability and expense incurred as a result of
the Bank terminating, liquidating, re-establishing or replacing any agreements or
arrangements (whether entered into actually with third parties or established internally
as between different divisions of the Bank) entered into, recorded or booked in order to
manage or protect the Bank in respect of the risk of movements in interest rates in
relation to the Loan either by itself or as part of a portfolio of loans or trades;

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for
general business in London;

“Change of Control” means any event or circumstance whereby 51% or more of the equity share
capital of the Borrower becomes beneficially owned by any one person or any group of persons
acting in concert other than United Auto Group Inc. or its Subsidiaries;

“Drawdown Date” means the date shown in the Schedule 1 to this Agreement and referred to in
Clause 2;

“Event of Default” means any of the events described in Clause 13;

“Finance Document” means:-

	 	(a)	 	this Agreement;

	 	(b)	 	any documents held or required to complete the security referred to in Clause 12.1;
or

	 	(c)	 	any other document designated as such by the Bank and the Borrower;

“Financial Indebtedness” means any indebtedness for or in respect of:

	 	(a)	 	moneys borrowed;

	 	(b)	 	any acceptance credit;

	 	(c)	 	any bond, note, debenture, loan stock or other similar instrument;

	 	(d)	 	any finance or capital lease;

	 	(e)	 	receivables sold or discounted (otherwise than on a non-recourse basis);

	 	(f)	 	the acquisition cost of any asset to the extent payable after its acquisition or
possession by the party liable where the deferred payment is arranged primarily as a
method of raising finance or financing the acquisition of that asset;

	 	(g)	 	any derivative transaction protecting against or benefiting from fluctuations in
any rate or price (and, except for non-payment of an amount, the then mark to market
value of the derivative transaction will be used to calculate its amount);

	 	(h)	 	any other transaction (including any forward sale or purchase agreement) which has
the commercial effect of a borrowing;

	 	(i)	 	any counter-indemnity obligation in respect of any guarantee, indemnity, bond,
letter of credit or any other instrument issued by a bank or financial institution; or

	 	(j)	 	any guarantee, indemnity or similar assurance against financial loss of any person
in respect of any item referred to in paragraphs (a) to (i) above;

“Financial Markets” means the Bank’s Financial Markets Department at such address as the Bank
may notify to the Borrower from time to time;

“Franchises” means any franchise detailed in Schedule 4;

“GAAP” means generally accepted accounting practice in the United Kingdom;

“Group” means at any time the Borrower and its Subsidiary Undertakings at such time;

“Loan” means £30,000,000 or (as the context may require) the principal amount owing to the
Bank under this Agreement at any relevant time;

“Margin” means, subject to the attached Schedule 2, an initial rate of 0.85%;

“Material Adverse Effect” means a material adverse effect on:-

	 	(a)	 	the business or financial condition of the Group as a whole;

	 	(b)	 	the ability of the Borrower to perform its obligations under any Finance Document;
or

	 	(c)	 	the validity or enforceability of any Finance Document;

“Material Franchising Agreement” means a franchising agreement entered into by any member of
the Group:-

	 	(a)	 	where the profits attributable to or generated under such franchising agreement are
equal to or greater than 10 per cent. of the aggregate profits of the Group; or

	 	(b)	 	where the turnover attributable to or generated under such franchising agreement is
equal to or greater than 10 per cent. of the aggregate turnover of the Group;

“Material Subsidiary” means the Borrower, and each Subsidiary of the Borrower:-

(a) whose profits are equal to or greater than 10 per cent. of the aggregate profits of the
Group; or

(b) whose turnover is equal to or greater than 10 per cent. of the aggregate turnover of the
Group; or

	 	(c)	 	whose assets have a value equal to or greater than 10 per cent. of the aggregate
value of all assets owned by the Group;

“Multi-Option Facility” means the multi-option facility of £70,000,000 made available to the
Borrower by the Bank in an agreement dated on or around the date of this Agreement to assist
with (i) the refinance the £45,000,000 loan made available to the Borrower by the Bank in an
agreement dated 28 February 2003 as amended and increased in a supplemental agreement dated 25
May 2004 and maintained under account number 81338, (ii) the costs involved with the
Acquisition and (iii) the purpose of the Borrower’s business;

“Sale” means the sale of the whole or a substantial part of the business, assets and
undertaking of the Borrower;

“Sale and Purchase Agreement” means the agreement dated 31 August 2006 and made between (1)
Peter Whale, Peter Whale and Andrea Whale as trustees of the Peter Whale Trust Settlement
1994, Henry Whale, Max Whale and Interamericana Trading Corp and (2) Sytner Group Limited in
connection with the Acquisition;

“Security Interest” means any mortgage, pledge, lien, charge, assignment, hypothecation or
security interest or any other agreement or arrangement having a similar effect;

“Stocking Facility” means any facility provided to a member of the Group for vehicle stock,
used demonstrators and/or consignment stock;

“Subsidiary” shall have the meaning ascribed to it in Section 736 of the Companies Act 1985;

“Subsidiary Undertaking” shall have the meaning ascribed to it in Section 258 of the Companies
Act 1985; and

“Target” means Ryland Group Limited, Company Number 4813103.

	1.3	 	Headings in this Agreement are inserted for convenience only and shall be ignored in
construing this Agreement. Unless the context otherwise requires, words denoting the singular
number only shall include the plural and vice versa.

	2	 	DRAWING OF THE LOAN

	2.1	 	The Loan must be drawn down in one amount on the Drawdown Date. If the Borrower maintains a
current account with the Bank then the Bank may credit the Loan to such account. Otherwise
the Loan shall be distributed in accordance with the Borrower’s instructions.

	2.2	 	As interest on the Loan shall be charged at a fixed rate in accordance with the provisions of
Clause 3.1 formal arrangements require to be made by the Bank with Financial Markets to
establish the fixed rate of interest. In the event that the Loan is not drawn down and/or
repaid as agreed, the Borrower shall be required to compensate the Bank for any Breakage Loss
incurred within three Business Days of demand.

	3	 	INTEREST

	3.1	 	Interest on the Loan shall be charged at the fixed rate plus the Margin as shown in the
Schedule 1 to this Agreement.

	3.2	 	Interest on the Loan shall be calculated on a daily basis and a year of 365 days and shall be
payable on each date on which a Loan repayment instalment falls due to be paid pursuant to the
Schedule 1 to this Agreement and on final repayment of the Loan. Any interest unpaid when
payable shall be compounded.

	3.3	 	At any time after an Event of Default has occurred, which has not been waived or remedied,
the Bank shall be entitled to charge interest at a rate of 2.25% per annum above the Bank’s
Base Rate (or such other rate as may be determined by the Bank and notified to the Borrower
from time to time) on the aggregate of the Loan and any outstanding interest up to the earlier
of (i) the date on which such Event of Default has been remedied and (ii) the date on which
the Loan is repaid and any other amounts outstanding under this Agreement have been paid in
full. Interest shall be payable at the rate both before and after demand, court decree or
judgment.

	4	 	INCREASED COSTS

	4.1	 	If by reason of (i) the introduction of or any change in law or its interpretation or
administration and/or (ii) compliance with any request or requirement of any central bank or
other fiscal, monetary or other authority (including without limitation, a request or
requirement which affects the manner in which the Bank allocates capital resources to its
obligations hereunder):-

	 	(a)	 	the Bank incurs a cost as a result of entering into this Agreement performing its
obligations and/or assuming or maintaining its commitment hereunder and/or making the
Loan available; or

	 	(b)	 	the Bank is unable to obtain the rate of return on its overall capital which it
would have been able to achieve but for its entering into this Agreement, performing its
obligations and/or assuming or maintaining its commitment hereunder and/or making the
Loan available; or

	 	(c)	 	there is any increase in the cost to the Bank of funding or maintaining all or any
of the advances comprised in a class of advances formed by or including the Loan; or

	 	(d)	 	the Bank incurs a cost as a result of its having made the Loan available or the
Bank becomes liable to make any payment on account of tax or otherwise (other than a tax
imposed on its overall net income) on or calculated by reference to the amount of the
Loan and/or any sum received or receivable by it hereunder, or any liability in respect
of any such payment is imposed, levied or assessed against the Bank

then the Borrower shall from time to time within three Business Days of a demand by the Bank,
pay to the Bank amounts sufficient to indemnify the Bank against, as the case may be, (i) such
costs, (ii) such reduction in the rate of return (or such proportion of such reduction as is
in the opinion of the Bank attributable to its obligations hereunder), (iii) such increased
costs (or such proportion of such increased costs as is in the opinion of the Bank
attributable to its funding the Loan), or (iv) such cost or liability (or such proportion
thereof as is in the opinion of the Bank attributable to making the Loan available).

	4.2	 	If the Bank makes a claim pursuant to Clause 4.1 it shall promptly after it becomes aware of
the circumstances giving rise to such claim deliver to the Borrower a certificate to that
effect setting out in reasonable detail the basis of such claim. This certificate shall be
conclusive in the absence of manifest error.

	 	 	 
	5	 	REPAYMENT
	5.1

	 	The Borrower shall repay the Loan by regular instalments as detailed in the Schedule 1 to this Agreement.
	 
	 	 
	5.2

	 	Notwithstanding any other provision of this Agreement, if there is:

	 	(a)	 	a Change of Control; or

	 	(b)	 	a Sale;

then the Bank may in its sole discretion and by notice in writing to the Borrower, demand the
repayment of the Loan, whereupon the Loan shall become immediately due and payable, together
with all accrued interest thereon and all other funding or other costs, loss, liability or
expense which the Bank shall certify as sustained or incurred by it as a consequence of the
repayment or prepayment.

	5.3	 	Any repayment shall be applied against the outstanding instalments under Clause 5.1 in
inverse chronological order.

5.4 No amount repaid may be redrawn under this Agreement.

	6	 	EARLY REPAYMENT AND BREAKAGE LOSS FROM EARLY REPAYMENT

	6.1	 	The Borrower acknowledges that the Bank may enter into, record or book agreements or
arrangements on the assumption that its sources of funds will include payments of interest at
the fixed rate detailed in Clause 2 of the Schedule 1 to this Agreement. These agreements or
arrangements may be made with third parties or may be internal agreements or arrangements made
between different divisions of the Bank, in reliance on which the Bank may then enter into
other agreements or arrangements with third parties. Accordingly, the Borrower acknowledges
that in the event of the Loan being repaid in whole or in part other than as stated in Clause
5.1 (“early repayment”) the Bank may suffer Breakage Loss which may result in the Borrower
being required to repay an amount in excess of the principal amount drawn.

	6.2	 	In the event of any early repayment (including any repayment following the occurrence of an
Event of Default) the Borrower shall pay to the Bank within three Business Days of demand, a
sum of money representing the Breakage Loss.

	6.3	 	The Bank and the Borrower agree that the Bank will calculate the Breakage Loss by utilising
information consisting of relevant market data in the relevant market which may be obtained
from a source within the Bank or any third party including, without limitation, relevant
rates, prices, yields, yield curves, volatilities, spreads and correlations and, where
available, the systems and internal models used generally by the Bank for that purpose.

	6.4	 	If the Borrower wishes to make an early repayment, it may request a statement from the Bank
setting out an estimate (which estimate shall not be binding on the Bank) of the amount of the
Breakage Loss in respect of the proposed early repayment and showing in reasonable detail how
such amount is calculated. The Bank shall provide such a statement within three Business Days
of the Borrower’s request provided that the Bank shall not be obliged to provide such a
statement if the proposed date of early repayment is more than one month after the date of the
Borrower’s request.

	6.5	 	A notice signed by the Bank certfying the amount of the Breakage Loss shall, in the absence
of manifest error, be conclusive and binding on the Borrower.

	6.6	 	Any early repayment shall be applied against the outstanding instalments under Clause 5.1 in
inverse chronological order.

	 	 	 
	6.7

	 	No amount prepaid may be redrawn under this Agreement.
	 
	 	 
	7

	 	PAYMENTS
	 
	 	 
	7.1

	 	All payments to be made by the Borrower under this Agreement shall be made to the Bank on the due date.

	7.2	 	If any payment should become due on a day which is not a Business Day the due date for such
payment shall be extended to the next Business Day.

	 	 	7.3

	 	(a)	 	If the Borrower maintains a current account with the Bank then the Bank shall be
entitled to debit the payments of capital and interest and any other amounts payable by
the Borrower under this Agreement including any unpaid fees and expenses to such current
account.

	 	(b)	 	If the Borrower does not maintain a current account with the Bank then the Borrower
shall be required to make such arrangements as the Bank may require, including, without
limitation, the maintenance of payment instructions acceptable to the Bank, in respect of
payments of capital and interest required under this Agreement.

	7.4	 	All payments to be made by the Borrower under this Agreement shall be made without any
deduction or withholding (whether in respect of set-off, counterclaim, duties, taxes, charges
or otherwise) unless the Borrower is required by law to make any such deduction or withholding
in which case the Borrower will pay to the Bank such additional sums to the extent necessary
to ensure that the Bank receives on the due date a sum equal to the sum which it would have
received had there been no such deduction or withholding.

	8	 	CONDITIONS PRECEDENT

	8.1	 	The Bank shall be under no obligation to make the Loan available until it has received the
following and is satisfied with the same:-

	 	(a)	 	the duplicate of this Agreement signed on behalf of the Borrower;

	 	(b)	 	a certified copy of the Resolution of the Board of Directors of the Borrower
confirming that the terms of, and the transactions contemplated by, this Agreement have
been duly approved and a specified person has been authorised to sign this Agreement and
any documents required under this Agreement on behalf of the Borrower;

	 	(c)	 	an executed copy of the Sale and Purchase Agreement; and

	 	(d)	 	copies of all due diligence undertaken by the Borrower in respect of the
Acquisition.

	8.2	 	The Bank shall furthermore not be obliged to make the Loan available unless the following
conditions are satisfied on the date on which the Loan is drawn:-

	 	(a)	 	the availability as security for the Loan of any existing security is confirmed to
the Bank’s satisfaction;

	 	(b)	 	no Event of Default (or event which with the giving of notice, lapse of time or
other conditions may constitute an Event of Default) has occurred and is continuing or
might result from the drawdown of the Loan; and

	 	(c)	 	the representations and warranties in Clause 9 are true with respect to the facts
and circumstances then existing.

	9	 	REPRESENTATIONS AND WARRANTIES

	9.1	 	The Borrower represents and warrants (save as disclosed to and agreed by the Bank) that:-

Status

	 	(a)	 	it is duly incorporated and validly existing and has power to own its property and
assets and carry on its business as presently conducted;

Powers and Authority

	 	(b)	 	it has power to execute, deliver and perform its obligations under this Agreement
and any security provided by it pursuant to Clause 12, all necessary corporate,
shareholder or other action has been taken to authorise the execution, delivery and
performance of this Agreement and of any security provided, and no limitation on its
powers or the powers of its Directors shall be exceeded as a result of the drawdown of
the Loan;

Legal Validity

	 	(c)	 	this Agreement and any security provided by it pursuant to Clause 12 constitute
legal, valid and binding obligations on it;

Non-Conflict

	 	(d)	 	the entry into and performance of the terms and conditions of this Agreement and of
any security provided by it pursuant to Clause 12 do not and shall not contravene or
conflict with its memorandum and articles of association, any law, statute, regulation or
other instrument binding on it or any of its assets, or any agreement or document to
which it is a party or is binding on it or any of its assets;

Authorisations and Compliance

	 	(e)	 	it and its Subsidiaries hold and are in compliance with (i) all material and
necessary licences, permits, consents or other authorisations required for conducting
their business and (ii) all material applicable laws and regulations or other legal
requirements;

Breach of Other Agreements

	 	(f)	 	it is not (nor with the giving of notice, lapse of time or satisfaction of any
other condition would be) in breach of or in default under any agreement or document to
which it is party or by which it or any part of its assets may be bound which could have
a material adverse effect on the business, assets or financial condition of the Borrower
or on its ability to perform fully its obligations under this Agreement or under any
security provided pursuant to Clause 12;

Accounts

	 	(g)	 	the Base Accounts/its latest audited financial statements and where appropriate the
latest consolidated audited financial statements of the Group as provided to the Bank
have been prepared in accordance with GAAP and fairly represent its financial condition
and where appropriate the financial condition of the Group and there has been no material
adverse change in its business or financial condition or the business or financial
condition of the Group since the date of those financial statements;

Litigation

	 	(h)	 	no litigation, arbitration or administrative proceeding is taking place (including
without limitation any action under any environmental law or regulation), pending or to
the knowledge of its officers threatened against it or its Subsidiaries or any part of
their undertaking, assets or revenues which could have a material adverse effect on their
business, assets or financial condition or on its ability to perform fully its
obligations under this Agreement or under any security provided pursuant to Clause 12;

Encumbrances

	 	(i)	 	no charges or other encumbrances in the nature of a security interest exist on its
assets or the assets of any of its Subsidiaries other than any charges or encumbrances in
favour of the Bank or, in connection with a Stocking Facility;

Environment

	 	(j)	 	it and its Subsidiaries:-

	 	(i)	 	are in compliance with all applicable material environmental laws,
regulations and practices;

	 	(ii)	 	hold and are in compliance with all necessary licences, permits,
consents or other authorisations essential for the conduct of their business; and

	 	(iii)	 	have not previously conducted nor are currently conducting their
business in any manner which could form the basis of any material environmental
claim against them

	 	 	 	where failure not to do so would constitute a Material Adverse Effect; and

No Default

	 	(k)	 	no Event of Default has occurred

Repetition

	9.2	 	The representations and warranties contained in Clause 9.1 shall survive the signing of this
Agreement and shall be deemed repeated on the date on which the Loan is drawn and on each date
on which interest is payable.

	 	 	 
	10	 	UNDERTAKINGS
	10.1

	 	The undertakings in this Clause 10 shall remain in force until the Loan has been repaid in full.
	 
	 	 
	10.2

	 	Use of Loan

The Borrower shall use the Loan for the purpose specified in Clause 1.1.
	 
	 	 
	10.3

	 	Financial Information

	 	(a)	 	The Borrower shall supply to the Bank:-

	 	(i)	 	as soon as they become available but in any event no later than the 31
October 2006 the audited financial statements of the Borrower and the consolidated
audited financial statements of the Group for the year ended 31 December 2005 and
as soon as they become available but in any event not later than 31 October in each
subsequent year the audited financial statements of the Borrower and the
consolidated audited financial statements of the Group for its previous financial
year;

	 	(ii)	 	as soon as they become available but in any event within 30 days after
the end of the accounting period to which they relate, and in a format acceptable
to the Bank, management accounts of the Borrower and the consolidated management
accounts of the Group incorporating balance sheet and profit and loss account and
cash flow statement;

	 	(iii)	 	promptly all notices or other documents sent by the Borrower to its
shareholders and/or its creditors;

	 	(iv)	 	promptly such further information in the possession of the Borrower
regarding the financial condition and operations of the Borrower and the Group as
the Bank may reasonably request; and

	 	(v)	 	on each occasion financial statements and management accounts are
supplied to the Bank pursuant to this Clause for the periods ending 31 March, 30
June, 30 September and 31 December in each year, a certificate, in a format
acceptable to the Bank, signed by the Finance Director and one other Director of
the Borrower confirming compliance or otherwise with the financial covenants
detailed in Clause 11.1 outlining the financial covenant levels and including
detailed workings.

	 	(b)	 	The Borrower undertakes to ensure that all accounts and other financial information
submitted to the Bank pursuant to Clause 10.3(a) are prepared consistently and in
accordance with GAAP.

Notification of Default

	10.4	 	The Borrower shall notify the Bank of any Event of Default immediately upon becoming aware of
its occurrence.

Pari Passu Ranking

	10.5	 	The Borrower undertakes that its obligations under this Agreement rank and will rank at least
pari passu with all its unsubordinated and unsecured indebtedness (except for indebtedness
which is preferred by operation of law and not by contract) and/or indebtedness incurred
pursuant to Stocking Facilities.

Negative Pledge

	10.6	 	The Borrower shall not, nor shall it permit any of its Subsidiaries to, create nor permit to
subsist any Security Interest on the whole or any part of the present or future assets of the
Borrower or its Subsidiaries except:-

	 	(a)	 	any Security Interest created under the Finance Documents;

	 	(b)	 	any Security Interest created pursuant to, or in connection with a Stocking
Facility;

	 	(c)	 	any right of set-off or lien, in each case arising by operation of law;

	 	(d)	 	any retention of title to goods supplied to a member of the Group in the ordinary
course of its trading activities;

	 	(e)	 	any right of set-off over credit balances on bank accounts of any member of the
Group created in order to facilitate the operation of those bank accounts and other bank
accounts of other members of the Group arising in the ordinary course of the banking
arrangements of the Group;

	 	(f)	 	any agreement entered into by a member of the Group in the ordinary course of its
trading activities to sell or otherwise dispose of any asset on terms whereby that asset
is or may be leased to or re-acquired or acquired by any member of the Group;

	 	(g)	 	any Security Interest over an asset of a company which becomes a Subsidiary of the
Borrower (other than by reason of its incorporation) after the date of this Agreement,
being an Security Interest which is in existence at the time at which that company
becomes such a Subsidiary but only if (i) that Security Interest was not created in
contemplation of that company becoming such a Subsidiary, (ii) the principal amount
secured by that Security Interest has not been and shall not be increased and (iii) that
Security Interest is discharged within 6 months of the date on which that company became
such a Subsidiary;

	 	(h)	 	any Security Interest over an asset acquired by a member of the Group after the
date of this Agreement and subject to which that asset is acquired but only if (i) that
Security Interest was not created in contemplation of its acquisition by that company,
(ii) the amount secured by that Security Interest has not been increased in contemplation
of, or since the date of, its acquisition by that company and (iii) that the Security
Interest is discharged within 6 months of the date of its acquisition by that company;
and

	 	(i)	 	any Security Interest notified to the Bank in writing prior to the date of this
Agreement except to the extent the principal amount secured by that Security Interest
exceeds the amount stated in that notification.

Other Obligations

	10.7	 	The Borrower shall not, nor shall it permit any of its Subsidiaries to, incur any Financial
Indebtedness except:-

	 	(a)	 	Financial Indebtedness owed to the Bank including, without limitation, Financial
Indebtedness under any Finance Document;

	 	(b)	 	any Financial Indebtedness created pursuant to, or in connection with a Stocking
Facility;

	 	(c)	 	Financial Indebtedness pursuant to finance leases or hire purchase agreements in
connection with the provision of loan cars;

	 	(d)	 	Financial Indebtedness between members of the Group;

	 	(e)	 	any Financial Indebtedness of any person acquired by a member of the Group which is
incurred under arrangements in existence at the date of acquisition, but only for a
period of 12 months from the date of acquisition; or any derivative transaction
protecting against or benefiting from fluctuations in any rate or price entered into in
the ordinary course of business;

	 	(f)	 	Financial Indebtedness existing at the date of this Agreement; and

	 	(g)	 	any other obligations subordinated to the Bank.

Material Change in Business

	10.8	 	The Borrower shall not, nor shall it permit any of its Subsidiaries to, make any material
change in the nature of its business as presently conducted except with the prior written
consent of the Bank.

Disposal of Assets

	10.9	 	The Borrower shall not, nor shall it permit any of its Subsidiaries to, sell, transfer, lease
(or where a lease is already in existence, consent to the lease being assigned) or otherwise
dispose of all or a substantial part of the assets of the Borrower or its Subsidiaries
except:-

	 	(a)	 	in the ordinary course of its trading activities (including, for the avoidance of
doubt, any sale and leaseback transactions);

	 	(b)	 	where the proceeds of the disposal are used within 12 months of that disposal for
the purchase of an asset to replace directly the asset the subject of that disposal;

	 	(c)	 	a disposal of an asset which is obsolete for the purpose for which such an asset is
normally utilised; or

	 	(d)	 	a disposal on arm’s length terms of any of the Franchises;

	 	(e)	 	where the net proceeds of any disposal are used to reduce or repay Bank
Indebtedness;

	 	(f)	 	a disposal with the prior written consent of the Bank;

	 	(g)	 	a disposal on arm’s length terms where the aggregate value of the assets the
subject of a disposal by a member of the Group other than in accordance with
paragraphs (a) to (c) above in any financial year of the Borrower does not exceed
£1,000,000 (for the purposes of this paragraph, the value of any asset shall be the
greater of its book value and the consideration received for it); or

	 	(h)	 	disposals with a book value not exceeding £10,000,000 individually or an aggregate
book value not exceeding £30,000,000 in any one financial year.

Mergers

	10.10	 	The Borrower may not enter into any amalgamation, demerger, merger or reconstruction
otherwise than under an intra-Group re-organisation on a solvent basis or other transaction
agreed by the Bank.

Acquisitions

	10.11	 	The Borrower shall not, nor shall it permit any of its Subsidiaries to make any acquisition
or investment except:-

	 	(a)	 	acquisitions or investments made in the ordinary course of trade;

	 	(b)	 	acquisitions or investments up to an amount of £20,000,000 (per acquisition or
investment); and

	 	(c)	 	acquisitions or investments with the prior consent of the Bank. Any request for
consent to include projections including forward testing of the Financial Covenants set
out in Clause 11.

Loans

	10.12	 	The Borrower shall not, nor shall it permit any of its Subsidiaries to make any loan or
grant credit to or for the benefit of any person except:-

	 	(a)	 	amounts of credit allowed by any member of the Group in the normal course of its
trading activities;

	 	(b)	 	loans made by any member of the Group to another member of the Group;

	 	(c)	 	loans made by a member of the Group to its employees where such loans do not, when
aggregated with all such loans made by all members of the Group, exceed £200,000 at any
time; or

	 	(d)	 	the issue of vendor loan notes pursuant to an acquisition.

Dividends

	10.13	 	The Borrower may not make, pay or declare any dividend except with the prior written consent
of the Bank, such consent not to be unreasonably withheld or delayed if the Financial
Covenants set out in Clause 11 of this Agreement have been complied with.

UAG Inc Loan

	10.14	 	The Borrower procures that UAG UK Holdings Limited will not repay any loan granted to it by
UAG Inc except with the prior written consent of the Bank, such consent not to be unreasonably
withheld or delayed if the Financial Covenants set out in Clause 11 of this Agreement have
been complied with or unless all amounts due under Bank Indebtedness have been repaid in full
and cancelled.

Security

	10.15	 	The Borrower shall, as soon as is practicable and in any event not later than the date which
is 150 days after the date of completion of the Acquisition, ensure that:-

	 	(a)	 	the security referred to in Clause 12.1(b) has been completed to the Bank’s
satisfaction;

	 	(b)	 	all necessary provisions and procedures as detailed in Sections 151 to 158 of the
Companies Act 1985 regarding the financial assistance to be provided by the Target and if
appropriate its Subsidiaries have been completed, where applicable, to the satisfaction
of the Bank and its legal advisers; and

	 	(c)	 	a report in the form as set out in Schedule 3 has been provided to the Bank by the
auditors of the Target and, if appropriate, its Subsidiaries.

Material Subsidiaries

	10.16	 	The Borrower procures that any member of the Group that becomes a Material Subsidiary shall
within 150 days of becoming a Material Subsidiary execute, subject to, and to the extent
permitted under, all applicable laws, any additional documents including security documents
which the Bank may require, in a form and content satisfactory to the Bank.

Insurances

	10.17	 	The Borrower shall, and shall procure that each of its Subsidiaries shall, effect and
maintain such insurance (including if required by the Bank terrorism cover) over its assets
and business in such manner and to such extent as is reasonable and customary for a business
engaged in the same or a similar activity and the same or similar localities to the Borrower
or its Subsidiaries subject to the terms of any security provided by the Borrower or its
Subsidiaries.

	 	 	 
	 	 	Environment
	10.18

	 	The Borrower shall, and shall procure that each of its Subsidiaries shall:-

	 	(a)	 	comply with any material applicable environmental laws, regulations or practices
and comply with and renew all licences, permits, consents or other authorisations held in
respect of the Borrower’s/its Subsidiaries business;

	 	(b)	 	conduct its business in a manner which cannot form the basis of any material
environmental claim against it; and

	 	(c)	 	promptly notify the Bank of any breach of any environmental material law,
regulation or practice or any licence, permit, consent or other authorisation held and
remedy at the Borrower’s expense any such breach by use of the best available techniques
not entailing excessive cost

save where failure to do so would constitute a Material Adverse Effect.

	 	 	 
	 	 	Authorisations and Compliance
	10.19

	 	The Borrower shall, and shall procure that each of its Subsidiaries shall:-

	 	(a)	 	comply with all material licences, permits, consents or other authorisations
required to conduct its business and with all applicable laws, regulations or other legal
requirements; and

	 	(b)	 	promptly notify the Bank of any material breach of (i) any law, regulation or other
legal requirement and/or (ii) any licence, permit, consent or other authorisation held,
and immediately remedy such breach.

Illegality

	10.20	 	The Borrower shall on receiving notice from the Bank repay the Loan either forthwith or on a
future specified date together with interest accrued to the date of repayment and all other
amounts payable under this Agreement by the Borrower if any change in or the introduction of
any law, regulation, treaty, official directive or rule of any regulatory authority or
organisation having jurisdiction or any change in the interpretation or application thereof
should render it unlawful or a breach thereof for the Bank to make available, fund or maintain
the Loan or to give effect to its obligations and exercise its rights contemplated by this
Agreement.

	11	 	FINANCIAL COVENANTS

Covenants

	11.1	 	The Borrower undertakes that for each accounting period ending on a compliance date as
specified in Clause 11.3 the financial performance of the Group shall have been such that:-

EBITAR:Interest and Rental Payable

	 	(a)	 	the ratio of Consolidated EBITAR to Consolidated Interest and Rental Payable shall
not be less than 2:1;

Net Debt:EBITDA

	 	(b)	 	the ratio of Consolidated Net Borrowings to Consolidated EBITDA less Stocking
Interest shall not be more than 3.25:1; and

Capital Expenditure (net of sale and leaseback proceeds)

	 	(c)	 	Capital Expenditure shall not exceed £50,000,000.

	 	 	 
	 	 	Financial Definitions
	11.2

	 	For the purposes of Clause 11.1 the following definitions shall have the meanings shown opposite them:-

"Capital Expenditure” means, in relation to any accounting period of the Group, any amount
paid to acquire tangible fixed assets where such expenditure is capitalised on the balance
sheet of the Group but excluding:-

(i) net proceeds received from sale and leasebacks;

	 	 	 
	(ii)

(iii)

(iv)

	 	rental payments in respect of finance leases;

fixed assets acquired through the acquisition of a business; and

maintenance payments which are charged to the profit and loss account;

"Consolidated Borrowing Costs” means, in relation to any accounting period of the Group, the
aggregate of all interest, commission, fees, and charges payable by the Group in respect of
its Consolidated Gross Borrowings during such period including without limitation:-

	 	(i)	 	capitalised interest;

	 	(ii)	 	finance lease charges; and

	 	(iii)	 	dividends on shares issued on the basis that they are or may become redeemable,

but excluding interest payable by associates and joint ventures;

"Consolidated EBIT” means, in relation to any accounting period of the Group, the profit/loss
of the Group on ordinary activities before tax and after exceptional items but after adding
back:-

	 	(i)	 	exceptional losses charged below operating profit;

	 	 	 
	(ii)

(iii)

(iv)

	 	Consolidated Borrowing Costs (net of capitalised interest and dividends on redeemable shares);

interest payable by associates and joint ventures;

the Group’s share of operating losses arising in associates and joint ventures; and

	 	(v)	 	the Group’s share of exceptional losses arising in associates and joint ventures;

	 	 	 
	and after deducting:-

(vi)

(vii)

(viii)

(ix)

	 	

interest receivable and other similar income;

income from fixed asset investments;

exceptional gains credited below operating profit;

interest receivable by associates and joint ventures;

	 	(x)	 	the Group’s share of operating profits arising in associates and joint ventures;
and

	 	(xi)	 	the Group’s share of exceptional gains arising in associates and joint ventures,

providing that no amount included, added or deducted shall be taken into account more than
once in calculating Consolidated EBIT;

“Consolidated EBITAR” means, in relation to any accounting period of the Group, EBIT plus
adding back:-

	 	(i)	 	amortisation of goodwill and intangibles;

	 	(ii)	 	rental paid;

"Consolidated EBITDA” means, in relation to any accounting period of the Group, EBIT plus

adding back:-

(i) amortisation of goodwill and intangibles; and

(ii) depreciation;

"Consolidated Gross Borrowings” means at any time the aggregate of all obligations of the
Group for the repayment of money, whether present or future, actual or contingent incurred in
respect of:-

	 	(i)	 	money borrowed from all sources;

	 	 	 
	(ii)

(iii)

(iv)

	 	any bonds, notes, loan stock, debentures or similar instruments;

eligible debt securities, bills of exchange or documentary credits;

shares issued on the basis that they are or may become redeemable (at redemption value);

	 	(v)	 	gross obligations under finance leases;

	 	(vi)	 	the factoring of debts;

	 	(vii)	 	guarantees, indemnities or other assurances against financial loss; and

	 	(viii)	 	amounts raised or obligations incurred in respect of any other transaction which has
the commercial effect of borrowing;

"Consolidated Interest and Rental Payable” means, in relation to any accounting period of the
Group, Consolidated Borrowing Costs plus rental paid and due to be paid by the Group;

"Consolidated Net Borrowings” means at any time Consolidated Gross Borrowings less:-

	 	(i)	 	consolidated cash at bank and in hand;

	 	(ii)	 	any such obligations in respect of any loan from UAG Inc. or any other member of
the Group which is subordinated to amounts owing under Bank Indebtedness;

	 	(iii)	 	any such obligations in respect of Stocking Finance;

"Stocking Finance” means at any time all funding provided to any member of the Group for
vehicle stock, used demonstrators and consignment stock; and

"Stocking Interest” means, in relation to any accounting period of the Group, interest charged
on funding provided for vehicle stock, used demonstrators and consignment vehicles.

	 	 	 
	 	 	Compliance Dates
	11.3

	 	The dates for compliance with Clause 11.1 are :-

	 	(a)	 	each date as at which the financial statements produced pursuant to Clauses
10.3(a)(i) are prepared;

	 	(b)	 	each quarter date as at which the management accounts produced pursuant to Clause
10.3(a)(ii) are prepared; and

	 	(c)	 	each date as at which any additional accounts produced pursuant to Clause
10.3(a)(iv) are prepared,

	 	 	 	in each case commencing with the financial statements/accounts produced for the period
ending 31 December

	 	 	 	2006.

Calculation

	 	 	11.4

	 	(a)	 	The calculation of the financial covenants detailed in Clause 11.1 shall be in
accordance with the accounting principles and policies applied in connection with the
Base Accounts and shall be confirmed by the Bank with reference to the financial
statements/accounts/compliance certificates produced pursuant to Clause 10.3(a).

	 	(b)	 	The calculation of the financial covenants detailed in Clause 11.1 which are
undertaken with reference to management accounts produced in accordance with Clause
10.3(a)(ii) shall be based on cumulative figures for the 12-month period (including
earnings of acquisitions on a pro-rata basis) ended on each relevant date for compliance.

Consistent Application of Accounting Principles

	11.5	 	If any member of the Group (a) changes its accounting policies as applied in connection with
the preparation of the Base Accounts whether as a result of a change in GAAP or otherwise,
and/or (b) changes its financial year end, the Borrower shall immediately notify the Bank of
the change to enable the Bank to determine whether the change affects the financial covenants
detailed in Clause 11.1. The Borrower and the Bank shall at the Bank’s request negotiate in
good faith with a view to agreeing such amendments to the financial covenants and/or the
relevant definitions as set out in Clause 11.2 as may be necessary to provide the Bank with
protection comparable to that granted as at the date of this Agreement. Any such amendments
will be documented by means of a supplementary agreement between the Borrower and the Bank.

Computation

	11.6	 	If there is any dispute as to any computation under this Clause 11 (including any amendment
sought pursuant to Clause 11.5) or as to the interpretation of any of the relevant definitions
in Clause 11.2, the decision of the Bank shall, in the absence of manifest error, be
conclusive and binding on the Borrower.

	 	 	 
	 	 	Duration
	11.7

	 	The financial covenants set out in this Clause 11 shall remain in force so long as the Loan outstanding.
	 
	 	 
	12

	 	SECURITY
	 
	 	 
	12.1

	 	The obligations of the Borrower to the Bank under this Agreement shall be secured by:-

	 	(a)	 	all existing security held by the Bank for the Borrower’s liabilities including:-

	 	(i)	 	Debentures by and an Unlimited Inter Company Guarantee with Accession
between the Borrower, United Auto Group UK Limited, Aston Green Limited, Sytner
Cars Limited, Guy Salmon Jaguar Limited, Sytner Limited, Prophets Garage Limited,
Sytner Holdings Limited, Yarnolds of Stratford Limited, Goodman Leeds Limited,
Kings Motors Limited, R Stratton & Co Ltd., R Stratton (Knutsford) Limited,
Hughenden Motor Company Limited, Hallamshire Motor Company Limited, Sytner
Sheffield Limited, Cruickshank Motors Limited, Graypaul Motors Limited, Sytner
Finance Limited, Guy Salmon Highgate Limited, Sytner London Limited, Sytner of
Leicester Limited, Sytner Coventry Limited, William Jacks Limited, William Jacks
Properties Limited, Ascot Garage Co.Limited, F.W. Mays & Co. Limited, Sandridge
Limited, W. A. Hatfield Limited, Prophets (Gerrards Cross) Limited and Pearlshadow
Limited (as amended from time to time).

	 	(b)	 	security in the Bank’s preferred form as follows:-

	 	(i)	 	Debentures by the Target and its Subsidiaries; and

	 	(ii)	 	an Accession Agreement to the Unlimited Inter Company Composite
Guarantee with Accession referred to in Clause 12.1(a)(i) by the Target and its
Subsidiaires.

	 	(c)	 	all future security which the Bank may from time to time hold for the Borrower’s
liabilities.

	12.2	 	For the avoidance of doubt the Borrower acknowledges that all security held and to be held by
the Bank shall unless the security document expressly states otherwise secure all the
liabilities of the Borrower to the Bank of whatsoever nature.

	13	 	EVENTS OF DEFAULT

	13.1	 	In the event that:-

Non Payment

	 	(a)	 	the Borrower fails to pay on the due date any amount payable under this Agreement
(other than where the Borrower demonstrates to the satisfaction of the Bank that such
failure is due to an administrative or technical payment error, in which case the
Borrower shall have 3 Business Days from the due date to make such payment); or

Misrepresentation

	 	(b)	 	any representation or warranty made or repeated by the Borrower in this Agreement
is or proves to have been incorrect in any material respect when made or repeated; or

Breach of Other Obligations

	 	(c)	 	the Borrower fails to comply with any material provision of this Agreement or the
Borrower or any other grantor of security fails to comply with any provision of the
security provided pursuant to Clause 12 and, where capable of remedy, such failure is not
remedied to the reasonable satisfaction of the Bank within 7 Business Days of the Bank
giving notice to the Borrower or other grantor requiring the Borrower or other grantor to
remedy the same; or

Cross Default

	 	(d)	 	the Borrower or any of its Subsidiaries defaults in the performance of any other
agreement for borrowed monies in excess of £1,000,000 so as to accelerate or render
capable of acceleration the due date of repayment thereunder or such borrowed monies are
not repaid in full on the due date or repayment of any such borrowed monies is due on
demand and is not paid in full forthwith on such demand being made; or

Insolvency and Analogous Proceedings

	 	(e)	 	the Borrower or any of its Subsidiaries is unable to pay its debts within the
meaning of Section 123 of the Insolvency Act 1986 or the Borrower or any of its
Subsidiaries otherwise becomes insolvent or suspends making payments to all or any class
of its creditors or announces an intention to do so; or

	 	(f)	 	any attachment, sequestration, distress, execution or analogous event affects any
asset(s) of a member of the Group having a value of at least £500,000 and such process is
not discharged within 14 days; or

	 	(g)	 	a receiver or similar officer is appointed of the whole or any part of the assets
of the Borrower or any of its Subsidiaries or the Borrower or any of its Subsidiaries
requests any person to appoint such a receiver or similar officer or any other steps are
taken to enforce any charge or other security over any of the property of the Borrower or
any of its Subsidiaries or any analogous event takes place under another jurisdiction; or

	 	(h)	 	any order is made or any resolution is passed or a petition is presented or
application is made or other steps are taken in any jurisdiction for:-

	 	(i)	 	the winding up, dissolution or liquidation of the Borrower or any of
its Subsidiaries other than for the purpose of a reconstruction or amalgamation the
terms of which have previously been approved by the Bank in writing; or

	 	(ii)	 	the making of an administration order or there is given to the Bank or
any other person a notice (whether formal or informal) of intention to appoint an
administrator or any such appointment is made in relation to the Borrower or any of
its Subsidiaries; or

	 	(i)	 	any steps are taken by another creditor to repossess any goods in the possession of
the Borrower or any of its Subsidiaries under any hire purchase, conditional sale,
leasing, retention of title or similar agreement; or

Franchise Agreements

	 	(j)	 	a breach occurs under any a Material Franchising Agreement which has a Material
Adverse Effect.

Material Adverse Change

	 	(k)	 	any event occurs which in the reasonable opinion of the Bank will have a Material
Adverse Effect on the ability of the Borrower to comply with its obligations under this
Agreement

then in any such case and at any time thereafter while such event is continuing the Bank may
by written notice to the Borrower declare the Loan, all interest accrued and all other sums
payable by the Borrower under this Agreement to be immediately due and payable and/or
terminate the obligations of the Bank under this Agreement.

	14	 	FEES CHARGES AND EXPENSES

	14.1	 	The Borrower shall pay to the Bank the charges and fees referred to in Clauses 2, 4 and 6
and, in addition, shall meet all costs, charges and expenses incurred (including the fees and
expenses of any legal advisers whether directly employed by the Bank or who provide other
services to the Bank) in connection with:-

	 	(a)	 	the preparation and execution of this Agreement;

	 	(b)	 	the constitution and discharge of the security detailed in Clause 12 and any
further security granted in favour of the Bank pursuant to Clause 12;

	 	(c)	 	the occurrence of any Event of Default;

	 	(d)	 	the enforcement or preservation of the Bank’s rights under this Agreement and any
security held by the Bank in terms of Clause 12 (including but not limited to the expense
of taking any step to enforce any of its rights or to communicate with the Borrower after
any breach of the Agreement or any security held by the Bank in terms of Clause 12). For
the avoidance of doubt, such costs charges and expenses shall include any internal
management and administrative costs incurred by the Bank; and

	 	(e)	 	the compliance with the Companies Act 1985 provisions as detailed in Clause
10.1510.15(b) and the provision of the report as detailed in Clause 10.1510.15(c).

	14.2	 	The Borrower shall pay to the Bank an arrangement fee of £135,000 on the date which is the
earlier of (i) the date on which the Borrower first utilises the Loan and (ii) the date which
is 5 Business Days after this Agreement is signed on behalf of the Borrower.

	14.3	 	In the event that the Borrower repays the Loan or any part thereof within 12 months of the
date on which the Acquisition is completed, as a result of the Borrower refinancing the Loan
with another financial institution the Borrower shall make an additional payment to the Bank
equivalent to 1% of the sum repaid.

	14.4	 	The Borrower shall remain liable for any outstanding charges detailed in Clause 14.1 if this
Agreement is cancelled by the Bank.

	15	 	NOTICES

	15.1	 	Every notice or other communication made under this Agreement shall unless otherwise stated
be in writing (by way of letter, telex or facsimile transmission) and shall be given:-

	 	(a)	 	in the case of the Borrower to its registered office; and

	 	(b)	 	in the case of the Bank to the Bank Office.

	15.2	 	Every notice or other communication shall be deemed to have been received:-

	 	(a)	 	in the case of a letter when delivered personally or two days after its posting by
first class post; and

	 	(b)	 	in the case of a telex or facsimile transmission when despatched.

	16	 	MISCELLANEOUS

	16.1	 	The Borrower may not assign or transfer any of its rights or obligations under this
Agreement.

	16.2	 	The Bank may assign all or any part of its rights or benefits under this Agreement without
the consent of the Borrower. The Bank may disclose to a prospective assignee or to any other
person who may propose entering into contractual relations with the Bank in relation to this
Agreement such information about the Borrower as the Bank shall consider appropriate.

	16.3	 	No delay or omission on the part of the Bank in exercising any of its rights powers or
privileges under this Agreement shall operate as a waiver thereof nor shall any single or
partial exercise of any right power or privilege preclude any other or further exercise
thereof or the exercise of any other right power or privilege.

	16.4	 	In addition to any other rights to which it may be entitled, including rights under any
security, the Bank may retain, set off or appropriate any credit balances in name of the
Borrower (whether current or not yet due) against the Borrower’s obligations to the Bank under
this Agreement. The Bank may exercise any of these rights without prior notice both before
and after demand and in so doing may convert to sterling at the prevailing market rate of
exchange any balance which is in a currency other than sterling.

	16.5	 	If a change in a currency of a country occurs (including where there is more than one
currency or currency unit recognised at the same time as the lawful currency of a country),
this Agreement will be amended to the extent the Bank determines is necessary to reflect the
change.

	16.6	 	If at any time any one or more of the provisions of this Agreement is or becomes invalid,
illegal or unenforceable in any respect, the validity, legality or enforceability of the
remaining provisions of this Agreement shall not in any way be affected or impaired.

	16.7	 	This Agreement supersedes all prior agreements, arrangements or correspondence between the
Bank and the Borrower in relation to the Loan.

	16.8	 	RBS is authorised to act as the agent for the Bank in connection with the administration of
the Loan and the Borrower agrees that RBS may act as agent for and on behalf of the Bank in
the performance of administrative functions under this Agreement. Where actions require to be
performed, consents given or notices given or received by the Bank hereunder they may, at the
option of the Bank, be performed by RBS acting as agent for the Bank and for the purposes of
this Agreement will be deemed to be actions of the Bank.

	17	 	LAW

	17.1	 	This Agreement shall be governed by and construed in accordance with the law of England.

In Witness whereof this Agreement is executed by the duly authorised representatives of the Bank
and the Borrower.

For and on behalf of RBS acting as agent for the Bank

Signature /s/ Jason Necker

Date 31 August 2006

The Borrower hereby (i) accepts the above terms and conditions and (ii) acknowledges the
implications of any early repayment of the Loan were explained to the Borrower and accepts it will
require to pay the amount of any Breakage Loss incurred upon any early repayment of the Loan.

For and on behalf of the Borrower

Signature Mark Carpenter

Date 31 August 2006

2

Schedule 1

Schedule 1 to Agreement between The Royal Bank of Scotland plc acting as agent for National
Westminster Bank Plc and Sytner Group Limited

	1.	 	With reference to Clause 2.1 the Loan must be drawn down on
     (the “Drawdown Date”).

	2.	 	With reference to Clause 3.1 interest on the Loan will be charged at a percentage rate per
annum equal to the aggregate of:-

	 	(i)	 	a fixed rate of      % representing the Bank’s cost of funding the Loan; and

	 	(ii)	 	the Margin.

	3.	 	With reference to Clause 5.1 the Loan will be repayable by 16 payments of £1,764,705.88 and a
final payment of £1,764,705.92 at quarterly intervals commencing on 30 June 2007.

Signed for and on behalf of The Royal Bank of Scotland plc acting as agent for National Westminster
Bank Plc

Signature................................

Date........................

Signed for and on behalf of the Borrower

Signature.................................................................

Date........................

*Delete if not applicable

3

Schedule 2

	(1)	 	The Margin payable by the Borrower pursuant to Clause 2.(ii) of the Schedule 1 to this
Agreement will be determined by reference to the financial covenant detailed in (2) below, as
evidenced by the certificate of compliance delivered to the Bank pursuant to Clause 10.3(a)(v)
(the “Certificate of Compliance”) for each relevant date for compliance detailed in Clause
11.3.

	(2)	 	The Margin for the Loan will be as set out in Column B below and shall be determined against
the ratio of Consolidated Net Borrowings to Consolidated EBITDA as set out in Column A below:-

	 	 	 	 	 
	Column A	 	Column B
	Greater than or equal to 3:1

	 	 	1.25	%
	 

	 	 	 	 
	 
	 	 	 	 
	Greater than or equal to 2.5:1

	 	 	1.1	%
	 

	 	 	 	 
	 
	 	 	 	 
	Greater than or equal to 2:1

	 	 	0.95	%
	 

	 	 	 	 
	 
	 	 	 	 
	Greater than or equal to 1.5:1

	 	 	0.85	%
	 

	 	 	 	 
	 
	 	 	 	 
	Greater than or equal to 1:1

	 	 	0.75	%
	 

	 	 	 	 
	 
	 	 	 	 
	Less than 1:1

	 	 	0.65	%
	 

	 	 	 	 

	(3)	 	Any reduction in the Margin shall be effective from the from the next Business Day following
the date on which the Bank receives the Certificate of Compliance evidencing such ratio
provided that no Event of Default has occurred and is continuing.

	(4)	 	In the event that a reduction in the Margin has taken place and the ratio of Consolidated Net
Borrowings to Consolidated EBITDA subsequently exceeds the ratio required to qualify for such
Margin, the Margin shall be increased to the figure detailed in Column B above opposite the
relevant ratio quoted in Column A above, with effect from the next Business Day following the
date on which the Bank receives the Certificate of Compliance evidencing such ratio.

	(5)	 	For the purposes of this Schedule 2, “Consolidated EBITDA” and “Consolidated Net Borrowings”
shall be as defined in Clause 11.2 of this Agreement and all other words and meanings shall be
as defined in Clause 1.2 of this Agreement.

4

Schedule 4

	 	 	 
	SYTNER BMW/MINI Nottingham

	 	GUY SALMON LANDROVER Sheffield
	 

	 	 
	 
	 	 
	SYTNER BMW/MINI Leicester

	 	GUY SALMON LANDROVER Leeds
	 

	 	 
	 
	 	 
	SYTNER BMW/MINI Sheffield

	 	GUY SALMON LANDROVER Coventry
	 

	 	 
	 
	 	 
	SYTNER BMW/MINI Solihull

	 	GUY SALMON LANDROVER Stratford
	 

	 	 
	 
	 	 
	SYTNER BMW/MINI Coventry

	 	GUY SALMON LANDROVER Knutsford
	 

	 	 
	 
	 	 
	SYTNER BMW/MINI City

	 	GUY SALMON LANDROVER Wakefield
	 

	 	 
	 
	 	 
	SYTNER BMW/MINI High Wycombe

	 	GUY SALMON LANDROVER Stockport
	 

	 	 
	 
	 	 
	SYTNER BMW/MINI Chigwell

	 	Tollbar Volvo Coventry
	 

	 	 
	 
	 	 
	SYTNER BMW/MINI Harold Wood

	 	Tollbar Volvo Warwick
	 

	 	 
	 
	 	 
	SYTNER BMW/MINI Sunningdale

	 	Audi Leeds
	 

	 	 
	 
	 	 
	Sytner Rolls Royce Sunningdale

	 	Audi Wakefield
	 

	 	 
	 
	 	 
	MERCEDES-BENZ OF Bristol

	 	Audi Bradford
	 

	 	 
	 
	 	 
	MERCEDES-BENZ OF WSM

	 	Audi Harrogate
	 

	 	 
	 
	 	 
	MERCEDES-BENZ OF Newbury

	 	Audi Slough
	 

	 	 
	 
	 	 
	MERCEDES-BENZ OF Swindon

	 	Audi Reading
	 

	 	 
	 
	 	 
	MERCEDES-BENZ OF Bath

	 	Audi Guildford
	 

	 	 
	 
	 	 
	MERCEDES-BENZ OF Gloucester

	 	Audi West London
	 

	 	 
	 
	 	 
	MERCEDES-BENZ OF Milton Keynes

	 	Audi Victoria
	 

	 	 
	 
	 	 
	MERCEDES-BENZ OF Kettering

	 	Lexus Leicester
	 

	 	 
	 
	 	 
	MERCEDES-BENZ OF Northampton

	 	Lexus Oxford
	 

	 	 
	 
	 	 
	MERCEDES-BENZ OF Bedford

	 	Lexus Birmingham
	 

	 	 
	 
	 	 
	Kings KINGS CHRYSLER-JEEP Manchester

	 	Lexus Bristol
	 

	 	 
	 
	 	 
	Varsity CHRYSLER-JEEP Oxford

	 	Lexus Cardiff
	 

	 	 
	 
	 	 
	KINGS CHRYSLER-JEEP Gloucester

	 	Lexus Milton Keynes
	 

	 	 
	 
	 	 
	KINGS CHRYSLER-JEEP Swindon

	 	Toyota World Birmingham
	 

	 	 
	 
	 	 
	KINGS CHRYSLER-JEEP Bristol

	 	Toyota World Tamworth
	 

	 	 
	 
	 	 
	Guy Salmon Jaguar Thames Ditton

	 	Toyota World Bristol Central
	 

	 	 
	 
	 	 
	Guy Salmon Jaguar Ascot

	 	Toyota World Bristol North
	 

	 	 
	 
	 	 
	Guy Salmon Jaguar Gatwick

	 	Toyota World Cardiff
	 

	 	 
	 
	 	 
	Guy Salmon Jaguar Maidstone

	 	Toyota World Newport
	 

	 	 
	 
	 	 
	GUY SALMON LANDROVER Thames Ditton

	 	Toyota World Bridgend
	 

	 	 
	 
	 	 
	GUY SALMON LANDROVER Ascot

	 	Graypaul Ferrari/Maserati Nottingham
	 

	 	 
	 
	 	 
	GUY SALMON LANDROVER Gatwick

	 	Graypaul Ferrari/Maserati Edinburgh
	 

	 	 
	 
	 	 
	GUY SALMON LANDROVER Maidstone

	 	Porsche Centre Mid-Sussex
	 

	 	 
	 
	 	 
	GUY SALMON LANDROVER Portsmouth

	 	Porsche Centre Silverstone
	 

	 	 
	 
	 	 
	Hapstead Volvo Gatwick

	 	Porsche Centre Edinburgh
	 

	 	 
	 
	 	 
	Hapstead Volvo Croydon

	 	Porsche Centre Glasgow
	 

	 	 
	 
	 	 
	Hapstead Volvo Horsham

	 	Bentley Manchester
	 

	 	 
	 
	 	 
	Tollbar Volvo Twickenham

	 	Bentley Birmingham
	 

	 	 
	 
	 	 
	Honda Redhill

	 	Bentley Edinburgh
	 

	 	 
	 
	 	 
	Guy Salmon Jaguar Coventry

	 	Saab Oxford
	 

	 	 
	 
	 	 
	Guy Salmon Jaguar Northampton

	 	

	 

	 	

	 
	 	 
	Guy Salmon Jaguar Oxford

	 	

	 

	 	

	 
	 	 

5

	 	 	 
	 
	 	 

6EX-4.3

Exhibit 4.3

THIS IS AN IMPORTANT LETTER WHICH SETS OUT THE TERMS AND CONDITIONS OF YOUR GROUP OVERDRAFT
FACILITY. PLEASE NOTE THAT OVERDRAFTS ARE REPAYABLE ON DEMAND. WE RECOMMEND THAT YOU TAKE
INDEPENDENT LEGAL ADVICE IF YOU HAVE ANY DOUBTS REGARDING THE TERMS AND CONDITIONS OF THE FACILITY.

	 	 	 
	 	 	West Midlands Corporate Office
	Date: 30 August 2006

Private & Confidential

	 	Address:5th Floor 2 St Philips Place

Birmingham

B3 2RB

Telephone:0121 262 7426
	 

	 	

	UAG UK Holdings Limited

Company Number 4334322

Woodcote House

Harcourt Way

Meridian Business Park

Leicester

LE19 1WE

	 	

	 
	 	 
	Dear Sirs

	 	

	 
	 	 
	Group Overdraft Facility

	 	

	 
	 	 
	Group Overdraft Limit:

	 	£20,000,000 plus the Seasonal Excess from time to time
	 
	 	 
	Seasonal Excess:

	 	an additional £10,000,000 to be made available during the Seasonal Excess Periods
	 
	 	 
	Seasonal Excess Periods:

	 	a maximum period of 6 continuous weeks commencing between:-

	 	•	 	1 March to 30 April in each year

	 	•	 	1 September to 31 October in each year
	 
	 	 	 	Gross Limit: £150,000,000
	 
	 	 	 	Facility Accounts: The accounts listed in Schedule 2 attached

or as amended from time to time pursuant to Clause 10.4

	 	 	 
	Creditor Account:

	 	account number 83639446 in name of UAG UK Holdings Limited at City of London Office (sorting

code 60 00 01)
	 
	 	 
	or as amended from time to time pursuant to Clause 10.4

	 
	 	 
	Subsidiaries:

	 	The companies listed in the Schedule 1 attached

I write to advise the terms and conditions upon which The Royal Bank of Scotland plc (“RBS”) acting
as agent for National Westminster Bank Plc is willing to make available to you and the Subsidiaries
a group overdraft facility (the “facility") on the above Facility Accounts for the purpose of your
and the Subsidiaries’ respective businesses. For the purposes of this letter, National Westminster
Bank Plc shall be referred to as the “Bank” (which expression means its successors and assigns).

	1	 	Group Limits

	1.1	 	The facility will allow the Subsidiaries to overdraw the Facility Accounts up to the Group
Overdraft Limit detailed above.

	1.2	 	For the purposes of calculating the utilisation of the facility, the aggregate of the cleared
creditor balances on the Facility Accounts and the Creditor Account will be netted against the
aggregate of the cleared debtor balances on the Facility Accounts.

	1.3	 	The aggregate of the cleared debtor balances on the Facility Accounts must not at any time
exceed the Gross Limit.

	1.4	 	The Bank may decline to pay a cheque (or allow any other payment or withdrawal) from any
Facility Account (whether in credit or debit) which would result in either the Group Overdraft
Limit or the Gross Limit being exceeded. This may mean that you or any of the Subsidiaries
may not be able to draw on a credit balance on a Facility Account or the Creditor Account as a
result of a debit balance on another Facility Account. You and the Subsidiaries should liaise
with each other to ensure that these arrangements do not have an adverse effect on the
operations of each Facility Account and the Creditor Account.

	1.5	 	If the Bank does pay a cheque (or allows any other payment or withdrawal) resulting in either
the Group Overdraft Limit or the Gross Limit being exceeded it will not mean that the relevant
Limit has changed or that the Bank will agree to pay any other cheque (or allow any other
payment or withdrawal) which would have that effect.

	1.6	 	The Bank may disregard any uncleared credits for the purposes of calculating the utilisation
of the facility (and any interest payable) and compliance with the Gross Limit. If however
the Bank does pay a cheque (or allows any other payment or withdrawal) against uncleared
credits this does not mean that it is bound to do so at other times.

	2	 	Creditor Account

	2.1	 	The Creditor Account should remain in credit at all times and the Bank may decline to pay a
cheque (or allow any other payment or withdrawal) which could result in a cleared debtor
balance. If the Bank does pay a cheque (or allows any other payment or withdrawal) resulting
in a cleared debtor balance it will not mean that a borrowing facility has been established or
that the Bank will agree to pay any other cheque (or allow any other payment or withdrawal)
which would have the same effect.

	3	 	Preconditions

	3.1	 	The Bank will not be obliged to make the facility available until the following conditions
have been met:-

	 	(a)	 	any security required in terms of Clause 8 of this letter has been valued and
completed to the Bank’s satisfaction; and

	 	(b)	 	you and the Subsidiaries have accepted the facility on the terms and conditions set
out in this letter by returning the duplicate of this letter with the acknowledgement
duly signed, within 28 days of the date of this letter.

	4	 	Availability

	4.1	 	The facility is repayable upon demand in accordance with normal banking practice and the
facility can be unconditionally cancelled by the Bank at any time.

	4.2	 	Subject to the Bank’s rights under Clause 4.1 the facility will be available until
notification to you by the Bank of its intention to cancel the facility. Without prejudice to
the Bank’s rights under this Clause the facility will be subject to review on at least an
annual basis.

	4.3	 	The Bank will always give notification of its intention to place a restriction on the ability
of you and the Subsidiaries to make drawings on the facility.

	4.4	 	You may at any time advise us in writing that the facility is no longer required.

	5	 	Set Off, Retention and Appropriation

	5.1	 	In addition to any other rights to which it may be entitled, including rights under any
guarantee or security, the Bank may retain, set off or appropriate any credit balances
(whether current or not yet due) either on the Facility Accounts or any other accounts you or
the Subsidiaries may have with the Bank against any debit balances on the Facility Accounts,
liabilities of you or the Subsidiaries under any guarantees granted by you or the Subsidiaries
in connection with the facility, or any other obligations you or the Subsidiaries may owe to
the Bank whether present, future, actual or contingent.

	5.2	 	The Bank may exercise any of these rights without prior notice both before and after demand
and in so doing may convert to Sterling at the prevailing market rate of exchange any balance
which is in a currency other than Sterling.

	6	 	Interest

	6.1	 	Interest will be charged by the Bank as follows:-

	 	(a)	 	on that part of the aggregate of the cleared debtor balances on the Facility
Accounts equal to the aggregate of the cleared creditor balances on the Facility Accounts
and the Creditor Account, at 0% per annum;

	 	(b)	 	on that part of the aggregate of the cleared debtor balances on the Facility
Accounts in excess of the aggregate of the cleared creditor balances on the Facility
Accounts and the Creditor Account up to the Group Overdraft Limit at 1% per annum over
the Bank’s Base Rate; and

	 	(c)	 	on that part of the aggregate of the cleared debtor balances on the Facility
Accounts in excess of the aggregate of the cleared creditor balances on the Facility
Accounts and the Creditor Account over the Group Overdraft Limit at 3% per annum over the
Bank’s Base Rate.

	6.2	 	The Bank’s Base Rate as at 30 August 2006 was 4.75% per annum. Changes to the Bank’s Base
Rate may be made at any time and with immediate effect, such changes being advised by way of
press notice.

	6.3	 	Such interest will be calculated both before and after demand, decree or judgment on a daily
basis and debited by the Bank to Facility Account number 36037443 quarterly on the final
business day of March, June, September and December (or such other dates as the Bank may
advise from time to time).

	7	 	Costs

	7.1	 	Whilst no arrangement fee is payable on this occasion, you and the Subsidiaries will be
jointly and severally responsible for paying any costs incurred by the Bank in connection with
the facility whether as a result of you or the Subsidiaries breaking the terms of the facility
or not. These costs will include (but not be limited to) costs of taking and discharging any
security; taking steps, including court action, to obtain payment; enforcing and/or preserving
the Bank’s rights under any security held for the facility; tracing you or the Subsidiaries if
you or the Subsidiaries change address without notice and communicating with you or the
Subsidiaries if you or the Subsidiaries break the terms of the facility. If such costs remain
unpaid then they may be debited by the Bank to any of the Facility Accounts.

	7.2	 	Fees may be payable from time to time in respect of the Bank reviewing the operation and
ongoing availability of the facility and you will be advised by the Bank at least 14 days in
advance of any such fee being payable.

	8	 	Security

	8.1	 	The facility will be secured by the following:-

	 	(a)	 	the existing available security held by the Bank as follows:-

	 	(i)	 	Debentures by and an Unlimited Inter Company Guarantee with Accession
between Sytner Group Limited, United Auto Group UK Limited, Aston Green Limited,
Sytner Cars Limited, Guy Salmon Jaguar Limited, Sytner Limited, Prophets Garage
Limited, Sytner Holdings Limited, Yarnolds of Stratford Limited, Goodman Leeds
Limited, Kings Motors Limited, R Stratton & Co Ltd., R Stratton (Knutsford) Limited,
Hughenden Motor Company Limited, Hallamshire Motor Company Limited, Sytner Sheffield
Limited, Cruickshank Motors Limited, Graypaul Motors Limited, Sytner Finance
Limited, Guy Salmon Highgate Limited, Sytner London Limited, Sytner of Leicester
Limited, Sytner Coventry Limited, William Jacks Limited, William Jacks Properties
Limited, Ascot Garage Co.Limited, F.W. Mays & Co. Limited, Sandridge Limited, W. A.
Hatfield Limited, Prophets (Gerrards Cross) Limited and Pearlshadow Limited (as
amended from time to time);

	 	(ii)	 	a Downstream Guarantee by you in favour of the Subsidiaries, Sandridge
Limited, W. A. Hatfield Limited, Prophets (Gerrards Cross) Limited and Pearlshadow
Limited;

	 	(iii)	 	a Debenture by you;

	 	(b)	 	Security in the Bank’s preferred form as follows:-

	 	(i)	 	Debentures by William Jacks Limited, William Jacks Properties Limited,
Ascot Garage Co.Limited and F.W. Mays & Co. Limited; and

	 	(ii)	 	Accession Agreements to the Unlimited Inter Company Guarantee with
Accession referred to in Clause 8.1(a) by William Jacks Limited, William Jacks
Properties Limited, Ascot Garage Co.Limited and F.W. Mays & Co. Limited; and

	 	(c)	 	all further available security which the Bank may in future obtain.

	8.2	 	Any additional security will require to be granted in the Bank’s preferred form. The value
of the security will be reviewed regularly and, without prejudice to its overriding right to
call for repayment on demand, the Bank may seek additional security if there is a significant
drop in the value of the security held.

	9	 	Financial Information

	9.1	 	To enable the Bank to monitor the facility you will provide:-

	 	(a)	 	as soon as they become available but in any event not later than 31 October in each
year, your audited financial statements and the audited financial statements of the
Subsidiaries and the consolidated audited financial statements of UAG UK Holdings Limited
for your previous financial year;

	 	(b)	 	as soon as they become available but in any event within 30 days after the end of
the financial period to which they relate and in a format acceptable to the Bank, your
monthly management accounts and the monthly consolidated management accounts of UAG UK
Holdings Limited incorporating balance sheet and profit and loss account;

	 	(c)	 	promptly, all notices or other documents sent by you and the Subsidiaries to your
respective shareholders and/or creditors; and

	 	(d)	 	promptly, such further information regarding your and/or the Subsidiaries’
financial condition and operations as the Bank may reasonably request.

	9.2	 	All accounts and other financial information provided to the Bank will be prepared
consistently and in accordance with generally accepted accounting standards.

	10	 	Miscellaneous

	10.1	 	The Bank may debit any of the Facility Accounts in accordance with the terms of Clauses 6 and
7 of this letter even if it results in the Group Overdraft Limit or the Gross Limit being
exceeded.

	10.2	 	These terms and conditions will not be affected in any way by any of the Facility Accounts or
the Creditor Account being allocated another account number by the Bank or being transferred
to another branch, office or department of the Bank.

	10.3	 	The Bank may change any of these terms and conditions by giving at least 30 days’ written
notice to you.

	10.4	 	Any requests for the addition (or removal) of Facility Accounts and/or Creditor Accounts
to/from the facility must be in writing, will be at the Bank’s sole discretion and may be
subject to these terms and conditions being suitably amended to the Bank’s satisfaction.

	10.5	 	RBS may act as agent for the Bank in connection with the administration of the facility.

Please indicate acceptance of the above terms and conditions by arranging for the acknowledgement
on the duplicate of this letter to be signed and returned to me. The Bank will not be obliged to
provide the facility until the acknowledgement on the duplicate of this letter has been returned
duly signed.

The Bank may, at its option, treat any usage of the facility as acceptance (without amendment) of
the terms and conditions of this letter.

Please do not hesitate to contact me if you require clarification of any of the above terms and
conditions.

	 	 	Yours faithfully

For and on behalf of RBS acting as agent for the Bank

/s/ Jason Necker

Jason Necker

Relationship Director

Having decided that the proposed facility is appropriate and in their best interests the undernoted
signatories hereby accept the overdraft facility on the above terms and conditions.

For and on behalf of UAG UK Holdings Limited

	 	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of United Auto Group UK Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Aston Green Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Sytner Cars Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Guy Salmon Jaguar Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Sytner Limited

	 	

	 	

	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Prophets Garage Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Sytner Holdings Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Yarnolds of Stratford Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Goodman Leeds Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Kings Motors Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of R Stratton & Co Ltd.
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of R Stratton (Knutsford) Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Hughenden Motor Company Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Hallamshire Motor Company Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Sytner Sheffield Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Sytner Group Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Cruickshank Motors Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Graypaul Motors Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Sytner Finance Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Guy Salmon Highgate Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Sytner London Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Sytner of Leicester Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Sytner Coventry Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	......................................................
	 	...........................................
	 
	 	 	 	 
	For and on behalf of Ascot Garage Co.Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006
	 
	 	 	 	 
	
 
	 	...................................................... ...........................................
	 	

	 
	 	 	 	 
	For and on behalf of F.W. Mays & Co. Limited
	 	 
	 
	 	 	 	 
	Signature/s

	 	/s/ Mark Carpenter
	 	Date/s 31st August 2006

...................................................... ............................................

65083v3/CCD/LB/NWWMID

1

SCHEDULE 1

	 	 	 	 	 
	Subsidiaries
	Name	 	Company Number
	United Auto Group UK Limited
	 	 	4334321	 
	 
	 	 	 	 
	Aston Green Limited
	 	 	2855932	 
	 
	 	 	 	 
	Sytner Cars Limited
	 	 	2832086	 
	 
	 	 	 	 
	Guy Salmon Jaguar Limited
	 	 	3574418	 
	 
	 	 	 	 
	Sytner Limited
	 	 	813696	 
	 
	 	 	 	 
	Prophets Garage Limited
	 	 	1630936	 
	 
	 	 	 	 
	Sytner Holdings Limited
	 	 	2681878	 
	 
	 	 	 	 
	Yarnolds of Stratford Limited
	 	 	2014007	 
	 
	 	 	 	 
	Goodman Leeds Limited
	 	 	3097514	 
	 
	 	 	 	 
	Kings Motors Limited
	 	 	2574707	 
	 
	 	 	 	 
	R Stratton & Co Ltd.
	 	 	2696872	 
	 
	 	 	 	 
	R Stratton (Knutsford) Limited
	 	 	3493567	 
	 
	 	 	 	 
	Hughenden Motor Company Limited
	 	 	2303704	 
	 
	 	 	 	 
	Hallamshire Motor Company Limited
	 	 	2992982	 
	 
	 	 	 	 
	Sytner Sheffield Limited
	 	 	264809	 
	 
	 	 	 	 
	Sytner Group Limited
	 	 	2883766	 
	 
	 	 	 	 
	Cruickshank Motors Limited
	 	 	1837492	 
	 
	 	 	 	 
	Graypaul Motors Limited
	 	 	3079284	 
	 
	 	 	 	 
	Sytner Finance Limited
	 	 	2400953	 
	 
	 	 	 	 
	Guy Salmon Highgate Limited
	 	 	3547864	 
	 
	 	 	 	 
	Sytner London Limited
	 	 	2383590	 
	 
	 	 	 	 
	Sytner of Leicester Limited
	 	 	792661	 
	 
	 	 	 	 
	Sytner Coventry Limited
	 	 	1979805	 
	 
	 	 	 	 
	Ascot Garage Co.Limited
	 	 	582473	 
	 
	 	 	 	 
	F.W. Mays & Co. Limited
	 	 	926676	 
	 
	 	 	 	 

2

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