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

Mitsui & Co., Ltd. (Head Office: Tokyo, President and CEO: Kenichi Hori) 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"), today, 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. (NYSE: PAG) ("PAG").