RAC plc: Appointment of new Group Finance Director

Article date: 1 July 2003

RAC plc appoints new GroupFinance Director
RAC plc, the motoring andvehicle solutions company, announces that Richard Pennycook willjoin the Board as Group Finance Director, with effect from 4 August2003.

Richard is currently Group Finance Director of H P BulmerHoldings plc, where he has played a leading role in the businessturnaround and its sale to Scottish & Newcastle, which wasannounced today. Prior to Bulmers, Richard was a director ofWelcome Break Holdings Limited, the motorway services company ownedby Investcorp, where he was Finance Director from 1998 to 2000 andChief Executive from 2000 to 2002. His earlier roles included GroupFinance Director of Laura Ashley (Holdings) plc, Finance Directorof JD Wetherspoon plc, and senior management roles with Alldersplc.

Richard is also a non-executive director with Richer SoundsPlc.

Andrew Harrison, ChiefExecutive of RAC plc, said:
“I am delighted to welcome Richard to RAC plc. He bringsstrong financial experience gained in a broad range of companiesand business environments. I am sure that he will make asignificant contribution to RAC and its strategicdevelopment.”

In accordance with Chapter 16.4 of The Listing Rules, no furtherdetails are required to be disclosed under paragraph 6.F.2 (b) to(g) in connection with Richard Pennycook’s appointment.

For further informationplease contact:
Andy Harrison
Chief Executive, RAC plc 020 77051257

Niall Addison
Group Finance and Investor Relations, RAC plc 01628 843 722

Anita Scott / Kate Holgate
Brunswick 020 7404 5959

Notes toeditors:
RAC plc
RAC plc provides motoring and vehicle solutions to individual andbusiness customers through five inter-related businesses:

-RAC Consumer Servicessells a comprehensive range of motoring solutions to individualcustomers, including financial, legal and travel services, RACAuto Windscreens and BSM.
-RAC Business Solutionssells motoring and related business solutions to businesscustomers and manages complex outsourcing bids for large publicand private sector organisations.
-Lex Vehicle Leasing isthe UK’s leading car and van contract hire company,providing solutions for fleets of all sizes together withpersonal leasing and employee car ownership schemes.
-Lex Industrial Solutionsincludes mechanical handling, fleet management and commercialvehicle contract hire.
-Manufacturer SupportServices provide outsourced marketing andinventory management services, primarily for vehiclemanufacturers.

Aged 39, Richard Pennycook is married with two children. He is aFellow of the Institute of Chartered Accountants and holds a firstclass honours degree in Economics and Accounting from BristolUniversity.

Richard began his career in 1985, training as an accountant withArthur Andersen. In 1990 he joined Allders Plc, a management buyoutfrom Hanson which was subsequently successfully floated. He beganas Group Financial Controller, becoming Finance Director, Europe,with Allders International in 1992 and President of AlldersInternational’s North American operations in 1994.

On returning to the UK in 1995, Richard became Finance Directorof JD Wetherspoon PLC, the pub retailer and, in 1998, he becameGroup Finance Director of Laura Ashley Holdings PLC. Following amajor financial restructuring of that business he then joinedWelcome Break Group as Financial Director, progressing to ChiefExecutive Officer in 2000. Richard became Group Finance Director ofH P Bulmer Holdings plc, the cider maker, in early 2003, with thechallenge of refinancing or selling the business. On 28 April 2003the Board of Bulmer announced a recommended offer from Scottish& Newcastle for the takeover of the Group, an offer which wasdeclared unconditional today.

Richard is also a non-executive director with Richer SoundsPlc.

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