AGM Statement

Caffyns PLC
24 July 2002

CAFFYNS PLC

For immediate release

At the 93rd Annual General Meeting of the Company today, 24th July 2002, the
Chairman, Mr A. M. Caffyn, commented as follows:-

'As I reported in my Chairman's statement, the financial year ended the 31st
March 2002 was a record for the Company. I congratulate all members of staff who
made this result possible. It is particularly pleasing that the new management
team has risen to the challenge and is running the Company with flair and
success. I include the Regional Directors, whose increasingly important role has
been a factor in our continuing good fortune.

I can report that the current year started extremely well until June when the
country was totally absorbed by the Queen's Golden Jubilee and the World Cup.
But overall, we are ahead in the first quarter. We have, of course, now lost our
lucrative Mercedes Benz branches. It is our intention to reinvest the monies we
received in compensation just as soon as an opportunity presents itself.

Next April, I shall be seventy and I have decided to retire both as Chairman and
also as a Director. My successor as Chairman is to be Mr Brian Carte and he will
take over on the 1st May 2003. Mr Carte joined the Board in June 1996 following
a successful career in the City, details of which are in the published Report
and Accounts. Mr Ian Watt has kindly agreed to remain Deputy Chairman thus
ensuring continuity.'

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