AA Intermediate Co Full Year Results

AA PLC

AA Intermediate Co Limited results for the year ended 31 January 2015

In compliance with the requirements of AA Intermediate Co Limited's ('AA Intermediate Co') Class A and Class B notes, full year results for AA Intermediate Co have been issued to the Irish Stock Exchange. The results are also available on the AA plc website at www.theaaplc.com.

AA Intermediate Co Limited is the parent company of the companies that provide security and guarantees under the Whole Business Securitisation ('WBS') financing arrangements entered into by the AA on 2 July 2013.

AA Intermediate Co Limited's results differ from the results of AA plc that were announced on 25 March 2015.

The material differences relate to the consolidated assets and liabilities as follows:

1. Inter-company balances, which were £1,201m lower for AA plc than for AA Intermediate Co as all non-trading balances were eliminated in AA plc as part of the 2013 financing transaction;

2. The £173m PIK note liability and the additional sum of £18m of cash from the proceeds of the PIK notes, which was held to pre-fund the next two interest payments on the PIK notes, was applicable only to AA plc. This has subsequently been repaid as part of the refinancing also announced on 25 March 2015. In addition;

3. The remaining sum of £22m of cash mainly consisting of the net proceeds following the IPO less the initial repayment of the PIK notes in December 2014. These funds are not available to AA Intermediate Co Limited.

While there are some immaterial differences between the revenue and EBITDA of AA Intermediate Co Limited and AA plc, the trading performance of the companies is substantially comparable. A reconciliation between AA Intermediate Co Limited's and AA plc's results will be provided as part of the presentation of these results. This will be available on the AA website, at www.theAAplc.com, at 15:00 on 4 June at which time a conference call for bond-holders will be held.

Enquiries

IRJill Sherratt, Head of Investor Relations +441215 497057

James Curran, IR Manager and Analyst +441215 497079

Media

Francesca Tuckett, Headland Consultancy +44207367 5222