Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

AA Plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

ü

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Parvus Asset Management Europe Limited

4. Full name of shareholder(s) (if different from 3.):iv

Parvus Asset Management Europe Limited has been appointed as Investment Manager a number of funds and managed accounts. Under the terms of the various investment management agreements, Parvus Asset Management Europe Limited holds the power to vote any physical shareholdings held by these clients. No individual client holds voting rights which equal or exceed the notifiable threshold.

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

24 November 2016

6. Date on which issuer notified:

28 November 2016

7. Threshold(s) that is/are crossed orreached: vi, vii

Going above 11% in instruments with similar economic effect to qualifying financial instruments.

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB00BMSKPJ95

39,540,848

39,540,848

39,540,848

39,540,848

6.49%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Equity Swap

N/A

30 November 2016

N/A

55,435,520

Nominal

Delta

9.10%

-

Equity Swap

N/A

30 June 2017

N/A

1,403,464

Nominal

Delta

0.23%

-

Equity Swap

N/A

02 July 2018

N/A

77,495

Nominal

Delta

0.01%

-

Equity Swap

N/A

11 July 2018

N/A

8,733,874

Nominal

Delta

1.43%

-

Equity Swap

N/A

08 August 2018

N/A

380,407

Nominal

Delta

0.06%

-

Equity Swap

N/A

05 November 2018

N/A

513,229

Nominal

Delta

0.08%

-

Equity Swap

N/A

28 November 2018

N/A

513,136

Nominal

Delta

0.08%

-

 Total (A+B+C)

Number of voting rights

Percentage of voting rights

106,597,973

17.50%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Parvus Asset Management Europe Limited is controlled by Parvus Asset Management Limited and Oakentree Limited.

Parvus Asset Management Limited is in turn controlled by Parvus Asset Management (Cayman) Limited, which is controlled by Edoardo Mercadante.

Oakentree Limited is in turn controlled by Mads Gensmann.

Messrs Mercadante and Gensmann are directors of Parvus Asset Management Europe Limited, which under the terms of the various investment management agreements, holds the power to vote on any physical shareholdings held by the funds and managed accounts.

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

N/A

14. Contact name:

Angus Milne

15. Contact telephone number:

+44 (0) 207 440 2330