Holding(s) in Company

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: 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 the notification 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 on which the threshold is crossed or reached: v

9 May 2016

6. Date on which issuer notified:

11 May 2016

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

Going above 5% in equity swap

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial

Expiration

Exercise/

Number of voting

% of voting

instrument

date xiii

Conversion Period xiv

rights that may be

rights

acquired if the

instrument is

exercised/ converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

xv, xvi

Resulting situation after the triggering transaction

Type of financial instrument

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

12 Nov 2018

N/A

32,844,860

Nominal

Delta

5.40%

-

Total (A+B+C)

Number of voting rights

Percentage of voting rights

32,844,860

5.40%

11. Number of voting rights proxy holder will cease to hold:

N/A

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

N/A

13. Additional information:

N/A

14. Contact name:

Angus Milne

15. Contact telephone number:

+44 (0) 207 440 2330