Partial Redemption of Senior PIK Toggle Notes

19 November 2014

AA plc

("AA" or the "Company")

AA PLC announces the partial redemption of its Senior PIK Toggle Notes

AA PLC today announces that its subsidiary AA PIK Co Ltd, the issuer (the "Issuer") of £350,000,000 9½% / 10¼% Senior PIK Toggle Notes due 2019 (the "Notes"), has issued a notice of optional partial redemption for £175,000,000 of the principal amount of the Notes, with a redemption date of December 19, 2014.

The redemption will be funded with the net proceeds from AA PLC's equity offering that was completed in June 2014. The redemption price will be 102% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, which is in accordance with the terms of Notes and the indenture governing the Notes.

AA PLC has previously communicated its intention for the Issuer to redeem the Notes with proceeds from the equity offering. This redemption is in line with AA PLC's ambition to continuously explore opportunities to optimise the company's capital structure as set out at the time of the IPO.

Enquiries: