Pricing of £735m Class B2 Secured Notes

30 March 2015

AA plc

("AA" or the "Company")

Pricing of £735,000,000 Class B2 Secured Notes to be issued by AA Bond Co. Limited

Further to the announcement of its refinancing on 25 March 2015, AA plc (the "AA") today announced the successful pricing on Friday, 27 March 2015 of an offering by AA Bond Co Limited (the "Issuer") of £735,000,000 Class B2 secured notes (the "Notes") to be issued at par with a coupon of 5.50% to the Notes' expected maturity date of 31 July 2022. The gross proceeds from the offering of the Notes will, when the offering is completed, be placed into an escrow account. Upon the satisfaction of certain conditions in connection with the refinancing, the proceeds will be released from escrow and used to redeem the Issuer's existing Class B notes and pay transaction related fees and expenses. For further information, please contact:

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other jurisdiction. The Notes may not be offered or sold within the United States absent registration or unless pursuant to an applicable exemption from the registration requirements of the Securities Act and in accordance with any other applicable securities laws. There is no assurance that the offering will be completed or, if completed, as to the terms on which it is completed. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This announcement does not constitute and shall not, in any circumstances, constitute a public offering nor an invitation to the public in connection with any offer within the meaning of the Directive 2010/73/EU of the Parliament and Council of November 4, 2003 as implemented by the Member States of the European Economic Area (the "Prospectus Directive"). The offer and sale of the Notes has been made pursuant to an exemption under the Prospectus Directive, as implemented in Member States of the European Economic Area, from the requirement to produce a prospectus for offers of securities.The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. Neither the company nor any other person undertakes any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.