Rule 2.8 Announcement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

23 September 2020

Statement from Centerbridge: No intention to make an offer for AA plc ("AA")

Centerbridge Partners Europe, LLP ("Centerbridge") announces today that it does not intend to make an offer for AA and accordingly, discussions with the Board of AA have been terminated by mutual agreement.

As a result of this announcement, Centerbridge will, except with the consent of the Takeover Panel, be bound by the restrictions contained in Rule 2.8 of the Code.

For the purposes of Rule 2.8 of the Code, Centerbridge reserves the right to make or participate in an offer or possible offer for AA (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within 6 months following the date of this announcement:

1. with the agreement of the Board of AA;

2. following the announcement of a firm intention to make an offer for AA by a third party;

3. following the announcement by AA of a "whitewash" proposal (for the purposes of Note 1 on the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or

4. if the Panel on Takeovers and Mergers determines that there has been a material change of circumstances.

For the purposes of Note 3 on Rule 2.8 of the Code, it is confirmed that TowerBrook Capital Partners (U.K.) LLP ("TowerBrook") is continuing to consider making an offer for AA, and the restrictions contained in Rule 2.8 of the Code will not apply to it. This announcement is being made with the prior agreement of TowerBrook.

Enquiries:

Centerbridge

Susanne V. Clark +1 (212) 672 4601

Kekst CNC (public relations advisor to Centerbridge)

Oliver Mann +44 20 3755 1607

Important Notices

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

The information contained within this announcement is considered by Centerbridge to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.