Trading Update, Intent to buyback/tender for bonds

11 December 2019

AA plc

(the "Company")

Intention to buyback / tender for bonds

Trading update - positive operational momentum continues

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION

The AA plc (the "Company") confirms that the positive operational momentum reported at its H1 20 interim results in September 2019 has continued into the second half of the year and expects Trading EBITDA and free cash flow for the full year to be in line with market expectations.

In light of this continued positive performance, the Company announces that it intends to use some of the cash generated to buyback and / or tender for outstanding bonds in the market (potentially imminently). Given the positive operational momentum, subject to market conditions, it also intends to pursue a range of debt tenders, redemptions and issuances over the coming months.

The Company will issue a pre-close statement on 11 February 2020 and publish its full year results for the year ended 31 January 2020 on 31 March 2020.

This announcement is released by AA plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation, encompassing information relating to a potential buyback/tender programme. For the purposes of MAR and Article 2 of Commission Implementing Regulation, this announcement is made by Nadia Hoosen, Chief Legal Officer and Company Secretary at AA plc.

ENDS

For further enquiries, please contact:

AA plc is listed on the London Stock ExchangeRegistered Office: Fanum House, Basing View, Basingstoke, Hampshire, RG21 4EA

Registered in England & Wales number: 05149111Legal Entity Identifier number: 213800DTPE4O5OI17349