AA : Bond Purchase Programme

16 December 2019

AA PLC

(the Company)

Bond purchase programme

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

Further to the Company's announcement on 11 December 2019 regarding its intention to buyback outstanding bonds in the market as part of its continuing commitment to proactive debt management, the AA plc announces today it has authorised a purchase programme (the Purchase Programme) to be managed by Peel Hunt LLP, through which the Company or one of its subsidiaries (the Group) intends to purchase bonds, through open market purchases or private transactions, issued by AA Bond Co Limited (the Issuer).

The Group will decide in its sole discretion whether to purchase any bonds.

The Group intends for the Purchase Programme to be conducted in tranches, the first of which begins at 9:00 a.m., London time, 16 December 2019 and terminates at a time determined by the Group in its sole discretion (the Purchase Period).

Bondholders wishing to offer their bonds for purchase by the Group should contact Peel Hunt LLP. Bondholders that do not have an account with Peel Hunt LLP and wish to sell any bonds may do so through the broker, dealer, commercial bank, trust company, other financial institution or other custodian that it customarily uses, which has an account with Peel Hunt LLP. Such broker, dealer, commercial bank, trust company, other financial institution or other custodian must contact Peel Hunt LLP at any time during the Purchase Period.

The Group is not under any obligation to accept any bonds offered for purchase.

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.

DISCLAIMER This announcement contains important information which should be read carefully before any decision is made. If any noteholder is in any doubt as to the action it should take, it is recommended to seek its own financial advice, including as to any tax consequences, from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser. Any individual or company whose bonds are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to sell such bonds. None of the Company, the Issuer or Peel Hunt makes any recommendation as to whether noteholders should sell their Notes.

For further enquiries, please contact:
Peel Hunt
Patrick King, Sales,[e-mail]	[phone]
Stuart Galvin, Debt Capital Markets,[e-mail]	[phone]
Investors
Zeeshan Maqbool, Head of Investor Relations and Corporate Finance	[phone]
Nadia Hoosen, Chief Legal Officer and Company Secretary	[phone]
Media: FTI Consulting	[phone]
Alex Le May
John Waples
Nick Hasell

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

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