INVESTOR PRESENTATION Including FY 17 Results FUNDAMENTALS PROVIDING SERVICES to AA MEMBERS SINCE 1905

INVESTOR PRESENTATION Including FY 17 Results FUNDAMENTALS PROVIDING SERVICES TO AA MEMBERS SINCE 1905

Brought under common Founded by Patrols on 35% share Launched Patrols issued ownership with DriveTech and motoring bicycles and of 2m cars on the Roadwatch and with diagnostics Saga in the Auto Windshields IPO enthusiasts uniforms road Relay equipment Acromas Group acquired 26 June

1905 1907 1909 1912 1939 1949 1973 1992 1999 2003 2004 2007 2009 2010 2014

1st AA insurance Launched New fleet Launched AA members Acquired by BSM acquired, policy AA Routes and to enable four AA Driving voted to private equity launch Home AA Stars wheel patrols School demutualize the groups CVC and Services AA and join Permira Fund Centrica Group

2 THE LEADERSHIP TEAM

Bob Mackenzie Martin Clarke Executive Chairman Chief Financial Officer Previously Chairman and CEO of National Car Parks Previously Partner and Global Head of Consumer for and its subsidiary Green Flag Permira Prior to that CEO of Sea Containers Prior roles at Cinven, Silverfleet and and Chairman of PHS Group board member of New Look and Gala Coral

Mike Lloyd Janet Connor Commercial Director Restructuring and Insurance Director Previously Partner at Oliver Wyman focused on Previously Managing Director at More Than; MD at Consumer Service businesses in FS, Energy, Home, Ageas-owned over-50s broker RIAS from 2006 to 2011 TV and Telecoms Accountable for Insurance Underwriter and Membership Responsible for Roadside Assistance and Insurance policies and governance Services, marketing and digital functions

Oliver Kunc Kirsty Ross Operations Director Membership Services Director Previously Managing Director of Central Heating Previously Strategy and Innovations Director; Installations at British Gas; prior roles at Barclays, BA Principal at Oliver Wyman and LEK consulting Responsible for Motoring Services, Media and Driving Responsible for operations including patrols, School businesses, connected car strategy and deployment, call centres and technical development Group strategy

3 ROADSIDE ASSISTANCE AT THE CORE

Roadside Assistance Insurance Services Driving Services Trading Revenue 4% Consumer Broking Driving Schools 14% 3.3m paid personal Members Leading insurance broker Largest driving school in the UK (by pupils) Average income per Members Predominantly motor and £158 home AA and BSM brands 79% 82% retention 1.9m policies 10% of pupils in highly Roadside Assistance fragmented market Average income per policy Insurance Services B2B £70 2,607 instructors franchised Driving Services 10.0m business customers Home Services DriveTech Largely pay-for-use Trading EBITDA Developing home emergency Provides driver awareness Average income per B2B 4% position training, fleet management customer £20 and driver training 17% Financial Services AA-branded partnership with Bank of Ireland 79% 100k products in first full year

4 RESILIENT AND CASH GENERATIVE BUSINESS MODEL

£m Trading EBITDA Revenue 979 971 974 984 973 893 931 943 940 755 794 808

369 371 366 395 423 430 415 403 292 334 219 273

Year to Year to 13 months FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Dec 2005 Dec 2006 to Jan 2008

£m Operating cash flow Cash Conversion

102% 100% 101% 94% 92%

433 431 420 371 371

FY13 FY14 FY15 FY16 FY17

Note: 2005, 2006, 2008 and 2009 unaudited; FY 17 excludes Ireland business disposed of in August 2016. 5 MARKET LEADERSHIP AND HIGH BARRIERS TO ENTRY

Widely recognised and trusted brand Consumer market share Others 50% of households hold an AA product 19%

Unique deployment IP 40% GF 3,000 patrols; average tenure 12 years 14% attending 10,000 breakdowns per day RAC 27% 82% of breakdowns repaired at roadside

3.6m B2B market share

B2B 2.4m

67% Consumer 0.7m 63% 50%

Motor Fleets and Leasing AVA manufacturers

Source: Industry sources; Note: The number of breakdowns for GreenFlag is last year’s number 6 A TRUSTED BRAND BASED ON EXCELLENT SERVICE LEVELS

Which? total test score Call handling 80% in 20 seconds Major providers Repair rate 82% 74% App usage >22% Average call time <5 minutes

66% Call to arrive time 45 minutes 64% AA “moment of truth” survey (%)

22% 26% 31%

57% 66% 53%

September 2016 Which? Recommended Provider Overall experience Service provided Overall experience for consumer and Manufacturer for with the AA by Patrol over the phone 11th successive year Excellent Very Good

7 LONG TERM STRATEGIC PARTNERS

Contract wins in the last two years: Lex Autolease, Porsche, Volkswagen Group Recent renewals or extended contracts: Alphabet, Barclaycard Buying Group, BT,G4S,Hertz, Isuzu, Lexus, Lotus, MG, Northgate, Subaru, South West Ambulance Trust, Toyota, Venson, Vauxhall STRONG BRAND IN INSURANCE

Insurance Services

Core insurance revenue breakdown Brand consideration for switching Motor Insurance Other 9% 40% Direct Line 35%

Aviva 30% Home Motor Admiral 39% 52% 25% Churchill 20% Tesco LV= AA 15% Axa Hastings Direct No 1 motor insurance broker in the UK private 10% Swinton Saga car insurance market Unpromptedawareness (%) Esure 5% MoreTh>n No 2 private home insurance broker in the UK 0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% Consideration (%)

Source: GfK FRS Study September 2016 9 RELATIVE RESILIENCE OF MEMBERSHIP BUT CHALLENGES IN RECENT YEARS

Under-investment in AA Members (m) systems, brand and AA Membership vs GDP Growth UK GDP growth (%)

capabilities 5.0 20% Legacy of short-term decision making 4.0 15% Membership run-up and reduction following Premium position not demutalisation 3.0 10% underpinned by marketing, US savings and advertising, proposition loan crisis Oil Crisis Financial 2.0 crisis 5% IT platform dated and constraining growth 1.0 0% (except Deployment system) 0.0 -5% 1975 1980 1985 1990 1995 2000 2005 2010 2015

10 STRATEGY TO TRANSFORM THE AA

Grow our core Roadside Assistance business Reverse long standing decline Strengthen the AA to become the pre- eminent membership services Refresh advertising and marketing organisation in the UK Evolve new channels for Membership growth Strengthen our B2B positioning Revolutionise the customer Expand our technology capability experience through investing in the Strengthen IT systems and processes brand and embracing new technologies Realise the potential of digitalisation Develop our connected car positing

Reduce Group borrowings and the Build on our brand associated interest costs Widen reach of AA Insurance through Underwriter Grow AA financial services position

11 THE UK’S PRE-EMINENT MEMBERSHIP SERVICES ORGANISATION

Market leader Resilient, with a high return trust brand business model

Clear strategy to Platform for revenue transform the AA for a growth and accelerated digital age cash generation

12 FY 17 RESULTS 28 March 2017 DEFINITIONS

The following definitions apply throughout • Trading Revenue: Revenue excluding discontinued operations, business disposed of and exceptional revenue items • Trading EBITDA (earnings before interest, tax, depreciation and amortisation): excludes exceptional items, items not allocated to a segment and the Ireland discontinued business • Cash conversion: net cash flow from continuing operating activities before tax and exceptional items divided by Trading EBITDA • Continuing adjusted basic EPS: Earnings per share excluding discontinued operations adjusts for a number of one-offs of which the largest are exceptional items, items not allocated to a segment, and exceptional finance costs • Personal Members and Business Customers: measured as the number at the period end • IPT: Insurance Premium Tax

14 Headlines Bob Mackenzie AGENDA Financials Martin Clarke Strategy Bob Mackenzie

15 HEADLINES GOOD PROGRESS TO DATE IN YEAR 2 OF THE TRANSFORMATION

Transformation gaining momentum

Results in Strong Growth in paid personal Members line with cash expectations generation App used in 22% of personal breakdowns Call outs up 5% but costs partially offset Productivity improved Cost of Total dividends First motor insurance policy growth since 2008 borrowings of 9.3p reduced recommended Cost savings on target Normalised capex levels in sight

A platform for sustainable growth The UK’s pre-eminent Membership services organisation 17 FINANCIALS FINANCIAL HEADLINES

Trading Revenue up 1.6% at £940m despite IPT increase • Roadside up 2.5% to £742m

Trading EBITDA up 0.2% at £403m • Roadside up 1.1% to £365m

Trading EBITDA margin 42.9% (FY 16: 43.5%)

Adjusted EPS 21.3p (FY 16: 21.8p)

Cash conversion 92% (FY 16: 101%)

Net debt of £2,704m (6.7x Trading EBITDA) post refinancing in December

Total dividends of 9.3p per share recommended

In line with market expectations

19 P&L

£m FY17 FY16 YoY Items not allocated to segment reflect pension and share based payments Trading Revenue 940 925 +2% Exceptional items mainly restructuring activities and provision for potential refund Trading EBITDA 403 402 - of customers with duplicate breakdown Items not allocated to a segment (20) (18) +11% cover Depreciation & amortisation (67) (51) +31% Increase in depreciation and amortisation due to elevated capex and roll out of first Exceptional operating items including impairment (32) (36) -11% phase of IT transformation spend Operating profit 284 297 -4% Increase in PBT primarily reflects the Net finance cost (184) (288) -36% decline in net finance cost due to the Profit before tax 100 9 +91 absence of one-off costs from the prior year refinancing Tax expense (26) (10) +160% Tax expense reflects current tax charge of Profit/(loss) for the period from continuing 74 (1) +75 £20m; effective tax rate of 22% operations Basic EPS – continuing operations 12.2 (0.2) +12.4 Adjusted basic EPS of 21.3p, marginally down on prior year due to increased Adj Basic EPS –continuing operations 21.3 21.8 -2% share capital

20 ROADSIDE ASSISTANCE

Trading Revenue +2.5% to £742m FY17 FY16 YoY H117 FY on H1 Personal paid Members + 0.1% Personal Members (‘000s) 3,540 3,673 -4% 3,599 -2% • Retention 82% (FY 16: 81%) Average income per Member (£) 148 141 +5% 145 +2% • Average income +1.3% to £158 (net of 3.5% uplift in IPT) Personal paid¹ Members (‘000s) 3,335 3,331 - 3,321 - • Ancillary revenue +17% Average income per paid¹ Member (£) 158 156 +1% 157 +1%

B2B customers down 2% due to Business customers (‘000s) 9,976 10,216 -2% 10,179 -2%

decline in bank holdings Average income per business customer (£) 20 18 +11% 19 +5% • Average income +11% Breakdowns attended (‘000s)² 3,635 3,459 +5% 1,759 n/a Trading EBITDA +1.1% to £365m • Revenue growth partially offset by 5% increase in number of breakdowns attended

21 INSURANCE SERVICES

Insurance Broking Insurance FY on Broking FY17 FY16 YoY H117 H1 Trading Revenue flat at £131m - lower core insurance and Total insurance 1,879 2,074 -9% 1,962 -4% Home Services offset by increased Financial Services policies (‘000s) Trading EBITDA down £2m to £76m Motor policies 594 592 - 572 +4% • Increased aggregator spend (‘000s) • Managed decline in Home Services policies Growth in motor policies – first since 2008 Home insurance 857 899 -5% 891 -4% policies (‘000s) • Successful retention and direct sales initiatives • Incremental policies through in-house underwriter Average income 70 63 +11% 67 +4% per policy (£) Financial Services Financial Credit cards, loans, savings and mortgages Services Performance to plan: 100k products sold Products (‘000s) 100 33 +203% 82 +22% In-house Underwriter Underwriter Motor launched January 2016 – progressing well Motor policies 115 na na 25 +360% (‘000s) Home launched August 2016 – on track

22 DRIVING SERVICES

FY on Trading Revenue down 2% to £67m FY17 FY16 YoY H117 H1 Stabilisation of driving school franchisees reflects Driving 2,607 2,574 +1% 2,516 +4% improvements to product portfolio Instructors DriveTech police speed awareness courses down Trading EBITDA up £1m to £20m Cost savings support EBITDA

23 STRONG OPERATIONAL CASHFLOW

£m FY17 FY16 Net cash flows before tax and exceptional items¹ 371 406 Tax, exceptional items and discontinued operations (26) (25) Net operating cash flows 345 381 Transformation capex (41) (54) Underlying IT capex (17) (18) Non-IT capex (13) (13) Capex accruals - 10 Capital repayment of finance lease net of disposal proceeds (25) (23) Proceeds from the sale of Ireland (net of cash disposed of) 99 - Other (6) (15) Net cash flows before refinancing, purchase of own shares, interest and dividends 342 268 Refinancing transactions (102) (183) Purchase of own shares 0 (22) Interest paid (143) (178) Dividend paid (55) (21) Net increase/(decrease) in cash and cash equivalents 42 (136)

¹Continuing Operations 24 DEBT STRUCTURE

Gross debt: £2,848m Leverage net debt/EBITDA 6.7x £700m Blended cost of debt 4.63% £570m £500m £500m following pay down of £106m of STF in August and refinance in £348m December £211m £175m Weighted average maturity just £55m under 5 years Senior Class A1 Class A4 Class A3 Class A5 Class A2 Class B2 Cash Run rate cash interest cover* Term notes notes notes notes notes notes Facility above 3x Interest 5.00% 4.72% 3.78% 4.25% 2.88% 6.27% 5.50% Class A FCF to DSCR** 3.3x rate (covenant > 1.35x) Effective 2019 2018 2019 2020 2022 2025 2022 maturity Class B FCF to DSCR** 2.3X

Note: Fixed interest rates with LIBOR hedged for Senior Term Facility (covenant > 1.0x) Senior debt all investment grade

*Run rate cash interest: Trading EBITDA **Free cash flow: debt service cover ratio 25 PENSIONS

IAS 19 Group pension deficit of £395m (31 Jan 16: £296m) • Driven by decline in corporate bond yields Anticipate significant increase in triennial review valuation of UK scheme deficit from £202m (31 March 2013) due to reduction in long term gilt yields Proposed move from final salary to modified career average (CARE) defined benefit • Mitigate the high cost to the business • Reduce our exposure to pension risks • Remain competitive within our industry • Create a more consistent pension offering across our employees Commenced 60 day consultation on 20 March and engaged with the IDU (the AA’s recognised union) If implemented, these changes would be taken into account in agreeing the deficit cash funding plan with the pension trustees Deficit reduction plan expected to be finalised by end of June 2017

26 FINANCIAL IMPLICATIONS OF THE TRANSFORMATION

Investment in marketing and brand - £10m plus additional spend on the product proposition

Post-transformation capex run rate £45m - IT c.£10m; property and equipment c.£10m; net vehicle costs c.£25m

Restructuring costs - £45m over three years

Cost savings - at least £40m in respect of the FY15 cost base from FY19

Progressive dividend

A platform for growth

Driving growth in revenue, earnings and free cash flow

27 STRATEGY BUILDING MOMENTUM IN YEAR 2 OF TRANSFORMATION

The Strategic Priorities The Time Line

Strengthen the AA’s foundations Year 1 FY16 Stronger foundations delivered

Revolutionise customer experience Year 2 FY17 Momentum for change created

Reduce Group borrowings and the Year 3 FY18 Realise the transformation associated interest costs Year 4 FY19 Delivering growth

Transforming the AA into the UK’s pre-eminent Membership organisation

29 IT SYSTEMS TRANSFORMATION (1) AA Help

Support systems

Installed new IT infrastructure and applications AA Help2 Throughout back office functions and call centres

Service delivery and AA Help 2

New version of AA Help rolled out All patrols have new communications devices

Insurer hosted pricing

Implementation in next few months Will transform our pricing agility

30 IT SYSTEMS TRANSFORMATION (2)

CRM Digital

Integrating system specifications for duplicate cover New commercial website launched in May Roadside rollout under way but marketing element My AA launched in January brought forward Roadside app continuing to grow Receptiveness to tailored rewards communication Pulling forward main insurance system

Mitchells & Butlers membership benefit redemptions Breakdowns using the app (%)

25.0%

20.0%

Christmas peak 15.0% 10.0%

5.0%

0.0%

31 ROADSIDE - GROWTH IN PERSONAL MEMBERSHIP VOLUMES

Growth in paid personal membership Monthly paid new business volumes numbers since April with acceleration in H2

Retention improved to 82% (81%) YoY growth (%) • Number of calls to Stay AA continued to drop

14% growth in new business volumes - 19% in second half • Reinvigorated marketing approach • Improved digital capabilities Average revenue per member • Smaller price increases (net of IPT) • Advertising gaining traction Average revenue per Member (£) IPT (%)* • Membership benefits clearer 156 158 150 10% Average revenue per member up 1.3% to 138 £158 driven by ancillary revenue increase 5% • Price rises held back by significant IPT increase 0% FY 14 FY 15 FY 16 FY 17

* Standard rate of IPT at calendar year end 32 ROADSIDE – ANCILLARY SALES INCREASE

Ancillary revenue up 17% Battery sales rolling trend • Battery sales up • Fuel Assist and Key Assist sales up • Tyre replacements and parts a future focus

Battery sales volumes up 27%, driven by • Improved product range • Investment in battery testing equipment • Price guarantee for customers Battery sales conversion

33 ROADSIDE - PRODUCTIVITY IMPROVEMENTS

Which? Recommended Rolling 12 month variable cost per case* provider for 11th successive year

Auto Express best breakdown cover winner 2016 1st 4th 5th

Improved productivity from investment Fix time per job (minutes) • Roadside technology • Communications • Deployment system

5% increase in breakdowns attended • £11m increase in total roadside operations costs • Partially offset by £5m of cost savings

*Inflation adjusted 34 MOTOR INSURANCE – REVERSING THE DECLINE

First growth in motor insurance policies Motor insurance policies in force since 2008 • Stabilised retention • Growth in new business volumes

In-house underwriter is a key driver of new business • 115k policies written by end of January 17 • Vast majority of policies for non-existing AA insurance customers AA underwritten policies by origin Home insurance launched in August; 25k policies underwritten by end of January 2017 Has never been an AA insurance 28% customer Was once previously an AA Early signs are promising but too early for 55% material financial contribution insurance customer 17% An existing AA insurance customer

35 CONNECTED CAR - TRIAL LEADS TO LAUNCH OF CAR GENIE

AA Connect 10k car trial: 1/3 of problems could be identified before a breakdown

Pre-registration for next generation device ‘Car Genie’ is now open

Proven capability to improve service and reduce costs • Better prognostics and diagnostics • More accurate deployment and faster repair

Also using data for targeted motor insurance sales

Benefits for Members such as accident assist, vehicle location, driving monitoring

36 IN SUMMARY – OUR ACHIEVEMENTS Strengthened and modernised Reversing long standing decline in Membership Results in line with expectations despite Improving Roadside service levels and efficiency increased IPT and callouts Modernising back office and customer interface Transformation entering its final phase Re-engaging with customers through marketing Enriching the Membership proposition Upside from full benefits still to come Retaining B2B contracts Free cash flow generation to accelerate Developing our connected car positioning

Platform to realise the potential of our Built on our Brand beyond Roadside brand, technologies and market Reversing long standing decline in motor insurance leadership Growing Underwriter and FS business Refreshing Driving Services and Home Services First step in international markets in India Reduced the cost of borrowing Cost of debt reduced to 4.6% from 6.1% at IPO Maturities extended 37 The UK’s pre-eminent Membership services organisation APPENDIX REVENUE

% of £m FY17 FY16 Change Group Roadside Assistance 742 724 +2.5% 79% Increase in average revenue per customer and B2B revenue

Insurance Services 131 131 - 14% Lower policy numbers offset by higher income per policy Driving Services 67 68 -1.5% 7% Lower speed awareness courses

Insurance 0 2 - - Launch of in-house Underwriter offset by Underwriting impact of deferred broker commission

Trading revenue 940 925 +1.6% Revenue from - 10 business disposed of Exceptional revenue (7) - provision Total revenue 933 935 -0.2%

40 TRADING EBITDA

% of £m FY17 FY16 Change Group¹ Roadside Assistance 365 361 +1.1% 79% EBITDA up 1.1% Revenue growth partly offset by increased breakdown incidents Insurance Services 76 78 -2.6% 17% Increased aggregator spend Lower contributions from Home Services

Driving Services 20 19 +5.3% 4% Increase driven by efficiency savings

Insurance (1) - - Underwriting Head office costs (57) (56) -1.8% Incremental IT licensing costs partially offset by cost savings Total Trading 403 402 +1.6% EBITDA

1 % of Group pre head office costs 41 SEGMENTAL ANALYSIS

YoY YoY Roadside Assistance FY17 Change Insurance Services FY17 Change Trading Revenue (£m) 742 +2.5% Trading Revenue (£m) 131 - Trading EBITDA (£m) 365 +1.1% Trading EBITDA (£m) 76 -2.6%

Paid personal Members (‘000s) 3,335 +0.1% Policy numbers (‘000s) 1,879 -9.4%

Business customers (‘000s) 9,976 -2.3% Average income per policy (£) 70 +11.1% Average income per paid personal 158 +1.3% Member (£) Breakdowns attended (‘000s) 3,635 +5.1% YoY Driving Services FY17 Change Trading Revenue (£m) 67 -1.5% Trading EBITDA (£m) 20 +5.3% Driving school instructors 2,607 +1.3%

42 PROFIT AND LOSS¹

£m FY17 FY16 Revenue 933 935 Cost of sales (341) (337) Gross profit 592 598 Admin and marketing including JVs and associates (308) (301) Operating profit 284 297 Trading EBITDA 403 402 Items not allocated to a segment (20) (18) Depreciation & amortisation (67) (51) Impairment of investment in joint venture (1) - Exceptional operating items (31) (36) Operating profit 284 297 Net finance costs (184) (288) Profit before tax 100 9 Tax expense (26) (10) Profit/(loss) for the period from continuing 74 (1) operations Basic EPS – continuing operations (p/share) 12.2 (0.2) Adj Basic EPS –continuing operations (p/share) 21.3 21.8

¹ Continuing operations 43 BALANCE SHEET

£m FY17 FY16 Goodwill and other intangible assets 1,283 1,298 Property, plant and equipment 131 122 Investments in joint ventures and associates 10 10 Deferred tax assets 62 52 Non-current assets 1,486 1,482 Inventories 6 5 Trade and other receivables 195 172 Cash and cash equivalents 211 166 Current assets 412 343 Total assets 1,898 1,825 Trade and other payables (520) (518) Current tax payable (11) (7) Provisions (19) (8) Current liabilities (550) (533) Borrowings and loans (2,819) (2,920) Finance lease obligations (20) (21) Defined benefit pension scheme liabilities (395) (296) Provisions (11) (7) Insurance technical provisions (16) (4) Non-current liabilities (3,261) (3,248) Total liabilities (3,811) (3,781) Net liabilities (1,913) (1,956)

44 CASH FLOW

£m FY17 FY16 Operating profit including discontinued operations 368 305 Depreciation and amortisation 68 54 Profit on sale of Ireland (77) - Other items 15 12 Cash exceptional items 15 37 Change in working capital (8) 12 Operating cash flow before tax and exceptional items 381 420 Cash exceptional items (15) (37) Tax paid (21) (2) Net cash flows from operating activities 345 381 Investing activities Capital expenditure (71) (75) Proceeds from the sale of Ireland 99 - Other investing activities 19 4 Net cash flows use in investing activities 47 (71) Financing activities Refinancing transactions (102) (183) Purchase of own shares - (22) Interest paid on borrowings (143) (178) Payment of finance lease capital (43) (34) Payment of finance lease interest (7) (8) Dividends paid (55) (21) Net cash flows from financing activities (350) (446) Net increase/(decrease) in cash and cash equivalents 42 (136) 45 DEBT PACKAGE

Run rate cash Expected Interest interest Principal at 31 Principal at 31 maturity date rate (£m) Jan 17 (£m) Jan 16 (£m) Senior Term Facility 31 January 2019 5.00% 17.4 348 454 Class A1 notes 31 July 2018 4.72% 8.3 175 475 Class A2 notes 31 July 2025 6.27% 31.4 500 500 Class A3 notes 31 July 2020 4.25% 21.3 500 500 Class A4 notes 31 July 2019 3.78% 2.1 55 250 Class A5 notes 31 January 2022 2.88% 20.1 700 - Class B2 notes 31 July 2022 5.50% 31.4 570 735 4.63% 131.8 2,848 2,914

Ring fenced cash and cash equivalents 136 94 Non ring fenced cash and cash equivalents 75 72 Total cash and cash equivalents¹ 211 166

Class A Net Debt: Trading EBITDA2 5.2x 5.0x (STF & Class A notes less ring fenced cash) Class B2 Net Debt: Trading EBITDA2 6.7x 6.9x (WBS debt less ring fenced cash) Total Net Debt : Trading EBITDA3 (total debt less total cash) 6.7x 7.0x

Class A FCF DSCR 3.3x 3.6x

Class B FCF DSCR 2.3x 2.4x