Heathrow Investor Report

14 December 2016

Heathrow Funding Limited

Heathrow Finance plc

Publication of December 2016 Investor Report

On behalf of Heathrow Airport Limited, Heathrow Express Operating Company Limited, Heathrow (AH) Limited and Heathrow (SP) Limited, LHR Airports Limited (as 'Security Group Agent') is today distributing its semi-annual Investor Report to various parties pursuant to the terms of the Common Terms Agreement entered into on 18 August 2008.

The Investor Report is also being distributed by the Security Group Agent and Heathrow Finance plc to various parties pursuant to Heathrow Finance plc's £325 million 7.125% Senior Secured Notes dated 4 November 2010 and due 2017, £275 million 5.375% Senior Secured Notes dated 10 December 2012 and due 2019 and £250 million 5.75% Senior Secured Notes dated 13 October 2014 and due 2025 (the 'Heathrow Finance Bonds') and pursuant to Heathrow Finance plc's Facilities Agreements dated 15 December 2014, 10 February 2016 and 5 October 2016 (the 'Heathrow Finance Facilities Agreements').

The Investor Report contains information relevant to creditors of both Heathrow (SP) Limited (and its subsidiaries) and Heathrow Finance plc.

The Investor Report includes 2016 and 2017 forecasts for the financial performance of Heathrow (SP) Limited prepared on a consolidated basis, forecast nominal debt and financial ratios for Heathrow (SP) Limited and Heathrow Finance plc. Heathrow (SP) Limited, through its indirect subsidiary, Heathrow Airport Limited, owns Heathrow airport.

The attention of potential readers of the Investor Report is drawn to page 2 of the document which contains an Important Notice, including in relation to certain forward-looking statements included in the Investor Report, and contains a description of the basis on which the operational and financial information included in the document has been prepared.

The Investor Report document is available in pdf format at the following link:

http://www.rns-pdf.londonstockexchange.com/rns/7546R_1-2016-12-13.pdf

The Investor Report is available from today via the Heathrow Investor Centre at

www.heathrow.com/company/investor-centre within the Document Centre.

Pursuant to the terms of the Common Terms Agreement, the Security Group Agent is today also distributing the consolidated financial information of Heathrow (SP) Limited for the six months ended 30 June 2016.

Pursuant to the terms of the Heathrow Finance Bonds and the Heathrow Finance Facilities Agreements, Heathrow Finance plc is today also distributing its financial statements for the six months ended 30 June 2016.

For investor enquiries please contact Investor Relations on +44 20 8745 2742.