Publication of Investor Report

12 December 2014

Heathrow Funding Limited

Heathrow Finance plc

Publication of 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 an 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%, £275 million 5.375% and £250 million 5.75% Senior Secured Notes due 2017 dated 4 November 2010, due 2019 dated 10 December 2012 and due 2025 dated 13 October 2014 respectively and its Facilities Agreement dated 6 December 2011.

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

The Investor Report includes a forecast for 2014 and 2015 financial performance of Heathrow (SP) Limited prepared on a consolidated basis. Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items. Heathrow (SP) Limited owns Heathrow airport.

Heathrow (SP) Limited's latest expectations for financial performance for the year ending 31 December 2014 indicate that Adjusted EBITDA will increase by 10.9% versus 2013 to £1,576 million.

Adjusted EBITDA in 2015 is forecast to be £1,565 million, a reduction of 0.7% over 2014. This forecast reduction of around £10 million principally reflects the non-recurrence of £50 million revenue recovery in 2014 and the incremental cost of operating an additional terminal for the whole year, largely offset by underlying improvements. Traffic is expected to grow 1.0% in 2015 to 73.9 million passengers, driving underlying revenue growth together with a rise in non-aeronautical revenue.

Heathrow expects to invest nearly £700 million and around £580 million in its capital programme in 2014 and 2015 respectively, on projects to sustain and improve the passenger experience together with maintenance and compliance projects.

Heathrow began a new regulatory period in April 2014. The plan focuses on delivering a noticeably better passenger experience, ensuring a continued focus on improved resilience and delivering a competitive cost of operation. To date cost efficiencies secured and revenue initiatives implemented are projected to contribute £380 million benefit over the period to the end of 2018.

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

The December 2014 Investor Report PDF document is available at the following link:

http://www.rns-pdf.londonstockexchange.com/rns/5812Z_-2014-12-12.pdf

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

www.heathrowairport.com/about-us/investor-centre within the Document Centre.

Pursuant to the terms of the Common Terms Agreement, the Security Group Agent is also today distributing the consolidated financial information of Heathrow (SP) Limited for the six months ended 30 June 2014.

Pursuant to the terms of its £325 million 7.125%, £275 million 5.375% and £250 million 5.75% Senior Secured Notes due 2017 dated 4 November 2010, due 2019 dated 10 December 2012 and due 2025 dated 13 October 2014 respectively and its Facilities Agreements dated 6 December 2011, Heathrow Finance plc is also today distributing its consolidated financial statements for the six months ended 30 June 2014.

These documents are available via the Heathrow Investor Centre at

http://www.heathrowairport.com/about-us/investor-centre/document-centre/other-accounts

For further information please contact