Publication of Investor Report

14 December 2015

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 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%, £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 and 15 December 2014.

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

The Investor Report includes 2015 and 2016 forecasts for the financial performance of Heathrow (SP) Limited prepared on a consolidated basis, forecast nominal debt and financial ratios for Heathrow (SP) and Heathrow Finance plc.

The attention of readers of the Investor Report is drawn to page 2 of the document which 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 2015 Investor Report document is available in pdf format at the following link:

http://www.rns-pdf.londonstockexchange.com/rns/8851I_-2015-12-13.pdf

The Investor Report is 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 distributing the consolidated financial information of Heathrow (SP) Limited for the six months ended 30 June 2015.

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 and 15 December 2014. Heathrow Finance plc is distributing its consolidated financial statements for the six months ended 30 June 2015.

For investor enquiries please contact Anne Hurn, Investor Relations on +44 20 8745 9947.