OREANDA-NEWS. o Adjusted EBITDA up 22.1% funding record rate of investment at Heathrow

o Strong passenger satisfaction and traffic performance, up 3.6% to 54.8 million passengers

o Terminal 2: The Queen's Terminal is on track. Operational trials begin in November, first flight in June 2014

o Formal response to CAA Final Proposals for next regulatory period due by 4 November

At or for nine months ended 30 September

2013

2012

Change (%)

(figures in £m unless otherwise stated)

Revenue(1)

1,836

1,658

10.7

Adjusted EBITDA(1)(2)

1,035

848

22.1

Cash generated from operations(1)

1,002

775

29.3

Adjusted pre-tax profit(3)

211

7

n/a

Pre-tax profit

266

112

n/a

Heathrow (SP) Limited consolidated net debt(4)(5)

11,159

11,360

-1.8

Heathrow Finance plc consolidated net debt(4)(5)

11,916

12,086

-1.4

Regulatory Asset Base(5)

14,318

14,814

-3.3

Passengers (m)(1)(6)

54.8

53.0

3.6

Net retail income per passenger(1)(6)

£6.18

£6.02

2.6

(1) Figures are for continuing operations, i.e. Heathrow only

(2) Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items

(3) Adjusted pre-tax profit/(loss) is before exceptional items, gains/losses on disposals and fair value adjustments

(4) Nominal net debt excluding intra-group loans and including inflation-linked accretion

(5) 2012 net debt and RAB figures are as at 31 December 2012

(6) Changes in passengers and net retail income per passenger are calculated using unrounded passenger data

Colin Matthews, Chief Executive Officer of Heathrow, said:

“Strong passenger satisfaction and passenger numbers have driven strong growth in cash flows, funding current investment of almost GBP 4 million a day in improving the airport for passengers and airlines. But progress is jeopardised by the CAA’s final proposals for Q6, which reduce returns to below the level at which Heathrow’s shareholders have said they are willing to invest. We are now carefully considering our investment plans before responding to the CAA.”