BAA Airports Limited (as Security Group Agent) on behalf of Heathrow Airport Limited, Stansted Airport Limited, Heathrow Express Operating Company Limited, BAA (AH) Limited and BAA (SP) Limited 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 attention of potential 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 Investor Report includes an updated forecast for the 2010 financial performance of the BAA (SP) Limited group (which, following the sale of Gatwick airport, owns Heathrow and Stansted airports).

Adjusted EBITDA(1) for 2010 is forecast to be £946 million based on forecast passenger traffic for the year of 85.2 million. The updated 2010 Adjusted EBITDA forecast is only £10 million lower than the forecast included in the December 2009 Investor Report despite the estimated combined impact of over £40 million from disruption caused by volcanic ash, airline industrial action and winter weather. The underlying outperformance reflects primarily higher forecast passenger traffic (excluding the impact of the disruptions referred to above) and net retail income per passenger and lower operating costs.

BAA June 2010 Investor Report PDF document 

The Investor Report is also available from today via the Investor Centre at www.baa.com/investor.

Pursuant to the terms of the Common Terms Agreement, the Security Group Agent is also today distributing the consolidated financial statements of BAA (SP) Limited for the year ended 31 December 2009 and the regulatory accounts for Heathrow Airport Limited and Stansted Airport Limited for the year ended 31 March 2010. These documents are available via the Investor Centre at www.baa.com/investor.

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

For further information

BAA
Media enquiries Tel.020 8745 7224
Andrew Efiong, Head of Debt Investor Relations Tel. 020 8745 2742

Finsbruy
Mike Smith or Don Hunter Tel. 020 7251 3801