BAA (SP) Limited owns BAA’s three London airports of Heathrow, Gatwick and Stansted (the ‘Designated Airports’). Throughout this document, BAA (SP) Limited and its subsidiaries are referred to as the Group.

• Significant increase in revenue and Adjusted EBITDA despite challenging market conditions
• Higher tariffs, robust retail and cost control offset lower passenger numbers
• Improved operational performance; good progress on capital investment programme
• Outlook for 2009 Adjusted EBITDA remains consistent with previous guidance
• Rise in post-tax loss reflects primarily higher depreciation due to Terminal 5’s opening and
  non-cash impact of market valuation of derivatives.

(1) Pro forma profit and loss account figures assume consolidation of Heathrow Express Operating Company Limited although it was not acquired by the Group until 7 August 2008
(2) Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items
(3) Nominal value of net debt excluding intra-BAA group loans
(4) 2008 net debt and Regulatory Asset Base figures are as at 31 December 2008

Colin Matthews, Chief Executive of BAA, said:

"Today's results were delivered in the most difficult economic circumstances, but are in line with our expectations. Although overall traffic trends weakened due to the economic downturn, Heathrow continues to demonstrate resilience, benefiting from its position as a major global hub airport for long-haul services. The rest of the year will be difficult and will present more challenges but our focus remains on raising service standards and maximising efficiency."

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For further information please contact:
BAA
Media enquiries -  Malcolm Robertson or Damon Hunt 020 8745 7224
Investor enquiries - Andrew Efiong 020 8745 2742
Finsbury
Mike Smith or Andrew Mitchell 020 7251 3801