Commentary & Deal Flow

Final Books above €1bn (excl JLM interest). Peak book in excess of €1.6bn (incl. €25m JLM interest)

Launched: 13NC11: €500m @ MS+125bp - Books in excess of €1.6bn (Incl 25mm JLM interest)
IPTs: 13NC11: MS+155bp area

• Issuer: Heathrow Funding Limited (ticker: HTHROW, country: GB)
• Issuer LEI: 7TI96JO3DYEIQWZ7Z726
• Obligors: Heathrow Airport Limited, Heathrow (AH) Limited, Heathrow (SP) Limited and Heathrow Express Operating Company Limited
• Expected Issue Rating: BBB+/A- (S&P/Fitch)
• Format and Status: Reg S, Registered, Senior Secured Class A Bonds
• Size: €500m
• Settlement: 11-Jun-26 (T+2)
• Scheduled Redemption Date: 11-Jun-37
• Tenor: 11yr
• Final Maturity: 11-Jun-39, if not redeemed on 11-Jun-37 the coupon will reset to EURIBOR+400bps
• Benchmark: DBR 4% 01-Apr-37 / HR 92%
• Hedge Deadline: 15h55 UKT / 16h55 CET
• Coupon: Fixed, Annual, ACT/ACT (ICMA)
• ISIN: XS3405671960
• UoP: General Corporate Purposes
• Call Options: 3m Par Call / MWC
• Denoms: €100k + €1k
• Listing / Docs: Official List of the London Stock Exchange / £50bn Multicurrency EMTN Programme dated 19-Dec-25, as supplemented on 02-Mar-26 and 02-Apr-26
• Governing Law: English Law
• Clearing: Euroclear/ Clearstream Luxembourg
• Active Bookrunners: MUFG, NAB, RBC Capital Markets, Santander, Société Générale (B&D)
• Target Market: No EEA PRIIPs key information document (KID) and no UK PRIIPs KID/CCI Product Summary has been prepared as not available to retail in EEA or UK.
• Timing: Today's business
• Advertisement: This communication is an advertisement. The Base Prospectus dated 19-Dec-25 and any supplements thereto, and the Final Terms relating to the securities, when published will be, available at https://www.londonstockexchange.com/