Commentary & Deal Flow

+++Corrects Headline: PRICED (not FINAL TALK)+++

• Price Progression:
• • Priced: 6.5% at 100. +227bp vs UKT 4⅜ 03/07/30
  • Final price talk: 6.50-6.625%
  • Price talk: 6.75% area (+/-12.5bp)
  • IPT: high 6s-7%
• Spread to Benchmark: +227bp
• Benchmark: UKT 4⅜ 03/07/30
• Issuer: Heathrow Finance plc
• Ticker: HTHROW
• Size: GBP350m
• Format: Reg S
• Security: Senior Secured Notes due 2030
• Issue Ratings: B1 / BB+ (Moody's / Fitch)
• Maturity: 01-September-2030 (4y)
• Optional Redemption: Non-Call Life (MWC Gilts+50bp), 3mo par call
• Change of Control: CoC at 101
• Payment dates: Semi-annual; 01-September / 01-March
• Denominations: 100kx1k
• Reg S ISIN: XS3307310444
• Listing: London Stock Exchange
• Law: English Law
• Joint Global Coordinators and Bookrunners: BNP Paribas (B&D), BofA, ING, JP Morgan
• Passive Bookrunners: Barclays, GS, National Australia Bank
• Settles: 08-July-2026 (T+4)
• Trade Date: 02-July-2026
• UOP: GCP
• Biz: Holding company of Heathrow Airport, the UK's largest airport
• Equity Ownership: Ardian 32.6%, Qatar Investment Authority 20.0%, PIF 15.0%, GIC 11.2%, Australian Retirement Trust 11.2%, CIC 10%

Marketing:

• Investor Call: Global Investor Call on 01-July-2026 at 10:30 UKT. 1-on-1s on the same day.
• Timing: reconfirm today at 13:30 UKT / 14:30 CET
• Books close: Books close today at 12:30 UKT / 13:30 CET, pricing thereafter
• FTT: 15:30 UKT, 02-July-2026
• ToE: 14:37 UKT, 02-July-2026

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