Joint BAA and EIB Press Release

BAA and the European Investment Bank ("EIB") are pleased to announce that the EIB has committed to transfer its existing facilities into a proposed investment grade, ring-fenced securitisation structure backed by BAAs designated assets. In addition, the EIB has agreed to increase the amount available for drawing by £50 million, bringing the total amount of EIB facilities envisaged to be drawn within the proposed securitisation structure to the previously agreed total of £439 million. The commitment to transfer the EIB facilities into the proposed securitisation structure is subject to certain conditions, including completion of the refinancing by mid July 2008. Prior to the transfer of the EIB facilities into the proposed structure, BAA will repay the EIBs existing outstanding commitments to satisfy certain requirements of the existing documentation. BAA will make the repayment using existing facilities. The EIB has provided financial support for key BAA infrastructure investment since 1997, including the Heathrow Express and Heathrow Terminal 5.