Spreadsheet: 51fcb3d9-04d8-441a-af69-6172a9a97adb
Sheet: Q Summary

 | This sheet provides analysis of opex performance relative to the Q4 and Q5 regulatory settlements across Heathrow, [NAME] and Stansted.
 | Summary of perfromance against outturn - Q4 and Q5
 |  |  |  |  |  |  |  |  |  |  | Price Conversion nominal to (2011/12)
 |  |  |  |  |  |  |  |  |  |  | Price Conversion (2007/08) to (2011/12)
 | Price Conversion (2007/08) to nominal
 | Heathrow - Operating Costs - Q4 |  |  |  |  |  |  |  |  |  | Heathrow - Operating Costs - Q5
 | £m nominal | Q4 |  |  |  |  |  |  |  |  | £m nominal | Q5 |  |  |  |  | Q5+1
 |  | 2003/04 | 2004/05 | 2005/06 | 2006/07 | 2007/08 | Total | CAGR |  |  |  | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 | Total | CAGR
 | CAA Forecast | 441 | 462.8 | 490.7 | 511.9 | 534.9 | 2441.3 |  |  |  | CAA Forecast
 | Out-Turn | 457.9 | 496.8 | 554.1 | 599.8 | 716.1 | 2824.7 |  |  |  | Out-Turn
 | [NAME] | 16.9 | 34 | 63.4 | 87.9 | 181.2 | 383.4 | - |  |  | [NAME] |  |  |  |  |  |  |  | -
 | [NAME] |  |  |  |  |  |  | - |  |  | [NAME] |  |  |  |  |  |  |  | -
 | Source: Table 1 - Competition Commission (2007) The Economic Regulation of Heathrow and [NAME] |  |  |  |  |  |  |  |  |  | Source: Regulatory Accounts and Airport Business Model (for 2012/13)
 | Note: Includes forecast for 2007/08
 |  |  |  |  |  |  |  |  |  |  | Heathrow - Operating Costs - Q5
 |  |  |  |  |  |  |  |  |  |  | £m 2011/12 | Q5 |  |  |  |  | Q5+1
 |  |  |  |  |  |  |  |  |  |  |  | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 | Total | CAGR
 |  |  |  |  |  |  |  |  |  |  | CAA Forecast
 |  |  |  |  |  |  |  |  |  |  | Out-Turn
 |  |  |  |  |  |  |  |  |  |  | [NAME] |  |  |  |  |  |  |  | -
 |  |  |  |  |  |  |  |  |  |  | [NAME] |  |  |  |  |  |  |  | -
 |  |  |  |  |  |  |  |  |  |  | Source: Regulatory Accounts and Airport Business Model (for 2012/13)
 | [NAME] |  |  |  |  |  |  |  |  |  | [NAME]
 | £m nominal | Q4 |  |  |  |  |  |  |  |  | £m nominal | Q5 |  |  |  |  | Q5+1
 |  | 2003/04 | 2004/05 | 2005/06 | 2006/07 | 2007/08 | Total | CAGR |  |  |  | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 | Total | CAGR
 | CAA Forecast | 174.6 | 183 | 195.8 | 211.9 | 224.9 | 990.2 |  |  |  | CAA Forecast
 | Out-Turn | 184.3 | 193.7 | 223.4 | 225.4 | 254.2 | 1081 |  |  |  | Out-Turn
 | [NAME] | 9.7 | 10.7 | 27.6 | 13.5 | 29.3 | 90.8 | - |  |  | [NAME] |  |  |  |  |  |  |  | -
 | [NAME] |  |  |  |  |  |  | - |  |  | [NAME] |  |  |  |  |  |  |  | -
 | Source: Table 1 - Competition Commission (2007) The Economic Regulation of Heathrow and [NAME] |  |  |  |  |  |  |  |  |  | Source: Regulatory Accounts and Airport Business Model (for 2012/13)
 | Note: Includes forecast for 2007/08
 |  |  |  |  |  |  |  |  |  |  | [NAME]
 |  |  |  |  |  |  |  |  |  |  | £m 2011/12 | Q5 |  |  |  |  | Q5+1
 |  |  |  |  |  |  |  |  |  |  |  | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 | Total | CAGR
 |  |  |  |  |  |  |  |  |  |  | CAA Forecast
 |  |  |  |  |  |  |  |  |  |  | Out-Turn
 |  |  |  |  |  |  |  |  |  |  | [NAME] |  |  |  |  |  |  |  | -
 |  |  |  |  |  |  |  |  |  |  | [NAME] |  |  |  |  |  |  |  | -
 |  |  |  |  |  |  |  |  |  |  | Source: Regulatory Accounts and Airport Business Model (for 2012/13)
 | Stansted - Operating Costs - Q4 |  |  |  |  |  |  |  |  |  | Stansted - Operating Costs - Q5
 | £m nominal | Q4 |  |  |  |  | Q4+1 |  |  |  | £m nominal |  | Q5
 |  | 2003/04 | 2004/05 | 2005/06 | 2006/07 | 2007/08 | 2008/09 | Total | CAGR |  |  | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 | Total | CAGR
 | CAA Forecast |  |  |  |  |  |  |  |  |  | CAA Forecast
 | Out-Turn |  |  |  |  |  |  |  |  |  | Out-Turn
 | [NAME] |  |  |  |  |  |  |  | - |  | [NAME] |  |  |  |  |  |  |  | -
 | [NAME] |  |  |  |  |  |  |  | - |  | [NAME] |  |  |  |  |  |  |  | -
 | Source: Table 1 - Appendix H, Competition Commission (2008) Q5 Price Control Review |  |  |  |  |  |  |  |  |  |  | Source: Table 2 - Appendix H, Competition Commission (2008) Q5 Stansted Price Control Review and Regulatory Accounts
 |  |  |  |  |  |  |  |  |  |  | Stansted - Operating Costs - Q5
 |  |  |  |  |  |  |  |  |  |  | £m 2011/12 |  | Q5
 |  |  |  |  |  |  |  |  |  |  |  | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 | Total | CAGR
 |  |  |  |  |  |  |  |  |  |  | CAA Forecast
 |  |  |  |  |  |  |  |  |  |  | Out-Turn
 |  |  |  |  |  |  |  |  |  |  | [NAME] |  |  |  |  |  |  |  | -
 |  |  |  |  |  |  |  |  |  |  | [NAME] |  |  |  |  |  |  |  | -
 |  |  |  |  |  |  |  |  |  |  | Source: Table 2 - Appendix H, Competition Commission (2008) Q5 Stansted Price Control Review and Regulatory Accounts
 | Passenger numbers
 |  |  |  |  |  |  |  |  |  |  | Heathrow - Passengers - Q5
 |  |  |  |  |  |  |  |  |  |  | million | Q5 |  |  |  |  | Q5+1
 |  |  |  |  |  |  |  |  |  |  |  | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 | Total | CAGR
 |  |  |  |  |  |  |  |  |  |  | CAA Forecast
 |  |  |  |  |  |  |  |  |  |  | Out-Turn
 |  |  |  |  |  |  |  |  |  |  | [NAME]
 |  |  |  |  |  |  |  |  |  |  | [NAME]
 |  |  |  |  |  |  |  |  |  |  | Source: Regulatory Accounts and Airport Business Model (for 2012/13)
 |  |  |  |  |  |  |  |  |  |  |  | Impact of passenger numbers on opex allowance:
 |  |  |  |  |  |  |  |  |  |  | million | Q5 |  |  |  |  | Q5+1
 |  |  |  |  |  |  |  |  |  |  | Elasticity : | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 | Total | CAGR
 |  |  |  |  |  |  |  |  |  |  | 0.2
 |  |  |  |  |  |  |  |  |  |  | 0.3
 |  |  |  |  |  |  |  |  |  |  | 0.5
 |  |  |  |  |  |  |  |  |  |  | Gatwick - Passengers - Q5
 |  |  |  |  |  |  |  |  |  |  | million | Q5 |  |  |  |  | Q5+1
 |  |  |  |  |  |  |  |  |  |  |  | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 | Total | CAGR
 |  |  |  |  |  |  |  |  |  |  | CAA Forecast
 |  |  |  |  |  |  |  |  |  |  | Out-Turn
 |  |  |  |  |  |  |  |  |  |  | [NAME]
 |  |  |  |  |  |  |  |  |  |  | [NAME]
 |  |  |  |  |  |  |  |  |  |  | Source: Regulatory Accounts and Airport Business Model (for 2012/13)
 |  |  |  |  |  |  |  |  |  |  | Stansted - Passengers - Q5
 |  |  |  |  |  |  |  |  |  |  | million | Q4+1 | Q5
 |  |  |  |  |  |  |  |  |  |  |  | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 | Total | CAGR
 |  |  |  |  |  |  |  |  |  |  | CAA Forecast |  | 21.5 | 22.7 | 23.9 | 25.6 | 27
 |  |  |  |  |  |  |  |  |  |  | Out-Turn
 |  |  |  |  |  |  |  |  |  |  | [NAME]
 |  |  |  |  |  |  |  |  |  |  | [NAME]
 |  |  |  |  |  |  |  |  |  |  | Source: SDG Review of operating expenditure and investment consultation and Regulatory Accounts and Airport Business Model (for 2012/13)
 | Opex period totals
 | Heathrow - Period Totals - Q4 |  |  |  |  |  |  |  |  | Heathrow - Period Totals - Q5 |  |  |  |  |  | Heathrow - Period Totals - Q5
 | £m nominal | CAA | Actual | Var | Var % |  |  |  |  | £m nominal | CAA | Actual | Var | Var % |  | £m 2011/12 | CAA | Actual | Var | Var %
 | Staff | 780.6 | 939.9 | 159.3 |  |  |  |  |  | Staff |  |  |  |  |  | Staff
 | Police | 182.4 | 134.8 | -47.6 |  |  |  |  |  | Police |  |  |  |  |  | Police
 | Rent and Rates | 313 | 280.7 | -32.3 |  |  |  |  |  | Rent and Rates |  |  |  |  |  | Rent and Rates
 | Utilities | 247.3 | 287.6 | 40.3 |  |  |  |  |  | Utilities |  |  |  |  |  | Utilities
 | Maintenance and Equipment | 289 | 328.2 | 39.2 |  |  |  |  |  | Maintenance and Equipment |  |  |  |  |  | Maintenance and Equipment
 | Rail | 180.2 | 213.4 | 33.2 |  |  |  |  |  | Rail |  |  |  |  |  | Rail
 | Other | 448.7 | 640.1 | 191.4 |  |  |  |  |  | Other |  |  |  |  |  | Other
 | Total | 2441.2 | 2824.7 | 383.5 |  |  |  |  |  | Intragroup Costs |  |  |  |  |  | Intragroup Costs
 | Source: Table 2 - Competition Commission (2007) The Economic Regulation of Heathrow and [NAME] |  |  |  |  |  |  |  |  | Exceptional |  |  |  | - |  | Exceptional |  |  |  | -
 | Note: Includes forecast for 2007/08 |  |  |  |  |  |  |  |  | SQRs |  |  |  | - |  | SQRs |  |  |  | -
 |  |  |  |  |  |  |  |  |  | Total |  |  |  |  |  | Total
 |  |  |  |  |  |  |  |  |  | Source: Regulatory Accounts and Airport Business Model (for 2012/13) |  |  |  |  |  | Source: Regulatory Accounts and Airport Business Model (for 2012/13)
 | Gatwick - Period Totals - Q4 |  |  |  |  |  |  |  |  | Gatwick - Period Totals - Q5 |  |  |  |  |  | Gatwick - Period Totals - Q5
 | £m nominal | CAA | Actual | Var | Var % |  |  |  |  | £m nominal | CAA | Actual | Var | Var % |  | £m 2011/12 | CAA | Actual | Var | Var %
 | Staff | 382.1 | 420 |  |  |  |  |  |  | Staff |  |  |  |  |  | Staff
 | Police | 81 | 61.1 |  |  |  |  |  |  | Police |  |  |  |  |  | Police
 | Rent and Rates | 93.6 | 98.9 |  |  |  |  |  |  | Rent and Rates |  |  |  |  |  | Rent and Rates
 | Utilities | 104.4 | 104.5 |  |  |  |  |  |  | Utilities |  |  |  |  |  | Utilities
 | Maintenance and Equipment | 110.1 | 111.9 |  |  |  |  |  |  | Maintenance and Equipment |  |  |  |  |  | Maintenance and Equipment
 | Other | 219 | 284.6 |  |  |  |  |  |  | Other |  |  |  |  |  | Other
 | Total | 990.2 | 1081 |  |  |  |  |  |  | Intragroup Costs |  |  |  |  |  | Intragroup Costs
 | Source: Table 2 - Competition Commission (2007) The Economic Regulation of Heathrow and [NAME] |  |  |  |  |  |  |  |  | Exceptional |  |  |  | - |  | Exceptional |  |  |  | -
 | Note: Includes forecast for 2007/08 |  |  |  |  |  |  |  |  | SQRs |  |  |  | - |  | SQRs |  |  |  | -
 |  |  |  |  |  |  |  |  |  | Total |  |  |  |  |  | Total
 |  |  |  |  |  |  |  |  |  | Source: Regulatory Accounts and Airport Business Model (for 2012/13) |  |  |  |  |  | Source: Regulatory Accounts and Airport Business Model (for 2012/13)
 | Stansted - Period Totals - Q4
 | £m nominal | CAA | Actual | Var | Var %
 | Staff | 189 | 220
 | Police | 30 | 32
 | Rent and Rates | 48 | 40
 | Utilities | 56 | 49
 | Maintenance and Equipment | 68 | 57
 | Other | 111 | 119
 | Total |  | 517
 | Source: Table 2 - Appendix H, Competition Commission (2008) Q5 Stansted Price Control Review
 | End