FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2019*

* Consolidated results for Ivy Holdco Limited, the parent of Gatwick Airport Limited, representing the performance of the Gatwick Airport group of companies for the 9 month period ended 31 December 2019 (following change of financial year from 31 March to 31 December)

GATWICK AIRPORT RESULTS

2019 PERFORMANCE

2019 OPERATIONAL AND FINANCIAL PERFORMANCE (9 MONTHS)HIGHLIGHTS 1

+0.3%

TRAFFIC GROWTH

£170.4m

PROFIT FOR THE PERIOD

+7.9%

EBITDA GROWTH

£174.4m

CAPITAL EXPENDITURE

£2,931.3m

SENIOR NET DEBT 2

0.60x

SENIOR RAR 2

11.78x

SENIOR ICR2

Overall growth modest, with a 1.5% increase in long haul traffic offset by insolvency of Thomas Cook, theimpact on airlines of aircraft delivery/performance issues, and softening of customer demand.

Solid financial performance with EBITDA growth at 7.9%, robust revenue increases and careful costmanagement.

Delivered consistently high levels of overall passenger service and satisfaction. On time performance,resilience of air traffic control, and special assistance service are key focus areas for airport and airlines.

Efficient capital investment during the period, delivering increased capacity, enhanced resilience of existingfacilities and service improvements.

In January 2020 Gatwick issued extended commitments with a term from April 2021 to March 2025. Thepricing benefit is effective retrospectively from January 2020, bringing pricing benefits to airlines sooner.

In direct response to the Government’s recent Aviation Strategy Gatwick set out its intention to take itsStandby Runway plans forward through a statutory planning process.

1 For the 9 month period to 31 December 2019 and vs comparable prior period, save as noted. 2 Senior Net Debt, Senior RAR and Senior ICR as per covenant test, 31 December 2019.

3

50%

60%

70%

80%

90%

100%

15/16 16/17 17/18 18/19 9 mths toDec 19

Departing <30 mins Arriving <20 mins

IMPROVEMENTS TO THE PASSENGER EXPERIENCE AND SERVICE

4

Special Assistance Service is a Key Area of Focus

Service Quality Scores Remain High Overall Quality of Service Monitor Scores at a Record High

On Time Departure Remains a Key Focus

0%

20%

40%

60%

80%

100%

15/16 16/17 17/18 18/19 9 mths toDec 19

% measures passed % measures failed

Average4.21

Average4.24

Average4.29

Average4.29 Average

4.29

4.0

4.1

4.2

4.3

4.4

4.5

15/16 16/17 17/18 18/19 9 mths toDec 19

63%

54%

61% 62%

55%

40%

50%

60%

70%

80%

15/16 16/17 17/18 18/19 9 mths toDec 19

% of flights on timeJune-September average

Percentage of flights departing on time 12-month moving average

Change in service partner

£m9 MONTH

PERIOD ENDED 31 DEC 2019

9 MONTH PERIOD ENDED

31 DEC 2018CHANGE

YEAR ENDED 31 MAR 2019

Passengers (m) 36.9 36.8 0.3% 46.4

Revenue 719.6 676.8 6.3% 810.8

Other operating income 3.9 - - -

Operating costs (excl. depreciation, amortisation and exceptional items)

(291.2) (276.1) 5.5% (369.4)

EBITDA 432.3 400.7 7.9% 441.4

Depreciation and amortisation (134.9) (125.8) 7.2% (170.0)

Exceptional costs (18.7) - - -

EBIT 278.7 274.9 1.4% 271.4

Profit after tax 170.4 130.0 31.1% 208.1

Capital expenditure 174.4 173.2 0.7% 249.3

Net debt 2,829.6 2,483.5 13.9% 2,577.8

SOLID FINANCIAL PERFORMANCE FOR GATWICK AIRPORT*

* Consolidated results for Ivy Holdco Limited, the parent of Gatwick Airport Limited, representing the performance of the Gatwick Airport group of companies

5

IMPACT OF COVID-19

IMPACT OF COVID-19

• Coronavirus is causing widespread disruption to Global, European and UK aviation markets:

• Gatwick passengers in Jan & Feb were -3% vs. 2019, but this widened to -54% for March.

• Gatwick remains open to flights, but operating at very low volumes.

• Current low levels of traffic expected to persist through April & May, ahead of a gradual build up in June & July for Summer season.

• Gatwick has been working closely with UK Government (Public Health England, DfT and CAA) to ensure the safety of Gatwick’s staff, passengers and other stakeholders, and to limit the operational disruption.

• Gatwick has taken a series of immediate steps to safeguard its business:

• Reduced operational footprint: initially, night closure and shutdown of 2 out of 6 piers; now operations limited to a single pier in South Terminal within an 8-hour window (2pm to 10pm).

• Actions to limit the operating expenses: including reduced pay rates, “furloughing” of staff, and some permanent reductions in staff to align with revised traffic expectations.

• Significant reduction to active capital expenditure.

• Improving liquidity with an additional £300m term-loan.

• Compliance Certificate: reduced headroom under Financial Covenants

7

TRAFFIC ASSUMPTIONS

8

Annual Traffic (2012 – 2022)

Coronavirus will have material impact on passenger volume in current year, and the resultant economicuncertainty will weigh on the next few years. But, traffic expected to revert to trend over mid- to long-term.

34.235.6

38.3

40.4

43.3

45.6 46.1 46.6

28.9

40.2

43.0

25

30

35

40

45

50

201

2(A

)

201

3(A

)

201

4(A

)

201

5(A

)

201

6(A

)

201

7(A

)

2018(A

)

201

9(A

)

202

0(F

)

202

1(F

)

202

2(F

)

Passeng

ers

(m

)

Annual Traffic (Fiscal years): 2012/13 – 2022/23

12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23

Passengers (m) 34.2 36.0 38.8 40.9 44.1 45.7 46.4 44.4 29.7 40.4 43.4

9

FINANCING & LIQUIDITY POSITION

• £92m cash held at end of March.

• £300m Term Loan• signed 3 April 2020 to replenish headroom under Revolving Credit Facility. • maturity: 12 months extendable to 18, then 24 months at Gatwick’s option.

• £300m Revolving Credit Facility • repaid from Term Loan proceeds; headroom fully replenished.• 4 years residual maturity (June 2024). Extendable one year at Gatwick’s option.

• £150m Liquidity Facility • to cover bond/bank interest, under specific circumstances. (Net interest c. £130m p.a.).• 4 years residual maturity (June 2024). Annual renewal/rollover to five year maturity.

• No bond maturity until 2024 (£300m).

• No distributions in 2020 & 2021 assumed in projections, with scope for return to distributions in late 2022 (up to £50m), subject to market conditions and trading performance.

• Investment grade rating maintained. Rating agency response: S&P downgrade to BBB negative outlook; Moodys Baa1 placed on ratings review for downgrade; Fitch BBB+ stable outlook, review ongoing.

10

CAPEX – STRATEGIC REDUCTION TO REFLECT MARKET OUTLOOK

Monthly Investment Profile

£136m capital cost reduction for the 10 months March to December 2020, following actions implemented in March:• Half of the 40 projects in delivery have been stopped, descoped or rephased generating a saving of

£88m.

• 47 out of 49 projects in design phase stopped or delayed generating a saving of £48m.

-

50.0

100.0

150.0

200.0

250.0

300.0

-

5.0

10.0

15.0

20.0

25.0

30.0

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

£m

, cum

ula

tive

£m

Planned Post Covid - 19 Planned Cumulative Post Covid - 19 Cumulative

11

OPERATING COSTS – SIGNIFICANT REDUCTION PLAN

£67m operating cost reduction vs. budget for the 9 months April to December 2020 following the actions implemented in March:• £42m staffing costs decrease through severance programme and 20% pay reduction.

• £25m of other operating cost savings generated by lower utilisation of the infrastructure, the adjustment of subcontractor costs and the shut-down of discretionary costs.

Discretionary costs “shut-down”• Marketing• Branding• Consultancy support• Business travel

Contractual costs adjustments• Suppliers resourcing based on new PAX forecast• Suppliers costs reflecting Coronavirus Job

Retention Scheme• Insurance costs decrease (PAX and CAPEX

decrease effect)

Staff costs decrease• Severance programme (for c.340 staff)• c.200 fixed-term contracts ended• 20% pay-cut, delay pay rise & making use of

Coronavirus Job Retention Scheme • Recruitment freeze & eliminate overtime• Bonus cancelled

Infrastructure utilisation reduced• Temporarily close terminal and piers, and

consolidate activities• Close car park capacity • Limiting runway utilisation, e.g. from 2pm to

10pm from end of March

SUMMARY OF COMPLIANCE CERTIFICATES: HISTORIC

Notes1 Unaudited. 31 December 2019 figures for comparison only.2 Cash ICR is net cash flow from operating activities less cash tax divided by Senior interest (net) (i.e. net cash flow not adjusted downwards by 2% of Transfer RAB, unlike Senior ICR). 3 Transfer date 1 April 2014 and Relevant Multiple – 11.1. 4 EBITDA is pre-exceptional costs.

12

9 MTHS ENDED31 DEC 2019

12 MTHS ENDED 31 DEC 2019 1

12 MTHS ENDING 31 MAR 2020 1

Annual Passenger Traffic 46.6m 44.4m

Cash flow (per covenant) £424.5m £482.8m £466.4m

Total Senior interest (net) £24.6m £109.8m £109.1m

Senior ICR (trigger <1.50x; default <1.10x)

11.78x 3.15x 3.03x

Cash ICR 2 - 4.01x 3.90x

Senior Net Debt (per covenant) £2,931m - £3,032m

Transfer RAB 3 £4,902m - £4,905m

Senior RAR(trigger >0.70x; default >0.85x)

0.60x 0.60x 0.62x

Senior Net Debt to EBITDA 4 - 6.20x 6.42x

• Following change in financial year end to 31 December, covenants reported for:

• 9 months ended 31 December 2019 in line with shortened period, and

• 12 months ended 31 March 2020 (one time only).

SUMMARY OF COMPLIANCE CERTIFICATE: PROJECTION

Notes1 Unaudited. 31 December 2019 figures for comparison only.2 Cash ICR is net cash flow from operating activities less cash tax divided by Senior interest (net) (i.e. net cash flow not adjusted downwards by 2% of Transfer RAB, unlike Senior ICR). 3 Transfer date 1 April 2014 and Relevant Multiple – 11.1. 4 EBITDA is pre-exceptional costs.

13

12 MTHS ENDED 31 DEC 2019 1

YEAR ENDING 31 DEC 2020

YEAR ENDING31 DEC 2021

YEAR ENDING31 DEC 2022

Annual Passenger Traffic 46.6m 28.9m 40.2m 43.0m

Cash flow (per covenant) £482.8m £250.8m £377.7m £492.3m

Total Senior interest (net) £109.8m £122.4m £126.8m £121.0m

Senior ICR (trigger <1.50x; default <1.10x)

3.15x 1.29x 2.08x 3.03x

Cash ICR 2 4.01x 2.05x 2.76x 3.75x

Senior Net Debt (per covenant) - £2,981m £2,938m £2,874m

Transfer RAB 3 - £4,350m £4,302m £4,416m

Senior RAR(trigger >0.70x; default >0.85x)

0.60x 0.69x 0.68x 0.65x

Senior Net Debt to EBITDA 4 6.20x 11.78x 6.75x 5.70x

• Senior ICR at 31 Dec 2020 measurement date sensitive to reduction in traffic & operating cash flow in year.

• “Cash ICR” - continued strong cover of Interest by post-tax Operating cash flow

• Interim Financial Statements and updated Compliance Certificate to be published August 2020.

OUTLOOK

UPDATED AND EXTENDED COMMITMENTS FRAMEWORK

PROCESS UPDATE

• Following a further round of consultation with users, Gatwick wrote to the airlines in January 2020,setting out its updated and finalised Commitments for the period 1 April 2021 to 31 March 2025.

• Gatwick anticipates that the CAA will assess the outcome of Gatwick’s consultation over the last 2 years,and then set out its process to review and update Gatwick’s economic licence.

KEY FEATURES

• Gatwick will remain subject to its existing Commitments until 31 March 2021. Extended Commitments toapply from 1 April 2021 to 31 March 2025.

• Simplified annual price ceiling based on gross yield of £10.29 (real, 18/19 price base, to be indexed at RPI).Pricing benefit accelerated to be effective retrospectively from 1 January 2020.

• Improved service offer based on joint passenger research with our airlines, with additional emphasis onpassenger service: tighter targets (e.g. terminal seating measured quarterly, baggage system availabilityincreased) and new metrics (e.g. WiFi access and special assistance service).

• Additional emphasis on resilience and punctuality.

• Minimum investment commitment increased to an average of £120m per annum over the 6 year periodfrom 2019/20 to 2024/25 (18/19 prices).

15

AIRPORT RESILIENCE AND CAPACITY GROWTH

Following extensive consultation our Master Plan was published in final form in July 2019, and Gatwickannounced it will:

• Continue to make best use of its existing main runway through the use of technology;• Prepare a planning application to bring the existing standby runway into routine use alongside the main

runway (planning application deferred following the Covid-19 disruption); and,• Continue to seek that planning policy safeguards land for an additional runway to the south in the

future.

16

• Solid financial performance in 2019 with EBITDA growth at 7.9% (9 months to December)

• Maintained consistent high levels of overall passenger service and satisfaction, and continued to deliver efficient capital investment to increase capacity, enhance resilience and improve service.

• Coronavirus and economic uncertainty will impact the passengers volume in 2020 and over the subsequent few years, but traffic expected to revert to trend over mid- to long-term.

• Gatwick has taken a series of immediate steps to safeguard its business and ensure health & safety of passengers and staff. Attention is now focussed on ensuring the business is ready to respond rapidly as markets re-open and the aviation industry recovers.

• Confidence remains in long-term outlook for Gatwick - consultation on proposals to bring Northern Runway into routine use likely to be commenced in 2021.

• Liquidity strengthened, but reduced headroom in financial Covenants reflecting impact of Covid-19 on 2020 performance. Gatwick and shareholders remain focussed on maintaining a strong investment grade rating.

• Interim Financial Statements and updated Compliance Certificate to be published August 2020.

CONCLUSION

Full details at: gatwickairport.com/investor

17

DISCLAIMER

This material contains certain tables and other statistical analyses (the “Statistical Information”) which have been prepared in reliance on publicly available information and may be subject to rounding. Numerous assumptions were used in preparing the StatisticalInformation, which may or may not be reflected herein. Actual events may differ from those assumed and changes to any assumptions may have a material impact on the position or results shown by the Statistical Information. As such, no assurance can be given as to the Statistical Information’s accuracy, appropriateness or completeness in any particular context; nor as to whether the StatisticalInformation and/or the assumptions upon which it is based reflect present market conditions or future market performance. TheStatistical Information should not be construed as either projections or predictions nor should any information herein be relied upon as legal, tax, financial or accounting advice. Gatwick Airport Limited (“GAL”) does not make any representation or warranty as to the accuracy or completeness of the Statistical Information.

These materials contain statements that are not purely historical in nature, but are “forward-looking statements”. These include, among other things, projections, forecasts, estimates of income, yield and return, and future performance targets. These forward-looking statements are based upon certain assumptions, not all of which are stated. Future events are difficult to predict and are beyond GAL’s control. Actual future events may differ from those assumed. All forward-looking statements are based on information available on the date hereof and neither GAL nor any of its affiliates or advisers assumes any duty to update any forward-looking statements. Accordingly, there can be no assurance that estimated returns or projections will be realised, that forward-looking statements will materialise or that actual returns or results will not be materially lower than those presented.

This material should not be construed as an offer or solicitation to buy or sell any securities, or any interest in any securities, and nothing herein should be construed as a recommendation or advice to invest in any securities.

This document has been sent to you in electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently neither GAL nor any person who controls it (nor any director, officer, employee not agent of it or affiliate or adviser of such person) accepts any liability or responsibility whatsoever in respect of the difference between the document sent to you in electronic format and the hard copy version available to you upon request from GAL.

Any reference to “GAL” will include any of its affiliated associated companies and their respective directors, representatives or employees and/or any persons connected with them.

18

QUESTIONS