EFTA02016406.pdf

To: [email protected][[email protected]]; Jeffrey [email protected]] From: netwoupeeptiew Sent: Wed 7/13/2011 10:03:35 AM Subject: STN I am helping Chinese airport group for relationship reasons to get access to Stansted airport, but I am quite sure they will not buy it. Value approx 1 billion, The owner - Ferrovial from Spain must sell and would now consider exclusivity. Interesting for us? See below: Following our meeting in Madrid if you are interested in acquiring Stansted, here is, for your convenience, a short summary of how Mr Meiras and Mr Villen described, very confidentially, their position: Stansted is no longer a strategic asset and Ferrovial is open to selling the asset even if the regulator does not demand a disposal Ferrovial is willing to entertain confidential and exclusive discussions with Hainan regarding a potential sale. To do so Ferrovial proposes the following process: 1. Hainan submits a non-binding indication of interest and a list of preliminary information that would be requested. This is a simple letter and does not require providing a valuation 2. Ferrovial and Hainan enter into a non-disclosure agreement 3. Ferrovial provides Hainan confidential financial information, sufficient to value Stansted 4. Hainan prepares and submits a non-binding offer including a valuation for the acquisition of 100% ownership of Stansted 5. Ferrovial, if Hainan's offer is sufficiently attractive, approaches its co-shareholders in BAA and the BAA board with the proposal to conduct a formal, but confidential transaction discussions with Hainan 6. Standard transaction process EFTA_R1_00519655 EFTA02016406