Aéroport de Paris - 2018 Registration document

BUSINESS OVERVIEW 06

PRESENTATION OF THE ACTIVITY

A POWERFUL HUB According to the ACI Europe “Airport Industry Connectivity 2018” report which assesses the network of connections offered at airports, the connecting platform at Paris-Charles de Gaulle, the primary base of the Air France-KLM Group, is ranked as the 3 rd European hub for global connectivity (number of cities covered), behind Frankfurt and Amsterdam. Moreover, Paris-Charles de Gaulle has a multi-modal network, as it is at the centre of a network of motorways (A1, A3, A104 motorways) and regional, national and international rail connections. In particular, the high-speed train station located in the heart of Paris-Charles de Gaulle terminal 2 provides an excellent air/rail interconnection, and the bus stations, expanded over time as a result of coach travel liberalisation, will gradually offer an additonal transport service. Furthermore, the continuation of the project CDG Expres with the appointment of a group that includes Keolis (Groupe SNF) and RATP Dev as future operators and the signing of the concession contract on the 11 February 2019 made it possible to confirm that the direct rail linking Paris-Charles de Gaulle airport to Paris/Gare de l’Est would be possibly opened in 2024. Finally, the location of major freight players such as Air France-KLM, La Poste and FedEx (contract up to 2048, including an extension of the European hub of the operator) at Paris-Charles de Gaulle airport enables interconnection and optimisation of their respective networks. INFRASTRUCTURES WELL-SUITED TO FUTURE GLOBAL TRAFFIC GROWTH The group has world class aeronautical infrastructures in Paris: two pairs independent runways at Paris-Charles de Gaulle airport and three runways at Paris-Orly. For these two airports, significant land reserves combined with the ability to adapt and develop existing infrastructures make it Aéroports de Paris has its fully-owned land and airport facilities in Paris and is, pursuant to law and indefinitely, the operator of the Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget airports as well as the civil airfields located in the Greater Paris Region 1 . The PACTE bill relating to business growth and transformation, definitively adopted by the Parliament on 11 April this year contains provisions relating to Aéroports de Paris, and authorises the transfer of most of the Aéroports de Paris capital to the private sector. This bill provides that the right of operation shall be limited to a period of 70 years, as of the transfer of the majority of Aéroports de Paris capital to the private sector. Nevertheless, Aéroports de Paris shall retain ownership of the aforementioned land and facilities throughout the entire operating period (see the section in Chapter 9 entitled "PACTE draft bill containing provisions related to Groupe ADP"). The PACTE bill helps bolster the company's current model, ensures the sustainability of the regulatory system based on the adjusted till model, and confirms the uniqueness of the Paris region airport system (Paris CDG, Paris Orly, Paris-le Bourget). The Economic Regulation Agreement (ERA) 2016-2020 concluded with the French Government for the 1 April 2016 to 31 March 2021 pricing periods provides the visibility required for aviation activities. Accordingly, possible to handle long-term air traffic growth. A controlled legislative environment

under the current ERA, Aéroports de Paris is authorised to raise the main airport fees as well as certain ancillary aviation fees up to a defined cap. The level of fees takes into account the return on capital invested 2 and enables the gradual improvement in the profitability of the regulated scope until the target for convergence with the level of capital invested is reached in 2020. As a balance, these tariffs evolutions are associated with the implementation of an ambitious investment programme (around €3.0 billion for 2016-2020) and quality of service and productivity commitments. On 2 April 2019, for the next Economic Regulation Agreement, Aéroports de Paris published the public consultation document presenting a detailed proposal for the Economic Regulation Agreement (ERA) for the 2021- 2025 period (see Section 5.4 entitled "Investment programme proposed as part of the negotiations on the 2021-2025 Economic Regulation Agreement"). Non-regulated activities with high potential RETAIL ACTIVITIES Groupe ADP has around 58,000 sq.m space of commercial landside and airside 3 , which allows the group to offer its customers a competitive and diverse commercial offering. The plans to increase the retail space in existing terminals, create space in new facilities, and to refine the current offering, enable Groupe ADP to continue to expand its retail activities. DIVERSIFICATION REAL ESTATE In its Parisian regional platforms (Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget), Groupe ADP has 355 hectares of land reserves earmarked for future property developments, giving it a truly dynamic policy 4 . International and airport development Since 2017, ADP International, a wholly-owned subsidiary of Groupe ADP, has been responsible for managing Groupe ADP’s international activities (investments, airport operations and engineering and innovation). This structure allows Groupe ADP to make the most of new growth opportunities and optimise the management of its portfolio of international stakes 5 . Through ADP International, Groupe ADP has investments in eight airports spread over Europe, the Middle East, Africa, Africa, the Indian Ocean and South America. In April 2018, Groupe ADP acquired exclusive control of AIG (Airport International Group), the concessionary of Queen Alia International Airport (QAIA) in Amman, Jordan, by increasing ADP International’s equity interest in AIG’s share capital by 9.5% to 51%. AIG, formerly accounted for by the equity method, has been fully consolidated in Groupe ADP’s financial statements under the “International and airport developments” segment since April 2018.

1 Described by Article D. 251 of the Civil Aviation laws: Chavenay-Villepreux, Chelles-Le Pin, Coulommiers-Voisins, Étampes-Mondésir, Lognes-Émerainville, Meaux-Esbly, Paris — Issy-les-Moulineaux, Persan-Beaumont, Pontoise — Cormeilles-en-Vexin, Saint-Cyr-l’École and Toussus-le-Noble. 2 See also the paragraph in Chapter 6 “Fees”. 3 Please also refer to the paragraph in Chapter 6 on “Retail and services”. 4 Please also refer to the paragraph in Chapter 6 on “Real estate”. 5 Please also refer to the paragraph in Chapter 6 “International and airport developments”.

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AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018