ADP // 2021 Universal Registration Document

F I NANC I AL I NFORMAT I ON 6 GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2021

LAND RESERVES The value of land reserves increased by nearly €17 million to €328 million. The main components of their evolution are as follows: ◆ the surface area of building reserves for real estate purposes (excluding biodiversity and projects in progress) amounts to 340 hectares and is down by 3 hectares compared with 2020, mainly due to a change in the potential for mutation of certain plots of land and various adjustments to the plans linked to a better knowledge of our land; ◆ the alignment of land rental values with market trends, theoretical building rights by destination and capacity studies carried out have led to an increase in the value of land reserves of around €50 million; ◆ the delivery of projects in 2021 will have a negative impact on the reserves of €33 million. These include the plots of land for the EasyHotel chain to the south of the Aéroville shopping center and the newDHL hub at the Paris Charles-de-Gaulle hub, which have been removed from the reserves. This decrease is partially offset by the progress of the Courtyard & Residence Inn by Mariott hotel project currently under construction in the heart of the RoissyPole Ouest district. VALUATION ASSUMPTIONS AND SENSITIVITY ANALYSIS Given the limited availability of public data, the complexity of real estate asset valuations and the fact that real estate valuers use (i) the Group’s confidential rental statements and (ii) data that is not publicly observable, such as rental growth rate assumptions or capitalization rates, the Group has considered the classification of its assets in level 3 as the most appropriate (see note 9.5.2 on the fair value hierarchy). A combined change of +25 to +75 basis points in discount rates and resale yields, applied to the entire investment property portfolio, would reduce the value of the portfolio excluding transfer taxes and costs (excluding development assets and land reserves) by €127 million (or -4.6%) to €296 million (or -10.6%). 6.3.3 Additional information The law of 20 April 2005 provides that in the event of the closing to public air traffic all or part of an aerodrome operated by Groupe ADP, Aeroports de Paris will pay the government a percentage of at least 70% of the difference existing between, on the one hand, the market value on this date of the buildings located within the confines of this aerodrome which are no longer assigned to the airport public service and, on the other hand, the value of these buildings on the date when they were allotted to him, plus the costs related to their refurbishment and the closure of airport facilities.

LEASED BUILDINGS AND LAND The coverage rate of external appraisals for the valuation of buildings and land leased to third parties covers 100% of their value excluding land reserves. For their valuations, the real estate experts use (i) confidential data provided by the Group (such as rental statements) and (ii) appropriate assumptions, the main ones being discount or capitalization rates, market rental values and specific tenant benefits. The fair value of buildings owned by Aéroports de Paris and not used for its own purposes amounts to €1,368 million, an increase of nearly €252 million compared to 2020. This increase is mainly due to the transfer of ownership of assets recorded in 2021 at the Paris-Charles de Gaulle hub, the progress of the Courtyard & Residence Inn by Marriott hotel construction project in the Roissypole West district, the delivery of the easyHotel brand to the south of the Aéroville shopping center at the beginning of the year and the commissioning of the express courier service operated by DHL Aviation in the freight area of the Paris-Charles de Gaulle hub. This increase at 31 December 2021 is also explained by the continued compression of rates on buildings used for first-flight cargo and aircraft maintenance hangars, reflecting market trends and the resilience of these assets to the crisis. The value of buildings on hotel assets is up (+12.3%) with the progress of the Courtyard & Residence Inn by Mariott project under construction and the delivery of EasyHotel at the Paris Charles de Gaulle hub. The value of buildings has been impacted downwards (-7.3%), mainly on office assets with a longer vacancy and the taking into account of a rental risk mainly impacted by the changes in working methods induced by the crisis. At the same time, the value of leased land amounted to €1404 million at 31 December 2021, an increase of around 1.1%, with secured flows on long-term contracts, the compression of rates in logistics areas and an extension of the commitment period negotiated during the crisis in hotel areas, partially offset by the transfer of land from owned assets, which is now valued on a freehold basis, to the Paris-Charles de Gaulle hub. The value of buildings at Paris-Le Bourget increased by approximately €12 million due to improved rental conditions on certain assets and a change in the re-leasing strategy combined with a slight improvement in the value of leased land due to the scarcity of land.

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AÉROPORTS DE PAR I S / UN I VERSAL REG I STRAT I ON DOCUMENT 202 1