ADP // 2021 Universal Registration Document

F I NANC I AL I NFORMAT I ON

COMPANY FINANCIAL STATEMENTS AND NOTES OF AÉROPORTS DE PARIS SA AT 31 DECEMBER 2021

Valuation of equity investments, related receivables and current accounts (See Notes 4.7 and 6.2 “Financial assets” and 6.3 “Operating receivables”)

Risk identified

Our response

Financial assets and current accounts amounted to a gross amount of €2,877 million and €712 million, respectively, depreciated in the amount of €297 million and €343 million at 31 December 2021. Equity securities are recorded on the balance at acquisition cost excluding expenses. As indicated in Note 4.7 to the annual financial statements, your Company examines the value of equity securities at each year-end by referring to the value in use. If the value in use of these securities is lower than their accounting value, an impairment loss for the difference is recorded. Your company also examines the recoverable amount of receivables related to equity investments and that of the current accounts presented in the line “Other receivables”. An impairment loss may be recognized on receivables related to equity investments and/or on current accounts, if the value in use of the securities to which these receivables are related leads to the recognition of an impairment exceeding the value of the securities. The estimation of the value in use of these investments requires the exercise of the judgement of the management in its choice of the elements to be considered, elements which may correspond, depending on the case, to historical elements (equity), to forecast elements (cash flows or dividends, expected ,discounted, from which the net financial debt is then deducted) or revalued items (revalued net assets for real estate companies). The valuation of equity investments, receivables related to equity investments and current accounts is considered a key audit matter given (i) their significant value in the annual financial statements and (ii) due to the judgments to be made by management for estimate the value in use of the securities and the recoverability of receivables from investments and current accounts, in particular the forecasts of traffic, revenue and profitability, in the context of the Covid-19 crisis, the consequences of which make it difficult to apprehend the risks involved. short- and medium term economic outlook.

The work we conducted consisted mainly in: — obtaining an understanding of the internal control procedures relating to the determination of values in use and the calculation of impairments, where applicable; — studying expected and discounted cash flows or dividends and key assumptions used to determine the value in use of equity interests and the recoverability of receivables from investments and current accounts, assessing the sensitivity of valuations to these assumptions and checking the calculations made with the support of our valuation specialists. With respect to key assumptions, we paid special attention to: ◆ traffic forecasts, in particular by comparing them with available external data (e.g. IATA and Eurocontrol data), ◆ revenue and profitability forecasts in line with traffic forecasts by comparing them with the budget data examined by the governance bodies of the companies concerned; ◆ the cost of equity or discount rates, of which we examined the determination methods and for consistency with the underlying market assumptions, ◆ the valuation of the main real estate assets determined by external real estate appraisal firms for which we have ensured the competence and independence, and with whom we discussed to assess the estimates, assumptions and methodology used, We have also: — tested, on the basis of samples, the arithmetical reliability accuracy of the valuations used; — assessed the appropriateness of the information provided in the notes, in particular on the sensitivity analyses carried out.

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