Main policies directly benefiting the Company’s subsidiaries Professional civil liability policies have been taken out on behalf of ADP Ingénierie, Aéroports de Paris Management (which became ADP

International from 29 June 2017), Hub One and Hub Safe (up to 29 September 2017 for the latter 1 ), for the purposes of covering their activities carried out in France or abroad, as the case may be.



The main risks faced by Groupe ADP at the date of this report are summarised below. It should be specified that actions are implemented to manage them.

Of the main risks linked to the general environment in which the group operates, the most significant are:

RISK CATEGORY Strategic risks


Risks related to economic regulation Risks related to the competitive environment Risks related to the customer portfolio structure International risks Risks related to investments in developments and capabilities Risks related to ethics and compliance Risks related to the impact of climate change Risks linked to security Risks linked to airport safety Risks linked to the safety of people and goods Risks related to shop revenue Risks linked to asset maintenance

Risks related to the group’s activities

Legal risks

Risks related to regulatory changes

Management organisation risks

Human Resources risks Risks linked to information protection and IT systems

Financial risk

Credit risk Liquidity risk Market risk

Strategic risks Risks related to economic regulation



In support of the ERA 2016-2020, the strategic plan “CONNECT 2020” establishes the goals of Groupe ADP for the period 2016-2020. The Finance, Management and Strategy Division guarantees that the ERA is fulfilled and is consistent with the strategic plan. It carries out the group’s strategic and financial control, structured around road maps. Moreover, Aéroports de Paris annually consults airlines on the topics of service quality, investment programme and pricing proposals during economic consultative commissions. The pricing proposal is then submitted to the Independent Supervisory Authority for Airport Fees (ASI) for approval.

The missions of Aéroport de Paris fall within the scope of the Economic Regulation Agreement (ERA), in line with articles L. 6325-2 of the French transport code and R. 224-4 of the French Civil Aviation Code. The ERA 2016-2020 was signed with the government authorities on 31 August 2015. The airport fee cap takes into account cost, revenue and investment projections, as well as quality of service targets. The regulation allows for the airport operator to receive fair compensation on capital invested within the regulated scope, assessed based on the weighted average cost of its capital. However no assurance can be given as to the level of fees that Government authorities will authorise it to apply after 2020. In addition, in circumstances upsetting the economics of the contract, the ERA could be revised or even cancelled early. Moreover, litigation may be filed seeking to annul some pricing decisions. If successful or confirmed, this may have, at least temporarily, an adverse impact on the group’s income. Please refer to the paragraph in Chapter 20 on “Legal and arbitration proceedings” of the 2017 Registration Document.

1 Date of the disposal of 80% of Aéroports de Paris’ interest in Hub Safe. See press release of 29 September 2017, available on the website .



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