ADP_REGISTRATION_DOCUMENT_2017

RISK MANAGEMENT AND CONTROL 04 RISK FACTORS

International risks

RISK IDENTIFICATION

RISK MONITORING AND MANAGEMENT

Groupe ADP conducts a significant portion of its activities abroad through its subsidiaries and equity interests. These activities expose the group to the inherent risks of international operations, linked to:  the geopolitical and economic context of the main geographical regions in which the group operates;  legal, tax and compliance risks;  exchange risks;  operational risks associated with asset management; in Turkey, the area of concern is the end of the concession of Istanbul- Ataturk airport in January 2021;  exposure to exceptional natural phenomena.

Groupe ADP brought the management of its international activities under a single entity, ADP International 1 , in July 2017. This wholly-owned subsidiary of Aéroports de Paris is responsible for the entire international scope of Groupe ADP, including TAV Airports and for monitoring the interest in Schiphol Group. The group’s three main activities internationally are now under the same management: investments, airport operations and engineering-innovation. ADP International now benefits from support from a strong local network, thanks to the three regional offices: in New York for the Americas zone, in Hong Kong for the Asia zone  a reinforcement of the dedicated international teams in the operations, finance and risk & compliance sectors;  the implementation of momentum to reinforce project steering;  the initiation of actions to ensure the correct integration of TAV Airports into Groupe ADP’s governance and processes; these actions will continue in 2018. This new organisation aims to provide an essential growth relay, in order to achieve the value creation objectives defined in Groupe ADP’s strategic plan, CONNECT 2020. Amongst the priorities of the strategic plan, “CONNECT 2020”, for the period 2016-2020 are notably:  the optimisation of infrastructures by deploying a “one roof” initiative (merging terminals);  support for Société du Grand Paris and the CDG Express projects, to facilitate access to Ile-de-France region platforms. The group has an investment project steering system based around a Strategy and Investment Committee and an Investment Approval Committee chaired by the Chairman & CEO. In addition, the Engineering & Development Division plans, designs, organises and conducts investments in infrastructure (roads and runways), buildings (terminals, hangars, shops and administrative premises, real estate projects) and all types of equipment for the Company, for the purpose of meeting the medium to long term aeronautical and strategic needs. and in Istanbul for the Middle East zone. This change was accompanied in 2017 by: RISK MONITORING AND MANAGEMENT

Risks related to investments in developments and capabilities

RISK IDENTIFICATION

Groupe ADP’s Ile-de-France region platform development and infrastructure projects are complex with long investment cycles (from the study phase up to commissioning). Significant technological or structural changes (in terms of traffic...) could lead to:  the saturation of existing infrastructure before the new installations are delivered;  mismatch between the delivered infrastructure and requirements. The return on investment could be lower than forecast, and have an adverse impact on income. Moreover, the group is pursuing a programme of significant investment as part of its strategic plan, “CONNECT 2020”. Given the size, complexity and number of investment projects and external constraints (conditions for obtaining administrative authorisations, stakeholders…), the control of project steering is a major challenge.

1 See press release of 7 July, available on the website www.groupeadp.fr .

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AÉROPORTS DE PARIS  REGISTRATION DOCUMENT 2017