ADP_REGISTRATION_DOCUMENT_2017

BUSINESS OVERVIEW 06 OVERVIEW OF THE MARKET

Competition with France’s regional airports The leading French airports in terms of passenger traffic are 1 :

Competition with other means of transportation Although high-speed trains are generally preferred for trips of less than three hours, air travel is preferred when a trip takes more than four hours. Both Paris airports – Paris-Orly and, to a lesser degree, Paris-Charles de Gaulle – face competition from trains, which is likely to intensify with the increasing density of the French high-speed train (TGV) network and the European high-speed network (Thalys, Eurostar). Nonetheless, Groupe ADP believes that the TGV network also offers it advantages, since it delivers passengers to long-haul flights departing from Paris. This is made possible by the TGV train station located in the Paris-Charles de Gaulle airport, which handles approximately 3 million passengers annually. Competition in the cargo and mail market Paris Aéroport is the European leader with 2.30 million tonnes of cargo and mail handled in 2017. Its main competitor in Europe is Frankfurt, with 2.194 million tonnes treated in 2016, compared to 2.195 million tonnes handled at Paris-Charles de Gaulle. Factors of dependence See the paragraph in chapter 4 entitled “Risks related to the customer portfolio structure”.

2017 traffic (in millions of passengers)

Rank Airport

2017/2016

1

Paris-Charles de Gaulle

69.5 32.0 13.3 10.3

+5.4% +2.6% +7.1% +7.6% +14.7%

2 Paris-Orly

3 Nice-Côte d’Azur 4 Lyon-Saint-Exupéry 5 Marseille-Provence

9.3

Competition with France’s main regional airports is mainly limited to international traffic, since most of the domestic traffic at these airports is with Paris. Competition with specialised airports Low-cost carriers, led by easyJet, account for 20.7% of the passenger traffic handled at Paris-Orly and Paris-Charles de Gaulle, and their presence will serve as a major source of growth for the airports in the coming years. Paris-Charles de Gaulle and Paris-Orly airports compete with the Beauvais-Tillé airport. The latter received 3.6 million passengers in 2017, a decrease of 8.8%. However, Paris-Orly airport differentiates itself from this airport through its closeness to Paris, the quality of its facilities (runway equipment, passenger boarding bridges), the variety of retail outlets available to passengers, and by the quality of services offered to them in the terminals.

1 Source: Union des Aéroports français.

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AÉROPORTS DE PARIS  REGISTRATION DOCUMENT 2017