Changes in fee levels DETERMINATION OF THE PRICING SCHEDULES APPLICABLE UNDER THE TERMS OF THE 2016-2020 ERA The 2016-2020 ERA covers five pricing periods, the first from 1 April 2016 to 31 March 2017 and the remaining four starting on 1 April and ending on 31 March of the following year. Pursuant to the 2016-2020 Economic Regulation Agreement, changes in fee levels (n) are limited from one year to the next, within a comparable scope, by a “basic cap rate”, compliance with which is assessed in line with the theoretical revenue corresponding to the application of a pricing schedule (n-1) to a baseline traffic level (n-2). For each pricing period n, the basic cap rate for increases in fees is equal to: Pricing period: P(n): ◆ “2016” i(2016) +0.00% ; ◆ “2017” i(2017) +1.25% ; ◆ “2018” i(2018) +1.25% ; ◆ “2019” i(2019) +1.25% ; ◆ “2020” i(2020) +1.25%. where i(n) represents the percentage change in the consumer price index, excluding tobacco, published by INSEE, calculated as the comparison between the index for August “n-1” and August “n-2”. For the determination of prices for the year n, this cap is then applied, within a comparable scope of provision, to the prices n and to the traffic (and baseline volume) for the year n-2, thus arriving at a Baseline Pricing Schedule. The ERA also provides for an adjustment to this Baseline Pricing Schedule, the Adjusted Pricing Schedule for Fees (GTA), taking into account several factors relating to traffic (TRAF), quality of service (QDS), the major investment schedule (INV1), and levels of current investment, competitiveness of the connecting platform and airport processes, quality of service and sustainable development (INV2) and changes in operating expenses (OPEX). These factors are applied as follows: The TRAF factor is the corrective factor linked to traffic The baseline traffic scenario is the one proposed by Aéroports de Paris at the signing of the 2016-2020 ERA. It is based on the assumption of average passenger traffic growth of 2.5% per year over the 2016-2020 period. The traffic risk is shared between Aéroports de Paris and airlines on the basis of a corrective factor (TRAF). This risk, which is assessed on the basis of the number of passengers, and applies beyond a buffer zone that amounts to annual changes that are 0.5 point higher or lower than the baseline traffic scenario, enters into force for the 2018 pricing period. It is calculated in such a way that, outside the buffer zone, 50% of the excess or 20% of the shortfall from forecast fee revenues is offset, within the limit of an impact of between +0.2 and -0.5 points on the annual fee increase cap, through adjusting the tariffs for these fees. In addition, if air traffic rises more than 102% of the upper buffer limit, Aéroports de Paris can use some of the excess revenue beyond this threshold as a contribution towards investments in capacity or in terminal renovations that were not originally scheduled, or towards bringing such projects forward. On the other hand, if the increase in air traffic is less than 98% of the lower buffer limit, Aéroports de Paris can offset some of the shortfall in airport fee revenues below this threshold through a reduction in annual costs due to the non-completion or postponement of certain investments.

The QDS factor is the adjustment factor linked to service quality For the period 2016-2020, Aéroports de Paris is continuing its drive to improve quality of the service by consolidating successes achieved over the last five years and by continually improving processes and facilities. Two categories of indicators with financial implications have been set up: ◆ “quality standard” indicators corresponding to standard services provided by all airports to airline customers and passengers. The incentive system associated with these indicators is based solely on the concept of minimum level required, penalised where appropriate by a maximum price penalty of -0.04% per indicator. Seven “quality standard” indicators have been selected, five of which are availability

indicators and two are satisfaction indicators: ◆ availability of electro-mechanical equipment, ◆ availability of baggage belts, ◆ availability of aircraft parking stands, ◆ availability of passenger boarding bridges, ◆ availability of 400 Hz power supply, ◆ satisfaction as regards cleanliness, ◆ satisfaction as regards directional information ;

◆ “excellence” indicators for which significant improvement is expected and/or for which the level aimed for is a level of excellence compared to other European airports. The incentive system associated with these indicators is based on the concept of minimum level required with penalties where appropriate and a concept of higher level targets rewarded by a bonus. The extent of these penalties and bonuses is +/- 0.08% per indicator. Three excellence indicators have been retained: ◆ satisfaction as regards connecting flights, ◆ overall satisfaction upon departure, ◆ overall satisfaction upon arrival, ◆ the financial incentive associated with all these indicators is based on a system of penalties and bonuses of about +0.24%/-0.52% of airport fees per year. The INV1 factor is the adjustment factor linked to the major investments schedule This indicator, which can give rise to a maximum net penalty of 0.1% of fees, measures compliance with the timetable for carrying out major operations. The targets for the indicator “Conducting of Investment Operations” correspond to the following completion dates: 2016-2020 ERA targets: ◆ extension of the Paris-Orly East Pier: 2 nd quarter 2016; ◆ refurbishment of runway 4 at Paris-Orly: 4 th quarter 2017 1 ; ◆ “Paris-Orly Nouvel Envol” (new departure) link: 1 st quarter 2018; ◆ luggage sorters in Hall L (TDS3) Paris-Charles de Gaulle: 2 nd quarter 2018 ; ◆ first phase of the refurbishment of runway 3 at Paris-Orly: 3 rd quarter 2018; ◆ connecting of Terminals B and D at Paris-Charles de Gaulle: 2 nd quarter 2019; ◆ connecting of the Terminal 1 satellites at Paris-Charles de Gaulle: 2 nd quarter 2019.


1 The refurbishment of runway 4 at Paris-Orly aimed at opening during the 4 th quarter of 2016. In order to minimise the impact of the capacity reduction linked to the closure of the runway, in consultation with the French government, it was decided to postpone the delivery deadline to Q4 2017.



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