The results of this indicator lead to the application of the pricing cap adjustment factor, called INV1(n). It is based on a system of bonuses and penalties, according to which the operations concerned are completed before or after the reference calendar. These bonuses and penalties are reconciled every year (n), and only one possible net penalty is taken into account when calculating the INV1 factor. The maximum net penalties applicable annually are -0.1% of airport fees, assuming a delay of two quarters in the timetable for carrying out each operation identified above. The INV2 factor is the adjustment factor linked to current investment expenditure, competitiveness of the connecting platform and airport processes, service quality and sustainable development As was already the case within the ERA 2 framework, an adjustment would lead to a reduction in the tariff cap to offset a portion of the annual costs saved, in the event that fewer investments are made than initially forecast. This INV2 adjustment factor was applicable, where appropriate, to the 2020 pricing period, taking into account a potential reduction in the investment expenditure within the regulated scope in respect of current investment budgets, competitiveness of the connecting platform and airport processes, quality of service and sustainable development. This possible reduction is measured cumulatively over the 2016 to 2018 calendar years inclusive. If investment expenditure relating to the regulated scope in respect of these packages is less than 85% of the amount initially planned at the end of 2018, 70% of the difference in costs incurred with regard to the regulated scope and over the term of the agreement would be deducted from the cap on changes to fee levels for the 2020 pricing period. The OPEX factor is the adjustment factor linked to operating costs Given the importance of controlling operating expenses regulated in the balance of the agreement and to mark the commitment of Aéroports de Paris, a new adjustment factor has been set up based on the volume of operating expenses in the regulated scope. If over 5% of operating expenses in the regulated scope are exceeded in 2018 compared to a provisional target based on traffic and inflation, the pricing cap will be reduced by 50% of the difference with costs recorded being applied up to a limit of 1% of annual airport fee income over the 2020 pricing period. CHANGES TO FEE TARIFFS UNDER THE 2016-2020 ERA For the 2016 pricing period The cap on average changes in fee levels for the 2016 pricing period was set at the sole change in inflation (CPI 4018 E) measured between August 2014 and August 2015. Inflation was measured at +0.04%, thus determining the cap for changes in the Baseline Pricing Schedule. Aéroports de Paris submitted an average annual fee change of 0.0% for Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget airports for an opinion from the Consultative Economic Commissions and for the approval of the French government. For the 2016 pricing period, Aéroports de Paris retained a non-uniform increase for Paris-Charles de Gaulle and Paris-Orly airports with 11.8% and 15.5% increases in landing and parking fees respectively and a 7.0% reduction in passenger fees. A revaluation of the weighting of gauge and movement baselines for the landing fees has also been retained with the elimination of the 40 tonne threshold triggering the variable portion of the landing fees, the application of the variable portion as of the first tonne of gauge landed and a differentiated change in the fixed portion and of the variable portion of this fee of 49.5% and 38.9% respectively 1 .

With effect from 1 April 2016, Aéroports de Paris has also set up a new fee to standardise the pricing terms for sorting baggage in transit between Paris-Charles de Gaulle airport terminals. Alongside the new fee for the provision of sorting facilities for baggage in transit at Paris-Charles de Gaulle airport, the fees charged in Terminal 1 and Terminal 2 and the leases for sorting facilities for baggage in transit at Paris-Charles de Gaulle have been abolished and the scope of services provided to airlines has changed. The fee is based on the number of connecting passengers departing from Paris-Charles de Gaulle airport. In addition, starting from the 2016 pricing period and for a time that should not exceed that of the 2016-2020 ERA, Aéroports de Paris has set up five temporary discounts to develop traffic and improve infrastructure use. The three price discounts set out below do not include a set-off mechanism: ◆ a price discount on the fee per passenger to develop Origin/Destination passenger traffic; ◆ a price discount on the fee per passenger to develop connecting passenger traffic; ◆ a price discount on the parking fee to encourage rapid turnaround and improve infrastructure use. For each discount, the overall rate for all airlines combined may not exceed a cap of €5.0 million in 2016. These maximum packages will change each year according to the average rate of change in airport fees governed by the 2016-2020 ERA. Two additional price discounts, including an offset mechanism, have also been set up: ◆ variable pricing providing for an exemption from the parking fee for parking on the Paris-Charles de Gaulle and Paris-Orly platforms between 11:00 pm and 07:00 am (local time); ◆ a discount on the fees for disabled and mobility-impaired persons according to reporting rates, with airlines giving at least 36 hours’ notice at Paris-Orly airport. For the 2017 pricing period The basic cap rate corresponds to a 1.479% increase in the baseline tariffs (change in inflation between August 2015 and August 2016) with an uplift of 1.25 points, to which the adjustment factors are applied: ◆ quality of service corresponding to a 0.16% bonus; ◆ investments (INV1) established at 0% linked to the opening of the East Pier in advance of the objective set out in the ERA. The maximum change in 2017 tariffs is therefore +1.64% compared to the 2016 baseline tariffs, i.e . +1.68% compared with the 2016 effective tariffs. In this context, Aéroports de Paris submitted the following average annual fee changes for ASI approval: ◆ +0.97% at Paris-Charles de Gaulle and Paris-Orly airports; ◆ +2.5% at Paris-Le Bourget airport. These changes were approved by ASI on 22 February 2017. Aéroports de Paris’ proposal for the Paris-Charles de Gaulle and Paris- Orly airports consists of a 1.51% increase in the airport and ancillary fees (excluding fees for disabled and reduced-mobility passengers) and a significant decrease in the fee relating to computerised check-in and boarding (Crews).

1 Please refer to the press release concerning the approval of the 2016 tariffs by the ASI available on .



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