| CONTENTS | 6 |
| 01. PERSONS RESPONSIBLE FOR THE REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT | 9 |
| 1.1 PERSON RESPONSIBLE FOR THE 2018 REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT | 9 |
| 1.2 REPORT OF THE PERSON IN CHARGE | 9 |
| 02. STATUTORY AUDITORS | 10 |
| 2.1 STANDING STATUTORY AUDITORS FOR THE 2018 FINANCIAL YEAR | 10 |
| 2.2 SUBSTITUTE STATUTORY AUDITORS FOR THE 2018 FINANCIAL YEAR | 10 |
| 03. SELECTED FINANCIAL INFORMATION | 11 |
| 3.1 2018 CONSOLIDATED ACCOUNTS | 12 |
| 3.2 FINANCIAL DEBT | 13 |
| 04. RISK MANAGEMENT AND CONTROL | 14 |
| 4.1 INTRODUCTION | 14 |
| 4 .2 RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM | 15 |
| General presentation | 15 |
| The internal control mechanism and management of risks relating to the development and handling of financial and accounting reports | 17 |
| Group’s general insurance policy | 19 |
| 4.3 RISK FACTORS | 20 |
| Strategic risks | 21 |
| Risks related to the Group’s activities | 26 |
| Management organisation risks | 28 |
| Financial risk | 29 |
| 05. INFORMATION ON THE COMPANY | 33 |
| 5.1 INFORMATION | 33 |
| 5.2 HISTORY OF THE COMPANY | 34 |
| 5.3 CAPITAL EXPENDITURES | 37 |
| Investments made by the group over the last three financial years | 37 |
| Projected Aéroports de Paris’ investments programme between 2016 and 2020 | 38 |
| Aéroports de Paris projected investment programme within the regulated scope between 2016 and 2020 | 39 |
| Contractual commitments for fixed asset acquisition | 41 |
| Investment programme proposed as part of the negotiations on the 2021-2025 Economic Regulation Agreement | 41 |
| 06. BUSINESS OVERVIEW | 44 |
| 6.1 PRESENTATION OF THE ACTIVITY | 44 |
| Business Model | 44 |
| General description | 45 |
| The group’s strengths | 45 |
| Strategy | 47 |
| The group’s 2020 objectives | 49 |
| 6.2 OVERVIEW OF THE MARKET | 50 |
| Airport operations | 50 |
| Passenger traffic | 51 |
| Cargo traffic | 54 |
| Competition | 55 |
| Factors of dependence | 56 |
| 6.3 DESCRIPTION OF THE PARISIAN AIRPORTS OWNED OR OPERATED BY GROUPE ADP | 57 |
| Paris-Charles de Gaulle | 58 |
| Paris-Le Bourget | 67 |
| Civil airfields for general aviation | 68 |
| 6.4 DESCRIPTION OF ACTIVITIES BY SEGMENT | 69 |
| Aviation | 69 |
| Retail and services | 76 |
| Real Estate | 82 |
| International and airport development | 88 |
| Other activities | 96 |
| Legal and regulatory environment | 97 |
| 07. ORGANISATION CHART | 101 |
| 7.1 SIMPLIFIED GROUP ORGANISATION CHART AS AT 31 DECEMBER 2018 | 101 |
| 08. REAL ESTATE ASSETS AND FACILITIES | 103 |
| 8.1 REAL ESTATE ASSETS AND FACILITIES | 103 |
| Fixed assets and movable assets owned or used by Aéroports de Paris | 103 |
| Retrocession of a portion of gains that may be made from the closing | 104 |
| 8.2 ENVIRONMENTAL CONSTRAINTS | 104 |
| 09. REVIEW OF THE FINANCIAL POSITION AND INCOME | 105 |
| 9.1 KEY FIGURES | 106 |
| 9.2 ANALYSIS OF 2018 RESULTS | 106 |
| Analysis of Groupe ADP 2018 income statement | 106 |
| Analysis by segment | 109 |
| 9.3 HIGHLIGHTS OF THE 2018 FINANCIAL YEAR | 112 |
| Change in passenger traffic | 112 |
| Revision of 2018 forecasts | 113 |
| Tariffs | 114 |
| Appointments within Groupe ADP | 114 |
| Groupe ADP acquires the exclusive control of Airport International Group, concessionary of Queen Alia International Airport in Amman, Jordan | 114 |
| Dividend voted by the Annual General Meeting | 114 |
| Appointment within Groupe ADP | 114 |
| “ PACTE” draft bill containing provisions related to Groupe ADP | 114 |
| TAV Airports | 115 |
| 2018 regulated ROCE | 115 |
| €500 million 20-year new bond issue | 115 |
| Dividend distribution | 115 |
| 10. EQUITY AND CASH FLOWS | 116 |
| 10.1 SHAREHOLDER EQUITY | 116 |
| 10.2 CASH FLOW | 116 |
| Cash flows from operating activities | 117 |
| Cash flow from investing activities | 117 |
| Cash flow from financing activities | 117 |
| 10.3 FINANCIAL RISK MANAGEMENT | 118 |
| 10.4 GROUP COMMITMENTS | 118 |
| Investment commitments | 118 |
| Off-balance sheet commitments | 118 |
| Employee benefit obligation | 118 |
| 11. RESEARCH AND DEVELOPMENT, TRADEMARKS PATENTS AND LICENCES | 119 |
| 11.1 RESEARCH AND DEVELOPMENT | 119 |
| 11.2 TRADEMARKS, PATENTS AND LICENCES | 119 |
| 12. INFORMATION CONCERNING TRENDS | 120 |
| 12.1 RECENT EVENTS | 120 |
| The decision of the ISA not to approve the 2019 airport charges (11 January 2019) | 120 |
| The decision of the ISA to approve the 2019 airport charges (6 February 2019) | 120 |
| Groupe ADP contributes to the CDG Express project | 120 |
| January February and March 2019 traffic figures | 121 |
| 2021-2025 Economic Regulation Agreement - Publication of the Public Consultation Document | 121 |
| Transfer of commercial flights from Atatürk airport to the new Istanbul airport | 121 |
| 12.2 FORECASTS | 121 |
| Dividend distribution policy | 121 |
| 13. PROFIT FORECASTS | 122 |
| 13.1 2016-2020 PERIOD GUIDANCES | 122 |
| 13.2 2019 GROUP FORECASTS | 123 |
| 13.3 STATUTORY AUDITORS’ REPORT ON THE PROFIT FORECASTS FOR THE YEAR ENDED DECEMBER 31, 2019 | 124 |
| 14. ADMINISTRATION AND EXECUTIVE MANAGEMENT BODIES | 125 |
| 14.1 BOARD OF DIRECTORS | 125 |
| Composition of the Board of Directors on the date of filing of this Registration Document | 125 |
| Summary presentation of the Board of Directors | 127 |
| Proposal to appoint directors and non-voting Board members at the General Meeting of Shareholders of 20 May 2019 | 129 |
| Executive Management | 129 |
| 14.2 PERSONAL INFORMATION CONCERNING MEMBERS BOARD OF DIRECTORS | 130 |
| Family ties, convictions, bankruptcies, conflicts of interest and other information | 130 |
| Conflicts of interest | 130 |
| Arrangements or agreements regarding the appointment of members of the Board of Directors | 130 |
| Restrictions concerning the sale of shares | 130 |
| 15. COMPENSATION AND BENEFITS OF CORPORATE OFFICERS | 131 |
| 15.1 CORPORATE OFFICER COMPENSATION | 131 |
| 2019 executive officer compensation policy | 131 |
| Amount of compensation payable and paid to corporate officers during the 2018 year | 132 |
| 15.2 COMPENSATION PAID TO BOARD MEMBERS AND NON VOTING BOARD MEMBERS | 134 |
| Compensation paid to directors | 134 |
| Compensation paid to non-voting Board members | 134 |
| 15.3 SHARES IN THE COMPANY HELD BY THE DIRECTORS AND NON-VOTING MEMBERS OF THE BOARD | 135 |
| 15.4 COMPENSATION OF EXECUTIVE COMMITTEE MEMBERS | 135 |
| 16. FUNCTIONING OF THE BOARD OF DIRECTORS AND MANAGEMENT BODIES | 136 |
| 16.1 FUNCTIONING OF THE BOARD OF DIRECTORS AND MANAGEMENT BODIES | 136 |
| The Board of Directors | 136 |
| Executive Management | 138 |
| Executive Committee | 139 |
| 16.2 FUNCTIONING OF THE COMMITTEES LINKED TO THE BOARD OF DIRECTORS | 141 |
| Audit and Risks Committee | 141 |
| The Strategy and investment committee | 142 |
| The remuneration, appointments and governance committee | 143 |
| Ad-hoc committee – Terminal 4 project | 143 |
| 16.3 CORPORATE GOVERNANCE – ADHERENCE TO THE PRINCIPLES OF GOVERNANCE | 144 |
| 17. SOCIAL, ENVIRONMENTAL AND SOCIETAL RESPONSIBILITY INFORMATION | 145 |
| 17.1 AÉROPORTS DE PARIS CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY | 146 |
| Stakeholder dialogue: materiality study on CSR challenges | 146 |
| Sustainable development goals | 146 |
| The fight against tax fraud | 146 |
| Governance and ethics | 146 |
| Measurement and ongoing improvement of performance: ratings and benchmarks | 149 |
| 17.2 SOCIAL INFORMATION | 149 |
| Risk analysis and materiality study | 149 |
| Policies and results | 149 |
| Geographic distribution | 150 |
| 17.3 SOCIAL INDICATORS FOR THE GROUP | 157 |
| 17.4 ENVIRONMENTAL INFORMATION | 159 |
| Environmental and energy policy 2016-2020 | 159 |
| Fight against climate change | 160 |
| Air quality | 161 |
| Waste management and the circular economy | 162 |
| Water and soil management | 163 |
| Limiting noise and light pollution | 164 |
| Protection of biodiversity | 164 |
| Land development and sustainable construction | 165 |
| Environmental indicators for the Group | 165 |
| 17.5 REGIONAL POLICY | 167 |
| Neighbourhoods | 167 |
| Economic development | 167 |
| Sustainable purchasing | 168 |
| Groupe ADP Corporate Foundation | 168 |
| Measures for consumers | 169 |
| 17.6 METHODOLOGICAL NOTE ON SOCIAL, SOCIETAL AND ENVIRONMENTAL REPORTING | 169 |
| Social reporting | 169 |
| Environmental reporting | 170 |
| Change in consolidation scope | 170 |
| Reporting methodology | 170 |
| Relevance and choice of indicators | 170 |
| Methodological limitations and specificities | 170 |
| Consolidation and internal control | 171 |
| External controls | 171 |
| Correlation table of extra-financial performance statement | 172 |
| REPORT OF ONE OF THE STATUTORY AUDITORS , APPOINTED AS INDEPENDENT THIRD PARTY, ON THE CONSOLIDATED NON-FINANCIAL STATEMENT PUBLISHED IN THE GROUP MANAGEMENT REPORT | 173 |
| I. Report in accordance with Article L.225-102-1 of the French Commercial Code | 173 |
| II. Reasonable assurance report on a selection of information disclosed in the Statement | 174 |
| 18. MAIN SHAREHOLDERS | 175 |
| 18.1 SHAREHOLDING OF THE COMPANY | 175 |
| Breakdown of capital as of 31 December 2018 | 176 |
| 18.2 CHANGE IN THE CONTROL OF THE COMPANY | 177 |
| Staff shareholder structure | 177 |
| Double voting rights | 177 |
| 18.3 SHAREHOLDER AGREEMENT | 177 |
| Alliance with Schiphol Group | 177 |
| 19. OPERATIONS WITH RELATED PARTIES | 179 |
| 19.1 RELATIONS WITH GOVERNMENT AUTHORITIES AND ADMINISTRATIVE AUTHORITIES | 179 |
| Economic and financial supervision | 179 |
| French Court of Auditors (Cour des comptes) | 179 |
| General Inspectorate of Finance (Inspection Générale des Finances) | 179 |
| French General Council for the Environment and Sustainable Development | 179 |
| 19.2 OPERATIONS WITH RELATED PARTIES | 180 |
| 20. FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2018 | 181 |
| 2 0.1 GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2018 | 182 |
| Key figures | 182 |
| Glossary | 183 |
| Consolidated Income Statement | 184 |
| Consolidated Statement of Comprehensive Income | 185 |
| Consolidated Statement of Financial Position | 186 |
| Consolidated Statement of Cash flows | 187 |
| Consolidated Statement of Changes in Equity | 188 |
| Notes to the consolidated financial statements | 189 |
| 20.2 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS | 255 |
| I. Opinion | 255 |
| II. Justification of Assessments – Key Audit Matters | 255 |
| III. Specifics verifications | 257 |
| IV. Report on Other Legal and Regulatory Requirements | 257 |
| V. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements | 257 |
| VI. Statutory Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements | 257 |
| 20.3 COMPANY FINANCIAL STATEMENTS AND NOTES OF AÉROPORTS DE PARIS S.A. AT 31 DECEMBER, 2018 | 259 |
| 20.4 STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS | 289 |
| 20.5 PRO FORMA FINANCIAL DATA | 292 |
| 20.6 INTERIM FINANCIAL DATA | 292 |
| 20.7 DIVIDEND DISTRIBUTION POLICY | 292 |
| Amount of dividends distributed during the course of the last three financial years | 292 |
| Dividend distribution policy | 292 |
| Statute of limitation | 292 |
| 20.8 LEGAL AND ARBITRATION PROCEEDINGS | 292 |
| JSC Investissements | 292 |
| Terminal 2E | 293 |
| Petitions relating to fees | 293 |
| 20.9 MATERIAL CHANGE IN FINANCIAL OR COMMERCIAL POSITION SINCE 31 DECEMBER 2018 | 293 |
| 21. ADDITIONAL INFORMATION ON THE SHARE CAPITAL AND PROVISIONSOF THE ARTICLES OF ASSOCIATION | 294 |
| 21.1 INFORMATION ON THE SHARE CAPITAL | 294 |
| Share capital | 294 |
| Authorisation of share buybacks by Aéroports de Paris | 294 |
| Non-capital securities | 296 |
| Capital authorised but not issued | 296 |
| 21.2 PROVISIONS OF THE ARTICLES OF ASSOCIATION | 298 |
| Corporate object | 298 |
| Management bodies | 298 |
| Rights attached to shares | 298 |
| Modification of the share capital and rights attached to the shares | 298 |
| General Meetings of Shareholders | 298 |
| Provisions of Articles of Association resulting in the delaying, deferring or preventing a change in controlling interest | 299 |
| Identification of shareholders | 299 |
| Breaching of thresholds | 299 |
| 22. MATERIAL CONTRACTS | 300 |
| 23. INFORMATION FROM THIRD PARTIES, EXPERT STATEMENTS AND STATEMENTS OF INTEREST | 301 |
| 24. DOCUMENTS AVAILABLE TO THE PUBLIC | 302 |
| 25. INFORMATION ON ACQUISITIONS | 304 |
| A1. STATUTORY AUDITORS’ SPECIAL REPORT ON REGULATED AGREEMENTS AND COMMITMENTS | 305 |
| A2. REPORT ON CORPORATE GOVERNANCE | 325 |
| 1. COMPENSATION | 325 |
| 2. GOVERNANCE | 329 |
| 3. ELEMENTS LIKELY TO HAVE AN IMPACT IN THE EVENT OF A PUBLIC OFFER | 350 |
| A3. ANNUAL FINANCIAL REPORT | 353 |