Aéroports de Paris - 2019 Universal registration document

REAL ESTATE ASSETS AND FACILITIES

INFORMATION CONCERNING TRENDS

PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT

STATUTORY AUDITORS

RISK AND MANAGEMENT

INFORMATION ON THE COMPANY

BUSINESS OVERVIEW

ORGANISATION CHART

REVIEW OF THE FINANCIAL POSITION AND INCOME

EQUITY AND CASH FLOWS

Groupe ADP performs the first step to acquire a 49% stake in GMR Airports, Indian airport operator Groupe ADP announced on 26 February 2020 that it has realized the first step of the operation started by the signing, on 20 February 2020, of the agreement regarding the acquisition, under certain conditions, of a 49% stake in GMR Airports. The acquisition price for the 49% share was settled at approximately 107.8 billion INR 1 , of which 52.48 billion INR 2 paid for the purchase of the 24.99% interest on 26 February. Groupe ADP now holds 24.99% of GMR Airports, joins therefore the Board of Directors of this company and has highly extended governance rights from today. As a reminder, the operation has to be performed in two phases: a first phase for the acquisition of a 24.99% stake, and a second phase, subject to certain regulatory conditions, for 24.01%, which should occur in the upcoming months. Once the second phase complete, GMR Airports will be jointly owned with GMR Infrastructure Limited (“GIL”), the listed entity of GMR Group, which will keep a 51% stake and retain control over the company. share its assumptions nor its conclusions Groupe ADP takes note of the opinion on the Weighted Average Cost of Capital (WACC) published by the Transports Regulation Authority (Autorité de Régulation des Transports – ART) on 27 February 2020 as part of the preparation of the upcoming Economic Regulation Agreement (ERA) for the 2021-2025 period. This opinion holds a WACC range for the regulated scope between 2% and 4.1%, below the WACC assumption of 5.6% figuring in the ERA's public consultation document, published on 2 April 2019. Groupe ADP shares neither the method nor the assumptions nor the conclusions held by the ART in its assessment of the WACC and considers as sound the model and assumptions of the public consultation document which is based on market financial data and comparable firms. Groupe ADP reserves the possibility to assert its positions by all means. Groupe ADP takes note of the ART's opinion on the WACC and does not

The ART states that this opinion “is merely an insight by the Authority given on the basis of existing data at this stage of the process and which could not prejudge of the WACC which will ultimately be retained during the ERA project analysis” (see the ART's opinion, section 19). Groupe ADP is confident in its capacity to preserve the group's long term profitability and the industrial strategy, which are essential for its customers, its employees and the development of the territories and the employment. February 2020 traffic figures Groupe ADP's total traffic in February 2020 3 was down very slightly by 0.9% compared to February 2019, with 19.5 million passengers across the entire network of airports managed. The traffic at Paris Aéroport was up 0.3%, with 7.3 million passengers, of which 5.1 million at Paris-Charles de Gaulle (-0.1%) and 2.2 million at Paris-Orly (+1.3%). It should be noted that, at Paris Aéroport, traffic with continental China and with the United States was down -71.4% and up +9.3%, respectively, in February 2020. In addition, since the start of the year, the two countries have accounted for 1.4% and 6.9%, respectively, of the total traffic at Paris Aéroport. Groupe ADP traffic has been stable since the start of this leap year with a total of 31.9 million passengers over the first two months of the year. Traffic at Paris Aéroport was up by 0.8% for a total of 15.2 million passengers. The number of connecting passengers was down by 1.3%. The rate of connecting flights was 24.9%, down 0.3 percentage points. The traffic at TAV Airports, where Groupe ADP holds 46.1% of the capital, was down by 55% over the month of February 2020 compared to February 2019 and down by 54.4% since the beginning of the year. Note that commercial flights at Istanbul Atatürk were transferred to the new Istanbul airport as of 6 April 20193. Excluding Istanbul Atatürk, traffic at TAV Airports has fallen by 3.0% since the start of the year3. The traffic at Santiago de Chile, in which Groupe ADP holds 45% of the capital, was up by 3.6% over February 2020 and up 0.9% since the start of the year. The traffic at Amman, in which Groupe ADP hold 51% of the capital, was down by 0.8% over February 2020 and up by 1.7% since the start of the year. As announced on 16 March 2020, it is duly noted that between 1 and 14 March 2020 4 , the estimated drop in passenger numbers and in the number of aircraft movements accelerated at the Paris airports, with a change estimated at -29% and -10%, respectively.

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1 i.e. €1,360 million with a theoretical average exchange rate of EUR/INR = 79.35. 2 i.e. €677.5 million with an exchange rate of EUR/INR = 77.46. 3 Group traffic @100% without the traffic at Istanbul Atatürk airport in 2019. For information, taking into account the traffic at Istanbul Atatürk airport in 2019, The Group's traffic at 100% was down by 34% in February 2020 and by 23.6% over the first two months of the year. 4 Sources: TARMAC from 1 to 10 March 2020, SARIA from 11 to 14 March 2020.

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AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019

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