Aéroports de Paris - 2019 Universal registration document

BUSINESS OVERVIEW 05

PRESENTATION OF THE ACTIVITY

A POWERFUL HUB According to the ACI Europe “Airport Industry Connectivity 2019” report which assesses the network of connections offered at airports, the connecting platform at Paris-Charles de Gaulle, the primary base of the Air France-KLM Group, is ranked as the 3 rd European hub for global connectivity (number of cities covered), behind Frankfurt and Amsterdam. Moreover, Paris-Charles de Gaulle has a multi-modal network, as it is at the centre of a network of motorways (A1, A3, A104 motorways) and regional, national and international rail connections. In particular, the high-speed train station located in the heart of Paris-Charles de Gaulle terminal 2 provides an excellent air/rail interconnection, and the bus stations, expanded over time as a result of coach travel liberalisation, will gradually offer an additional transport service. The CDG Express project is ongoing, with the designation in December 2018 of the consortium comprising Keolis (SNCF Group) and RATP Dev as future operator and the signature of the concession contract on 11 February 2019. On 29 May 2019, the Minister for Transport announced that the commissioning of the future rail link “CDG Express” has been deferred. Scheduled to be operational for the 2024 Paris Olympic Games, CDG Express will finally be commissioned at the end of 2025. The direct rail link between Paris-Charles de Gaulle airport and Paris/Gare de l’Est has nevertheless been confirmed by the government. Finally, the location of major freight players such as Air France-KLM, La Poste and FedEx (contract up to 2048, including an extension of the European hub of the operator) at Paris-Charles de Gaulle airport enables interconnection and optimisation of their respective networks. INFRASTRUCTURES WELL-SUITED TO FUTURE GLOBAL TRAFFIC GROWTH The group has world class aeronautical infrastructures in Paris: two pairs independent runways at Paris-Charles de Gaulle airport and three runways at Paris-Orly. For these two airports, significant land reserves combined with the ability to adapt and develop existing infrastructures make it Aéroports de Paris has its fully-owned land and airport facilities in Paris and is, pursuant to law and indefinitely, the operator of the Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget airports as well as the civil airfields located in the Greater Paris Region 1 . The PACTE law of 22 May 2019 on business growth and transformation contains provisions relating to Aéroports de Paris, and authorises the transfer of majority of the Aéroports de Paris capital to the private sector. This bill provides that the right of operation shall be limited to a period of 70 years, as of the transfer of the majority of Aéroports de Paris capital to the private sector. Nevertheless, Aéroports de Paris will retain ownership of the abovementioned land and facilities throughout the entire operating period (see the section 8.3 - “2019 Highlights” of this Universal Registration Document). possible to handle long-term air traffic growth. A controlled legislative environment

The PACTE law helps bolster the company’s current model, ensures the sustainability of the regulation system based on the adjusted till model, and confirms the uniqueness of the Paris region airport system (Paris CDG, Paris-Orly, Paris-le Bourget). The Economic Regulation Agreement (ERA) 2016-2020 concluded with the French Government for the 1 April 2016 to 31 March 2021 pricing periods provides the visibility required for aviation activities. Accordingly, under the current ERA, Aéroports de Paris is authorised to raise the main airport fees as well as certain ancillary aviation fees up to a cap set by the ERA. The level of fees takes into account the return on the capital employed 2 and allows the profitability of the regulated scope to gradually improve. As a balance, these tariffs evolutions are associated with the implementation of an ambitious investment programme (around €3.0 billion for 2016- 2020) and quality of service and productivity commitments. On 2 April 2019, Aéroports de Paris published the public consultation document presenting a detailed proposal for the next Economic Regulation Agreement (ERA) for the 2021-2025 period (see section - 4.2.4 “Investment programme proposed as part of the negotiations on the 2021-2025 Economic Regulation Agreement” of this Universal Registration Document). Non-regulated activities with high potential RETAIL ACTIVITIES Groupe ADP has around 58,000 sq.m space of commercial landside and airside 3 , which allows the group to offer its customers a competitive and diverse commercial offering. The plans to increase the retail space in existing terminals, create space in new facilities, and to refine the current offering, enable Groupe ADP to continue to expand its retail activities. DIVERSIFICATION REAL ESTATE In its Parisian regional platforms (Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget), Groupe ADP has 357 hectares of land reserves earmarked for future property developments, giving it a truly dynamic policy 4 . International and airport development Since 2017, ADP International, a wholly-owned subsidiary of Groupe ADP, has been responsible for managing Groupe ADP’s international activities (investments, airport operations and engineering and innovation). The One Group project consists in the restructuring, effective on 1 January 2020, of Groupe ADP aimed to promote the company’s internationalisation, in order to enhance its industrial and financial performance, and offer its employees significant prospects for development 5 . To that end, Groupe ADP is changing its structure with four components: ◆ creation of a new Development Department, which will group together all of the Group’s concerned teams. This Department will have responsibility for all development projects, including non- airport development projects and those of service subsidiaries (BTA, specialising in food, ATU, specialising in duty-free shops, etc.);

1 Referred to in Article D. 251 of the civil Aviation Code: Chavenay-Villepreux, Chelles-Le Pin, Coulommiers-Voisins, Etampes-Mondésir, Lognes-Emerainville, Meaux-Esbly, Paris – Issy-les-Moulineaux, Persan-Beaumont, Pontoise – Cormeilles-en-Vexin, Saint-Cyr-l’Ecole and Toussus-le-Noble. 2 See section 5.4 “Description of activities by segment”, paragraph “Fees”, of this Universal Registration Document. 3 See section 5.4 “Description of activities by segment”, paragraph “Retail and Services - Parisian Platforms”, of this Universal Registration Document. 4 See section 5.4 “Description of activities by segment”, paragraph “Real Estate”, of this Universal Registration Document. 5 See section 5.4 “Description of activities by segment”, paragraph “International and Airport Developments”, of this Universal Registration Document.

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AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019