Aéroports de Paris - 2019 Universal registration document

BUSINESS OVERVIEW 05

DESCRIPTION OF ACTIVITIES BY SEGMENT

Real estate activity positioning Groupe ADP has a leading position on the Île-de-France region’s real estate market thanks to the following assets: ◆ significant land reserves: the ability to provide large, single-use areas of land within districts that are already largely connected to the airport provides an opportunity for companies seeking to group together large office spaces, warehouses and courrier services close to Paris; ◆ quality assets: spread out over three complementary platforms within airport cities, Groupe ADP’s assets are developed with a view to sustainability criteria (eco-design, eco-construction) and with very demanding certification targets (HQE “Excellent”, BREEAM “Very Good”); ◆ a privileged geographic location because of the proximity to Paris and the location of the assets and land at the heart of two of the three largest economic hubs in the Paris region, which are an essential driver of the national and regional economy; ◆ improved access by public transport over time: thanks to the completion of CDG Express and Grand Paris Express, line 17 to Paris- Le Bourget in 2024 and Paris-CDG in 2030, line 14 to Paris-Orly in 2024 (connected to line 15 a few stations away fromOrly) and line 18 in 2027. In addition, Groupe ADP has significant real estate development opportunities: ◆ some neighbourhoods have a high densification potential, in particular urban areas like the north of Orly airport, Roissypôle and the cargo zone at Paris-Charles de Gaulle; ◆ a strategy to win market share has been rolled out, notably for offices, hotels, shops, logistics premises and cargo courrier services; ◆ the asset management policy adopted enhances the value of the existing land and real estate assets (remodelling, renovation or demolition, etc.). Real estate activity strategy In terms of its real estate business, Aéroports de Paris hopes to perform at the same level as a first-class integrated property operator, making use of the development potential provided by the airport and its proximity to Paris and benefiting from long-term leases, leading to secure revenues over the long term. This ambition rests on a strategy of developing Airport Cities that consists of creating districts offering companies and their employees a good quality of life (ease of access, sustainable planning, high quality landscaped areas and a diverse range of shops and services, etc.). The economic model for the real estate business is based on two markets (airport real estate and real estate diversification, offering prospects for value creation over the medium-term) and in two business lines (manager and developer). The manager business line is founded on a solid model with diversified asset classes (hotels, offices, shops, business and logistics) and lease maturities offering long-term revenue visibility. Groupe ADP intends to continue strengthening service quality to customers, with a sustainable development policy (certified environmentally-friendly buildings, sustainable area planning, etc.), upgrading holdings and securing sites. Groupe ADP continues to pursue its strategy as an investor in the most profitable asset classes, particularly in the services (offices, hotels, shops), business and logistics sectors, while pursuing an active policy

to modernise existing assets, regenerate properties by demolishing obsolete buildings and acquire land adjacent to the airports to prepare for the future. After analysis of the projects, the choice of acting simply as developer remains possible if the investment operation proves to be insufficiently profitable or if a marked risk of obsolescence is identified or if the asset envisaged is too specific. Real estate development will benefit from a favourable environment over the coming years related to the arrival of new public transport which will contribute to supporting property and real estate values at Orly and CDG, the fact that there is little property available around the airports in the Paris Region and to the dynamic traffic and airport development (terminal 4) which will create a need for new hotels, cargo and business and support areas (catering, maintenance, etc.). 2019 saw the delivery or ongoing construction of seven investment projects. These are: ◆ at Paris-Charles de Gaulle airport: the delivery of a four-star hotel under the Innside by Melia brand with 267 rooms and the launch of a Courtyard/Residence Inn by Marriott complex with 335 rooms (2022) in Roissypôle Ouest, of the Easyhotel with 209 rooms (2021) near the Aéroville shopping centre and the launch of the 23,000 m 2 SC4 Cargo Station (2020) in the Cargo City; ◆ at the Paris-Orly airport: the Belaïa office building of 23,500 m 2 (2020), a joint investment with Covivio (formerly Foncière des Régions); ◆ at Paris-Le Bourget airport: the joint construction project with André Chenue SA (Horus Finance group) of an art conservation centre of 24,800 m 2 (2020) located in the eastern section of the airport. These projects illustrate the strengthening of Groupe ADP’s position as investor in a context of land shortage, traffic growth, and with the arrival of the Grand Paris Express in the medium-term, which should improve the attractiveness of the area and land valuations. Groupe ADP has set a target of 10-15% growth in external rent for the 2014-2020 period, made possible by new development, notably as an investor, the takeover of ownership of assets as leases expire and the renegotiation of existing contracts. In addition, the amounts recognised as external rental income (excluding re-billed charges) amounted to nearly €201 million in 2019 (€191 million in 2018). In parallel, refurbishing existing holdings will cost €160 million for the renovation of assets and 100,000 m 2 of obsolete buildings will be demolished for the construction of new projects. The planned investments will be to the tune of a total of €600 million, of which €300 million (including subsidiaries and debts) as investor, €185 million for maintenance, servicing of assets and asset management policy, and €100 million as developer. Perspectives Groupe ADP will confirm its position as an investor via the construction of new buildings or the acquisition of existing buildings, which may or may not be linked to the airports, in order to expand its customer offering. Thus, Groupe ADP aims to contribute to the creation or densification of its Airport Cities by increasing the value of its land through the conversion of certain industrial areas, obsolete industrial sections of old airport areas and by the rental optimisation of other zones. The development of services offerings will meet the expectations of current and future customers; Giving preference to densification will be a constant in all of the projects considered.

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AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019