Aéroports de Paris - 2019 Universal registration document

REAL ESTATE ASSETS AND FACILITIES

BUSINESS OVERVIEW

PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT

STATUTORY AUDITORS

RISK AND MANAGEMENT

INFORMATION ON THE COMPANY

ORGANISATION CHART

REVIEW OF THE FINANCIAL POSITION AND INCOME

EQUITY AND CASH FLOWS

INFORMATION CONCERNING TRENDS

From now until 2025, the group wants to maintain consistent positioning as an investor for hotel projects. By 2025, ADP’s goal is to be the owner of more than 1,580 rooms, or 24% of the hotel offering serving its Parisian airports. ◆ Business parks: €64 million in investments and €15 million in additional annual rent By 2025, the group should be faced with a structural need for business surface areas directly related to the development of the support functions due to the increase in air traffic. Thus, between 2019 and 2025, the expected increase amounts to 60,000 m 2 , consistently in “ADP Investor” mode. ◆ Offices: €292 million in CAPEX and €18 million in additional annual rent The group’s tertiary offering should mainly develop at Orly by 2025, notably thanks to the certain arrival of line 14. Other projects are also expected, such as the programming of a 70,000 m 2 tertiary campus to the North of Orly by 2024, adjacent to a Grand Paris Express station. ◆ Industrial aeronautical offering: €11 million in CAPEX and €2 million in additional annual rent By 2025, the group should be faced with stagnating demand for hangars, offset nevertheless by the momentum in engine and equipment maintenance. These outlooks by 2025 do not constitute new forecasts and targets. They are the group’s preliminary medium-term vision in terms of real estate, which supplements the unchanged targets of the Connect 2020 plan.

Furthermore, Groupe ADP has high-rental upside lease potential until 2045 as legacy land leases expire. When the contracts expire, the group will be in a position to opt either to have the buildings demolished by the contract beneficiary to regenerate the land for new development or to keep the buildings and become the owner and, therefore the new lessor. Assuming that the buildings are kept, the rent upside by 2045 is estimated at approximately €54 million a year compared to an investment amount of about €192 million. Lastly, Groupe ADP will look to invest in new land reserves, preferably not yet built up in the periphery of the current airports in order to maintain long-term growth prospects. On 4 April 2019, for an Investors’ Day, Groupe ADP published insights into its real estate plans for 2025 and beyond. For this horizon, the group estimates that it may invest around €735 million for the creation or recovery of assets that could generate around €74 million/year in additional rent according to the group’s estimates: ◆ Cargo: €185 million in CAPEX and €24 million in additional annual rent Between 2018 and 2025, the group expects to increase the surface areas dedicated to the Cargo activity by 100,000 m 2 (+15% of the total) systematically in “ADP investor” mode, with the exception of the extension to the FedEx hub. In addition, over the 2010-2025 period, a +51% increase in rent is expected, significantly higher than the surface areas created (+28%), notably thanks to this new “ADP Investor” positioning. ◆ Hotels: €184 million in CAPEX and €16 million in additional annual rent

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AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019