Aéroports de Paris 2016 Investor Toolbox

Transcription

1 Aéroports de Paris 2016 Investor Toolbox Updated March 2016

2 Business Overview

3 ADP has a resilient business model based on 5 complementary activities OVERVIEW Parent company: Aéroports de Paris SA (1) Subsidiaries & Associates (2) Aviation Retail and services Real estate International and airport developments Other activities Construction and management of Parisian airports 3 major airports: Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget 10 regional airfields Revenue (3) Op. Inc. EBITDA Ord. Act. 1,735m 433m 139m All commercial activities Rents from shops and B&R concessions Car parks Rentals for offices and lounges within terminals Industrial services Revenue EBITDA Op. Inc. Ord. Act. 917m 552m 468m Real estate activities outside terminals Aeronautical RE with direct access to runways (maintenance hangars, cargo) Diversification real estate (offices, malls and hotels) Revenue EBITDA Op. Inc. Ord. Act. 265m 170m 115m Airport engineering ADPI (100%) Airport management ADPM (100%) Schiphol Group (8%) TAV Airports (38%) Airport contruction TAV Construction (49%) Revenue EBITDA Op. Inc. Ord. Act. 96m -9m 53m Telecom Hub One (100%) Security Hub Safe (100%) Revenue EBITDA Op. Inc. Ord. Act. 215m 27m 12m Total Group in 2015 Revenue: +4.5% to 2,916m - EBITDA: +6.8% to 1,184m Operating income from ord. act.: +6.8% to 787m - Net result attributable to the Group: +6.9% to 430m (1) Including retail and real estate joint ventures (2) Associates include TAV Airports (38% owned), TAV Construction (49%) and Schiphol (8%) and are accounted for using the equity method (3) All figures shown on this slide are FY 2014 pro forma figures Toolbox

4 A sound, value-creating economic model supporting the target of strong EBITDA growth OVERVIEW Regulated scope (1) Industrial strategy to increase competitiveness Traffic: +2.5% CAGR CAPEX : 3.0 billion OPEX/PAX: -8% between 2015 and 2020 Tariffs: CPI +1.0% CAGR Quality of Service: Overall ACI/ASQ rating of 4 in 2020e Convergence between regulated ROCE and WACC: 5.4% in 2020e Non-regulated scope Development strategy across the entire airport chain Retail Growth in sales per pax 23 based on a fullyear after delivery of the e infrastructure projects Real estate Growth in external rents (excl. reinvoicing and indexation) +10% to +15% between 2014 and 2020e International 4 criteria for tender offers: Growth > Paris The use of Group skills Control of the asset Profitability > Paris Consolidated EBITDA +30% to +40% between 2014 and 2020e (1) Aviation (excl. airport tax), car parks, industrial services revenue, airport real estate Toolbox

5 The Aéroports de Paris airport system is the only one of its kind in Europe OVERVIEW Paris-Le Bourget > Largest business airport in Europe > Industrial and aeronautical area > Convention centre Paris - Orly > Europe's 10 th busiest airport in terms of passenger numbers > 3 runways > Close to Paris - large catchment area > Rapid turnaround of mediumhaul and particularly low-cost flights Paris - Charles de Gaulle > Europe's 2 nd busiest airport, 8 th busiest in the world in terms of passenger numbers > 2 nd busiest airport in Europe for cargo and mail handling > 4 runways, 2 independent parallel pairs > Skyteam hub for international and connecting traffic > FEDEX's cargo hub Toolbox

6 An airport system equipped with efficient runways a parallel runway system at Paris-CDG unlike any other in Europe OVERVIEW NO RUNWAY RESTRICTIONS IN PARIS 4 runways at Paris-CDG 3 runways at Paris-Le Bourget 3 runways à Paris-Orly Paris-CDG, a system unique in Europe > 2 independent parallel pairs of runways (+1 runway at Bourget) > 120 movements per hour potential of 135 movements per hour Comparison of the runway systems of other major hubs Pontential of runways at Paris-CDG compared to US airports Airport Paris-CDG 4 Existing runways 2 independent parallel pairs of runways ATM/h (2014) 120* Paris-Orly 3 not independent 76 London-Heathrow 2 independent 112 Frankfurt 4 not independent 88 Madrid 4 independent 100 Amsterdam 6 not independent 100 Istanbul Ataturk 3 not independent 58 Airport Paris-CDG 4 Los Angeles 4 Atlanta 5 Existing runways 2 independent parallel pairs of runways 2 independent parallel pairs of runways 2 independent parallel pairs of runways + 1 paralell runway ATM/h (2014) 120* * Programmed summer schedule 2016 Toolbox

7 Develop the potential of Aéroports de Paris through the competitiveness of the Paris-Charles de Gaulle hub OVERVIEW Paris-Charles de Gaulle A connection infrastructure like no other in Europe, with land reserves and no runway restrictions International traffic and connecting boosted by traffic the competitive boosted by pricing the competitive structure, promoting pricing structure higher and incentives passenger numbers and widebodied aircraft Optimised capacity to accommodate traffic until 2024 without a new terminal or using land reserves Invest in the competitiveness of the hub, promoting the operational reliability of airlines Continue night flights and dev. cargo activ., for FEDEX in particular Land reserves provide the opportunity for a T4 Toolbox

8 CDG Express Progress with the schedule for commissioning in 2023 OVERVIEW May 2014 Oct Aug CDG Express Creation of CDG Express Études Feasibility studies Traffic and infrastructure studies Choice of the operator Start of works State ADP Commissioning of CDG Express SNCF Réseau Confirmation of the legal structure planned by the French Council of State Ordinance allowing the establishment of the project company ADP/ SNCF Réseau in charge of the construction of the infrastructure To ease the passengers travel from Paris-CDG to the centre of Paris Toolbox

9 Spotlight on the proposed Terminal 4 OVERVIEW SUFFICIENT LAND RESERVES Potential T4 A Terminal 4 would complement the Paris- CDG hub and allow increased traffic to be accommodated post st phase during ERA Toolbox

10 Develop the potential of Aéroports de Paris through the internationalisation of Paris-Orly OVERVIEW Paris-Orly International traffic boosted by the competitive pricing structure, promoting higher load factor An infrastructure close to Paris, easy to use for airlines and passengers alike Incentives to reward high-performing airlines, low-cost in particular Capacity optimised and modernised to accommodate this traffic Ease of operation for airlines Toolbox

11 Paris-Orly, a profound transformation between now and 2020 OVERVIEW Paris-Orly 2016 International boarding lounge East Pier 12 aircrafts stands Increase the capacity of Paris- Orly to accommodate up to 32.5MPAX 2019 Junction building Baggage handling 4 mixed aircraft stands Plan for Paris-Orly with the One Roof project Toolbox

12 Paris-Charles de Gaulle Airport Map OVERVIEW Toolbox

13 Paris-Orly Airport Map OVERVIEW Toolbox

14 2020 strategy & targets Toolbox

15 A dynamic sector thanks to global traffic growth and an increasingly competitive landscape 2020 Strategy & targets Bn pax The global traffic is expected to nearly double by ,5 billion % p.y 1 billion % p.y 2 billion % p.y 3 billion 5 billion M pax In connection in a strong competitive landscape in Europe with the Middle East Paris-CDG Abu Dhabi Istanbul Doha Amsterdam-Schiphol Dubai Fraport Londres-Heathrow Source : ADP / SIMCA-DIIO APG 2014 / OACI / Airbus / Boeing / Growth of Global GDP of 3 % between 2011 and 2031 (consensus OCDE, HIS) Toolbox

16 Aéroports de Paris, Constantly evolving since its initial listing on the stock exchange Strategy & targets Modernisation Increased capacity at Paris-Charles de Gaulle Consolidation Improved quality of service Influence Connect 2020 Productivity and Competitiveness 2020 IPO Toolbox

17 Aéroports de Paris, major player in the aviation sector with a robust business model, strongly rooted in territories 2020 Strategy & targets OPTIMISE A confirmed business model, with an industrial strategy that encourages local and sector competitiveness and with a strict financial discipline policy, focused on productivity ATTRACT Working proactively on our Quality of Service and Route development to become the number one choice for our customers EXPAND A value-creating business model that spans all of its activities, strongly rooted in territories, with a controlled international development Toolbox

18 Connect 2020 A Strategic Plan to serve our Ambition 2020 Strategy & targets Connect our infrastructures in Paris : Optimise > Optimise our airports, our tariffs structure and our costs to increase our competitiveness Connect our passenger and airline customers and motivate our employees : Attract > High standards of quality and excellence, for connecting customers in particular Connect Aéroports de Paris with territories and with the rest of the world : Expand > Realise the CDG Express > Export our expertise to new markets Be a leading Group in airport design, construction and operation OPTIMISE ATTRACT EXPAND Toolbox

19 2020 Targets Drivers of our development strategy 2020 Strategy & targets Traffic growth assumption: +2.5% CAGR Convergence of regulated ROCE (1) to the WACC (2) RETAIL 5.4% in 2020e Revenue per passenger of 23 on a fullyear basis after delivery of the e projects REAL ESTATE Growth in external rents (excluding reinvoicing and indexation) ranging from 10% to 15% between 2014 and 2020e QUALITY OF SERVICE Overall ACI/ASQ (4) rating of 4 in 2020e +30 to +40% growth in consolidated EBITDA (3) between 2014 and 2020e (1) Return on capital employed calculated as the ratio of after-tax operating income to the Regulated Asset Base (2) Weighted average cost of capital (3) Target to be completed annually by an annual forecast (4) Airport Quality of service indicator (Airport Service QUALITY MADE BY Airport Coucncil International Toolbox

20 Continue our financial discipline to improve competitiveness 2020 Strategy & targets FINANCIAL DISCIPLINE Emphasis on Group productivity Restructuring and synergies Payroll management Savings on other company expenses Control and standardisation of needs Control over purchases Toolbox

21 ... through continued increases in productivity 2020 Strategy & targets Decrease of OPEX/PAX in a growing traffic context > Limit general wage increases FOCUS on regulated expenses per pax > Non-replacement of one in two leaving employees 11,8 12,4 12,6 12,1 11,9-8% 11,0 > Additional savings on other expenses Regulated OPEX (excl. taxes and depr.) per pax in e 2020e -8% Regulated OPEX (1) /pax between 2015 and 2020 (1) Regulated scope operating expenses, excluding taxes other than income taxes and amortization & depreciation, in constant euros 2015 Toolbox

22 An optimised and sustained investment policy of 4.6 billion (1) to back our strategy 2020 Strategy & targets Regulated CAPEX: 3.0 billion Non-regulated CAPEX: 0.9 billion Security CAPEX: 0.7 billion CAPEX million 2015 Retail (2) and other non regulated Diversification Real Estate Security equipment Standard e 2017e 2018e 2019e 2020e (1) ADP SA (mother company), excluding subsidiaries and financial investments. CAPEX breakdown could be revised if necessary. (2) Including Retail works CAPEX estimated at 198m over Toolbox

23 Make the most out of our Parisian airports 2020 Strategy & targets AVIATION Ensure operational robustness and strengthen efficiency Put an emphasis on maintenance and renovation Improve passengers satisfaction Strengthen the competitiveness of the hub and optimise other process Roll out the One Roof concept to optimise our capacities Potentiel visual of the junction building at Paris-Orly Pontential visual of the merger of international satellites of Terminal 1 Toolbox

24 Convergence of regulated ROCE to the WACC in Strategy & targets An emphasis on price competitiveness and the development of international and connecting traffic Moderation in tariffs: CPI +1.0% on average/year New tariffs structure (2) Incentives: 3 incentives capped at 5 million/year WACC (1) = 5.4% 3,8% 384 Regulated ROCE Pricing increase cap Regulated CAPEX CPI CPI +1.25% 693 CPI +1.25% 584 CPI +1.25% Regulated ROCE ,0% 5,4% 457 CPI +1.25% 2015e 2016e 2017e 2018e 2019e 2020e Regulated CAPEX in m 2015, pricing changes and regulated ROCE 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% Regulated ROCE at 5.4% in 2020 (1) Methodology consistent with that outlined in the Public Consultation Document for the ERA available at (2) Proposal Toolbox

25 Continue the success story of Retail 2020 Strategy & targets RETAIL Offer the ultimate Parisian experience in shopping and dining Optimise and standardise the offering available in international terminals Develop our brand portfolio Increase awareness before the arrival at the airports Roll out the JV (1) model to Bars & Restaurants Potential picture of retail area of international Terminal 1 Central square of Hall K of terminal 2E (1) Joint Ventures Toolbox

26 Retail: target sales/pax of 23 based on a full-year after delivery of the infrastructure projects scheduled for Strategy & targets Growth of sales per pax (1) between 2015 and the delivery of infrastructure projects Favourable traffic mix: +3.6% CAGR for international traffic 19,7 23 Standardisation of international terminals , ,7 18,2 Sales per pax ( ) Renovation of Terminal 2E Halls K and L Renovation of the Terminal 1 international satellites Remodelling work at Orly Sud and the junction building Merging of satellites 2B and 2D Development of the airport's reputation 23 of sales/pax based on a full-year after delivery of the infrastructure projects (1) Sales per pax: revenue of airside shops per departing passenger Toolbox

27 Prepare for the airport city of tomorrow 2020 Strategy & targets REAL ESTATE Build and retain value creation Modernisation of existing assets Development of cargo activities Development of diversification activities Roissypole potential change Pontential picture of Aéroports de Paris headquarters at Paris-Charles de Gaulle Toolbox

28 Real estate: Modernisation of assets and development 2020 Strategy & targets Growth in external rents (excluding reinvoicing and indexation) Modernisation of assets Improved quality of assets m External rents (excluding reinvoicing and indexation) Higher range of growth in external rents Lower range of growth in external rents e 2016e 2017e 2018e 2019e 2020e +15% +10% Demolition and reconstruction Development of diversification activities Airport business district (Roissypole) Hotel activity Development of cargo activities External rents up 10% to 15% between 2014 and 2020e Toolbox

29 Establish international as the 3 rd business of the Group by exporting our savoir-faire in a controlled way 2020 Strategy & targets INTERNATIONAL Capitalise on our international assets Continue the development of TAV Airports Diversify our global footprint with ADPM Enter new markets with ADPi Generate Group skill synergies all over the value chain, in particular TAV Construction Forecast design of the future terminal of the new airport of Chengdu 4 criteria for international tender offers > Growth > Control of the asset > The use of Group skills > Profitability Toolbox

30 Allocation of share capital Moderate debt and an assumption of a dividend distribution policy at 60% 2020 Strategy & targets billion current 2.7 Estimated change of the Group net debt in line with our ambition to keep our rating CAPEX Financing billion on the regulated scope 1.6 billion on security and non-regulated scope Financial investments and subsidiaries Assumption of a 60% pay out dividend policy until % of net result attributable to the Group Payment of interim dividends 2015 Colonne1 Colonne2 Colonne3 Colonne4 2020e A+ Stable outlook maintained For our S&P rating Toolbox

31 Regulation

32 Non-aeronautical activities Aeronautical activities ERA relies upon a balanced equation, center of our industrial strategy REGULATION 2020 target ROCE of regulated scope = WACC 5.4% Stability of the regulated scope as adjusted till TARIFFS STRUCTURE AND INCENTIVES PRICE EFFORTS FOR AIRLINES CAGR = CPI+ 1.0% OPERATIONAL NEEDS QUALITY OF SERVICE REGULATORY CHANGES ECONOMIC ENVIRONMENT TRAFFIC ASSUMPTION CAGR = +2.5% International traffic CAGR = +3.6% Regulated scope Aeronautical fees (passenger, landing, parking) Ancillary fees (1) (check-in desks, luggage sorting systems, de-icing, ) Car parks Industrial services Rental revenue Airport real estate Non-regulated scope Revenue from airport safety and security services Commercial activities Diversification real estate Subsidiaries and associates CONTROL OVER REGULATED OPEX OPEX / PAX 2020 : -8% vs 2015e REGULATED CAPEX 3.0bn Convergence of regulated ROCE to the level of the WACC in 2020 (1) Excluding fees for disabled person (PHMR) Toolbox

33 A proposal to revamp the pricing structure to encourage growth in international traffic and wide-bodied aircraft REGULATION NEW TARIFFS STRUCTURE (1) EFFECTIVE FROM 1 st APRIL 2016 Proposed change to the landing fee Reduction in the variable element Favourable to widebodied aircraft Improve our competitiveness on longhaul pricing Reduction in passenger fees and the variable element of the landing fee Enhance the efficient use of slots by favouring high load factors Increase in the fixed element of the landing fee Attract based aircraft Enhance slot reliability through an increase in the fixed element Overnight parking exemption Encourage international traffic through increased pricing competitiveness Economic neutrality for ADP in 2016 (1) proposal Toolbox

34 Incentives (1) to reward high-performing airlines and connecting traffic REGULATION INCENTIVES PROPOSED IN ADDITION TO THE NEW TARIFFS STRUCTURE, IN ORDER TO BOOST INTERNATIONAL TRAFFIC Measure in favour of international traffic Measure in favour of connecting traffic Measure in favour of the rapid turnaround of aircraft 30% reduction in the passenger fee for rapidly-growing traffic No passenger fees for growing connecting traffic Reduction in the parking fee for turnarounds <45 min Attract international and connecting traffic Reward high-performing airlines (1) proposal Toolbox

35 An ambitious and selective investment programme with an emphasis on maintenance, optimisation and competitiveness REGULATION 3 PRIORITIES FOR ERA Maintenance Compliance with with regulations regulations Optimisation of of capacities and One Roof Roof initiative initiative Improving access Competitiveness of of the Hub the Hub Service quality and sustainable sustainable development Aeronautical real real estate development ERA ERA ERA billion ERA billion ERA billion ERA Comparison of , and ERA investment programmes ( million 2015) (1) 2.3 billion with a scope comparable to that of ERA 2, i.e. an adjusted till system (2) compared to ERA Toolbox

36 Invest in the competitiveness of the Paris-CDG Hub REGULATION INCREASE THE COMPETITIVENESS OF THE HUB AND PROMOTE OPERATIONAL EFFICIENCY Improve operational reliability, the competitiveness of the hub and the operational efficiency of airlines Improvement to services offered to airlines > Automatic baggage drop-off > Self-boarding gates Development of areas to accommodate widebodied aircraft > Create parking areas for wide-bodied aircraft 644 million REGULATED CAPEX Improved running time > Securing of the northern twoway runway Baggage sorting in Terminal 2E's Halls L and M > Phase 1 up to Hall L > Phase 2 up to Hall M Toolbox

37 Preserve airport assets REGULATION INVEST IN MAINTENANCE AND COMPLIANCE Ensure the security and preservation of airport assets Upgrade terminals to the highest standard 1,204 m REGULATED CAPEX Renovation to fight against wear and tear Maintenance of computer systems Toolbox

38 Roll out the "One Roof" concept REGULATION ONE ROOF Merge and upgrade departure areas Merge arrival areas Boost the usage of airport resources Optimise operating costs for the entire sector Provide a more comfortable atmosphere for passengers Create additional services for airlines Expand retail spaces Toolbox

39 One Roof Paris-Orly REGULATION Paris-Orly Linking of South and West terminal 80,000 sqm 3.5 MPAX capacity Toolbox

40 Achievement of targets

41 Achievement of targets 2015 TARGETS main targets (1) Achievements Traffic assumption (CAGR ) +2.7% +2.7% OPEX Parent Co. (CAGR ) +2.0% < x < +3.0% +1.3% EBITDA (2015 vs 2009 (2) ) +30% < x < +35% +34% at 1,184m Retail (Sales/PAX (3) ) Real Estate development ( ) +320,000sqm < x < +360,000sqm 329,200sqm Regulated CAPEX ( ) 1.9bn 1.9bn (4) Regulated ROCE (2015) 3.8% Assessment of 3.8% (To be published in July 2016) (1) Update of inital targets in the press releases of 27 June 2012, of 20 December 2012 and of 29 July 2015 (2) EBITDA 2009 : 883m (3) Sales/PAX : sales of airside shops per departing passenger (4) Excluding reclassified capitalised costs for 0.1 billion Toolbox

42 Traffic growth and increase in fees in line with the ERA 2015 TARGETS Dynamic passenger traffic of +2.7% on average per year between 2010 and 2015 Strict application of the pricing cap provided for by ERA Million of passengers % CAGR Pricing cap (1) CPI + 0.0% CPI + 1.0% CPI + 1.5% CPI + 2.2% CPI + 2.2% CAGR CPI % % CAGR Price increase applied Measured inflation +1.49% +3.4% +3.0% +2.95% +2.4% 1.49% 2.18% 1.84% 0.69% 0.22% CPI % % CAGR Paris-Orly Paris-Charles de Gaulle TOTAL Reminder of the price increase of ERA CAGR : CPI +1.0% of which 2016 price increase: 0.0% (1) Excluding adjustment factors (penalty or bonus linked to the quality of service that allows ADP to exceed the pricing cap) Toolbox

43 Success of our financial discipline and process modernisation 2015 TARGETS Close monitoring of the CAPEX plan > 1.9bn (vs. 1.9bn expected) of CAPEX plus 0.1bn of reclassified capitalised costs for the regulated scope between 2011 and 2015 Optimisation in preparation for the CAPEX plan Success of the efficiency and modernisation plan > Control over parent company expenses Control over the period: +1.3% CAGR m of cumulative savings thanks to the efficiency and modernisation plan (vs. 71m to 81m expected for ) Decrease of parent company OPEX in 2015: -0.3% Reorganisation of processes Creation of an integrated engineering function (joining delegated projects ownership, project management and architecture) Creation of an airport operations management team Reorganisation of the finance and management control function with, notably, the introduction of a new ERP (1) (1) Entreprise Resources Planning Toolbox

44 Financial Results

45 Highlights of RESULTS Growth in passenger traffic +3.0% in Paris, despite the impact of the terrorist attacks +4.1% for Group traffic Paris traffic growth assumption of +2.7% met for Agreement with the French government for the ERA (1) Achievement of targets Aéroports de Paris's industrial strategy contributes to local and air transport development 2015 sales/pax (2) of 19.7 (vs. 19 expected) Control over Parent company s operating expenses (+1.3% CAGR (3) ) 2015 EBITDA of 1,184m (+34% compared to 2009 (4) ) 2015 dividends Payout ratio maintained at 60% of NRAG (5), i.e. a dividend proposed to the General Meeting of 2.61 (6) per share (1) Economic Regulation Agreement (2) Revenue of airside shops per departing passenger (3) Compound average annual growth rate (4) 2009 EBITDA: 883 million (5) Net Result Attributable to the Group (6) Excluding the impact of the interim dividend for 2015, paid in December 2015, of 0.7 per share. The dividend paid in June 2016 should therefore equal 1.91 per share Toolbox

46 2015 results: Strong increase in the Group s results 2015 RESULTS Parent company: Aéroports de Paris SA (1) Subsidiaries and associates (2) Group Aviation Retail & Services Real Estate International and airport development Other activities Revenue 1,735m (+3.8%) 917m (+3.8%) 265m (+0.4%) 96m (+21.2%) 215m (+7.3%) 2,916m (3) +4.5% EBITDA Op. Assoc. Op. Inc. From Ord.Act. 443m (+11.5%) 552m (+5.7%) 170m (+3.6%) - 9m (vs. 0m) 27m (+10.8%) 10m (+8.4%) - 13m (vs. 0m) 63m (-2.3%) 139m (+51.2%) 468m (+3.6%) 115 m (-3.5%) 53m (-16.2%) 12m (+12.4%) Net result attributable to the Group 1,184m +6.8% 60m -18.5% 787m +6.8% 430m +6.9% 2014 data aforementioned are restated (please refer to slides 100 and 101) (1) Including commercial and real-estate joint ventures (2) Equity stakes include TAV Airports (38% stake), TAV Construction (49% stake) and Schiphol Group (8% stake) (3) Including intersegment eliminations totalling 312m Toolbox

47 2015 full year results in line with our forecasts (1) 2015 RESULTS In m Revenue 2,791 2, % EBITDA/ 500 revenue (%) EBITDA 1, % 1, % 40.6% Operating income from ordinary activities (2) Net result attributable to the Group OIFOA (2) / 600 revenue 500 (%) % % 27.0% % (1) 2015 forecasts: consolidated EBITDA growth of between +30% and +35% between 2009 and 2015 (2) Operating Income From Ordinary Activities including operating activities of associates Toolbox

48 EBITDA up 6.8% reflecting effective control of operating expenses 2015 RESULTS In m /2014 Revenue 2, % Operating expenses (1,737) +2.5% of which : Raw materials and consumables used (109) +6.6% External services (668) +3.1% Staff costs (707) +3.1% Taxes other than income taxes (237) +1.3% Other operating expenses (15) -32.6% Other incomes and expenses % EBITDA 1, % EBITDA/revenue 40.6% +0.9pt Control over group operating expenses : +2.5% > Reduction in parent company operating expenses: -0.3% Savings on purchases and subcontracting Decrease in employee expenses following the voluntary departure scheme (VDS) > Increase in activity by ADP Ingénierie Increase in activities leading to an increase in the use of subcontracting and in subsidiaries employee expenses Toolbox

49 Continuation of productivity measures begun in 2013 Success of the efficiency and modernisation plan 2015 RESULTS Parent company s operating expenses In m 1,469 Target met for control of Parent company s operating expenses < 3.0% 1, % CAGR ,629 1,652 1, > Success of the efficiency and modernisation plan for : 89m cumulated savings 66m savings on purchases and subcontracting costs 23m savings on payroll costs (VDS with 280 departures) > Effective control of Parent company s expenses: +1.3% CAGR > Structural savings: 33m, of which 18m related to the VDS > Parent company s expenses: -0.3% Toolbox

50 Net Result Attributable to the Group up 6.9% Improved operational leverage and financial result 2015 RESULTS Cœur d Orly TAV Airports, TAV Construction Schiphol Retail JVs Disposal of remaining 20% of Alyzia Holding Provision positive base effect Lower cost of debt +6.8% +2.5% % % % % Operating income from ordinary activities (incl. Operating activities of associates) 787m (+6.8%) NRAG(1) 2014 EBITDA Depreciation Op. activites of associates Non-op activites of associates Others Financial results Income tax NRAG 2015 (1) Net Result Attributable to the Group Toolbox

51 Solid financial situation as of 31 December RESULTS Debt repayment schedule ( m) Net debt ( bn) Share of fixed-rate debt (2) % 85% Average maturity 6.9 years 7.5 years Average cost 2.4% 2.9% Gearing 65% 70% Capital excluding interest as of 31 December 2015 (1) Rating (S&P) A+ / stable A+ / stable (1) Nominal value after currency swap (2) After currency swap Toolbox

52 2016, the launch year for a new cycle Main projects in FORECASTS Optimise Attract Expand Capitalising on our resources Aiming for excellence Fostering and sharing sustainable growth Launches of major ERA infrastructure projects Delivery of the extension of the eastern pier at Paris-Orly New cost-cutting plan Launch of the brand promise and of the loyalty programme Opening of the Instant Paris lounge New head office building Creation of the CDG Express infrastructure manager Spring 2016 H H Toolbox

53 Aéroports de Paris group s 2016 forecasts 2016 FORECASTS Passenger traffic growth assumption for % compared to tariffs +0.0% compared to 2015 Application, in 2016, of the price stability provided for by the ERA 2016 EBITDA Slight increase compared to 2015, in compliance with our trajectory of a 30% to 40% growth in 2020 EBITDA versus 2014 NRAG (1) in 2016 Increase greater than or equal to 10% compared to 2015, including the impact of the capital gain of the current headquarters disposal 2016 dividends Payout ratio to be maintained at 60% of NRAG Payment of an interim dividend for 2016 in December 2016 (1) Consolidated Net Results Attributable to the Group Toolbox

54 Aviation

55 ADP Group traffic Resilient traffic growth despite of 2015 terrorist attacks AVIATION ADP vs peers Monthly change in ADP traffic Paris-CDG+ORY Londres-Heathrow Istanbul-Atatürk Francfort-Fraport Amsterdam-Schiphol Madrid-Adolfo Suarez mpax 2015 / % % % % % % mpax Q : +2.0% 2014 : +3.6% Q : +1.0% 2014 : +4.6% Q : +8.2% 2014 : -0.6% Q : +0.0% 2014 : +3.2% AF strike Sept Monthly change +20% +15% +10% +5% +0% ADP Group(1) % 5 4 Terrorist attack Nov % -10% of which Fraport Group(1) AENA Group % +2.9% +5.9% 3 Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec passenger traffic 2015 passenger traffic 2014 traffic growth: pax 2015 traffic growth: pax -15% Consequences of Air France strike (Sept. 2014) and Paris attacks (Nov. 2015) (1) Traffic weighted by the percentage of shares held, see slide 37 Toolbox

56 International and Airport Developments Group traffic by airport INTERNATIONAL In million of passengers Part ADP (1) traffic Stake-weighted (m pax) 2015 / 2014 Paris (CDG + 100% % Mexico regional 25.5% 16.7% % 21% 0, % ADP Group 5% % 9.5% % 10% % 29% % Santiago of 45 % % Istanbul 38% % Groupe TAV Airports Ankara 38% % 38% % Other airports 38% % Total Group % (1) Direct or indirect (2) Of shares in SETA which owns 16.7%of the firm GACN which has control over 13 mexican airports (3) Milas-Bodrum (Turkey), Croatia (Zagreb), Saudi Arabia (Madinah), Tunisia (Monastir & Enfidha), Georgia (Tbilissi & Batumi), and Macedonia (Skopje & Ohrid). On a regulated scope basis, including Milas- Bodrum 2014 traffic, traffic of other TAV Group airports would be down by 4.5% for 2015 compared to Toolbox

57 Paris Airports traffic Driven by positive traffic mix and strong growth in low costs airlines AVIATION % ADP total traffic (departures and arrivals) 2015/2014 change France North America 9.9% +6.8% French Overseas Territories 3.9% -0.3% 17.0% +0.8% Europe 43.2% +3.5% Middle East Asia/ Pacific 4.8% +5.3% 7.0% +4.4% Africa Latin America 11.0% +0.8% 3.2% +2.2% Total traffic International traffic (1) Connecting rate (2) +3.0% 39.8% +3.4% 24.0% +0.6pt (1) Excluding France et Europe (2) Number of connecting passengers out of the number of departing passengers Toolbox

58 Aviation Dynamic development of serviced routes AVIATION Growth of line openings spurred on by high-growth markets like China PARIS FRANKFURT LONDON AMSTERDAM New routes at Paris-CDG et Paris-Orly (today) Cities serviced Weekly rate N of airlines ADP data at end Dec.2015 The goal is to pursue the upward trend by connecting Paris to China s Top 10 cities (1) City Shanghai Beijing Guangzhou Shenzhen Tianjin Suzhou Chongqing Chengdu Wuhan Hangzhou Strategy Target Target - Target (1) In terms of GDP/capita. 6 cities out of TOP 10 Chinese cities are already connected, 3 remained to be connected (Suzhou is the surrounding of Shangai). 8 Chinese cities are connected, including 2 secondary cities (Xi an and Kunming) Toolbox

59 Aviation P&L in 2015 AVIATION In m Other Revenue from airport safety and security services Revenue: +3.8% 1, , EBITDA: +11.5% Operating Income from ordinary activities: +51.2% In m 23.8% 25.5% Airport fees Ancillary fees Parking Landing Passengers % % 139 EBITDA OIFOA (2) Margin 2014 restated restated 2015 Airport fees (+5.0%): + 47m Traffic (including Mix effect) : + 23m Tariffs : + 25m Ancillary fees (+8.8%): + 17m De-icing: + 4m PMR (1) : + 4m Check-in desk: + 4m EBITDA + 46m Control over operating costs ROC + 47m Almost stable depreciation and amortisation (-0.4%) EBITDA/revenue (%): +1.7 pt (1) Assistance fees for people with reduced mobility (2) Operating Income From Ordinary Activities including operating activities of associates Toolbox

60 Retail and Services

61 Retail and Services Main activities RETAIL Commercial activities Advertising Bars and Restaurants Services Car parks Toolbox

62 Retail and Services Unique business model RETAIL Shops and Advertising JVs on strategic activities A 50/50 JV with the best operator in the sector A joint governance + Specialized multibrand stores on activities with strong technicality The best operator downtown Bars and Restaurants Operators Joint venture with SSP, Epigo A strong incentive to deliver quality + Brands directly managed on specific formats + Luxury brands directly managed Toolbox

63 Retail and Services Key role of joint-ventures RETAIL Core Business & Fashion SDA Press & book, Souvenir Advertising Media Aéroports de Paris 50/50 partnership with Aelia (Lagardère Services) Integration of Fashion shops inside SDA beginning of ,360 sqm 50/50 partnership with Lagardère Services New and renewed outlets New Souvenir activity «Air de Paris» 6,860 sqm 50/50 partnership with JC Decaux Larger and more qualitative billboards Design by Patrick Jouin Toolbox

64 Security check / Border Boarding Retail and Services Specific layout focused on paris RETAIL Last Minute Breathing area WALKTHROUGH Beauty & Arts de vivre Department Store CENTRAL SQUARE Seats, bars & restaurants, services, with shops around LUXURY AREA Last Minute Ambition in Interior Design: THE DEPARTMENT STORE THE PARISIAN SQUARE THE AVENUE To offer a last Parisian shopping experience Toolbox

65 Retail and Services 2015 targets (1) RETAIL To increase duty free sqm by 35% To reach a sales / pax of 19.7 in 2015 In 000 of sqm Sales / Pax (2) ( ) 56,7 59,1 58,8 49,9 23,6 24,9 23,6 22,8 4,5 4,7 5,2 5,3 6,2 6,3 6,3 3,9 17,8 22,3 23,2 23,7 +19% +32% % +3.0% +11.3% % +15.3% % % +9.2% % e Real 2015 Duty Free shops Duty Paid shops Bars and restaurants Land side shops 2015 target exceeded (1) 2020 targets are disclosed in slide 24 and 25 (2) Sales of airside shops per departing passengers Toolbox

66 Retail and Services Sales/PAX by main destination in 2015 RETAIL USA % Traffic: +6.6% China % Traffic: +16.9% South Korea % Traffic: +13.0% Japan % Traffic: -6.9% Vietnam % Traffic: -5.7% Sales/pax (1) 2015 Growth compared to 2014 (1) Sales of airside shops per departing passenger Toolbox

67 Retail and services Details of commercial rents and sales/pax (1) RETAIL Retail income: +8.0% Sales/PAX 2015: +8.4% at In m % Sales/PAX ( ) % % % % % % Commercial rents Airside shops Bars & restaurants Duty Paid (Schengen) Duty Free (International) Total Landside shops Other (1) Sales/PAX = revenue in airside shops per departing passenger Toolbox

68 Retail and services P&L 2015 RETAIL In m Other Rentals Revenue: +3.8% EBITDA: +5.7% Operating Income from ordinary activities: +3.6% In m 59.2% 60.2% 51.1% 51.0% Industrial service revenue Car parks EBITDA Retail income % OIFOA (1) Margin 2014 restated pro forma 2015 Retail income (+8.0%): + 32m Positive traffic mix Favourable exchange rate effect Opening of the luxury block at Hall K in Terminal 2E Parkings (-3.9%): - 7m Lower average parking time EBITDA and Op. income from operating activities up: Associates operating results (JVs with Aélia and JCDecaux) : +8.4% to 10m EBITDA/revenue (%): +1.0 pt (1) Operating Income From Ordinary Activities including operating activities of associates Toolbox

69 Retail and services Focus on commercial joint ventures RETAIL In m Revenue (1) : +7.9% EBITDA (1) : +26.9% Net Income (1) : +50.3% SDA (retailing JV (2) with Lagardère Travel Retail): Revenue growing by 8.1%: Traffic effect : +3.0% Growth of Fashion and Core business Impact of the opening of the shops of the central square at Hall K in Terminal 2E in October EBITDA RN EBITDA RN Relay: Revenue growing by 4.9% carried up by the success of the strategy of diversification of Relay to the snacking Media ADP: Revenue growing by 12.5% supported by new contract in particular in digital activities Media ADP Relay@ADP SDA (1) Of % (2) Joint ventures Toolbox

70 Retail and services Details of commercial rents and sales/pax (1) Retail income: +8.0% Sales/PAX 2015: +8.4% at In m % Sales/PAX ( ) % % % % % % Commercial rents Airside shops Bars & restaurants Duty Paid (Schengen) Duty Free (International) Total Landside shops Other (1) Sales/PAX = revenue in airside shops per departing passenger Toolbox

71 Real Estate

72 Real estate A unique diversified portfolio of assets, with limited risk REAL ESTATE Airport related real estate Diversification real estate Industrial infrastructure supporting players in airport operations: > Aircraft maintenance hangars > Cargo warehouses External programmes: > Offices > Retail & hotels > Business parks and logistics warehouses ADP land portfolio : 1,310 ha 1,026,000 sqm leased ha 204 ha 326 ha Landbanks 381 ha Land used for ADP buildings 326 ha Land leased to third parties 603 ha 8,000 m² 7,000 m² 3,000 m² 7,000 m² 211,000 m² 295,000 m² 159,000 m² 85,000 m² 155,000 m² 109,000 m² 6,000 m² Airport related 444 ha Diversification 866 ha 1,310 ha Airport related 531,000sqm Diversification 495,000sqm Cargo buildings Hangars Logistics Internal rentals Offices Other buildings Toolbox

73 Real estate High visibility of the rents REAL ESTATE A unique lease maturity An average occupancy rate of 91% as of 31/12/2015 Lease maturity by value Physical occupancy rate 52% 25% 10% 13% et + Toolbox

74 Real estate A unique potential upside to build on these strengths REAL ESTATE Aéroports de Paris land : 6,686 hectares Real estate : 1,310 ha Developed properties (905 ha) Undeveloped properties (405 ha) Leased lands (581 ha) ADP buildings (324 ha) Airport related (48 ha) Diversification (357 ha) Fair value (1) M M (*) 142 M (*) : value as of December 31, 2014 (1) Estimate as of 31/12/2014. IAS 40 valuation whose method is available Note 22 of 2014 consolidated financial statement to get on + value IAS 17 + internal ADP real estate operations Toolbox

75 Real estate +45% increase of the property value over REAL ESTATE Current value, excluding taxes M 1,584 of which 1,373 M under IAS 40 Land developments M Land leases Indexation + 66 M Decreasing actualisation rate M New building Developments M LBG ,290 M of wich 2,110 M under IAS LBG and others airfields + 34 M Paris-Orly & Paris-Charles de Gaulle landbanks M Paris-Orly & Paris-Charles de Gaulle leased buildings M Paris-Orly & Paris-Charles de Gaulle leased lands external valuation coverage = 77% (value) M IAS 40 valuation whose method is available Note 22 of 2014 consolidated financial statement to get on + value IAS 17 + internal ADP real estate operations Toolbox

76 Real Estate Delivery of all identified real estate projects since 2011 REAL ESTATE Real estate pipeline in sqm (1) 320, , ,200 New head office for Aéroports de Paris 17,100sqm Paris-CDG 281, , Equipment maintenance facility 5,700sqm Paris-CDG , , , ,700 Cargo courrier service 37,500sqm Paris-CDG 42, Ongoing projects for delivery before end 2015 Projects delivered Hotels 15,000sqm Paris-Orly (1) target: to develop a surface area of 320,000 to 360,000 sqm of buildings owned by Aéroports de Paris or third parties on Aéroports de Paris land between 2011 and 2015 Toolbox

77 Real Estate Achieving 2015 targets with 329,200sqm developped REAL ESTATE Airport Segment ADP Role Operator Project Opening Floorspace (sqm) CDG Diversification Developer IBIS Hotel extension ,600 ORY Diversification Developer Compass Operation premises ,250 CDG Diversification Developer Divers Offices ,300 ORY Diversification Developer Franprix Logistics ,000 CDG Aeronautical Developer Air France Baggage storage ,700 CDG Diversification Developer/Investor Servair/AF Altaï ,250 CDG Diversification Developer Air France Engine test bench ,500 ORY Diversification Developer Fnac Logistics ,000 CDG Aeronautical Developer/Investor WFS/ Kuhene+Nagel. Cargo terminal GB ,000 CDG Diversification Developer Aélia Operation premises ,000 CDG Diversification Developer Unibail Aéroville shopping mall ,000 CDG Diversification Developer Citizen M Hotel ,100 CDG Aeronautical Developer Sodexi Cargo ,000 CDG Aeronautical Developer DHL Warehouse and offices ,200 ORY Diversification Developer Dacsher Parcel delivery ,800 CDG Diversification Developer Accor 3* hotels ,000 ORY Diversification Developer/Investor Bureaux Cœur d'orly ,500 Total projects delivered or ongoing (opening before 2015) 329,200sqm target (1) : 320, ,000 (1) Development target: buildings owned by Aéroports de Paris or third parties built on Aéroport de Paris' land between 2011 and 2015 Toolbox

78 Real Estate Pipeline of ongoing projets REAL ESTATE Airport Segment ADP Role Operator Project Opening Floorspace (sqm) CDG Diversification Developer Sogafro/SDV Offices and warehouses ,500 CDG Aeronautical Investor TCR Manustra Engine maintenance area ,700 CDG Diversification Developer Divers Warehouse ,000 CDG Diversification Investor Divers Offices CDG Aeronautical Developer Aérostructure Maintenance ,000 ORY Diversification Developer Accor Hotels ,000 CDG Diversification Investor Siège social Offices ,100 Total ongoing projects 108,500sqm Toolbox

79 Real Estate P&L 2015 REAL ESTATE In m Internal revenue Other Revenue: +0.4% EBITDA: +3.6% Operating Income from ordinary activities: -3.5% In m 62.1% 64.1% 44.9% 43.2% External revenue Buildings EBITDA Lands OIFOA (2) Margin 2014 restated pro forma 2015 Increase in EBITDA due to control over OPEX External revenue (+0.6%): + 1m New renting: + 2m Rent indexing (1) : - 1m Internal revenue (-0.7%): stable Decrease in Op. income from operating activities: Amortisation and depreciation: -6.2% Depreciation of studies linked to projects of offices at Cœur d'orly: - 13m EBITDA/revenue (%): +2.0 pts (1) On 1 January 2016, the Cost of Construction index was -0.4% (2) Operating Income From Ordinary Activities including operating activities of associates Toolbox

80 International and Airport Developments

81 International and airport developments International footprint INTERNATIONAL 13 regional airports in North and Central Mexico (25.5%) 17.1 mpax Operator and strategic partner France Paris-CDG: 65.8mpax Paris-Orly: 29.6mpax Owner and operator Schiphol Group (8%) 58.3 mpax Industrial cooperation Liege (25.6%) 0.6 m tonnes of freight Strategic partner Zagreb airport (ADP 21% and TAV 15%) 2.6 mpax Operator and partner Macedonia (100%) Skopje & Ohrid: 1.6mpax Concession operator Georgia (76%) Tbilisi & Batumi: 2.1 mpax Concession operator Turkey 90.5 mpax Istanbul Ataturk, Ankara, Izmir, Gazipasa and Bodrum Concession operator Amman Jordan (9.5%) 7.1 mpax Management contract Strategic partner Conakry Airport (29%) 0.3 mpax Operator TAV Airports ADP Airports TAV + ADP Santiago de Chile (from October 2015) (45%) 17.2 mpax Concession operator Tunisia (67%) Enfidha & Monastir 1.4 mpax Concession operator Jeddah (Hajj Terminal) Saudi Arabia 7.3 mpax Management contract Mauritius (10%) 3.2 mpax Operator Strategic partner Medinah (Saudi Arabia) (33%) 5.8 mpax Concession operator Toolbox

82 International and Airport Developments Group traffic by airport INTERNATIONAL In million of passengers Part ADP (1) traffic Stake-weighted (m pax) 2015 / 2014 Paris (CDG + 100% % Mexico regional 25.5% 16.7% % 21% 0, % ADP Group 5% % 9.5% % 10% % 29% % Santiago of 45 % % Istanbul 38% % Groupe TAV Airports Ankara 38% % 38% % Other airports 38% % Total Group % (1) Direct or indirect (2) Of shares in SETA which owns 16.7%of the firm GACN which has control over 13 mexican airports (3) Milas-Bodrum (Turkey), Croatia (Zagreb), Saudi Arabia (Madinah), Tunisia (Monastir & Enfidha), Georgia (Tbilissi & Batumi), and Macedonia (Skopje & Ohrid). On a regulated scope basis, including Milas- Bodrum 2014 traffic, traffic of other TAV Group airports would be down by 4.5% for 2015 compared to Toolbox

83 International and Airport Developments TAV Airports and TAV Construction acquisitions were a key milestone INTERNATIONAL A major strategic investment Significant value creation opportunities Turkey is an attractive market with strong growth prospects TAV is a leading airport operator with A diversified airline and airport portfolio and a powerful hub Strong financial performance: 55% EBITDA CAGR between 2006 and 2011 An outstanding platform for future expansion A strong positive impact on the Group's performance Aéroports de Paris has acquired 38% of TAV Airports for $874m 49% of TAV Construction for $49m Transaction EPS accretive as of 2013 TAV to be consolidated under the equity method Double digit equity IRR expected An equal governance structure Senior management team of TAV Airports to remain in place and committed to the business post-transaction Joint control between ADP, Akfen & Tepe Toolbox

84 TAV Airports Full service providers from construction to operations of the airport value chain INTERNATIONAL Revenue / EBITDA 2015: 1,079m / 488m Airports Duty free Food and beverage Ground handling Others Turkey Istanbul Ataturk Airport (100%) Ankara Esenboga Airport (100%) Izmir Adnan Menderes Airport (100%) Gazipasa Alanya Airport (100%) Milas Bodrum Airport (100%) Georgia Tbilisi (80%) and Batumi Airports (76%) Tunisia Monastir and Enfidha Airports (67%) Macedonia Skopje and Ohrid Airports (100%) Saudi-Arabia Medinah (33%) Croatia Zagreb Airport (15%) ATU (50%) Largest duty free operator in Turkey Partner with Unifree owned by Heinemann, leading German travel retailer (Travel Value) Operating in Turkey, Georgia, Tunisia, Macedonia and Latvia BTA (67%) Operating in Turkey, Georgia, Macedonia, Tunisia and Medinah Operates Istanbul Airport Hotel (131 rooms) Total seating capacity of 19,041 at 237 points including BTA IDO and UNIQ Baker and pastry factory serving in Turkey BTA Denizyollari (50%) is the F&B operator of Istanbul Deniz Otobusleri (IDO) Uniq shopping mall foodcourt HAVAS (100%) Major ground handler in Turkey with a c.65% share Operates in 25 airports in Turkey including Istanbul, Ankara, Izmir and Antalya TGS (50%) operates in Istanbul (AHL&SGA), Ankara, Izmir, Antalya, Adana, Bodrum and Dalaman 67% partner of Havas Europe, operating in Riga and 6 airports in Germany TAV & O&M (100%) Commercial area allocations and lounges, travel agency services TAV IT (100%) Airport IT services TAV Security (100%) Security service provider in Istanbul, Ankara, Izmir and Gazipasa TAV Latvia (100%) Commercial area management in Riga Airport TAV Academy (100%) Toolbox

85 TAV Airports Concession overview INTERNATIONAL Toolbox

86 International and Airport Developments Taking over the concession of Santiago de Chile airport in 2015 INTERNATIONAL A major strategic investment for Aéroports de Paris group Broad influence over an area with high potential Tapping of Group s pooled skills Joint-control of the project company by ADP (45%) and Vinci (40%) Growth in traffic expected to be higher than in Paris Picture of the Terminal 2 development project at Santiago Airport Toolbox

87 International and Airport Developments Santiago de Chile airport concession deal highlight INTERNATIONAL Deal overview Structure Structure ADPM: 45% VINCI Airports: 40% Astaldi 15% ADPM VINCI Airports Astaldi 45% 40% 15% Specifications Management and renovation of the current facilities Building of a new terminal (15m of capacity) Ministry of public works Concession Company Technical assistance: ADPM and Vinci Preferred bidder 4 February 2015 (1) Beginning of operation 1 st of October % Construction Company 50% Technical services: ADPi Duration 20 years Rent 77,56% of the concession company turnover VINCI Astaldi Est. CAPEX Around $900m Financing to be finalized at closing Contractual relationship Ownership relationship Authorities (1) Date of opening of the economic offers, pending Supreme Decree of award Toolbox

88 International and Airport Developments Santiago de Chile airport concession - Infrastructure ID - Key indicators INTERNATIONAL Location 14 km or 30 min from city center Land Terminal Runway Airport site covers 1056 ha with possible expansion for future development 1 terminal 15m passengers/year capacity 2 distant parallel runways for simultaneous independent operations 6 th Busiest Airport in South America (in MPAX) 32,2 22,5 17,5 16,8 15,9 15,3 13,3 10,4 8,9 Sao Paulo Bogota Rio Sao Paulo Brasilia Santiago Lima Maiquetia Buenos Aires Parking stands Main customers Retail More than 80 aircraft parking stands LAN: 72% of passengers SKY: 13% of passengers c. 9000sqm of commercial space in 2015 to be increase to c sqm by 2020 Arrival and departure duty free shops Car parks More than 7100 parking bays in 2020 Resilient Traffic Growth MPAX 42% 58% TCAM : 9.2% MPAX 55% 45% Cargo Annual cargo volume of tons in 2014 International Domestic 87 Toolbox

89 Slight decrease in result of international operating associates INTERNATIONAL TAV Airports Share of NRAG 38% Share of PPA 38% Share of NRAG after 38% TAV Airports (IFRIC 12 adjusted): > Increase in deferred tax and financial costs Traffic: +8.0% à mpax EBITDA: +12.5% at 488m NRAG: -4.0% at 210m Dividends: payout ratio of 50% of NRAG TAV Construction Share of NI (no 49% % Total share of NRAG after PPA TAV Construction (unaudited accounts): > End of large projects in 2014 Revenue: -0.5% at $983m NR: -38.4% at $14m Backlog: $1,1bn Schiphol: Traffic: +6.0% at 55.3 mpax (1) Net Result Attributable to the Group (2) Price Purchase Allocation. PPA at 100% will amount to 123m in 2016 and to 128m in 2017 (those amounts are subject to change primarily depending on changes to traffic forecast) Toolbox

90 International and airport developments P&L INTERNATIONAL In m Aéroports de Paris Management Revenue: +21.2% EBITDA: - 9m Operating Income from ordinary activities: -16.2% In m 80.1% 55.4% ADP Ingénierie EBITDA OIFOA (1) Margin CA ADP Ingénierie (+20.8%): + 14m Growth of activity in the Middle East Santiago of Chili contracts backlog: 63m CA Aéroports de Paris Management (+23.7%): + 4m Taking over of Santiago of Chile airport concession Decrease in EBITDA and Op. income from operating activities: - 9m Increase in staff cost and subcontracting linked with higher level of activity Stable share of profit from operating activities (TAV Airports, TAV Construction and Schiphol Group): - 1m to 63m (1) Operating Income From Ordinary Activities including operating activities of associates Toolbox

91 Other Activities

92 Other Activities OTHER ACTIVITIES Hub One Hub Safe BtoB or BtoC telecom and tracability solutions Mobility solutions Owned at 100% Airport security Owned at 100% Toolbox

93 Other Activities P&L OTHER ACTIVITIES In m ADP Hub Safe (1) Revenue: +7.3% In m EBITDA: +10.8% Operating Income from ordinary activities: +12.4% 12.4% 12.8% Hub One % % EBITDA OIFOA (2) Margin 2014 restated restated 2015 Hub One (+8.3%): + 10m Good performance of Division Mobility and customer service Hub Safe (1) (+11.3%): + 7m New contract of Nantes airport Hub One Operating income from operating activities + 1m Hub Safe Operating income from operating activities + 1m (1) Formerly «Alyzia Sûreté» (2) Operating Income From Ordinary Activities including operating activities of associates Toolbox

94 Quality of Service Corporate Social Responsability

95 Customer satisfaction exceeds targets (1) Continuous improvement in quality of service offered to passengers QoS CSR ERA performance targets (1) exceeded Thanks especially to the optimisation of key points for customers satisfaction % of satisfied or very satisfied passengers in the Overall Arriving/Departing Customer Satisfaction indicator pts Achievements in 2015 > Improved directional information, especially for connecting flights 800 directional signs changed 100 directional maps Signs in Mandarin Chinese New fleet of connecting bus shuttles > Improved atmosphere at all of our terminals with new services New services: Sports TV, retro video game and game console areas Self-service business centres Free WI-FI Source: L Observatoire des passagers, a BVA survey of 8,000 departing passengers and 3,600 arriving passengers carried out on behalf of Aéroports de Paris every quarter (1) Baseline for the ERA set at 87.1% of satisfied or very satisfied passengers and outperformance target set at 88.1%, triggering the maximum price bonus. Toolbox

96 CSR (1) strategy and performance recognised in 2015 QoS CSR "Excellence" level reached for notation asked by the company > Excellence level reached by the Group in Ethifinance s 2014 ranking with a score of 78/100 > Excellence level applies to all areas of CSR for Parent company Selected for inclusion in several leading SRI (2) indexes in 2015 Recognition of our position as European market leader > Named to the Dow Jones Sustainability Index (DJSI) for the 1 st time silver medal for our sector > Joined the FTSE4Good and the Euronext Vigeo France 20 > Presence in 10 SRI indexes in total > Ranked No. 1 among major European airport groups for RSE by the agency Sustainalytics > The only airport company in the Global 100 (ranked 4 th company in France) Achievement of strategic target Becoming the European CSR leader (1) Corporate Social Responsibility (2) Social Responsible Investments Toolbox

97 Corporate Social Responsability Aéroports de Paris rewarded for its efforts QoS CSR Attained «Excellence» level (Ethifinance) Represented in the FTSE4Good index Level 3 of the Airport Carbon Accreditation for Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget ADP, ranked 14 th in the «Global 100» compared to 39 th in 2012 Good representation in the main indexes: Toolbox

98 Quality of Service A significant increase in customer satisfaction QoS CSR Growth at CDG (year on year as of late June) Growth at ORY (year on year as of late June) % SAD +2.8 pts % % SAD +2.0 pt % Skytrax 2015 CDG : the strongest overall growth, and real strengths in competition Paris-CDG = World s Most Improved Airport Shift from rank 95 to 45 Skytrax ranking Best Leasure Amenities (10 th ) Best Shopping Airport (5 th ) S4 : Best Airport Terminal (6 th ) Toolbox

99 Quality of Service : Reach the level of the best European airports QoS CSR History and forecast of CDG s ACI ranking compared to equivalent European airports (+40 Mpax / year) History and forecast of Orly s ACI ranking compared to equivalent European airports (25-40 Mpax / year) 4,2 4,0 3,8 3,6 3,4 Best in class Moyenne 3,83 4,04 3,70 CDG 4,0 4,20 4,00 3,80 3,60 3,40 Best in class Moyenne 4,04 4 3,53 Moyenne ORY ORY 4,0 3,2 3,0 At end ,20 3,00 At end Continuing the strong growth trend of the previous period (growth 3.5 times higher than that of comparables) to reach the level of the best European airports Speed up our improvement, to support the expected transformation of the platform through Paris-Orly, New Departure project Source : Données ACI 2014 Toolbox

100 Quality of Service An aggressive programme to fulfil our ambition QoS CSR Terminal improvement projects run in zones with high passenger footfall T1 Check-in zones smoothed out T3 Paris-CDG Paris-Orly Circulation in Arrivals and Departures public concourse New organisation of boarding rooms ORYW ORYS Check-in efficacy Improvement of traffic flow in Departures public zone New organisation of boarding room L (2E) Smoothed out traffic in Departures public concourse and check-in at Orly Sud Cross-functional projects to enable flawless processes and key services in airport An easier customer path Connections Directions Luggage delivery City-airport link Services Bars & restaurants Wifi Financial services Rest rooms Two project to rally the airport community Hospitality Punctuality Toolbox

101 FOCUS : Connections, a major & competitive advantage for Aéroports de Paris QoS CSR Ranking of item «Ease of connections» in CDG and Orly CDG Best in class Moyenne 4,2 4,0 3,8 3,6 3,4 3,2 3, CDG compared to equivalent European airports (+40 Mpax / year) ORY Best in class Moyenne 4,20 4,00 3,80 3,60 3,40 3,20 3, ORY compared to equivalent European airports (25-40 Mpax / year) Two priorities to improve customer experience during connections Connections Efficiency > Direction & information available at any time on connections journeys > Fluidity during controls & Fast Track > Optimization of transfers between terminals (shuttles routes, stations,...) Quality of the «stay» > A new product : a dedicated area for long connections on CDG s hub > Comfort in borading areas (showers, seats to have a rest, ) > Communication on existing services, depending on time available Source : Données ACI 2014 Toolbox

102 FOCUS : A place, symbolizing the best of Paris, in the heart of CDG s hub for connecting passengers (in 1 st July 2016) QoS CSR Hotel Airside SPA Entrance of the dedicated area for long connections «Instant Paris» Lounges Community Area Toolbox

103 Corporate Social Responsability Aéroports de Paris rewarded for its efforts QoS CSR Attained «Excellence» level (Ethifinance) Represented in the FTSE4Good index Level 3 of the Airport Carbon Accreditation for Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget ADP, ranked 14 th in the «Global 100» compared to 39 th in 2012 Good representation in the main indexes: Toolbox

104 Appendix

105 2014 pro forma P&L APPENDIX Toolbox

106 2014 pro forma accounts APPENDIX Aviation Q1 Q1 H1 H1 9M 9M In m as publi shed pro form a as publi shed Pro form a as publi shed Pro form a as publi shed Pro form a Revenue ,251 1,251 1,671 1,672 EBITDA nc nc nc nc Operating income from ordinary activities (1) nc nc nc nc Real Estate Q1 Q1 H1 H1 9M 9M In m as publi shed pro form a as publi shed Pro form a as publi shed Pro form a as publi shed Pro form a Revenue EBITDA nc nc nc nc Operating income from ordinary activities (1) nc nc nc nc Retail and services Q1 Q1 H1 H1 9M 9M In m as publi shed Pro form a as publi shed Pro form a as publi shed Pro form a as publi shed Pro form a Revenue Retail activities Car parks and access roads Industrial services revenue Rental income Other income EBITDA nc nc nc nc Operating income from ordinary activities (1) nc nc nc nc In m Q as publi shed Other activities Q Pro form a H as publi shed H Pro form a 9M 2014 as publi shed 9M 2014 Pro form a as publi shed Pro form a Revenue Hub One Hub Safe EBITDA nc nc 7 11 nc nc Operating income from ordinary nc nc - 5 nc nc 6 11 activities (1) No impact on International and Airport developments (1) including operating activities of associates Toolbox

107 Investor Relations Team

108 Aéroports de Paris Investor Relations Team IR TEAM Ms. Aurélie Cohen Head of Investor Relations Ms. Caroline Baude Investor Relations Officer Ms. Sandrine Blondeau Assistant 8th European and 1st French Best IR Team in Transport Sector in 2015 Phone: +33 (0) Website: Address: 291 boulevard Raspail, Paris CEDEX 14 France Toolbox

109 Forward looking statements This presentation does not constitute an offer of, or an invitation by or on behalf of Aéroports de Paris to subscribe or purchase financial securities within the United States or in any other country. Forward-looking disclosures are included in this press release. These forward-looking disclosures are based on data, assumptions and estimates deemed reasonable by Aéroports de Paris. They include in particular information relating to the financial situation, results and activity of Aéroports de Paris. These data, assumptions and estimates are subject to risks (such as those described within the reference document filed with the French financial markets authority on 2 April 2015 under number D and uncertainties, many of which are out of the control of Aéroports de Paris and cannot be easily predicted. They may lead to results that are substantially different from those forecasts or suggested within these disclosures. About Aéroports de Paris Aéroports de Paris builds, develops and manages airports including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2015, Aéroports de Paris handled around 95 million passengers, 2.2 million metric tonnes of freight and mail in Paris, and more than 55 million passengers at airports abroad. Boasting an exceptional geographic location and a major catchment area, Aéroports de Paris Group is pursuing its strategy of adapting and modernising its terminal facilities and upgrading quality of services; the Group also intends to develop its retail and real estate businesses. In 2014, Group revenue stood at 2,916 million and net income at 430 million. Registered office: 291, boulevard Raspail, Paris, France. A limited company (Société Anonyme) with share capital of 296,881,806. Registered in the Paris Trade and Company Register under no RCS Paris Investor Relations Aurélie Cohen Tel : Mail : [email protected] Website: Pictures Aéroports de Paris B. Pellarin / A. Leduc / D. Boy de la Tour/ E.Luider / Carré Noir / / M. Blossier / P.Stroppa Toolbox