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Aéroports de Paris A société anonyme with a share capital of 256,084,500 euros head quarters: 291 boulevard Raspail, 75014 Paris 552 016 628 RCS Paris This document is an informal English version of certain sections of the document de base registered with the Autorité des marchés financiers on April 21, 2006 under n°I. 06-036. In case of any discrepancy between this document and the document de base, the document de base will govern. This document has not been and will not be submitted to the clearance procedures of the French Autorité des marchés financiers (the “AMF”). No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of Aéroports de Paris or their affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. This document is not an offer to sell or the solicitation of an offer to purchase securities and is not part of any offer. Neither this document nor its contents may be used for any offer or sale or any such solicitation anywhere in the world. Please note that the information attached to the present document is limited to the Statutory Auditors’ Report on the consolidated financial statements for the year ended December 31, 2005; the Consolidated Financial Statements as of and for the Year Ended December 31, 2005 (IFRS), the Statutory Auditors’ Report on the consolidated financial statements for the year ended December 31, 2004 and Consolidated Financial Statements as of and for the Year Ended December 31, 2004 (French GAAP). For the other Exhibits referred to in the present Document, please refer to the Document de Base registered with the AMF on April 21, 2006 under the number I. 06-036. TABLE OF CONTENTS Page CHAPTER 1 PERSONS RESPONSIBLE FOR THE BASE PROSPECTUS (DOCUMENT DE BASE)..................................................................................... 1 1.1. Person Responsible for the Base Prospectus ......................................................... 1 1.2. Statement of the Person Responsible..................................................................... 1 CHAPTER 2 AUDITORS ........................................................................................................... 2 2.1. Statutory Auditors.................................................................................................. 2 2.2. Alternate Auditors.................................................................................................. 2 2.3. Term of Office of the Auditors .............................................................................. 2 CHAPTER 3 SUMMARY FINANCIAL DATA ........................................................................ 3 CHAPTER 4 RISK FACTORS ................................................................................................... 7 4.1. Risks Related to the Business Activities of Aéroports de Paris............................. 7 4.2. Risks Relating to the Ownership Structure of Aéroports de Paris....................... 17 4.3. Risk Management ................................................................................................ 17 CHAPTER 5 INFORMATION ON THE ISSUER ................................................................... 22 5.1. History And Development Of The Company ...................................................... 22 5.2. Investments .......................................................................................................... 25 CHAPTER 6 GENERAL INFORMATION CONCERNING THE COMPANY..................... 29 6.1. General Information Concerning the Company (Business of Aéroports de Paris) .................................................................................................................... 29 6.2. Presentation of the Market................................................................................... 37 6.3. Activities of Aéroports de Paris........................................................................... 58 6.4. Factors of Dependency ...................................................................................... 114 6.5. Group’s Competitive Position ........................................................................... 114 6.6. Legal And Regulatory Environment.................................................................. 114 6.7. Environmental Information................................................................................ 129 CHAPTER 7 ORGANIZATION CHART............................................................................... 138 CHAPTER 8 REAL ESTATE PROPERTIES AND EQUIPMENTS..................................... 140 8.1. Real Estate Properties and Equipments of Aéroports de Paris .......................... 140 8.2. Environmental Restrictions Likely to Impact the Use by Aéroports de Paris of its Fixed Assets..................................................................................... 141 CHAPTER 9 GENERAL INFORMATION CONCERNING RESULTS AND FINANCIAL SITUATION................................................................................ 142 9.1. Key Figures: Income Statement......................................................................... 142 9.2. Overview............................................................................................................ 143 9.3. Results of Operations......................................................................................... 151 9.4. Material Differences Between IFRS and French GAAP for the Group’s Consolidated Financial Statements.................................................................... 162 TABLE OF CONTENTS (continued) Page 9.5. Year Ended December 31, 2004 Compared to Year Ended December 31, 2003 (French GAAP)......................................................................................... 164 CHAPTER 10 LIQUIDITY AND CAPITAL RESOURCES ................................................... 168 10.1. Overview............................................................................................................ 168 10.2. Cash Flow.......................................................................................................... 168 10.3. Financing............................................................................................................ 170 10.4. Equity................................................................................................................. 172 10.5. Investment Properties.........................................................................................172 10.6. Group Commitments.......................................................................................... 173 10.7. Market Risks ...................................................................................................... 174 CHAPTER 11 RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, INTELLECTUAL PROPERTY ........................................................................ 178 11.1. Research and Development................................................................................ 178 11.2. Trademarks, Patents and Licenses ..................................................................... 178 CHAPTER 12 RECENT DEVELOPMENTS AND OUTLOOK ............................................. 180 12.1. Recent Developments Since the End of Fiscal Year 2005 ................................ 180 12.2. Outlook .............................................................................................................. 182 12.3. Objectives of the Group..................................................................................... 184 CHAPTER 13 PLANNED OR ESTIMATED PROFIT............................................................ 186 13.1. Planned or Estimated Profit of the Group.......................................................... 186 13.2. Report of Statutory Auditors on Forecast Information...................................... 186 CHAPTER 14 ADMINISTRATIVE, MANAGEMENT, SURVEILLANCE AND GENERAL MANAGEMENT STRUCTURES ................................................ 187 14.1. Composition of the Board of Directors and Chief Operating Officer ............... 187 14.2. Conflicts of Interest at the level of the Management Bodies............................. 190 CHAPTER 15 COMPENSATION AND DIRECTORS’ ADVANTAGES.............................. 192 15.1. Compensation and Benefits paid to The Executive Management of Aéroports de Paris.............................................................................................. 192 15.2. Pensions and Other Benefits .............................................................................. 193 CHAPTER 16 FUNCTIONING OF THE ADMINISTRATION AND MANAGEMENT BODIES ............................................................................................................. 194 16.1. Functioning of the Administration and Management Bodies............................ 194 16.2. No Services Agreements.................................................................................... 199 16.3. Functioning of the corporate governance bodies............................................... 199 16.4. Regime of Corporate Governance ..................................................................... 204 CHAPTER 17 EMPLOYEES – HUMAN RESOURCES........................................................