REGISTRATION DOCUMENT and annual financial report 2015 WorldReginfo - 66c39fa2-d368-4eb1-ba03-2478495d0c12 Key fi gures for 2015 NUMBER OF PASSENGERS IN PARIS NUMBER OF GROUP NUMBER OF AIRPORTS AIRPORTS IN MILLIONS PASSENGERS IN MILLIONS MANAGED WORLDWIDE 95.4 252 34 REAL ESTATE AREA DEVELOPED SALES /PAX RETAIL SPACE IN 2015 € 19.7 58,800 sq.m 71,500 sq.m NET INCOME ATTRIBUTABLE REVENUE (m€) EBITDA (m€) TO THE GROUP (m€) 2,916 1,184 430 * By Aéroports de Paris or third parties. WorldReginfo - 66c39fa2-d368-4eb1-ba03-2478495d0c12 Aéroports de Paris A French public limited company (Société Anonyme) with a share capital of €296,881,806 Registered office: 291 boulevard Raspail - 75014 Paris 552 016 628 RCS Paris 2015 Registration Document and annual financial report Copies of this Registration Document (“the Registration Document and Annual Financial Report”) are available free of charge from Aéroports de Paris, 291 boulevard Raspail, 75014 Paris, as well as on the Aéroports de Paris website (www.aeroportsdeparis.fr) and on the AMF (French Financial Markets Authority) website (www.amf-france.org). In due application of Article 28 of the European Commission’s regulation EC No. 809/2004, this Registration Document refers to information contained in: y the annual and consolidated financial statements of Aéroports de Paris for the financial year ended 31 December 2014 and the reports by the Statutory Auditors on these financial statements, presented in Chapter 20 of the Aéroports de Paris Registration Document filed with the AMF on 2 April 2015 under number D. 15-0281 (the “2014 Registration Document”); y the annual and consolidated financial statements of Aéroports de Paris for the financial year ended 31 December 2013 and the reports by the Statutory Auditors on these financial statements, presented in Chapter 20 of the Aéroports de Paris Registration Document filed with the AMF on 31 March 2014 under number D. 14-0251 (the “2013 Registration Document”); y examination of the financial position and income of Aéroports de Paris for the financial years ended 31 December 2013 and 2014, presented in Chapter 9 of the 2013 and 2014 Registration Documents; y the Statutory Auditors’ report on related party agreements and commitments for the financial years ended 31 December 2013 and 2014, presented in appendix 1 of the 2013 and 2014 Registration Documents. This Registration Document was filed with the AMF on 31 March 2016 under number D. 16-0248, in accordance with Article 212-13 of its General Regulation. It may be used for financial transactions if supported by an AMF approved information memorandum. This document was drawn up by the issuer and is binding for its signatories. This version cancels and replaces the previous version published on-line on 1 April 2016 amending, in appendix 1, the Statutory Auditors’ special report on related party agreements and commitments and including the ADP Group’s new logo. 2015 REGISTRATION DOCUMENT - AÉROPORTS DE PARIS 1 WorldReginfo - 66c39fa2-d368-4eb1-ba03-2478495d0c12 GROUP PROFILE Group profile 34 airports managed around the world The Netherlands Belgium France Croatia Georgia Macedonia Turkey Tunisia Mexico Jordan Saudi Arabia Guinea Mauritius Chile Aéroports de Paris TAV Airports TAV + Aéroports de Paris Schiphol Number of passengers using Paris airports Passengers per airport in 2015 (in millions) (in millions) 29.6 +2.8% Paris-Orly 95.4 92.7 90.3 2015 88.8 2014 65.8 +3.1% 88.1 2013 2012 Paris-Charles de Gaulle 2011 +2.7% 95.4 +3.0% CAGR 2011-2015 Total 2 2015 REGISTRATION DOCUMENT - AÉROPORTS DE PARIS WorldReginfo - 66c39fa2-d368-4eb1-ba03-2478495d0c12 GROUP STRATEGY Group strategy Aéroports de Paris, constantly evolving since its initial listing on the stock exchange CONSOLIDATION Improved quality 2020 of service INFLUENCE CONNECT 2020 MODERNISATION Increased capacity Productivity and at Paris-Charles de Gaulle competitiveness 2006 INITIAL PUBLIC OFFERING 2006 - 2010 2011 - 2015 2016 - 2020 Connect 2020 A 2016-2020 strategic plan to serve our ambition CONNECT CONNECT our passenger and airline our infrastructures in Paris: customers and motivate our employees: OPTIMISE ATTRACT y Optimise our airports, our tariffs y High standards of quality and excellence, structure and our costs to increase for connecting customers in particular our competitiveness CONNECT Aéroports de Paris with territories and with the rest of the world: EXPAND y Realise the CDG Express y Export our expertise to new markets BE A LEADING GROUP IN AIRPORT DESIGN,CONSTRUCTION AND OPERATION ATTRACT EXPAND Augustin de Romanet, Chairman and CEO of Aéroports de Paris stated that: “Aéroports de Paris’ strategic plan, «Connect 2020», feeds the Group’s ambition to be a leader in airport design, construction and operations. “ Connect 2020” reflects our vision of the airport: a connection knot between local areas, passengers, airlines and the multiple skills of our employees. The focus will be on optimising our infrastructure and our organisation, targerting excellence with a view of becoming our customers’ and employees’ first choice, and on the development of our activities in order to stimulate and share sustainable growth. For 2020, our target is to achieve a fair return on regulated scope invested capital, at 5.4%; sales per passenger should reach €23, on a full-year basis, after the delivery of the main infrastructure scheduled for the 2016-2020 period, and we are expecting an external rent increase of between 10 to 15% in our real estate activities compared with 2014. Thanks to all these levers and based on an average traffic growth assumption of 2.5% per year, we are aiming to achieve a growth of EBITDA of between 30 and 40% compared with 2014. ” 2015 REGISTRATION DOCUMENT - AÉROPORTS DE PARIS 3 WorldReginfo - 66c39fa2-d368-4eb1-ba03-2478495d0c12 Contents Persons responsible Review of the fi nancial 01 for the registration document 09 position and income AFR 76 and annual fi nancial report AFR 7 9.1 Key fi gures 76 1.1 Person responsible for the 2015 9.2 Analysis of 2015 results 77 Registration Document and Annual Financial Report 7 9.3 Highlights of the 2015 fi nancial year 83 1.2 Report of the person in charge 7 10 Equity and cash fl ows AFR 88 02 Statutory Auditors 8 10.1 Shareholder equity 88 2.1 Standing Statutory Auditors for 2015 10.2 Cash fl ow 89 fi nancial year 8 10.3 Indebtedness 90 2.2 Substitute Statutory Auditors for 2015 10.4 Financial risk management 90 fi nancial year 8 10.5 Group commitments 90 03 Selected fi nancial information 9 11 Research and development, 3.1 2014 restated statements 9 patents and licences 91 3.2 Summary consolidated income statement 10 11.1 Research and development 91 3.3 Summary consolidated balance sheet 10 11.2 Trademarks, patents and licences 91 3.4 Summary consolidated cash fl ows statement 11 3.5 Financial debt 11 12 Information concerning trends 92 12.1 Recent events 92 12.2 Forecasts 93 04 Risk factors AFR 12 4.1 Risk factors 12 4.2 Risk management 18 13 Profi t forecasts 94 13.1 2016-2020 period guidances 94 13.2 2016 Group forecasts 94 Information on the Company 19 05 13.3 Report of the Statutory Auditors 5.1 Information 19 on the profi t forecast 95 5.2 History of the Company 20 5.3 Capital Expenditures 22 Administration and executive 14 management bodies 96 06 Business overview 27 14.1 Board of Directors AFR 96 6.1 Presentation of the activity 27 14.2 Personal information concerning the members of the Board of Directors 112 6.2 Presentation of the market 32 6.3 Description of platforms owned or managed directly by Aéroports de Paris 38 Compensation and benefi ts 6.4 Description of activities 48 15 of corporate offi cers 113 15.1 Corporate offi cer compensation AFR 113 07 Organisation chart 73 15.2 Compensation paid to Board members 116 7.1 Simplifi ed Group organisation chart as at 15.3 Compensation paid to non-voting Board 31 December 2015 73 members 116 15.4 Company shares held by directors and non-voting Board members 117 08 Real estate 15.5 Compensation of Executive Committee assets and facilities 74 members 117 8.1 Real estate assets and facilities 74 8.2 Environmental constraints 75 4 2015 REGISTRATION DOCUMENT - AÉROPORTS DE PARIS WorldReginfo - 66c39fa2-d368-4eb1-ba03-2478495d0c12 The items included in the Annual Financial Report are identifi ed using the pictogram AFR Functioning of the Board of Directors Additional information 16 and management bodies 118 21 on the share capital and provisions 16.1 Functioning of the Board of Directors of the Articles of Association AFR 253 and management bodies AFR 118 21.1 Information on the share capital 253 16.2 Functioning of the committees linked 21.2 Provisions of the Articles of Association 257 to the Board of Directors 122 16.3 Corporate governance – Adherence to the principles of governance 125 22 Material contracts 259 Social, environmental and Information from third parties, 17 societal responsibility information 126 23 expert statements and 17.1 Social information 127 statements of interest 260 17.2 Social indicators for the Group 133 17.3 Aéroports de Paris corporate social responsibility (CSR) policy 134 24 Documents available to the public 261 17.4 Environmental information 135 17.5 Societal responsibility information 142 17.6 Methodological note on social, 25 Information on acquisitions 262 societal and environmental reporting 145 Main shareholders 149 A1 APPENDIX 1 263 18 Statutory auditors’ report 18.1 Shareholding of the Company AFR 149 on related party agreements 18.2 Change of the control and commitments 263 of the Company