Paris, 21 December 2006

On 21 December 2006, the Board of Directors of Aéroports de Paris examined and approved the Company's investment programme for the period 2007-2011. This investment programme, which covers the Company's regulated activities, was previously presented to the Economic Advisory Commission of the Paris-Charles de Gaulle and Paris-Orly airports on 12 December 2006. The investment programme, which comprises virtually all of the Group's investments, amounts to €2,372M (2007 euros) over the next five years. The programme is characterised by the growing importance of construction spending on the future S4 satellite at the Paris-Charles de Gaulle airport in 2011 with a scheduled opening in 2012.

The preliminary budget forecast is as follows¹:

¹ Amounts in 2007 euros were calculated using an inflation factor of 1.75%. Starting in 2011, investment indiversification real estate will be integrated as "outside of the regulatory scope".

The rescheduled programme is in line with the 2006-2010 investment programme as intended by the Contrat de régulation économique (CRE) signed with the French government on 6 February 2006. Indeed, the difference between the rescheduled programme and the CRE is only 3 €M:

The 2007-2011 investment programme (available on the Internet websitewww.aeroportsdeparis.fr ) includes:

• Start-up of the TBE East baggage sorting system, the S3 satellite, the CDG-2G regional terminal and reconstruction of the CDG-2E passenger boarding bridge at the Paris-Charles de Gaulle airport. These projects will rapidly complete the CDG2 hub so that it can face up to the expected increase in air traffic.
  
• Renovation of Orly Sud (reconfiguration of international passenger flows) and the CDG1 terminal at Paris-Charles de Gaulle.
  
• Finalization of the new internal rapid transit infrastructure at Paris-Charles de Gaulle (CDG VAL, LISA).
  
• Realisation of equipment to be delivered in the second regulation period (2011-2015), including extension of the TBE east baggage sorting system and the S4 satellite. In recent months, ongoing studies to define the S4 satellite have shown that it needs to be equipped with a dedicated baggage sorting system. At this stage, the cost of the S4 satellite is estimated at €490m (2007 euros).
  
• Ongoing efforts to adapt production facilities, to bring equipment and systems up to standard, to improve the quality of passenger services, and to optimise existing installations.
  
• Implementation of a major real-estate development programme for both airport services (notably cargo) and diversification activities, notably at Paris-Orly through the Coeur d'Orly project.

All in all, Aéroports de Paris will begin operating new facilities capable of handling 19.4 million additional passengers annually by the end of 2008, in order to accommodate as comfortably and efficiently as possible the expected growth of passenger traffic at the Paris airports.