Investments

At Paris-Charles de Gaulle, investments have primarily focused on:

• the continued construction of satellite 4
• the creation of a building connection between terminals 2A and 2C
• the start of construction of a connecting tunnel between terminals 2E and 2F
• the continued rehabilitation of the Terminal 1 satellites, including, particularly, the renovation of satellite 7
• the acquisition of snow removal equipment under the "Snow Plan"

At Paris-Orly, investment has focused primarily on the acquisition of snow removal equipment, on the fire compliance work of tunnel RN7 and development work to enable a tramway.

Investments that are underway or are the subject of firm commitments:
The only investments subject to firm investment commitments are described in the 2011-2015 Economic Regulation Agreement under the regulated scope of operation section.

Investments within the regulated scope of operations do not include investments relating to safety nor those made by the Group's subsidiaries, including equity investments outside of the Paris airports. Since 1 January 2011 (1), the regulated scope of operations does not include diversified real estate transactions and commercial activities and services.

(1) Order of 17 December 2009.

Heavily modernised infrastructure

In recent years, the Group has invested significantly to increase the capacity of its platforms and improve the quality of service in its terminals. The infrastructure has been heavily modernised.
For the 2012-2015 period, the Group expects a decline of investment: €480 million in 2012, €340 million in 2013, €360 million in 2014, and €300 million in 2015.