Annexure II - AERA

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NERA Economic Consulting 2.5. Germany: Frankfurt and Hamburg The Frankfurt and Hamburg airports are under dual till regulation", Aeronautical charges are determined by taking into account only those costs pertaining to the aeronautical services IO. In both these airports, non-aeronautical activities and, more specifically, real estate activities are not included in the regulatory till. 2.6. Ireland: Dublin The Dublin airport is under a single till regulation, where all non-aeronautical activities are included in the regulatory till with a few exceptions related to its subsidiaries. II All other non-aeronautical activities Including real estate are integrated by the CAR in the regulatory till: retail, car parks, property rents , ground handling, property concessions, advertising and corporate. 2.7. Italy: major airports and all other airports A dual till price cap regulation applies to the large airports with more than 8 min passengers that are Rome, Milan and Venice airports and a hybrid till price cap regulation applies in the other airports. 12 Where a dual till approach applies, aeronautical charges are determined by taking into account only costs pertaining to the aeronautical services. Non-aeronautical activities and therefore real estate activities are not included in the regulatory till. Where a hybrid till approach applies, aeronautical charges are determined considering 50% of the commercial margin (difference between revenues and costs) of nonaeronautical services carried out by the operator on the airport area under monopoly or localization rents. All the other non-aeronautical services are excluded from the till and do not contribute to the calculation of the conunercial margin. 2.8. New Zealand: Auckland, Christchurch, Wellington The regulatory approach to set aeronautical charges in Auckland, Christchurch and Wellington airports is an ex post regulation (also known as light handed regulationj'
NERA Economic Consulting This ex post regulation applies only to aeronautical activities, while prices for nonaeronautical activities including real estate are out of the perimeter of the regulatory till. 2.9. South Africa: all regulated airports The airport regulation applied to ACSA is based on a single till approach." Non aeronautical activities, including real estate activities, are included in the regulatory till. Only investments which are not part of the core business of the company are excluded from the till. 2.10. The Netherlands: Amsterdam The airport of Amsterdam is under a dual till regulation." However, some nonaeronautical activities are included in the till, i.e.: • Car parking; • Shopping areas; • Hotel space. All other non aeronautical activities, including real estate, are not considered in the perimeter of the regulatory till. 2.11. United Kingdom: Heathrow, Gatwick and Stansted Heathrow, Gatwick and Stansted airports are under single till regulation. Nonaeronautical activities are included in the regulatory till. Real estate activities are included in the regulatory till with the exception of hotels owned by BAA as they are located outside the airport, or subject to competition from other hotel operators. In summary, non-aeronautical activities that are included in the regulatory till are: • retail activities (regarding World Duty Free, awholly owned subsidiary ofBAA, only the royalty will be included in the calculation of the margin, while the remaining rart of the profits will remain out to the benefit of the airport operator); I • car parking; • advertising; 14 Approach to the 2010111 to 2014/15 permissions, April 2009, Regul ating Committee to ACSA and ATNS 15 See : Dec ree 333 dated 7 July 2006 entailing rules regarding the operation of Amsterdam Airport Schiphol (Amsterdam Airport Schiphol Operation Decree) and Dutch Aviation Act- Section 8.25d( 12) lfi Competition Commission repo rt: BAA Ltd - A report on the economic regulation of the London airports companies (Heathrow Airport Ltd and Gatwick Airport Ltd), Anne x l, pg, 19 7 Annexure II-B CP No. 9/2013-14/T-12023(14)/1/2012- Tariff- Vol - III Annexure II-B Page 45 of 51
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Annexure II - AERA

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