Brussels Airport Company NV Annual Investor call 2019

September 20, 2019

1. Executive Summary

220/09/2019

2. Traffic Growth

3. Capital Expenditure

4. Financial Overview

5. Existing development plots update

Executive Summary

320/09/2019

Item Comment Situation

Traffic› Passenger traffic increased by 3,6% vs FY17 supported by a stable 82% Origin & Destination base. Despite the different strikes of the ATC

(in Belgium and abroad) an additional growth of 2% is realized in the first 8 months of 2019.✓

Revenues› Total revenues increased by 7,1% in FY18 and 7,3% in the first half of 2019. Aero revenues and commercial revenues further increased by

8% and 9% respectively year-on-year following the recovery in 2017.✓

Opex

› Total Opex increase of 8,4% vs last year, which was lower than the budgeted OPEX. The same for the first half of 2019, increase of 8,1%in the first half, but lower than budgeted.

› Opex figures remain above long-term average due to the additional security and personnel costs which are a result of the events ofMarch 2016.

✓

Profitability and cash flow generation

› Brussels Airport’s EBITDA margin remains the highest amongst its peer group at 58% on a full year basis.

› The increased capital expenditure and the improvement of the payment behaviour towards the suppliers resulted in net cash flowdecrease of €78 mio.

✓

Regulatory framework › Based on the 2016 agreement for the subsequent quinquennium, tariffs will increase by 1.7% + CPI annually to 2021. ✓

Debt structure management

› 2019 refinancing of the €500 mio public bond maturity in 2020 in the LT markets has been successfully executed in the first half of 2019.€100 mio was funded immediately and the rest has a delayed drawdown period until the beginning of 2020.

› The LF is extended by one year and now matures in 2024. The last extension of the RCF until 2024 is to be requested to the syndicate inthe following days.

✓

Liquidity › €600 mio bank facility and €48 mio liquidity facility, both undrawn at this moment, provide a substantial liquidity buffer. ✓

Financial ratios› Net Debt / EBITDA of 4.1x and Senior ICR of 6,4x continue to underpin a strong investment grade rating and demonstrate prudent

financial policy of shareholders and management.✓

Brussels Airport has demonstrated continued strong growth on all fronts in 2018 followed by further pax and EBITDA growth in the first half of 2019.

420/09/2019

1. Executive Summary

2. Traffic Growth3. Capital Expenditure

4. Financial Overview

5. Existing development plots update

520/09/2019

Traffic Growth

Long-Term Traffic Growth

Resilience through the cycle and a sustainable growth trajectory

Long-term PAX evolution demonstrates a resilient, sustainable growth model

0

5

10

15

20

25

30

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

• Brussels Airport has achieved a 3.8% CAGR in total passenger numbers over 2005-2018, despite this time period containing both the most severe recession in modern history and the terrorist attacks in 2016

• The YTD figures show an increase of 2%, including the impact of the strikes of air traffic controllers in Belgium and abroad, and the bankruptcies of WOW Air and FlyBMI

• From the 2008 pre-crisis peak to 2009 trough, Brussels Airport saw a PAX drop of only 8.8%

• This is a smaller decrease than Gatwick Airport (c.11.6%), Copenhagen Airport (c.9.1%), Manchester Airport (c.11.5%) and Aeroporti di Roma (c.9.3%)

620/09/2019

Traffic Growth

New Record High PAX Achieved In 2018

Further growth, following the 13,6% growth in 2017, demonstrates the strength in underlying demand

Traffic OverviewActual 2018 Actual 2017 Evolution

Passengers (in thousands)

Departing passengers

Originating tax passengers 10.401,30 9.971,70 4,3%

Transfer tax passengers 2.325,00 2.282,30 1,9%

Exempt passengers 118,80 112,50 5,6%

Total departing passengers 12.726,30 12.274,50 3,7%

Total arriving passengers 12.870,20 12.417,30 3,6%

Total passengers 25.676,00 24.783,90 3,6%

Full tax pax equivalent 11.871,80 11.433,10 3,8%

• Traffic in 2018 increased by 3.6% vs 2017,reaching an all-time record, demonstratingcontinued growth in underlying demand.

716/09/2019

Traffic Growth

YTD 2019 showing Continued Sustainable Growth

With a YTD traffic growth of 2% vs 2018, Brussels Airport is well on the way to deliver another record year

Traffic Overview YTD: 01/01/2019-31/08/2019

augustus 2019 Actual Actual Actual vs

2019 2018 2018

Passengers (in thousands)

Departing passengers

Originating tax passengers 7.204,1 7.070,8 +1,9%

Transfer tax passengers 1.543,4 1.512,5 +2,0%

Transit tax passengers 44,0 25,1 +75,3%

Tax passengers 8.791,5 8.608,4 +2,1%

Exempt passengers 84,2 84,2 -0,1%

Total departing passengers 8.875,7 8.692,6 +2,1%

Total arriving passengers 8.829,4 8.636,5 +2,2%

- transit elimination -44,0 -25,1 +75,3%

Total passengers 17.661,0 17.304,0 +2,1%

Full tax pax equivalent 8.218,7 8.060,0 +2,0%

820/09/2019

Traffic Growth

2017-2018 Growth Led By Both Short And Long Haul

Growth in all segments except Low Cost (mainly Ryanair passengers following the closing of some routes)

Change in passengers per segment – 2017-2018 (in thousands)

24.874 24.87425.136

25.527 25.604

25.095 25.09525.374 25.374

262

391,4

76,4

391,6

508,4278,5

0,6

24.000

24.500

25.000

25.500

26.000

26.500

27.000

TotalPassengers 2016

Short HaulBrusselsAirlines

Short HaulOther

Long HaulBrusselsAirlines

Long HaulOther

Low Cost Leisure Other TotalPassengers 2017

920/09/2019

1. Executive Summary

2. Traffic Growth

3. Capital Expenditure4. Financial Overview

5. Existing development plots update

1020/09/2019

Capital Expenditure

Investing For Growth

Value adding capex supporting the corporate strategy Capex Evolution (in €mio)

• Expansionary capex of €150 mio in 2018 to support the growth strategy of BAC

• The new efforts mainly target infrastructure development and maintenance in order to accommodate the capacity for growing passenger numbers

• The expansionary capex is fully flexible in line with traffic growth and can be stopped when required

• Since 2012, maintenance capex has been less than €30 mio, providing a material cashflow buffer in a downturn

Capex Split 2018

3958

78103 87 73

150

2122

22

2119

24

27

6080

100

124106 97

177

0

50

100

150

200

2012 2013 2014 2015 2016 2017 2018

Expansionary Maintenance

Terminal24%

Airfield29%

Cargo6%

Landside13%

Compliance & Services

17%

People & Digital12%

BRUcargo West Development

1120/09/2019

Capital Expenditure

▪ No single Capex project in 2019 accounts for more than 14% of total spending, andthe top ten projects account for 53%

▪ Out of a total 2019 Capex budget of EUR 279 million, approximately EUR 29 million isfor regular maintenance, with the remainder dedicated to more flexible expansionaryCapex

▪ Over the next five years, Capex is expected to range between EUR 200-250 millioneach year

▪ Portions of expected growth Capex spend intended to fund transfer operations of theairport can be reduced or eliminated from the Capex program in support of fundingkey O&D operations

▪ Over the next four years, maintenance Capex is expected to increase to an extent inline with the lifecycle renovation of the runways and baggage handling systems

▪ To meet growing passenger demand over the long-term, BAC has implemented theStrategic Vision 2040 program as described on the next slide

CAPEX Project pipeline 2019

Skyhall potential developmentBuilding STD3 and BAC’s new offices

Flexible, Diversified Capex Plans

Widely Distributed Capex Profile Minimises Execution Risk and Allows the Company to Respond Efficiently and Effectively to Changing Circumstances

Budget 2019(EUR millions)

% of Total Budget

Migration of Hold Baggage Screening to STD3 38.8 14%

BRUcargo West Development 35.1 13%

Sky Hall Renovation (Phase 2) 14.6 5%

Renovation Apron 9 and TWY N2 12.3 4%

New Boarding Bridges Pier B 10.3 4%

Centralization of Bussing Services 8.8 3%

Airport Operations Plan 8.0 3%

Renovation Apron 3N and TWY INN 9 7.9 3%

US Preclearance & Global Entry 7.5 3%

Collection and Treatment of De-icing Liquid 5.2 2%

Total Top 10 148.5 53%

Total Budget 2019 278.7

1220/09/2019

1. Executive Summary

2. Traffic Growth

3. Capital Expenditure

4. Financial Overview5. Existing development plots update

1320/9/2019

Financial Overview

Gross Aeronautical Revenue growth (+17.1%) is in line with volume increase (Pax and Cargo) and tariff increase (CPI +1.7%)

7.4% increase in Aeronautical Revenues thanks to traffic increase

Continued Growth Of Revenues In Line With Traffic

Aeronautical Revenues (EUR million) Actual 2018 Actual 2017 ∆ Y/Y

Passenger Fees 337.4 315.9 6.8%

Landing & Take‐off Fees 50.2 45.3 10.8%

Base Aeronautical Revenues 387.6 361.2 7.3%

Parking fees 6.3 5.4 16.7%

400 Hz/PCA(1) 7.7 7.2 6.9%

Gross Aeronautical Revenues 401.6 373.8 7.4%

1420/09/2019

Financial Overview

Commercial revenues are 9% up on 2017:

▪ Shopping results increased by 9.5% vs. 2017, a result of both an increase in passenger traffic and improved commercial performance at stores▪ Services revenues realised a growth of 28.9% vs. 2017 in part due to a new fuel station operator▪ F&B full year revenues are 7.8% above 2017, mainly due to traffic increase and some successful campaigns▪ Advertising revenues are 11.7% above 2017 from traffic growth, higher impact sites, and digitisation▪ Full year Mobility Services (Parking) increased by 5.1% vs. 2017 from traffic increase, continued car rental and parking growth

9% Growth in Commercial Revenue Demonstrates the Successful Execution of BAC’s Revenue Growth and Diversification Plan

Commercial Revenues (EUR million) Actual 2018 Actual 2017 ∆ Y/Y

Shopping 46.0 42.0 9.5%

Services 4.9 3.8 28.9%

Food & Beverages 22.1 20.5 7.8%

Advertising 6.7 6.0 11.7%

Mobility Services (Parking) 24.7 23.5 5.1%

Total Commercial Revenues 104.4 95.8 9.0%

Increasing Proportion of Commercial Revenue

1520/09/2019

Real estate revenues are 4.9% above 2017

▪ Brucargo performance improved by 3.1%, mainly due torevenues from the new DHL building

▪ Staff parking outperformed 2017 by 15.2% driven by inflowsfrom new parking lots

Other income was 6.1% lower compared to 2017 but in linewith budget

▪ Principally as a result of lower gain on disposals andreduced insurance proceeds recouped

Real Estate (EUR million) Actual 2018 Actual 2017 ∆ Y/Y

Terminal 7.8 7.0 11.4%

Brucargo 19.9 19.3 3.1%

Staff parking 7.6 6.6 15.2%

Airport Business District 12.1 12.2 -0.8%

Recharges 6.0 5.8 3.4%

Total Real Estate Revenues 53.4 50.9 4.9%

Other Operating Income (EUR million) Actual 2018 Actual 2017 ∆ Y/Y

Handling 10.8 8.7 24.1%

IT Services 6.3 6.2 1.6%

Check in 4.5 4.4 2.3%

Other Income 6.0 10.1 -40.6%

Total Other Operating Income 27.6 29.4 -6.1%

Real Estate Revenues Grew Further, Whilst Other Underlying Income Also Performed Well

Real Estate Continues to Exhibit Strong Performance

Financial Overview

1620/09/2019

8.769.07

8.40 8.37

9.75

8.89

9.30

2012 2013 2014 2015 2016 2017 2018

▪ Operating costs per passenger increased by 4.6% over 2017, in line with growth in headcount and expansion ofadvertising and marketing activities

▪ Increased maintenance and PAX services are delivering an improved passenger experience

Opex per PAX (in EUR)Opex summary (EUR million)Actual 2018

Actual 2017 ∆ Y/Y

Personnel Costs -75.0 -69.7 7.6%

Maintenance -58.0 -54.8 5.8%

Security Services -39.0 -38.4 1.6%

PAX Services -15.3 -14.0 9.3%

Utilities -8.6 -8.7 -1.1%

Professional Services & Consultancy -10.8 -9.2 17.4%

Advertising & Marketing -9.3 -6.2 50.0%

Other Operating Costs -7.2 -7.2 0.0%

Other Non‐operating Costs -15.5 -12.0 29.2%

Total Operating Expenses -238.7 -220.2 8.4%

Strict Management of Operating Costs per PAXOperating Costs per Passenger Stable on Long-term Trend

Financial Overview

1720/09/2019

6.1% EBITDA growth (pre-specifics) vs. 2017

mainly driven by:

▪ Traffic increase

▪ Tariff increase

▪ Increased commercial spend

▪ Higher Real Estate income

▪ Opex increased at similar rate resulting in an

increase in EBITDA

EBITDA summary (EUR million)Actual2018

Actual2017

∆ Y/Y

Aeronautical Revenues(1) 383.3 354.9 8.0%

Commercial Revenues 104.5 95.9 9.0%

Real Estate & Property 53.3 50.9 4.7%

Other Operating Income 27.6 29.4 -6.1%

Total Revenues 568.7 531.1 7.1%

Total Operating Expenses -238.7 -220.2 8.4%

EBITDA (pre-specifics) 330.0 310.9 6.1%

Specifics -4.3 -3.0 43.3%

EBITDA (post-specifics) 325.7 307.9 5.8%

Stable EBITDA Growth is Reflective of Strong Operating Performance and Prudent Cost Management

Robust Earnings Profile

Financial Overview

(1) Net of incentives, which were EUR 18.4 million in 2018 and EUR 18.8 million in 2017

1820/09/2019

▪ Brussels Airport has exhibited solid financial metrics after a rapid recoveryfrom the terrorist attack in 2016 (see Appendix for more information aboutthis event) and further growth in 2018

▪ Net and gross debt levels remain well under control, with no drawings underthe EUR 600 million bank facilities at the end of 2018 and bullet refinancingrisk mitigated through this 2019 refinancing well ahead of the July 2020maturity of our EUR public bond

▪ Senior ICR(1) decreased from 7.1x in 2017 to 5.2x in 2018, driven by adecrease in DPO and greater capex spend

▪ Net Debt/EBITDA remained stable at 4.1x in 2018, as growth in EBITDA offsetthe increase in Net Debt over the year

Financial Summary (EUR million) Actual 2018 Actual 2017

EBITDA (pre specifics) 330 311

EBITDA (post specifics) 326 308

NPAT (BAC Statutory) 90 59

SHL Loan 558 558

Net Debt 1,330 1,251

Gross Debt 1,375 1,375

Cash 45 124

Senior interest paid 37 36

Capex 177 97

Net Debt/EBITDA 4.1x 4.1x

Senior ICR(1) 5.2x 7.1x

Brussels Airport Continues to Show Resilient EBITDA and Solid Ratios

Strong Credit Metrics

Financial Overview

(1) Senior ICR: Available cashflow (EBITDA less tax, 30% of Capex, and change in WC) divided by senior interest

1920/09/2019

BAC Senior ICRBAC Leverage

(Net debt/ EBITDA(1))

▪ Baa1 (Stable) by Moody’s and BBB+ (Stable) by Fitch (upgraded by Fitch to BBB+ in May 2018)

▪ Long-standing shareholder commitment to Investment-Grade rating

▪ Leverage and interest coverage have remained well within covenants and Baa1 ratings guidance

▪ Continued focus on operational efficiencies in the growth phase

▪ Capex program fully flexible and subject to maintaining solid credit profile

5.2x

4.5x 4.3x4.6x

4.1x 4.1x

0,0x

1,0x

2,0x

3,0x

4,0x

5,0x

6,0x

7,0x

8,0x

2013 2014 2015 2016 2017 2018

6.8x

5.6x

4.9x4.6x

7.1x

5.2x

0,0x

1,0x

2,0x

3,0x

4,0x

5,0x

6,0x

7,0x

8,0x

2013 2014 2015 2016 2017 2018

Robust Credit Profile and Metrics

Proven track record of reinvestment into the Airport and conservative financial policy

Financial Overview

7.75x lock-up

1.10x default

1.35x lock-up

(1) EBITDA post specifics

2020/09/2019

2019 Pre-refinancing (Public Bond 2020)

Significant extension of the maturity profile at historically low cost

• Successful pre-refinancing of 2020 Public Bond of EUR 500m in May 2019• Refinancing by issuing a combination of three USPPs significantly extending the maturity profile with a delayed drawdown until 2020

1. EUR 100m immediate funding with maturity in 20342. EUR 150m delayed funding (2020) with maturity in 20403. EUR 250m delayed funding (2020) with maturity in 2050

• The maturities of the last transactions are more in line with our business profile.• Our capital structure is fully termed out into the long term markets.

Financial Overview

0

100

200

300

400

500

600

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2033 2034 2035 2039 2040 2041 2049 2050

Undrawn RCF Undrawn LF Public Bond 1 Public Bond 2 EURPP 1 EURPP 2 USPP 1 USPP 2 USPP 3 USPP 4 USPP 5

New Maturity Profile (including Delayed USPP 2020)

Delayed FundingPre-refinanced

2120/09/2019

Continued Growth In The First Half Of 2019

Traffic1.8% growth compared to first half 2018

Aero Revenues3.6% above HY2018 results

Commercial Revenues6,1% versus 2018 (thanks to increased SPP)

Real Estate RevenuesSignificant increase of +20%

OPEX8.1% higher than HY2018 but below budget

Net Cash Flow+44 Mio

CAPEX144Mio including Sheraton Acquisition

EBITDA7.4% increase to 158.2Mio

Financial Overview

2220/09/2016

1. Executive Summary

2. Traffic Growth

3. Capital Expenditure

4. Financial Overview

5. Existing development plots update

2320/09/2019

Existing development plots update

Focus on value creation and reshaping the airport

Existing development plots

ABD zone

PassportThe development of the Passport building (28,000 sq m offices), alongside the Gateway building, by Codic was delivered in the first half of2018. The building was completely let upon building delivery to KPMG, Microsoft, Tribes, Etex and Redevco. The building has been bought byKTB Investment & Securities Co. Ltd., a South Korean investor.

SkyHallThe redevelopment of the SkyHall 58 is currently on full speed. The property is being renovated and transformed into an event hall that canhouse +2,000 guests. This iconic building has a fantastic tarmac view and will become one of the biggest and most exclusive event halls inthe larger Brussels area. Both the investment and the operation will be done by Brussels Airport Company.

SheratonAt the beginning of 2019, Brussels Airport acquired 100% of the shares of Airhotel Belgium bvba. With this, Brussels Airport became the fullowner of the Sheraton hotel and the operational activities. The hotel offers 294 bedrooms (including five suites), a restaurant and bar, a clublounge, 21 meeting rooms accommodating up to 1,000 people, a fully-equipped fitness center, a car park and a large conference center.

2420/09/2019

Existing development plots update

Focus on value creation and reshaping the airport

Existing development plots

BRUcargo zone

Ziegler5,000 sq m warehouse and 1,150 sq m offices will be developed and owned by Patronale Real Estate, based on a 50 yr building right agreement. Construction started Q3 2019 and should be operational early Q2 2020.

BLD-832The second phase of the building (Montea) BLD-832 has been finalized and WFS started their off line operation in the 9,000 sq m warehouse in January 2019.

Swissport Cargo ServicesRedevelopment of BLD-704, a 1st line warehouse of 30,000 sq m and 5,000 sq m offices, has started in Q2 2019. The first phase is the addition of a dedicated pharma hub which will open in Q4 2020 and the redevelopment of the covered airside equipment space. In the mean time, also works on the new office building started in September 2019.

Parking DHLNew Parking building development of 975 parking slots are bing developed by DHL on Montea’s land lease and will be in use by the end of 2019.

2520/09/2019

Existing development plots update

Focus on value creation and reshaping the airport

Existing development plots

BRUcargo zone (Cont’d)

Valuables transport accomodationThe construction of a “Valuables transport accommodation” was finished end of Q1 2019 and became operational in April 2019. This facility for the valuables transport accommodation (vault) is operated by Brinks and has a total surface of 900 sqm.

AICC (Animal Inspection & Care Center)The construction of a “Border Inspection Post” (1,500 sq m) for living animals and some goods of animal origin (BIP) is a derived project from the Swissport Cargo Redevelopment project (BLD-704 – project code SPC01I). Work started in Q2 2019 and works will be finished by end Q4 2019, after which FAVV will move their offices to this new building. A European audit will be performed in Q1 2020 and the building will be operational as of Q2 2020.

Brucargo WestConstruction of a 50,000 sqm warehouse, 6,500 sqm offices and 350 parking lots on a greenfield area started in Q4 2018. The building willbe used by WFS (25,000 sqm), Kuehne&Nagel (15,000 sqm) and Expeditors (10,000 sqm). First part of the building should be delivered byend 2019 and the remaing of the building by early Q3 2020.

2620/09/2019

Questions

2720/09/2019

Appendices

2820/09/2019

Historical Financials

Income Statement (EUR million) FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

Operating income 438 495 520 536 552 595

Operating charges -273 -312 -319 -343 -343 -375

Operating profit 165 183 201 193 209 220

EBITDA (pre specifics) 246 284 304 291 311 330

Financial result -93 -95 -95 -93 -100 -83

Profit before tax 72 88 106 100 109 137

Income taxes -25 -31 -36 -35 -20 -26

Consolidated result 47 57 70 65 89 111

Balance Sheet (EUR million) FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

Fixed assets 2,593 2,608 2,613 2,607 2,592 2,728

Current assets 235 279 260 264 275 220

Total assets 2,828 2,887 2,873 2,871 2,867 2,948

Equity 567 545 569 525 545 642

Provisions and deferred taxes 178 219 218 204 171 153

Amounts payable 2,083 2,123 2,086 2,142 2,151 2,154

Total liabilities 2,828 2,887 2,873 2,871 2,867 2,948

HY 2016 HY 2017 HY 2018 HY 2019

242 245 269 286

-98 -107 -117 -127

144 138 152 159

134 135 147 158

-48 -53 -42 -41

46 36 60 57

18 18 23 -23

28 18 37 34

HY 2016 HY 2017 HY 2018 HY 2019

2,603 2,592 2,609 2,808

234 276 192 188

2,837 2,868 2,801 2,996

597 543 580 676

239 267 187 167

2,001 2,058 2,034 2,153

2,837 2,868 2,801 2,996

2920/09/2019

Cash Flow Statement (EUR million) FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

EBITDA (post specifics) 246 284 304 291 308 326

Net Current Capex -80 -100 -124 -106 -97 -177

Change in Working Capital -2 34 -2 -4 7 -26

Operating Cash Flow 164 218 178 181 218 123

Other current Assets/Liabilities 2 -1 1 1 1 5

Tax & extraordinary cash flow -11 -9 -41 -37 -33 -51

Financial Cash Flow (excl. dividend distribution) -12 -94 -122 -60 -90 -65

Interest paid on senior debt -31 -44 -46 -46 -47 -37

Interest paid on SHL (incl. break-out fee) -45 -49 -76 -33 -33 -33

Debt Repayment/Additional Debt - - - 20 - -

Refinancing & other financial costs 64 -1 - -1 -10 5

Dividend distribution (NPAT + reserves) -92 -107 -48 -94 -79 -89

Net Cash Flow 51 7 -32 -9 17 -78

HY 2016 HY 2017 HY 2018 HY 2019

134 135 147 158

-39 -38 -68 -144

-16 -8 8 31

79 89 87 45

1 - 1 1

4 17 -41 -43

-50 -24 -44 56

-33 -12 -26 -26

-17 0 -16 -16

- - - 100

- -12 -2 -2

0 0 -11 -14

34 82 -8 44

Historical Financials (Cont’d)

3016/09/2019

Shareholders change to be finalized in the last quarter of 2019

Supportive shareholders with a strong commitment to maintaining an investment grade rating; new consortium acquiring Macquarie’s stake, which is expected to close in late 2019, contains well-known infrastructure sponsors

▪ Current shareholders include OTPP, Macquarie (through MIRA) and theBelgian State

▪ On 15 March 2019, Macquarie announced the sale of its 36% stake inBrussels Airport

Ontario Teachers’ Pension Plan Board (“OTPP”)

▪ OTPP is the largest single-profession plan in Canada with a long term horizon in infrastructure assets

▪ Current airport interests in Birmingham, Bristol, Brussels and Copenhagen

Macquarie Infrastructure and Real Assets (“MIRA”) > To exit as shareholder

▪ Invested in Brussels Airport since 2004 via MEIF I and MEIF III

▪ Macquarie Infrastructure and Real Assets is the largest infrastructure Asset Manager globally by Assets Under Management

The Belgian State

▪ Supported Brussels Airport since its establishment

▪ Currently rated AA/Aa3/AA

Queensland Investment Corporation (“QIC”)

▪ QIC is an investment company owned by the Queensland Government

▪ Aims for long term value and prefers expanding its portfolio with high-quality core infrastructure assets such as Brussels Airport Company

ABP Asset Management

▪ Largest pension investor in the Netherlands (8.8m civil servants)

▪ Targeting stable and long-term returns, described Brussels Airport as a high quality, resilient infrastructure with promising long term growth potential

Swiss Life Fund Global Infrastructure Opportunities

▪ 25-year fund started in 2018 with Swiss Life Group as anchor investor

▪ Brussels Airport is the eighth investment by the fund

16.8%

16.8%

2.4%

▪ The consortium of new owners includes QIC (16.8%), APG (16.8%) and Swiss Life (2.4%)and financial close is expected in late 2019

▪ Both Moody’s and Fitch have confirmed that the sale will not trigger any immediaterating action

Existing Shareholders Consortium of New Owners

39%

36%

25%

3120/09/2019

Disclaimer

IMPORTANT: By reading the presentation you are deemed to have taken notice of the following limitations.Brussels Airport Company NV/SA (BAC) (the “Company”) prepared this document solely for use in connection with this presentation. It is furnished solely for your information, should not be treated as givinginvestment advice and may not be printed, downloaded or otherwise copied or distributed. The information contained in this presentation is not to be viewed from, or for publication or distribution in, theUnited States of America (the “United States”), Australia, Canada or Japan and does not constitute an offer of securities for sale in any of these jurisdictions. Neither the Company nor any of its directors,officers, employees and advisors nor any other person shall have any liability whatsoever for any direct or indirect losses arising from any use of this presentation. While the Company has taken allreasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature. Information contained inthis presentation concerning the future development of the Company consists purely of forecasts and assessments and not of definitive historical facts. These forward-looking statements are based on alldiscernible information, facts and expectations available at the time. They can, therefore, only claim validity up to the date of their publication. Since forward-looking statements are by their nature subjectto uncertainties and imponderable risk factors –such as changes in underlying economic conditions –and rest on assumptions that may not occur, or may occur differently, it is possible that the Company’sactual results and development may differ materially from the forecasts. The Company is under no obligation to update forward-looking statements or adapt them to subsequent events or developments.Accordingly, it neither explicitly nor implicitly accepts liability, nor gives any guarantee for the actuality, accuracy or completeness of this data and information. Any opinions expressed in this presentationare subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. In addition, institutionsmentioned in this presentation, their affiliates, agents, directors, partners and employees, may purchase and/or sell, as principals or agents, any securities that are offered or may act as market makers orprovide investment banking or other services to the Company. Persons who intend to purchase securities in the proposed offering are advised to base any decision about such purchase, or solicitation of anoffer to purchase, on the information contained in the approved prospectus prepared by the Company in connection with the proposed bond offering of the Company, which may be different from theinformation contained in this presentation. Accordingly, any investment decision to purchase or subscribe for any securities of the Company should be made solely on the basis of the information that iscontained in the approved prospectus and no reliance is to be placed on any representations other than those that are contained in the approved prospectus which, should the Company pursue thetransaction, will be available from the Company and published on the website of the Luxembourg Stock Exchange. This presentation does not constitute an offer or invitation to subscribe for, or purchase,any securities issued by the Company and neither this presentation nor anything in it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This presentationdoes not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person or in any jurisdiction to whom or in which such offer or solicitation is unlawful. Theinformation contained in this presentation is not for publication, release or distribution in the United States, Australia, Canada or Japan and, subject to certain exceptions, the securities referred to hereinmay not be offered or sold in the United States, Australia, Canada or Japan or to, or for the account or benefit of, any U.S. person, or any national, resident or citizen of Australia, Canada or Japan. Thesecurities referred to herein may not be offered or sold except pursuant to registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or pursuant to an exemption from, or in atransaction not subject to, the registration requirements of the Securities Act. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act. There willbe no public offer of the securities referred to herein in the United States. The securities referred to herein will be offered only outside the United States in reliance on Regulation S of the Securities Act. Inrelation to each Member State of the European Area which has implemented the Prospectus Directive, as amended, this presentation is directed only: (i) to persons who are “qualified investors” within themeaning of Article 2(1)(e) of the Prospectus Directive, as amended, or (ii) in any other circumstances which do not require the publication by the issuer of a prospectus pursuant to Article 3 of the ProspectusDirective, as amended. This presentation is directed at and/or for distribution in the United Kingdom only to (i) persons who have professional experience in matters relating to investments falling withinarticle 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons arereferred to herein as “relevant persons”). This presentation is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Anyinvestment or investment activity to which this presentation relates is available only to relevant persons and will be engaged in only with relevant persons.