Outlook

The current geopolitical and economic situation and the myriad of uncertainties in the world make it particularly diffi cult to give a reliable forecast of future developments.

We expect further growth in various areas in 2011. Traffi c and transport volumes via Amsterdam Airport Schiphol are projected to grow by 4% to 7% in number of passengers and air transport movements. A rise in cargo volumes is expected as well.

In view of the recovery of consumer confi dence, it seems reasonable to predict an increase in spend per passenger. We nevertheless remain cautious in this respect, because the question remains whether this recovery is permanent and how it will impact our revenue from concessions, retail sales and parking fees. With retail areas in the airport terminal currently in a remodelling phase, per passenger spending is likely to experience some temporary pressure.

The value of property at the airport is expected to stabilise. Note however that the negative trend in the property market, and especially in the Amsterdam region, does not appear to have been reversed yet.

At around EUR 400 million, our planned investments are considerably higher than in 2010 (EUR 248 million). Of these investments, approximately 57% will be injected in the Aviation business area, particularly in the baggage system, maintenance and baggage security, as well as in activities aimed at raising the passengers’ perception of quality.

These aims are also behind the Consumers business area’s decision to renovate Departure Lounge 3 in 2011. Initial work will also get underway on the construction of a new Hilton hotel at Amsterdam Airport Schiphol. Investments in real estate development are also planned at the Rotterdam and Eindhoven locations.

The financing for 2011 has been secured in part through a loan facility from the European Investment Bank.

In 2011, fi nalisation of the reorganisation will result in a further, minor decrease in the workforce.

Barring unforeseen circumstances, the net result will more or less equal the 2010 fi gure of EUR 169 million.

Schiphol, 16 February 2011

The Management Board