Investment Highlights
Key value • Long-term concession investments in attractive locations drivers in Mexico Matters Strategic
• Established regulatory framework
Financial • Track record of consistent passenger growth Information
• Balanced mix of international and domestic traffic Revenues Commercial Commercial • Successful, market leading commercial business strategy
• Strong cash flow profile and solid balance sheet Operational Information
• Robust corporate governance and board of directors with experienced management Regulation
Overview Company
Page 2
Page Company Operational Commercial Financial Strategic Regulation 3
Overview Information Revenues Information Matters Geographical presence
Airport operations in attractive locations in Mexico the and Caribbean
Cancún: Close to major U.S. destinations
Illustrative flight times Matters Strategic from various
destinations Financial Information
Revenues Commercial Commercial
Operational Information
Regulation
Overview Company
Page 4 Private airports / airport groups listed on global stock exchanges
ASUR and GAP are the only Latin American
Airport Groups listed on NYSE Matters Strategic
Financial Information
Revenues Commercial Commercial
Operational Information
Regulation
Overview Company
Page 5 Ownership overview
FCHP & ADO Matters Strategic
Financial Information
Revenues Commercial Commercial
Operational Information
Regulation
Overview Company
Page 6 Established regulatory framework with a track record of rate setting precedents
Dual Till System Matters Strategic
Regulated + Non Regulated Financial
Information Revenues
Revenues Commercial Commercial
Operational Information
Regulation
Overview Company
Note: 2012 Revenues per PAX, expressed In nominal pesos as of Dec 2012; passenger traffic excludes transit and general aviation passengers Page 7 Visibility of capital expenditure requirements through 2013
MDP investment commitments (expressed in June 2012 Million Pesos)
9,902M 1,318 1,209 1,109 invested 1,015 1,038 1,047 1,012 Matters Strategic 1999-2011 855
677 699 626 496
Financial 269 Information 170 242 2
2000 1 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Revenues Commercial Commercial
• Visibility on capital expenditure requirements, as maximum rate negotiated along with Master Development Plan (MDP) is a function of programmed capex • Key projects completed: • Key future projects:
Operational Information 1999: Government capex backlog Terminal building expansion in HUX,
2005: 9/11 security standards MID, OAX, VER and VSA 2006-2007:Terminal 3 and second Relocation of the General Aviation runway in CUN Apron in CUN Regulation Passenger flow separation in CUN
Runway expansion in HUX Taxiway expansion in VER
1
Overview Committed investments from May 1999 to Dec 2000 Company 2 242 million pesos have been paid each year (anticipated) – Terminal 3 & Second Runway – Cancún Airport Note: Committed investments according to Master Development Plan, expressed in million pesos as of June 2012 based on the Mexican Page 8 construction price index in accordance with the terms of the Master Development Plan; ;2012 & 2013 Estimated ASUR’s airports are among the most frequented in Mexico
Mexican Airports by PAX
(thousand PAX)
Pax (‘000s) Var % Matters Strategic
2012 Airport Rank Group 2011 2012 12 vs. 11
1 AICM Mexico City 26,365 29,481 11.8% 2 ASUR Cancun 13,022 14,463 11.1% 3 GAP Guadalajara 7,155 7,419 3.7% 4 OMA Monterrey 5,583 6,106 9.4%
Financial 5 GAP Tijuana 3,488 3,751 7.5% Information 6 GAP Los Cabos 2,754 2,801 1.7% 7 GAP Puerto Vallarta 2,482 2,409 -3.0% 8 ASUR Merida 1,226 1,278 4.3% 9 GAP Hermosillo 1,142 1,222 7.0% 10 OMA Revenues Culiacan 1,071 1,168 9.1% Commercial Commercial 11 ASUR Villahermosa 851 998 17.3%
12 TLC Toluca 1,579 987 -37.5% 13 GAP Bajio 833 930 11.7% 14 ASUR Veracruz 867 927 6.9% 15 OMA Chihuahua 782 855 9.3%
Operational Information 16 OMA Cd. Juarez 673 699 3.9%
2012 Total PAX 17 OMA Mazatlan 722 669 -7.3% Int PAX Dom PAX Total PAX 06-12 CAGR 18 OMA Tampico 548 595 8.5% 19 OMA Acapulco 596 547 -8.3% 10,609 8,637 19,247 5.7% 20 GAP Mexicali 482 513 6.4% Regulation 7,313 13,975 21,287 0.6% 21 ASUR Oaxaca 401 491 22.3% 22 ASUR Huatulco 460 486 5.7%
1,825 10,769 12,594 1.1% 23 GAP La Paz 478 482 0.8% 24 ASUR Cozumel 442 460 4.3% 1 All of Mexico 29,572 56,719 86,291 2.7% 25 OMA Zihuatanejo 481 458 -4.7% Overview Company 1 According to the Communications and Transport Ministry’s website Page 9 Source: Company financials, AICM website: Note: Selected airport sample includes ASUR, GAP, OMA and OHL concessions and the Mexico City airport; PAX traffic excludes transit and general aviation PAX Revenue and passenger breakdown
2012 Revenue per PAX:
Ps.232 Matters Strategic 2012 Revenues by business by airport
Villahermosa Other 10.9% Ps.4,457M Non-aeronautical 36% Regulated 3.6% Commercial 67%
Financial Merida
Information 32%
5.3% Cancun 80.2% Revenues Commercial Commercial Aeronautical 64%
2012 PAX by type by airport
Operational Information Other 13.5% 19.2M Villahermosa
Domestic 5.0% 45% Merida 6.4% Cancun Regulation 75.1%
International 55% Overview Company Source: Company filings; Note: Non-aeronautical revenues are derived from leasing of space in airports to airlines, restaurants, retailers and other commercial tenants and access fees collected from third parties providing complementary services (such as catering, handling, and ground transport). Commercial revenues are all non-aeronautical and include revenues related to retail (duty free & duty paid), food & beverages, advertising, banking & foreign exchange, car rental, car parking, ground transport, teleservices and others. Revenues from Construction Services are not included. PAX traffic Page 10 excludes transit and general aviation. ASUR traffic evolution
1990 – 2012 Domestic International Cancun Airport 19.2
17.8 10.6 CAGR: 5.8% 17.5 Matters Strategic 16.7
16.2 10.1 10.1
15.5 9.8 9.1 14.5
13.9 8.8 13.8
13.3 13.0 8.6 12.6 12.4
12.2 8.0 Financial 8.1 Information
11.4 11.3 11.2 11.2 11.0
10.6 7.1 6.8 10.0 9.8 6.6 6.4 9.7 9.4 5.9 9.3 8.7 8.5
8.3 5.4
8.0 5.0 7.8 7.7 7.6 7.7 7.4 Revenues 3.6 7.0 Commercial Commercial 4.1 3.5 4.0 6.2 6.2
3.1 5.9 5.6 5.1 2.8 4.8 4.3 4.4 2.6 3.9
3.4 3.5 3.0 3.3 Operational Information 2.1 2.2
3.0 3.4 4.3 4.3 4.9 4.0 4.2 4.4 4.4 4.7 4.7 4.6 4.6 5.1 5.3 5.2 5.8 7.2 7.7 6.7 6.9 7.5 8.6 1.2 1.3 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Regulation 2M12 2M13
YOY Growth (%) 10.7 19.4 5.4 9.0 (5.9) 3.8 13.3 4.3 8.4 7.7 (1.8) (2.2) 10.9 14.0 (4.1) 3.4 17.8 9.3 (12.5) 7.6 4.9 9.7 7.0
CAGR ’90–’12 (INT’L): 6.6% Overview Company Source: ASA from 1990-1998. ASUR management thereafter CAGR ’90–’12 (DOM): 4.9% Note: Transit and general aviation excluded Page 11 CAGR ’90–’12 (Cancun): 7.4% ASUR has a balanced mix of domestic and international traffic
Passenger traffic by Origin – Destination
(million PAX) Matters Strategic
Financial Information
% Change % of total CAGR Region 99 00 01 02 03 04 05 06 07 08 09 10 11 12 12 vs. 11 2012 1 99-12
Mexico 5.0 5.0 4.9 4.8 5.3 5.6 5.5 5.9 7.4 8.1 7.0 7.2 7.7 8.9 16.2 46.5 4.5
Revenues USA 4.1 4.6 4.5 4.4 4.9 5.9 5.6 5.3 6.0 6.5 5.9 6.2 6.2 6.2 (0.2) 32.1 3.2 Commercial Commercial
Europe 0.7 0.9 0.9 0.8 1.0 1.3 1.2 1.3 1.4 1.5 1.0 1.2 1.3 1.5 13.1 7.8 6.3 Canada 0.3 0.4 0.5 0.6 0.7 0.8 0.8 0.8 1.0 1.3 1.3 1.5 1.7 1.8 3.6 9.2 14.8 Latin America 0.5 0.5 0.5 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.5 0.6 0.9 38.3 4.4 3.9 Operational Information
Asia & Others 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ASUR 10.6 11.4 11.3 10.9 12.2 13.9 13.4 13.6 16.1 17.8 15.5 16.7 17.5 19.2 9.7 100 4.7 Regulation
1 Note: % of total refers to 2012 figure Note: Excludes transit and general aviation; Overview Company
Page 12 Historically, traffic has recovered and grown after exogenous events
25
Sep. '08: Financial Crisis May '09: AH1N1
Passenger Oct. '05: Hurricane Wilma 20 traffic during Jul. '05: Hurricane Emily
Matters 19.48M Strategic last 12-
months at Sep. '01: 9/11 15 each specific Financial Information
date (million 10.73M PAX) 10 8.75M Revenues Commercial Commercial
5 Operational Information Note: Note: aviation Excludes general and transit passengers
0 feb-00 feb-01 feb-02 feb-03 feb-04 feb-05 feb-06 feb-07 feb-08 feb-09 feb-10 feb-11 feb-12 feb-13 ago-01 ago-04 ago-07 ago-10 ago-00 ago-02 ago-03 ago-05 ago-06 ago-08 ago-09 ago-11 ago-12
Regulation Domestic International Total
EVENT RECOVERY AFTER Type of PAX Historical Max. (%) Feb13 vs. Hist. Max Sep ‘01: 9/11 13 months Domestic Feb’13 0.0% Overview Company Oct ‘05: H. Wilma 16 months International Feb’13 0.0%
Page 13 May ‘09: H1N1 26 months TOTAL Feb’13 0.0% After 4.5 years, Mexico hasn’t recovered the level of Airplanes Available
2014 Industry Available Airplanes in Mexico Estimates: Matters Strategic 290 available 350 90 a) Existing Airlines 307 80 New airplanes Var. % jun-08 ene-13 Airplanes 300 INTERJET 11 38 27 245% 40
Financial VOLARIS 17 41 24 141% Lost vs. New Airplanes Information 250 242 AEROMEXICO 94 116 22 23%
0 VIVAAEROBUS 7 19 12 171% AEROMAR 14 16 2 14% 200 -40 MAGNICHARTERS 5 10 5 100% GLOBAL AIR 4 2 (2) (50)% Revenues Commercial Commercial 150 59%
-80 Subtotal 152 242 90
100
Available Airplanes Available -120 b) Suspended Airlines Lost jun-08 ene-13 Airplanes
Operational Information (155) 50 -160 MEXICANA 78 0 (78) ALMA 15 0 (15) 0 -200 AEROCALIFORNIA 22 0 (22) AVOLAR 8 0 (8) dic-08 dic-09 dic-10 dic-11 dic-12 jun-08 jun-09 jun-10 jun-11 jun-12 sep-08 sep-09 sep-10 sep-11 sep-12 mar-09 mar-12 mar-10 mar-11 ALADIA 3 0 (3) Regulation AVIACSA 26 0 (26)
Available airplanes NOVA AIR 3 0 (3) Lost airplanes - Suspended Airlines Subtotal 155 0 (155) Source: Overview Company www.airfleets.net New airplanes - Existing airlines www.aerotransport.org Page 14 Successful commercial strategy
Nominal CAGR 2000 – 2012: 24.6%
(Mexican CPI CAGR 2000-2012: 4.4%) Matters Strategic 2012 commercial revenue per PAX Commercial revenues per passenger per quarter evolution
vs. peers (US$/PAX) (Ps. / passenger in Mexican pesos as of date reported) 80.0 75.1 73.4 72.4
Financial 10
70.0 66.2 Information 63.8
61.3 60.6
67.8
60.0 57.9 64.4 60.1 50.6 49.3 55.9 Revenues
50.0 46.3 Commercial Commercial 44.1
48.6
40.0 45.9
5.7 31.5 30.0 34.9 34.9 34.8 Operational Information 21.2 4.0 3.5 20.0 17.0 12.5 10.1 8.1 10.0 7.5 Regulation 1 Selected Int ASUR GAP OMA
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.0 1 International average 2010 includes figures for Fraport, TAV Airports, Copenhagen Airports, Vienna Airport, Aeroports do Paris and Zurich Airport; Note: OMA commercial revenues include parking, advertising, leasing, retail stores, car rental, food & beverage, communications, financial services, ground transportation and time-sharing; GAP commercial revenues include parking, leasing, retail stores, food & beverage, car rentals, time-share, duty free, advertising, communications, financial services and ground transportation; Fraport commercial revenues include real estate, retail, parking, energy supply, advertising and rents; TAV Airports commercial revenues include catering
Overview and duty free; Copenhagen Airports commercial revenues include shopping centers, car parking, rents, hotel operations and other services; Vienna Airport commercial revenues include parking, rentals, advertising, shopping and Company gastronomy; Aeroports do Paris commercial revenues include retail stores, duty free, rentals, car parking, industrial services, shops, bars, restaurants, leasing and rentals; Zurich Airport commercial revenues include retail stores, duty free,advertising, car rentals, ground transportation, financial services, food & beverage, rentals and leasing; Converted to US$ at 2012 average FX of Ps.12.9658/US$, 1.39 EUR/US$ and 0.92 US$/CHF where applicable; Note: Page 15 Commercial revenue per passenger recorded in 3Q’05 reflects a one time payment from Dufry Mexico of Ps.39.5mm; Commercial revenue recorded in 4Q’06 reflects a one time payment of Ps.19.1mm from Aldeasa for a new concession contract at Terminal 3 in Cancun International. Passenger traffic excludes transit and general aviation; Commercial revenue per passenger CAGR based on full year 2000 and full year 2012 figures Track record of consistent revenue growth and profitability
Total Revenues CAGR 1999 – 2012: 13.1%
Not including Revenues from Construction Services Matters Strategic 1999 – 2012 Revenues EBITDA & EBITDA Margin (Ps. Mm)
00 Aeronautical Non-Aeronautical Construction CAGR ’06–’12: 14.3% 00 2,931 2,476 5,120 00 1,985 1,967 2,104 00 Financial 1,707 65.8% Information 4,573 00 1,317 663 64.1%
4,235 00 62.7% 62.8% 61.3% 714 00 60.2%
0 58.8% 741 Revenues
Commercial Commercial 1,608 2006 2007 2008 2009 2010 2011 2012
3,169 3,131 2010 EBITDA margin calculated without Revenues from Construction 2,786 1,361 Services for comparability with previous periods 1,211 2,239 1,067 1,089
Operational Information Growth rates: ’99 – ’12 CAGR (%) 1,976 2,064 895
651 Passenger traffic 4.7% 1,467 495 607 1,159 1,164 1,241 2,849 Total revenues 13.1% 311 2,498 Regulation 897 171 176 239 2,102 2,283 1,891 2,043 EBITDA 14.9% 137 1,588
1,481 1,457 Net income 22.6% 989 989 1,001 1,155 759 Mexican CPI 4.7% Overview Company 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Source for Mexican CPI: IMF; Note: CAGRs calculated in Mexican peso terms; Revenues from Construction Services not included; passenger Figures for 2010, 2011 & 2012 reflect adoption of MIFRS-17 figures exclude passengers in transit or general aviation Page 16 Note: From 1999 to 2007 figures in nominal Mexican pesos adjusted for inflation as of Dec. 31st of each year ASUR has positively differentiated itself…
ACI named Revenue per PAX in 2012 CAGR in Revenues 2006 – 2012 (%) Cancun the Matters Strategic best airport in 266 12.2% 246 Latin America 9.6% 232 232 in 2012 224
Financial 6.9%
Information th (4 year in a row) 205
The 1st column for each airport group excludes Revenues from Revenues Construction Services; the 2nd column includes these revenues. Commercial Commercial
CAGR in PAX Traffic 2006 – 2012 (%) CAGR in EBITDA 2006 – 2012 (%) Operational Information
14.3% 5.7%
Regulation 9.3% 7.0%
2.7%
0.6% 1.1% Overview Company Mexico
Page 17 Aggregate
Page Company Operational Commercial Financial Strategic
18 Regulation Overview Information Revenues Information Matters aviation aviation general and transit traffic costs D&A; excludes and services, of services passenger administrative technicalfee, assistance concession to 2006; include costs total CPI indexed in change as ratecalculated growth inflation Mexican terms; peso Mexican in rates growth Note: Highlights 2012 • Administrative services Administrative services of Costs passengers passengers prices and the global financial crisis outbreak, significant increase in crude oil exogenousmajor events such as the H1N1 EBITDAmargins have increaseddespite operating costbreakdown (%) 1 Note
revenue construction figures does per revenue : not include passenger 51% Technical assistance Technical D&A Operating leverage recovers trafficas passenger 21% Concession fee 11%
,
the the 9% % 8% Revenues havegrown at a fasterrate than 100 120 20 40 60 80 0 Income Net EBITDA Revenues traffic Passenger
accounts resulting from the bankruptcy announced by by announced from bankruptcy the accounts resulting for doubtful thereserve in increase 3Q’10: Does thePs.128.0 not reflect million 1Q'06 41 7 152 Revenue and cost per PAX Growth rates:
2Q'06 42 6 157 Cost Services of 3Q'06 52 7 161 4Q'06 47 8 167 1Q'07 37 6 161 2Q'07 45 6 167 3Q'07 46 7 175
4Q'07 53 7 172 ’06 ’06 1Q'08 37 5 173 totalcosts PAXand traffic 2Q'08 39 6 Administrative
175 25.6% 14.3% 12.2% – 3Q'08 50 6 175 5.7%
4Q'08 60 8 193 ’12
1Q'09 39 6 203 Mexican GDP growth GDP Mexican (CPI) inflation Mexican Total costs Administrative services of Cost 2Q'09 58 8 201 CAGR (%) 3Q'09 53 8 198 4Q'09 57 10 205 comparison 1Q'10 39 8 207 Revenues
2Q'10 52 9
Grupo 210 3Q'10 49 10 208
services 4Q'10 59 12
212 Mexicana de Mexicana 1Q'11 44 8 217
2Q'11 50 9 218
(Ps./PAX 3Q'11 55 10 217 4Q'11 59 11 229 Aviación 1Q'12 44 8 234 10.9%
2Q'12 49 10 1.9% 4.3% 5.4% 7.4% 234 ) 3Q'12 53 10 225
4Q'12 60 10 232 50 100 150 200 250
Page Company Operational Commercial Financial Strategic
19 Regulation Overview Information Revenues Information Matters 3 1 pesos in the year thereafter, i.e. dividend shown in year (x) in the chart above is actually the dividend paid in year (x+1) (x+1) year in paid dividend the actually (x) is year in chart the in above shown dividend i.e. the in thereafter, year pesos : 2010, 2011 & 2012 figures reflect the adoption of INIF 17 INIF of adoption the reflect 2012 figures 2011& 2010, : Note
Note: Figures in nominal Mexican pesos for the respective year; for illustrative purposes, dividend in each each in year thechart in dividend purposes, year; for illustrative for pesos the respective Mexican nominal in Note: Figures Note: 2012 dividend pending to be presented and approved by the Annual General Shareholders’ Meeting Shareholders’ General Annual the by approved and presented be to pending Note: 2012 dividend (Ps. million) EBITDA 2006 229 2007 1,042 2008 –
1,049 CAPEX 2009 1,290 2010
1,321 2011 1,718 2012 2,300 Net Income,retained dividends evolution earnings and 1999 Dividends paid Dividends Retained earnings income Net 2000 2001
444 Ps. 1.48 per share 2002
150 Ps. 0.50 per share 2003
168 Ps. 0.56 per share 2004 Profitability indicators acc 186 Ps. 0.62 per share 2005 ording to ASUR financial statements; statements; financial ASUR to ording
ab
ove relates to the dividend paid in nominal nominal in paid to dividend the relates ove 205 Ps. 0.68 per share 2006 Dividends evolution Dividends
225 Ps. per share 2007 0.75
600 Ps. 2.00 per share 2008 (Ps. thousands) thousands) (Ps.
1,884 Ps. 6.28 per share 1999 2009
750 Ps. 2.50 per share 2010
-
900 Ps. 3.00 per share 2012 2011 1
1,080 Ps. 3.60 per share 2012
2
Robust corporate governance and board of directors
Acq. & Board of Audit Operations Nom & Comp Contracts
Directors Committee Committee Committee High Committee Corporate Fernando Chico Pardo Matters
Strategic X X X X Governance Founder and president of Promecap José Antonio Pérez Antón X X X Standards CEO of Grupo ADO 1 Roberto Servitje Sendra X X
Financial Chairman of Grupo Bimbo
Information 1
Ricardo Guajardo Touche Former president of BBVA Bancomer X X X Francisco Garza Zambrano1 President of CEMEX North America X X
Revenues 1 Commercial Commercial Guillermo Ortiz Martinez
Former Governor of Mexico Central Bank for 12 yrs. X X Rasmus Christiansen 1 CEO of Copenhagen Airports International A/S X X X
Operational Information Luis Chico Pardo Former economist at the Bank of Mexico X
Aurelio Pérez Alonso Deputy Chief Executive Officer of Grupo ADO X X Regulation 1
• Five out of nine board members are independent • Sarbanes-Oxley compliant • Four committees led by board members Overview Company • Audit committee comprised of 3 independent members of the board of directors
Page 20 Experienced management team
Long Serving Fernando Chico Pardo Management President Matters Strategic with company since 2005
Adolfo Castro Rivas Agustín Arellano R.
Financial Chief Executive and Financial Officer Chief Infrastructure Officer Information
Head of Investor Relations
with company since 2010 with company since 2000 (experience in the industry for 35 years) Revenues Commercial Commercial Claudio Góngora Morales Manuel Gutiérrez Sola
General Counsel Chief Commercial Officer
Operational Information with company since 1999 with company since 2000
Carlos Trueba Coll Héctor Navarrete Muñoz General Director of Cancún Airport General Director of Regional Airports Regulation
with company since 1998 with company since 1999 Overview Company
Page 21 What’s Next?
Short & Long • Further develop our commercial business Term Matters Strategic Objectives • Improve our passenger volumes
• World Class service – ASQ Program Financial Information
• Improve capital structure Revenues Commercial Commercial • Monitor new business opportunities
Operational Information
Regulation
Overview Company
Page 22 ASUR: International Presence in Puerto Rico
Aerostar: • Luis Munoz Marin International Airport, in San Juan Puerto Limited liability Rico (8.4M PAX during 2012) Matters Strategic company
th owned by • February 27 initiated with the operation of the airport: ASUR (50%) & ‐ Term of 40 years
Financial ‐
Information Highstar (50%) Upfront payment of $615M USD
‐ Equity contributions by each of ASUR and Highstar Capital, 113M USD, Subordinated debt from ASUR 100M USD), project risk 350M USD.(preliminary figures) Revenues Commercial Commercial
‐ Airlines serving LMM will collectively make aggregate payments LMM of $62M USD/yr for the first five years; years 6-40 the payment will be increased annually by the U.S. CPI
Operational Information ‐ Revenue-sharing payments to PRPA: fixed at $2.5M USD first five years; 5% of gross airport revenues (years 6-30); 10% of gross airport revenues (years 31-40)
Regulation ‐ Minimal Capital Improvement projects: $34M USD
‐ Consolidation: Equity method Overview Company Page 23