Grupo Aeroportuario del Centro Norte SAB de CV

FOURTH QUARTER 2018 RESULTS This presentation may contain forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current information and expectations and projections about future events. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “target,” “estimate,” or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our most recent annual report filed on Form 20-F under the caption “Risk Factors.” OMA undertakes no obligation to update publicly its forward- looking statements, whether as a result of new information, future events, or otherwise.

2 A b o u t t h e C o m p a n y

Our businesses

13 Airports in the central-north region of , serving 22 million passengers in 2018.

2 Hotels; NH Collection Hotel in Terminal 2 of the Airport, and Hilton Garden Inn at Airport

1 Industrial Park at Monterrey Airport

Who we are

More than 900 employees committed to providing aeronautical, commercial and real state services of excellence to our passengers and clients.

Listed in BMV and NASDAQ since 2006

Part of the main index of the BMV (IPC)

3 Non- MDP & Company Aeronautical Financial Outlook and Aeronautical Maximum Overview Business Results Industry Business Rates

Value Proposition Historical Performance Connectivity & 4Q18 Highlights Commercial Strategy Shareholder Structure New Routes Cost & Efficiency Investments 2016-2020 Diversification Strategy Industry Trends Board of Directors and Passenger Traffic Balance Sheet Relevant Projects NAR 4Q18 Fleets Management Team Airline Participation Profitability Indicators Maximum Rates Historical NAR Growth Operations & AR 4Q18 Value Distribution Sustainability

4 Company Overview

1 Value Proposition

2 Historical Performance

3 Shareholder Structure

4 Board of Directors and Management Team 5 Operations & Sustainability

5 Company Overview | Value Proposition

Successful High potential Commitment to Sustained Visibility in commercial portfolio of safety, security passenger aeronautical and airports and and growth tariffs diversification businesses sustainability strategies

Experienced Constant growth Cost and Maximizing board of in Adjusted Solid capital expenses value directors and EBITDA and structure efficiency distribution management margins team

6 Company Overview | Historical Performance

Sustained positive trends through economic and business cycles

Aeronautical Revenues Non-Aeronautical Revenues Passenger Traffic (million) 21.6 22.0 CAGR 2011-2018 8,000

• PAX 9.0% 19.7 20.0 18.8 • Revenues¹ 15.6% 6,766 • Adjusted EBITDA 20.9% 16.9 18.0

6,000 5,803 24% 16.0 14.7 5,205 14.2 14.1 25% 13.3 14.0 12.6 4,145 26%

4,000 11.5 11.6 11.8 3,422 12.0 3,065 27% 2,820

26% 10.0 2,459 26% 2,144 24% 76% 1,897 1,988 1,896 2,000 24% 75% 23% 74% 8.0 18% 19% 19% 73% 74% 76% 74% 6.0 82% 81% 81% 77% 76%

- 4.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

% Adj. EBITDA2 56% 53% 51% 44% 51% 54% 55% 55% 59% 64% 66% 70%

Note: From 2010 to 2018 figures expressed under IFRS; 2007 - 2009 figures expressed under M exican Financial Reporting Standards. ¹ Represents the sum of aeronautical and non-aeronautical revenues (excludes construction). ² Adjusted EBITDA M argin = Adjusted EBITDA / (Aeronautical + Non-Aeronautical Revenues). Adjusted EBITDA = Operating income + Depreciation and Amortization + M ajor M aintenance Provision.

7 Company Overview | Shareholder Structure

12.6% SETA1 – BB shares

85.5% Public Float2 - B Shares

1.9% CONOISA1 – B shares

Market Cap3. Ps. Bn. $36.9 / USD Bn. $1.9

Note: As of December 31, 2018 1 Servicios de Tecnología Aeroportuaria, S.A. de C.V. (SETA) and Controladora de Operaciones de Infraestructura, S.A. de C.V. (CONOISA) are subsidiaries of ICA Tenedora ,S.A. de C.V. 2 Float includes repurchased shares ³ BM V Price Ps.93.65 as of December 31, 2018. Exchange rate used: 19.6566

8 Company Overview | Board of Directors & Management Team

EXPERIENCED MANAGEMENT TEAM (Average time in Airport Industry: 7 years) Ricardo Dueñas Espriu Chief Executive Officer With the Company since 2018

Ruffo Pérez Pliego Chief Financial Officer With the Company since 2018 CORPORATE GOVERNANCE Adriana Díaz Galindo 5 of 11 Directors are independent General Counsel With the Company since 2018 Board Audit and Corporate Practices Commitees are 100% independent Héctor Cortés Chief Commercial Officer With the Company since 2001

Enrique Navarro Airport Operations Director With the Company since 2004

Enrique Chacón Infrastructure Director With the Company since 2018

9 Company Overview | Operations & Sustainability

Occupational Health and Safety

Aerodrome Certification

Environment

Quality and Customer Service CULIACÁN AIRPORT MAZATLÁN AIRPORT

Social Responsibility

Sustainability Performance

10 Aeronautical Business

Connectivity & 1 New Routes 2 Passenger Traffic

3 Airline Participation

4 Aeronautical Revenues 4Q18

11 Aeronautical Business | Connectivity & New Routes

New Domestic Routes Top Routes 2018

12 1. MTY-MEX (+12%)

12 2. MTY-CUN (+17%)

5 3. CUL – TIJ (+21%)

6 4. MTY – GDL (+17%) 5 Other 5. CUL – GDL (+40%)

New International Routes

3 +9.7% PAX in 2018

2 +9.8% Seats added in 2018 6 Other

T o t a l N e w R o u t e s : 5 1 12 Aeronautical Business | Passenger Traffic

4Q 18 Passenger Traffic 2018 Passenger Traffic

Total Pax: 5.5 million (+10.4%) Total Pax: 21.6 million (+9.7%) 88% Domestic: 4.9 million (+11.1%) 88% Domestic: 19.0 million (+10.4%) 12% International: 0.6 million (+5.7%) 12% International: 2.6 million (+4.4%)

At Monterrey Airport • Aeromexico regional hub Border • VivaAerobus main base and hub Cities • secondary base +16% • secondary base 8% CJS Tourist 11%

CUU

TRC Metropolitan CUL +10% REX 50% MTY DGO +19% -4% Regional MZT +10% 31% +4% +6% ZCL TAM +5% SLP +3% +13%

ZIH -5% Note: Percentages in graphs represent Passenger share by type of airport. ACA Metropolitan: MTY | Tourist: ACA, MZT & ZIH | Regional: CUU, CUL, DGO, SLP, +8% TAM, TRC & ZCL | Border: CJS, REX (%) YoY 2018 Passenger Growth

13 Aeronautical Business | Airline Participation 2018

TAR 3% (+27.4%) Other 5% Total PAX 88% Domestic (+6.7%)

Passengers VivaAerobus Interjet 29% 15% (+18.1%) (-1.2%)

American 2% (+0.8%) Other 12%

(+3.4%) Volaris 21% VivaAerobus (+13.7%) 26% (+18.4%) 27% (+6.9%)

Interjet 15% (+1.3%)

Interjet 8% (+57.5%) Alaska 5% Airlines 20% (+1.2%) (+0.8%)

Delta 8% (-23.8%)

Volaris 19% Aeroméxico (+13.0%) 26% Volaris 8% (+8%) (+0.9%) 19% (-5.6%) Aeroméxico 18% 12% International (+22.2%) Passengers

Note: Percentages in graphs represent 1) Passenger share by category and 2) % change 2018 v s 2017 14 Aeronautical Business | Aeronautical Revenues 4Q18

Domestic International Airport Aeronautical Passenger Charges Passenger Charges Services Revenues

Ps.261mm Ps.1,312mm +21.5% +20.3%

20% of 75% of Total Revenue* Aeronautical Revenue Ps. 237.1 / PAX

Ps.874 mm Ps.177 mm +21.8% +6.3%

67% of 13% of Aeronautical Aeronautical Revenue Revenue

* Total Revenues excluding Construction Revenues 15 Non - Aeronautical Business

1 Commercial Strategy

2 Diversification Strategy

3 NAR 4Q18

4 Historical NAR Growth

16 Non-Aeronautical Business | Commercial Strategy

Optimize Increase of passenger international Develop Add Maintain high exposure to brands premium innovative occupancy rates commercial complemented offerings advertising areas with local offering

14 Commercial Initiatives Implemented in 4Q18 Airport Type Quantity

All airports Advertising 1 Durango, Reynosa, Torreón, Zihuatanejo and Monterrey Restaurant 8 Durango and Zacatecas Bank services 2 Zihuatanejo Passenger Services 1 Monterrey Terminal B Retail 1 Monterrey Terminal B VIP lounge 1

17 Non-Aeronautical Business | Diversification Strategy

NH Collection Hotel at Mexico City Airport Hilton Garden Inn Hotel in MTY

14.8% of NAR | 287 Rooms 5.9% of NAR | 134 Rooms Avg. Room Rate:PPs.2,369 per night Avg. Room Rate: Ps.2,170 per night Occupancy Rate: 85% | EBITDA Margin: 37.2% Occupancy Rate: 78% | EBITDA Margin: 40.1%

OMA Carga Real Estate Industrial Park in MTY

10.3% of NAR | +9.1% revenues in 4Q18 1.0% of NAR | +15.9% revenues in 4Q18 2% of NAR | Ps.8.4 million

6 warehouses leased and generating revenues | 1 warehouse ready for commercialization

18 Non-Aeronautical Business | 4Q18

Non- Commercial Diversification Complementary Activities Activities Activities Aeronautical Revenues Ps.431mm Ps.148 mm +10.4% +7.3% 25% of Total Rev.* 34% of NAR Ps. 77.9 / PAX

Ps.217 mm Ps.65 mm +12.9% +9.5%

51% of NAR 15% of NAR

* Total Revenues excluding Construction Revenues 19 Non-Aeronautical Business | Historical NAR Growth

Continued Non-Aeronautical Revenues (NAR) growth

1,800 NAR - Commercial/PAX NAR - Diversification/PAX NAR Complementary/PAX NAR PAX 75 440 1,600 CAGR 2011 - 2018 • PAX +9.0% 74 16%

1,400 • NAR +15.6% 390 71 • NAR/PAX +6.0% 16%

1,200 16% 66 340 35%

1,000 17% 36% 61 290 35% +176% 800 60 19% 19% 31% 55 240 16% 600 50 28% 7% 29% 28% 28% 190 400 49% +83% 49% 48% 51% 53% 140 200 64% 56% 53%

- 90 2011 2012 2013 2014 2015 2016 2017 2018

Note: Figures in Mexican pesos. 20 Financial Results

1 4Q18 Highlights

2 Cost & Efficiency

3 Balance Sheet

4 Profitability Indicators

5 Value Distribution

21 Financial Results | 4Q18 Highlights

Cost of Services Adjusted Consolidated Net Revenues* and G&A EBITDA** Income

Ps. 819mm Ps. 398mm +3.3% +31.2% Ps. 72.0 / PAX (-6.4%) Ps. 148.1 / PAX (+18.8%)

Ps. 1,742mm Ps. 1,217mm +17.7% +21.9%

Ps. 315.0 / PAX (+6.6%) Ps. 220.1 / PAX (+10.4%) Aeronautical +20.3% Non-Aero. +10.4% 4Q18 Margin 69.9%

* Total Revenues excluding Construction Revenues ** Adjusted EBITDA Margin = Adjusted EBITDA / (Aeronautical + Non-Aeronautical Revenues). Adjusted EBITDA = Operating income + Depreciation and Amortization + Major Maintenance Provision22 . Financial Results | Cost & Efficiency CAGR 2011 - 2018 Adj. EBITDA / PAX AR+NAR / PAX² Total Operating Costs and Expenses/ PAX 10.9%

Cost and expense control has contributed to EBITDA 6.0% growth

-0.8% 2011 2012 2013 2014 2015 2016 2017 2018 Distribution of Operating Costs and Expenses¹

Cost of Services Cost Control Strategy 7% 9% Administrative Expenses • Seek operational leverage 37% 12% Depreciation & Amortization • Energy consumption • Development of a culture of savings Concession taxes • Optimization of contracted services 13% Major Maintenance Provision • Improvement of operational systems 21% • Management of human capital Technical Assistance Fee

¹As of December 31, 2018. Excluding construction cost and other expenses (revenues). ²Excludes Construction Cost, M ajor M aintenance Provision and Other Expenses 23 Financial Results | Balance Sheet

Strong Financial Position Low Leverage Ps.Million Net Debt / Adjusted EBITDA

1.0 0.9 4,585 2,959 0.8

0.6 0.5 0.5 0.3 1,626

Total Debt Cash Net Debt 2012 2013 2014 2015 2016 2017 2018

Debt Profile Capital Structure Evolution Total Debt | Shareholders’ Equity (Book Value)

Short Term USD 2% 25% 1% 33% 44% 44% 41% 39% 35%

75% 67% 56% 56% 59% 61% 65%

Long Term MXN 98% 99% 2012 2013 2014 2015 2016 2017 2018

24 Financial Results | Profitability Indicators

35.0 ROA / ROE

Percentage 29.6 29.7 30.0 CAGR 2011 - 2018 28.0 • ROA +13.6% 25.0 • ROE +16.6% • EPS +22.6% 20.8

20.0 18.8 16.8 16.2 15.1

15.0 13.8 12.8 10.9 10.1 9.9 10.0 8.2 8.3 6.6

5.0

- 2011 2012 2013 2014 2015 2016 2017 2018 Earnings per Share 6.4 Pesos 5.4 4.8

3.0 3.1 2.6 2.1 1.5

2011 2012 2013 2014 2015 2016 2017 2018

25 Financial Results | Value Distribution

Dividend or Capital Dividend Yield / Payout Ratio

Reimbursement Percentage Percentage Ps. Million

1,600 1,600

250 8.6 9.0 1,400

8.0

1,200 1,200 1,200 200 6.9 7.0

5.7 6.0

150 4.4 4.5 5.0 147 4.2 3.9

4.0

100 117 113

500 100 3.0 81 85 75 2.0

50

1.0

- - 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017

Note: The amounts shown were paid in the following year, after the annual shareholder meeting. Dividend Yield was calculated with the stock price at the end of each year.

26 M D P & Maximum Rates

1 Investments 2016-2020

2 Relevant Projects

3 Maximum Rates

27 MDP & Maximum Rates | Investments 2016-2020

Total Committed Investment Ps.6,003mm pesos of Dec. 31, 2018

Visibility of capital expenditure requirements through 2020

2,500 Committed 100%

Actual / Expected 90% Zacatecas, 2% Mazatlán, 3% Torreón, 3% 2,000 80% Durango, 3% 1,750 Ciudad Juárez, Monterrey 1,678 70% 4% 28% 1,575 Culiacán 1,500 4%

1,500 60% Tampico 1,276 1,284 6% 1,145 50%

Zihuatanejo 1,000 40% 7% 784

30% Acapulco Reynosa 26% 13% 499 25% 514 8% 500 21% 20% 19% San Luis Potosí Chihuahua 9% 10%

10% 8%

0 0% 2016 2017 2018 2019e 2020e

MDP = Master Development Program 28 MDP & Maximum Rates | Investments 2016-2020

Total Committed Investment Ps.6,003mm pesos of Dec. 31, 2018

Most Important Projects 2016 - 2020 Other ICAO Certification Terminal Expansion Terminal Expansion • Chihuahua 0% • Monterrey & Remodeling • Ciudad Juárez • San Luis Potosí Operational 6% • Tampico Infrastructure 7% Expansion 11% New Terminals • Acapulco 49% Major • Reynosa Maintenance 11%

Operational Infrastructure 16% • Monterrey Security, Safety • Culiacán • Durango & IT Equipment

29 MDP & Maximum Rates | New Terminal Reynosa Airport

Investment Capacity Comfort Total Area Start of Operations

Total PAX mm Ps.327 mm 2 levels 2,608 m2 7,590 m2* 3Q 2019** 0.3 0.9, +200% Terminal building, m2 +191% Commercial spaces, m2 +213%

* New terminal net surface ** Expected 30 MDP & Maximum Rates |Expansion & Remodeling of Terminal

Chihuahua Airport

Investment Capacity Total Area Start of Operations

Total PAX mm 7,951 m2 13,074 m2* Ps.322 mm 2Q 2019** 0.9 1.6, +78% Terminal building, m2 +64% Commercial spaces, m2 +30%

* Net surface after remodeling and expansion ** Expected 31 MDP & Maximum Rates |Expansion & Remodeling of Terminal San Luis Potosí Airport

Investment Capacity Total Area Start of Operations

Total PAX mm 3,832 m2 7,170 m2* 1st phase opened in Ps.366 mm 0.5 0.9, +80% Terminal building, m2 +87% August, 2018 and fully 2 Commercial spaces, m +32% completed in 2Q 2019**

* Net surface after remodeling and expansion ** Expected 32 MDP & Maximum Rates | Maximum Rates

Visibility on Aeronautical Revenues Through 2020

• Maximum rate (Regulated revenue per workload unit) increased in each airport • The maximum rate for each succeeding year through 2020 will be adjusted by inflation and an efficiency factor of 0.70% MT Recovery 99.4% 97.8%

94.5% 93.7%

2015 2016 2017 2018

2018 (2) 13 Airports MT Maximum 308 (ACA) Minimum 198 (SLP) Weighted average(1) 243

1 Weighted average using passenger traffic for each period and expressed in constant MXN of December 31, 2018 considering efficiency factor effect 2 MXN of December 31, 2018.

33 Outlook and Industry

1 Industry Trends

2 Airline Fleets

34 Outlook and Industry | Industry Trends

Air Industry has Low Projected Passenger Traffic Penetration in Mexico CAGR 2017-2037 Flights per capita per year Domestic Traffic, except Mexico-USA

2.6 4.8% 4.6% 2.5 4.5%

3.7% 3.4%

2.4% 2.0% 1.0

0.4 0.5 0.5

Argentina Mexico Brazil Chile Canada United United Canada Russia Mexico - Mexico Central South States States USA America America

Source: World Bank. Latest information available of 2017 Source: Airbus. (Global Market Forecast 2018-2037)

35 Outlook and Industry | Airline Fleets

Historical Airline Fleets and Available Seats Airplanes 2013 2014 2015 2016 2017 4Q18* 133 131 130 124 125 117

85 78 77

70 69 71 Fleet 57 56 51 50 45 44

27 24 19 19 21 21 11 8 10 10 3 0

13,812 18,045 17,785 700 16,723 12,190 12,544 5,032 15,335 12,042 14,944 10,656 4,468 13,321 550 9,296 500 8,722 3,472 3,600 7,917 8,160 7,230 2,812 2,972 400 6,222 6,594

150

- Available Seats Available

Source: Airlines - latest fleet information available. Estimated seats, based on fleet. *Interjet and Vivaaerobus as of 3Q18. 36 G r u p o Aeroportuario del Centro Norte, S.A.B., de C.V.

Chief Financial Officer Ruffo Pérez Pliego | [email protected] | +52.81.8625.4300

Investor Relations Emmanuel Camacho | [email protected] | +52.81.8625.4308

37