GAP DAY 2015 by Grupo Aeroportuario del Pacífico

GAP DAY 2015 Guadalajara Airport

GAP Overview Fernando Bosque Chief Executive Officer

Overview • • • • • • •

Strategic Outlook – Mexican Airport Industry Airline Overview Guadalajara - A Success Story Update Grupo Mexico Situation Our Strategy Review of Master Development Program 5 – Year Plan Q&A

Mexican Airport Industry  AICM (MEX) •Mexico City Airport (growth of 8.6% in 2014, for a total 34.2 million passengers) has reached maximum capacity. •The airport has been officially declared “saturated” by the Mexican Ministry of Communications and (SCT) Transport for the 7:00-22:59 period. •Hub operations depend on capacity to grow in high density routes.

 Internal Demand •Point-to-point (non-hub) traffic is increasing as a result of the growth in low cost carriers’ fleets. •The increasing Mexican middle class has consistently embraced air travel as the desired method of transportation over traditional methods (i.e buses and automobiles).

 Airport Infrastructure •ASUR and GAP master development programs have been approved by the SCT; while OMA’s plans are being negotiated during 2015. With the approval of the master development programs there is a guarantee of sufficient airport infrastructure to meet demand for the next 5 years.

Key Players: Volaris, Aeromexico and Interjet Total Passenger Share AirTransat 0.7% Sunwing 0.8%

Frontier 0.6% Other 4.2%

Magnicharters 1.1% Westjet 1.4% 2.6%

4.8%

5.7%

34.1%

6.0%

6.6%

10.2%

21.1%

Mexican Airport Industry  Where is it headed? • Growing middle class choosing air travel over traditional travel • Airlines benefit: • Volaris will continue to shift from high density/low yield routes to low volume/high yield markets. • Aeromexico is going to focus seat growth towards their Mexico City HUB. • Interjet will continue to add SJ100’s to their fleet, which will result in the opening of more regional routes.

GAP’s Unique Market Position → Serves one-fourth of the nation’s terminal passengers → Diversified geographically and commercially → Innovative commercial business strategy • Growing VIP and parking facilities • Future plans include hotels and • Mall Zero: Robust high-end retail and food and beverage areas → Efficient and profitable: consistent EBITDA strength → Prudent debt use to finance new ventures → Strong management team with proven track record

→ Serves one-fourth of Mexico’s Passenger Traffic Domestic Airport Groups

Mexican Airport Groups

4.6%

14.5%

33.7%

22.8% 24.3%

AICM GAP ASUR OMA OTHERS TOTAL MEXICO

Total Passengers 2014

34,255,739 24,718,695 23,157,557 14,694,935 4,717,465 101,544,391

→ Diversified Geographically and Commercially Tijuana

Mexicali Ciudad Juárez

Baja Region: Mexicalli, Tijuana, La Paz Northern Mexico: Hermosillo, Los Mochis Central- South Mexico: Guadalajara, Guanajuato, Morelia, Aguascalientes and Manzanillo

Hermosillo

Chihuahua

Los Mochis La Paz

Torreón Monterrey

Reynosa

Culiacán Durango Mazatlán Zacatecas

Tourist destinations: Puerto Vallarta, Los Cabos , La Paz and Manzanillo Border Cities: Tijuana and Mexicalli Main capital cities: Guadalajara Diamond automotive area: Guanajuato, Aguascalientes Agricultural areas: Hermosillo, Los Mochis, Morelia

Los Cabos Aguascalientes Puerto Guadalajara Mexico City Airport GAP 12 OMA 13 ASUR 9 Toluca 1

Vallarta

SLP

Tampico

Mérida

Cozumel

Bajío Veracruz

Manzanillo

Morelia

Zihuatanejo Acapulco

Cancún

Villahermosa Minatitlán Oaxaca Huatulco

Tapachula

→ Balanced Portfolio: 50% of Traffic of Mexico’s Top 10

35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 -

GAP Network Other Airport Groups

â&#x2020;&#x2019; Innovative Commercial Business Strategy VIP Lounges

Convenience Stores

→ EBITDA Strength = Cost Efficiency EBITDA MARGIN

EBITDA PER PAX (Pesos)

71.0%

70.1% 70.0%

155.00

149.29

150.00

69.0%

145.00

68.0%

130.00

66.1%

120.00 115.00

65.0% 2011

2012

2013

2014

COST OF SERVICES PER PAX 49.50 48.84

48.72

48.50 48.00 47.50 47.00

46.65

46.50 46.00 2012

2013

2011

2012

2013

2014

• Growth in passenger traffic, commercial revenue strategies and continued cost control, will allow us to maintain double digit EBITDA growth in 2015.

49.80

2011

127.62

125.00

66.0%

49.00

140.52

135.00

67.2%

67.0%

50.00

138.15

140.00

68.0%

2014

→ Prudent Debt • Aug 2014 – initiation of strategy to develop a Bond Program through the markets, to refinance and develop new infrastructure. • The program will attempt to reduce the cost and increase the maturities. • Feb 2015 – 2.6 bn pesos issued in the Mexican Stock Exchange • Proceeds: First for the full repayment of the Company’s outstanding bank debt in the amount of 1.7 bn pesos, the remainder will be allocated to finance a portion of the CAPEX set forth in the Master Development Program for 2015. • Debt-to-EBITDA ratio: • Dec14 = 0.5x (prior to the issuance of the bond) • Dec15E =0.7x Still a healthy leverage level for GAP. • For 2016 to 2019, the Company will continue issuing bonds to finance its MDP.

GAP Strategy

Focus on Strengthening Infrastructure…

2015-2019 CAPEX:  Guadalajara – Ps. 1,359 million  Tijuana – Ps. 1,121 million  Los Cabos – Ps. 1,035 million  Hermosillo – Ps. 386 million

… to Accommodate Growing Passenger Demand… 28.0 26.2

26.0 24.7 24.0

23.6

Millions

23.2 22.3

22.0

21.3 20.5

20.0 OTHERS

20.2

74,684

19.1

20.2

19.3

18.0 TIJ

121,090

BJX

16.0

183,863

PVR

14.0

235,849

2005 GDL

2006

404,090

SJD

472,141

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

•2006 – 2007 – Low-Cost Carrier Effect / Price Wars. •2008 – 2009 – Exit of 8 airlines, economic downturn and AH1N1 crisis. •2010 – 2011 – Mexicana Airlines ceases operations. •2012 - 2013 – Traffic Recovery, surpassing 2006 numbers. •2013 – 2014 – Traffic reached maximum historic figures.

500,000

2007

2008

2009

2010

2011

2012

2013

2014

2015E

Maximizing Shareholder Returns

Total Revenues Net Income (a) Dividends * (b) Capital Distribution * TOTAL Payout Ratio (a+b)

MEXNIF 2008

MEXNIF 2009

MEXNIF 2010

MEXNIF 2011

MEXNIF 2012

$ 3,266 $ 1,199 $ 1,200 $ 100.0%

$ 3,717 $ 1,500 $ 1,000 $ 66.7%

$ 3,903 $ 1,484 $ 1,035 $ 69.7%

$ 4,734 $ 1,649 $ 1,130 $ 870 121.3%

$ 4,787 $ 1,992 $ 1,210 $ 60.8%

Information in million pesos * Paid during each following year ** Dividend proposed for Apr 21, 2015 Shareholders meeting

MEXNIF 2013

$ $ $ $

5,264 2,105 1,590 1,510 147.3%

MEXNIF 2014**

$ $ $ $

6,008 2,269 1,746 1,409 139.0%

Guadalajara: A Success Story  Top major city in Mexico  Renaissance of Mexican Silicon Valley – Digital city  Rising convention city  Historic tourist destination: oldest city in Mexico  Tequila destination

Guadalajara Airport: 2006-2014 Traffic development: 6.3 vs. 8.7 million passengers a 38% growth 2006-2014 EBITDA: 72.2% vs 76.3% a 310 b.p. growth

Update: Grupo Mexico Situation Treasury 35,424,453 6.3%

GMexico 118,207,418 ADRs 21.1% 95,354,010 17.0% Local Market 214,344,219 38.2%

11 members total

Series BB (AMP): 84,150,000 Series B (Free Float): 476,850,000

AMP B 13,519,900 2.4%

AMP AENA 33.3% CMA 66.6%

AMP BB 84,150,000 15.0%

55%

Independent

GAP’s BOARD: 6 Independent 4 from Control 1 from GMexico

Total Shares: 561,000,000

Auditing Commitee: •Fully Independent •International level compliance

Nov 19th, 2014: Stock purchase and sell agreement between Abertis (seller) and CMA (buyer) where all their shares were transferred to the Mexican Partner

Master Development Program – 5 Year Plan  Authorized by Mexican government for 2015-2019 period  Ps. 5.5 billion investment •

Guadalajara: 8 gates and 3 walkways and Cargo platform for larger aircraft

•

Tijuana: New building facilities and renewal of current building

•

Hermosillo: Two contact positions and increase of current facilities

 Security:

•

SMS, Safety Management System

Environmental  GAP is the first group to achieve ISO 14001:2004

GAP Endeavors:    

Children’s Education Founded in August 2014 60 children benefit at this point, one school 360 children expected per school, 3 schools in 2018 for a total of 1,080 students  Annual tax-deductible contribution of Ps. 10 million in 2014  More than Ps. 30 million donated since 2009

Revenue Strategies: Creating Value Tomás Ramírez Chief CommercialOfficer

2015 Revenue Growth: What to Expect in 2015 + 14.0%-15.0%

+12.0%-13.0%

+11.0%-12.0%

2014 Revenues

Increase in Increase in NonAeronautical Revenues Aeronautical Revenues

New maximum tariffs + traffic increase

Commercial development

2015 Expected Revenues

Solid Scenario for the Next 5 Years Maximun Rates 2014 vs 2015 200.00 184.07

177.91

180.00

158.84 160.88

160.00

*MXN Pesos

140.00

151.39 150.31 140.30 139.31

170.66

168.30 167.10

161.72 160.57

177.12

144.59 146.44

138.60 137.61 129.55

123.31

120.82

129.16

126.40

122.73

120.00

2014

100.00

2015 80.00 60.00 40.00 20.00 0.00 Aguascalientes

Bajío

Guadalajara

Hermosillo

La Paz

Los Mochis

Morelia

Mexicali

Puerto Vallarta San José del Cabo

Pesos at December 2012

• The average maximum rate growth for 2015 is 2.0%

Tijuana

Manzanillo

Our approach to value generation Business units operated by GAP

Passenger Traffic

Sales per departing passenger (SPE)

Commercial contracts

Aircraft and passenger fees

Air service development Working together with the main carriers

Looking for the best operation A balanced range of products and prices

Nonaeronautical revenues

Aeronautical revenues

Guaranteed leases Royalty fees One-time fees

Strong Expected Second Half 3,200

T h o u s a n d

Most domestic seats for the second semester are offered at the end of the 2Q

3,000

2,800 2,600

2014

2015

2,400

s 2,200 2,000

The total amount of seats offered trough GAPâ&#x20AC;&#x2122;s network is expected to reach 32.4 million during 2015

*Estimated

Airport Marketing Strategy: developing aeronautical revenues

3 Key Factors: Successful New Air Service Development

Quantitative Analysis

Financial Incentives Financial incentives allow airlines to commit to the success of the route and minimize risks

Elements of an effective business case • Creating air service strategy • Understand the planning process of airlines • Develop route performance projections • Present business case to the airlines

Coordination amongst all of the involved parties A good business relation between all of the involved players is key to a successful new route

Effective Marketing Strategy Value Chain

Creating an air service strategy • Identify new routes • Identify new frequencies for existing services

Understanding airlines: planning and decision making processes. • Determine the profile of the candidate airline for the new service • Understand the most important drivers for internal decision making process.

Developing of accurate new route projections.

Presenting an efficient business case

• Market sizes • Route projections: • Schedulles • Conectivity • Aircraft selection • Passenger and revenue projections • Outlook of the possible market share ( reachable with the new route)

• Destination information • Current air service • New route projections • Financial and marketing incentives from the airport and local tourism boards. • Airport technical information.

Unified Efforts= The Path to Achieve Success Airlines respond better to an organized group of stakeholders • To have a clear marketing strategy for an specific destination generates confidence and trust in the airline.

GAP has pioneered in the creation of Route Committees at several destinations • Route committees unify the efforts of the following organizations: • Airport • Federal and State Governments • Tourism Boards • Hotel Associations • Consulates and Embassies

2015 Domestic Airport Marketing Strategy • Airport connectivity is at an all-time high trough GAP’s airport network. • Marketing strategy will focus on adding new frequencies to existing services in order to improve traffic volume. Key domestic traffic generators Guadalajara • Promote the opening of new frequencies to high volume industrial and leisure domestic destinations, such as Mexico City, Monterrey, Tijuana, and Cancun.

Tijuana • Incentivize airlines to increase their presence in the airport before the opening of the new Cross-Border facility .

Hermosillo • Take advantage of the potential for regional connectivity to small/medium sized cities in the Northwest.

Guadalajara New Routes 2013

Aeromexico: Toluca, La Paz, Las Vegas and San Francisco VivaAerobus: Reynosa and Torreón

+9.6% YoY

Volaris: Ciudad Juárez, Puebla, Tuxtla Gutiérrez, Mérida, Veracruz, Mazatlán, Phoenix and San Antonio Interjet: San Antonio

2014 +7.2% YoY

VivaAerobus: Tampico and Houston Volaris: Tampico, Villahermosa, Ciudad Obregón, Ontario, Denver, Portland, Orlando, Chicago O ´Hare, Fort Lauderdale and Reno Interjet: Cancún and Puerto Vallarta TAR: Querétaro, Puerto Vallarta, Durango, Acapulco, Los Mochis, Toluca, Aeromar: Veracruz – Puebla

2015 +409 K Seats

Volaris: Torreón, Dallas, Houston and New York City (JFK) American: Los Ángeles VivaAerobus: Dallas

Commercial Development: creating a balance between thirdparty contracts and GAP business units

Main Direct Commercial Operations: Revenues and EBITDA Parking 2014 EBITDA: 82.1%

In millions of Mexican Pesos

Advertising 2014 EBITDA: 83.2%

Main Direct Commercial Operations: Revenues and EBITDA VIP Lounges 2014 EBITDA: 51.1%

In millions of Mexican Pesos Page 36

Aeromarket (Convenience stores) 2014 EBITDA: 35.9%

+ VIP Lounge Passengers Departure Penetration +0.36%

+0.84%

+0.14%

+0.55%

+0.24%

The accumulated passenger penetration increased in all Vip Lounges of the network. GuadalajaraÂ´s and TijuanaÂ´s VIP Lounges had the best performance with 84 and 55 base points

Directly Operated Business Strategies 2015 Expansion of

Redefining Convenience Store

Maximizing Advertising



Increasing loyalty in our customers by adding new services in Los Cabos



Opening of Aguascalientes and Bajio lounges.



Redesign of Hermosillo and Puerto Vallarta lounges



Opening of stores in Guadalajara and Hermosillo



Defining the future operational model for 2016 and beyond: third party operating the brand on behalf of GAP (GAP still be investing CAPEX and recognizing revenues) vs our current scheme. 

Introducing of Digital Signage at Guadalajara and Tijuana



Going local



Increase in corporate accounts

New VIP at Guadalajara: Domestic Departures

Vip Lounge Guadalajara Domestic Departures

Aeromarket Convenience Store Chain 13 Stores Open

Puerto Vallarta

Los Cabos Terminal2 Annex

Hermosillo

La Paz

Bajio Landside

Puerto Vallarta Landside

Digital Signage Advertising

A Success Story: Evolution of Food & Beverages in PVR As a result of our commercial strategy to change local operators by brand or franchise, at the end of 2014 we changed the local operator of F&B and remodeled the international boarding area by adding a food court with top brands which allowed increase of Ps. 13.12 per departing passenger to February 2015

F&B Sales per departing passenger PVR $70 $60 $50 $40 $30 $20 $10 $0

66.46 53.34

Jan-Feb14

Opened in December 2014

24%

Jan-Feb15

Next opening in April 2015

Large-Scale Operator Strategies â&#x20AC;&#x201C; at Medium-Sized Airports Following the commercial strategy of restructuring operators and concepts during the first moths of 2015 held a contest to operate food and beverage in Bajio Airport . With this strategy we estimated an increase of $ 9.36 pesos per departing passenger. F&B Sales per departing passenger BJX $27.87

$30 $25 $20

$18.51

51%

$15 $10 $5 $0 2014

2015E

Future developments in Guadalajara

Guadalajaraâ&#x20AC;&#x2122;s Unique Opportunity to Expand

Hotel building has been recovered

We have available capacity in our parking system

Financial Highlights SaĂşl Villarreal Chief Financial Officer

Financial Results: 12M 2014 12M13 Revenues Aeronautical services Non aeronautical services Improvements to concession assets (IFRIC 12) Total revenues Operating costs Costs of services: Employee costs Maintenance Safety, security & insurance Utilities Other operating expenses Technical assistance fees Concession taxes Depreciation and amortization Other expense Cost of improvements to concession assets (IFRIC 12) Total operating costs Operating income Finance income (cost) Earnings before income taxes Income taxes Net income and comprehensive income

Page 48

12M14

Change

3,616,616 1,170,492 440,728

3,925,736 1,338,542 281,874

8.5% 14.4% (36.0%)

5,227,836

5,546,152

6.1%

1,128,951 390,606 200,224 173,748 141,855 222,518 171,470 237,728 883,235 (7,453) 440,728 2,854,659 2,373,177 (51,159) 2,322,018 (75,788) 2,246,230

1,161,588 393,537 223,687 192,932 147,793 203,639 194,228 261,577 925,220 (43,424) 281,874 2,781,063 2,765,089 (7,990) 2,757,099 (514,579) 2,242,520

2.9% 0.8% 11.7% 11.0% 4.2% (8.5%) 13.3% 10.0% 4.8% 482.7% (36.0%) (2.6%) 16.5% (84.4%) 18.7% 579.0% (0.2%)

12M13

12M14

Change

EBITDA

3,256,410

3,690,309

13.3%

Net income and comprehensiv e income

2,246,230

2,242,520

(0.2%)

Net income and comprehensiv e income per share (pesos)

4.0040

3.9974

(0.2%)

Net income and comprehensiv e income per ADS (US dollars)

2.7146

2.7101

(0.2%)

Operating income margin %

45.4%

49.9%

9.8%

Operating income margin % (excluding IFRIC 12)

49.6%

52.5%

6.0%

EBITDA margin %

62.3%

66.5%

6.8%

EBITDA margin % (excluding IFRIC 12)

68.0%

70.1%

3.1%

Costs of serv ices and improv ements / Total rev enues %

30.0%

26.0%

(13.3%)

Cost of serv ices / Total rev enues % (excluding IFRIC 12)

23.6%

22.1%

(6.4%)

• Solid growth in total revenues drive by 6.7% increase in traffic and 14.4% growth in non aeronautical services. • Total cost of services increased 2.9%

• EBITDA growth 13.3% with a 70.1% margin.

Maintaining EBITDA Strength • Cost-control efforts and continuous search for operational efficiencies: COST OF SERVICES PER PAX

COST OF SERVICES (million pesos)

MILLONS

1,200

2.9%

1,150

6.5%

1,100

7.4%

1,050

1,162

1,129

49.50 49.00

48.84

48.72

48.50

1,060

48.00

987

1,000

49.80

50.00

47.50

950

47.00

900

46.50

850

46.65

46.00 2011

2012

2013

2014

2011

2012

2013

2014

• GAP will continue to set aggressive targets for efficient energy usage, that will be supported by more efficient cooling and other systems. All new building designs will take into account efficient energy usage. • Despite the additional cost pressure, from directly-operated businesses, GAP expects to obtain additional cost efficiencies from economies of scale, as we have done until now.

Page 49

Maintaining EBITDA Strength GAP continued double-digit EBITDA growth for third year in a row… EBITDA PER PAX

EBITDA 4,000

14%

MILLIONS

3,500 3,000

13%

11%

(Pesos)

3,690 155.00

3,256 2,941

149.29

150.00

2,579

145.00

2,500

138.15

140.00

2,000

140.52

135.00

1,500

130.00

1,000

125.00

500

120.00

127.62

115.00

0 2011

2012

2013

2014

2011

2012

2013

2014

• Growth in passenger traffic, commercial revenue strategies and continued cost control, will allow us to maintain double digit EBITDA growth in 2015.

Page 50

EBITDA by Airport AIRPORT

12M14

GDL

76.3%

SJD

75.3%

PVR

70.6%

TIJ

66.7%

BJX

66.2%

HMO

58.9%

LAP

65.3%

AGU

51.3%

MLM

46.2%

MXL

39.5%

ZLO

11.6%

LMM

15.0%

Page 51

Participation in EBITDA 2014

Others 15.1% $555.5 GDL 38.4% $1,418.0

TIJ 13.3% $489.3

PVR 14.3% $526.5

SJD 18.9% $701.0

Maintaining EBITDA Strength EBITDA MARGIN 71.0%

70.1% 70.0% 69.0% 68.0% 68.0% 67.2%

67.0% 66.1%

66.0% 65.0% 2011

2012

2013

2014

GAP continues generating constant growth, despite being in a mature industry.

Page 52

Hurricane Odile Status • On September 14, 2014, the Hurricane Odile impacted to the Los Cabos and La Paz International Airports. • Damages to the La Paz International Airport were minor. • The Los Cabos International Airport suffer significant damages, however its rehabilitation is almost complete. The Company estimates that at the end of April the Airport will be operating at its regular capacity. • The amount to refurbish and replace the damage equipment in both airports is estimated in Ps. 300.0 million. We expect to recover a 90% of this amount through our insurance policy.

Page 53

Financial Strategies

Leverage Strategy • In July 2014, GAP decided to modify its leverage strategy, changing the Master Development Programs (MDP) financing in the airports of Guadalajara, Puerto Vallarta, Los Cabos, Hermosillo and Guanajuato, which had been financed through bank loans since 2007. • The objective was to access the Mexican Debt Market through a bond, subsequently, transferred financing sources to all airports. As a result, the airports would be able to fulfill MDP investments for 2015-2019. • Therefore, in August 2014, GAP initiated the issuance of a long-term bond in the Mexican market; hiring the services of two credit agencies.

Page 55

Debt Ratings Standard & Poor’s mxAAA - National scale The outlook is stable (issued in September 2014)

Moody´s Aaa.mx - National scale (Baa1 – Global scale) The outlook on the ratings is stable (issued in December 2014)

Downward rating if… • Net debt / EBITDA ratio consistently above 3.0 times • Cash interest coverage ratio consistently below 5.0 times • FFO / Net debt ratio consistently below 30%

Page 56

Credit Metrics

13.8

13.9

16.2

2013

0.5

2012

0.6

0.7

0.8 2011

2014

2011

2012

2013

28.1

Cash Interest Coverage (X)

Debt * / EBITDA (X)

2014

FFO / Net Debt 2011 FFO Net Debt Ratio

2,161 -

390 -655%

2012 2,422 85 -2965%

2013

2014

2,566

2,931

716

135

-458%

2066%

* We do not determine this ratio with Net Debt because amounts are negative, therefore we only included the bank loans as Debt.

Page 57

Debt Market • In February 16, 2015, the Mexican Securities and Exchange Commission (Comisión Nacional Bancaria y de Valores) authorized a debt program for up to Ps. 9.0 billion over the next five years, through certificates, with a nominal value of Ps. 100 per certificate. • In February 20, 2015, the Company issued a long-term bond on the Mexican market for a total amount of Ps. 2.6 billion, under the authorized program.

• The proceeds from the issuance will be allocated, first for the full repayment of the Company’s outstanding bank debt in the amount of Ps. 1,741 million. The remainder will be allocated to finance a portion of the CAPEX set forth in the Master Development Program for 2015.

Page 58

Debt Market The long-term bond certificate of Ps. 2.6 billion was constituted under the following terms: • A total value of Ps. 1.1 billion with variable interest rate of TIIE-28 plus 24 basis points, the principal will be paid upon maturity on February 14, 2020. • A total value of Ps. 1.5 billion with a fixed interest rate of 7.08%, the principal will be paid upon maturity on February 7, 2025.

The average annual interest cost of the issuance was 5.58% • The issuance of this bond will allow GAP to reduce its financial cost and increase is debt maturities.

Page 59

Leverage Strategy • Additionally, the Company will issue a short-term bond for approximately Ps. 1.0 billion in the last quarter 2015, to continue the financing of its MDP.

• The Debt-to-EBITDA ratio at December 2014 was 0.5x (prior to the issuance of the bond), and we expect to have a ratio of 0.7x at the end of 2015, which reflects a healthy leverage level for GAP. • With the new capital structure, GAP’s WACC will change from 8.0% at the end of year 2014 to approximately 7.9% at the end of year 2015, and so on, in accordance with the leverage strategy. • From 2016 to 2019, the Company will continue issuing bonds to finance its MDP.

Page 60

2011

2012

2013

8.0%

8.1%

8.2%

8.3%

Leverage Strategy

2014

As is shown, the leverage strategy will result in an improvement to GAPâ&#x20AC;&#x2122;s Weighted Average Cost of Capital (WACC)

Page 61

Financial Strategy Will improve GAPâ&#x20AC;&#x2122;s Capital Structure

Will finance the full PMD for 2015-2019

Will optimize the cost of debt

Will relieve cash flows for operating purposes

Will allow easy access to debt markets

Will allow GAP to finance future projects

Will provide certainty to capital markets

Page 62

ROE and ROA RETURN ON EQUITY Average growth: 14.2%

2011

Page 63

2012

2013

7.3%

2014

6.7%

8.3%

7.5% 2013

5.6%

2012

Average growth: 13.7%

4.9%

2011

6.3%

5.6%

RETURN ON ASSETS

2014

2015 Distribution Policy Dividend and Equity Reimbursement Policy: • Pay all the excess cash above a minimum “cash balance” (two months of OPEX) • Dividend payment, or capital reimbursement, should consider the most efficient fiscal practice. • At the Board Members Meeting, the Board of Directors proposed the highest reimbursement per share in the history of GAP for 2015. – Dividend: Ps. 3.32 per outstanding share – Capital Reimbursement: Ps. 2.68 per outstanding share – Total: Ps. 6.00 per outstanding share, approximately Ps. 3.15 billion

Page 64

Maximum Rates 2015-2019

New Maximum Rates 2.0% average growth in real terms 2015

2016

2017

2018

2019

Aguascalientes

139.31

138.33

137.36

136.40

135.45

Guanajuato

160.57

159.45

158.33

157.22

156.12

Guadalajara

137.61

136.65

135.69

134.74

133.80

Hermosillo

129.55

128.64

127.74

126.85

125.96

La Paz

150.31

149.26

148.22

147.18

146.15

Los Mochis

146.44

145.41

144.39

143.38

142.38

Morelia

167.10

165.93

164.77

163.62

162.47

Mexicali

126.40

125.52

124.64

123.77

122.90

Puerto Vallarta

177.91

176.66

175.42

174.19

172.97

Los Cabos

184.07

182.78

181.50

180.23

178.97

Tijuana

129.16

128.26

127.36

126.47

125.58

Manzanillo

160.88

159.75

158.63

157.52

156.42

Notes: Information as of the end of each year, expressed in constant pesos as of 31 Dec 12. Efficiency factor for each of the 2015-2019 years is 70 basis points.

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Maximum Tariff

Page 67

2015 Guidance

• • • • • • •

Traffic: Increase of 5.0%–7.0% Aeronautical Revenue: Increase of 11.0%-12.0% Non-Aeronautical Revenue: Increase of 14.0%-15.0% Total Revenue: Increase of 12.0%-13.0% EBITDA: Increase of 10%-12% EBITDA margin of 68% to 69% Total CAPEX: Ps. 1,412 million (Dec 2012 pesos)

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Opportunities for the Future • Obtain additional cost efficiencies in the directly-operated businesses to improve its EBITDA margins • Build and develop new terminal areas to include innovative and recognized brands into the layout of the commercial's areas • Seeking new businesses inside GAP’s concessions, throughout Mexico or in other countries

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Infrastructure Overview I単aki Ascacibar Chief Technical Officer

Infrastructure Overview • Master Plan 2015/19 negotiation and approval • CAPEX compromise • Tijuana: Cross Border Facility update • Main projects to be developed during 2015 • Brief descriptions about other projects 2015/19

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CAPEX 2015-2019 • Jan. 1 marked the start of 4th period in the 50-year concession • A new Master Development Plan was prepared and coordinated with Civil Aviation Authority for airport development during the next 5 years • • • •

Infrastructure review and capacity evaluation Traffic forecast Additional capacity and maintenance required Investment compromise

• Investment plan for US$ 365 million for the next 5 years • Represents a 60% increase compared to the previous period

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CAPEX 2015-2019

2015

2016

2017

2018

2019

TOTAL

Aguascalientes

64,770,400

79,512,000

8,503,000

19,603,000

18,376,000

190,764,400

Guanajuato

65,333,000

101,453,000

60,484,000

40,160,000

2,270,000

269,700,000

Guadalajara

230,477,000

645,884,000

315,342,000

136,365,375

30,892,000

1,358,960,375

Hermosillo

88,507,500

187,245,000

102,870,000

4,730,000

2,770,000

386,122,500

La Paz

43,670,000

35,319,000

30,047,500

62,002,000

14,914,000

185,952,500

Los Mochis

31,085,100

20,556,400

12,740,800

17,760,000

3,780,000

85,922,300

Morelia

124,973,500

41,557,000

11,899,000

18,355,000

19,450,000

216,234,500

Mexicali

40,746,500

49,012,000

66,300,000

30,410,000

900,000

187,368,500

Puerto Vallarta

104,724,500

162,203,500

69,699,500

13,477,000

10,456,000

360,560,500

Los Cabos

183,832,500

186,420,500

235,652,750

252,844,500

176,369,000

1,035,119,250

Tijuana

404,850,000

319,645,000

231,635,000

147,700,000

17,215,000

1,121,045,000

29,262,500

13,762,000

12,510,000

15,930,000

9,400,000

80,864,500

759,336,875

306,792,000

Manzanillo Total

1,412,232,500

1,842,569,400

1,157,683,550

* CAPEX figures expressed in pesos as of December 2012

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5,478,614,325

Tijuana: Cross Border Facility • Mexican infraestructure was completed on Oct 2014 • U.S. facilities are on schedule, to be finished on Sept 2015 • Certification and installation tests to be done thereafter, schedulling to come into operation at the end of 2015

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Tijuana: Cross Border Facility U.S. facilities are on schedule, to be completed Sept 2015

Page 75

Tijuana: Cross Border Facility Connecting bridge was installed last Februaryâ&#x20AC;Ś expected to initiate operations in Nov 2015

Page 76

Future Projects (2015-2017) Guadalajara: Investment approx. US$ 35 million (21,000 m2) • Increase departure capacity with 3 boarding bridges and 8 gates • New security control and additional capacity for baggage handling and inspection system • Merging both terminal buildings to increase departure lounge and optimize common resources (checking, baggage and security) • Parking and access rearrangement • Developing cargo apron with new positions for larger airplanes already flying at the airport (B747-800)

Page 77