GAP DAY 2015

GAP DAY 2015

Guadalajara Airport

GAP Overview

Fernando Bosque Chief Executive Officer

• 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

Overview

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.

Mexican Airport Industry

34.1%

21.1%10.2%

6.6%

6.0%

5.7%

4.8%

2.6%

Westjet 1.4%

Magnicharters 1.1%

Sunwing 0.8%

AirTransat 0.7% Frontier 0.6%

Other 4.2%

Total Passenger Share

Key Players: Volaris, Aeromexico and Interjet

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.

Mexican Airport Industry

→ 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

GAP’s Unique Market Position

→ Serves one-fourth of Mexico’s Passenger Traffic

33.7%

24.3%

22.8%

14.5%4.6%

Domestic Airport Groups

AICM 34,255,739

GAP 24,718,695

ASUR 23,157,557

OMA 14,694,935

OTHERS 4,717,465

TOTAL MEXICO 101,544,391

Mexican Airport

Groups

Total Passengers

2014

→ Diversified Geographically and Commercially

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

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

Mexico City Airport GAP 12 OMA 13 ASUR 9 Toluca 1

Tijuana Mexicali

Hermosillo

Los Mochis

Ciudad Juárez

Chihuahua

La Paz

Los Cabos

Culiacán

Mazatlán

Durango

Torreón Monterrey Reynosa

Tampico

Veracruz Villahermosa

Minatitlán

Oaxaca

Huatulco Tapachula

Mérida Cancún

Cozumel

Zacatecas

Aguascalientes

Puerto Vallarta

Manzanillo

Guadalajara

Morelia

Bajío

SLP

Zihuatanejo

Acapulco

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

GAP Network

Other Airport Groups

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

→ Innovative Commercial Business Strategy

VIP Lounges

Convenience Stores

→ EBITDA Strength = Cost Efficiency

66.1%

67.2%

68.0%

70.1%

65.0%

66.0%

67.0%

68.0%

69.0%

70.0%

71.0%

2011 2012 2013 2014

EBITDA MARGIN

127.62

138.15 140.52

149.29

115.00

120.00

125.00

130.00

135.00

140.00

145.00

150.00

155.00

2011 2012 2013 2014

EBITDA PER PAX(Pesos)

48.84

49.80

48.72

46.65

46.00

46.50

47.00

47.50

48.00

48.50

49.00

49.50

50.00

2011 2012 2013 2014

COST OF SERVICES PER PAX

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

→ 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

472,141

404,090

235,849

183,863

121,090

74,684

0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000

SJD

GDL

PVR

BJX

TIJ

OTHERS

•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.

19.1

20.5

23.6

22.3

19.3

20.220.2

21.3

23.2

24.7

26.2

14.0

16.0

18.0

20.0

22.0

24.0

26.0

28.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

Mill

ion

s

… to Accommodate Growing Passenger Demand…

Maximizing Shareholder Returns

MEXNIF MEXNIF MEXNIF MEXNIF MEXNIF MEXNIF MEXNIF

2008 2009 2010 2011 2012 2013 2014**

Total Revenues $ 3,266 $ 3,717 $ 3,903 $ 4,734 $ 4,787 $ 5,264 $ 6,008

Net Income $ 1,199 $ 1,500 $ 1,484 $ 1,649 $ 1,992 $ 2,105 $ 2,269

(a) Dividends * $ 1,200 $ 1,000 $ 1,035 $ 1,130 $ 1,210 $ 1,590 $ 1,746

(b) Capital Distribution * $ - $ - $ - $ 870 $ - $ 1,510 $ 1,409

TOTAL Payout Ratio (a+b) 100.0% 66.7% 69.7% 121.3% 60.8% 147.3% 139.0%

Information in million pesos

* Paid during each following year

** Dividend proposed for Apr 21, 2015 Shareholders meeting

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

Local Market214,344,219

38.2%

Treasury35,424,453

6.3%

GMexico118,207,418

21.1%

ADRs95,354,010

17.0% AMP B13,519,900

2.4%

AMP BB84,150,000

15.0%

AENA33.3%

CMA

66.6%

AMP

Total Shares: 561,000,000 Series BB (AMP): 84,150,000

Series B (Free Float): 476,850,000

GAP’s BOARD: 6 Independent 4 from Control 1 from GMexico 11 members total

Ind

ep

en

de

nt

55

% 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

→ 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

GAP’s Unique Market Position

Revenue Strategies: Creating Value

Tomás Ramírez

Chief CommercialOfficer

2015 Revenue Growth: What to Expect in 2015

New maximum tariffs + traffic

increase

Commercial development

+12.0%-13.0%

+11.0%-12.0%

+ 14.0%-15.0%

2014 Revenues Increase in Aeronautical Revenues

Increase in Non-Aeronautical Revenues

2015 Expected Revenues

Solid Scenario for the Next 5 Years

140.30

161.72

138.60

120.82

151.39144.59

168.30

123.31

170.66177.12

122.73

158.84

139.31

160.57

137.61

129.55

150.31146.44

167.10

126.40

177.91184.07

129.16

160.88

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

180.00

200.00

Aguascalientes Bajío Guadalajara Hermosillo La Paz Los Mochis Morelia Mexicali Puerto Vallarta San José del Cabo Tijuana Manzanillo

Maximun Rates 2014 vs 2015

2014

2015*MX

N P

eso

s

• The average maximum rate growth for 2015 is 2.0%

Pesos at December 2012

26

Our approach to value generation

Passenger Traffic

Sales per departing passenger

(SPE)

Commercial contracts

Non-aeronautical

revenues

Air service development Working together with the main carriers

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

Guaranteed leases Royalty fees One-time fees

Business units operated by GAP

Aeronautical revenues

Aircraft and passenger fees

Strong Expected Second Half

2,000

2,200

2,400

2,600

2,800

3,000

3,200

2014

2015

The total amount of seats offered trough GAP’s network is expected to reach 32.4 million during 2015

Thousand

s

*Estimated

Most domestic seats for the

second semester are offered at the

end of the 2Q

Airport Marketing Strategy: developing aeronautical revenues

29

3 Key Factors: Successful New Air Service Development

Quantitative Analysis

Coordination amongst all of the involved

parties

Financial Incentives

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

Financial incentives allow airlines

to commit to the success of the

route and minimize risks

A good business relation between

all of the involved players is key to

a successful new route

30

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.

• Market sizes

• Route projections:

• Schedulles

• Conectivity

• Aircraft selection

• Passenger and revenue projections

• Outlook of the possible market share ( reachable with the new route)

Presenting an efficient business

case

• 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.

•Promote the opening of new frequencies to high volume industrial and leisure domestic destinations, such as Mexico City, Monterrey, Tijuana, and Cancun.

Guadalajara

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

Tijuana

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

Hermosillo

Key domestic traffic generators

Guadalajara New Routes

2013 Aeromexico: Toluca, La Paz, Las Vegas and San Francisco

VivaAerobus: Reynosa and Torreón

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

+9.6% YoY

Commercial Development: creating a balance between third-party contracts and GAP business

units

Parking

2014 EBITDA: 82.1%

Advertising

2014 EBITDA: 83.2%

Main Direct Commercial Operations: Revenues and EBITDA

In millions of Mexican Pesos

Page 36

VIP Lounges

2014 EBITDA: 51.1% 2014 EBITDA: 35.9%

Aeromarket (Convenience stores)

In millions of Mexican Pesos

Main Direct Commercial Operations: Revenues and EBITDA

+0.84%

+0.36%

+0.55%

+0.24%

+0.14% The accumulated passenger penetration increased in all Vip Lounges of the network. Guadalajara´s and Tijuana´s VIP Lounges had the best performance with 84 and 55 base points

+ VIP Lounge Passengers Departure Penetration

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

Redefining

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.

Convenience Store

Expansion of

Advertising

Maximizing Introducing of Digital Signage at Guadalajara and Tijuana

Going local

Increase in corporate accounts

Directly Operated Business Strategies 2015

Vip Lounge Guadalajara Domestic Departures

Vip Lounge Guadalajara Domestic Departures

New VIP at 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

42

A Success Story: Evolution of Food & Beverages in PVR

53.34

66.46

$0

$10

$20

$30

$40

$50

$60

$70

Jan-Feb14 Jan-Feb15

24%

F&B Sales per departing passenger 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

Opened in December 2014

Next opening in April 2015

43

Large-Scale Operator Strategies – at Medium-Sized Airports

F&B Sales per departing passenger BJX

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.

$18.51

$27.87

$0

$5

$10

$15

$20

$25

$30

2014 2015E

51%

Future developments in Guadalajara

45

Guadalajara’s Unique Opportunity to Expand

Hotel building has been

recovered

We have available

capacity in our parking system

Financial Highlights

Saúl Villarreal Chief Financial Officer

Page 48

Financial Results: 12M 2014

• 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.

12M13 12M14 Change

Revenues

Aeronautical serv ices 3,616,616 3,925,736 8.5%

Non aeronautical serv ices 1,170,492 1,338,542 14.4%

Improvements to concession assets (IFRIC 12) 440,728 281,874 (36.0%)

Total revenues 5,227,836 5,546,152 6.1%

Operating costs

Costs of serv ices: 1,128,951 1,161,588 2.9%

Employee costs 390,606 393,537 0.8%

Maintenance 200,224 223,687 11.7%

Safety, security & insurance 173,748 192,932 11.0%

Utilit ies 141,855 147,793 4.2%

Other operating expenses 222,518 203,639 (8.5%)

Technical assistance fees 171,470 194,228 13.3%

Concession taxes 237,728 261,577 10.0%

Depreciation and amortization 883,235 925,220 4.8%

Other expense (7,453) (43,424) 482.7%

Cost of improvements to concession assets (IFRIC 12) 440,728 281,874 (36.0%)

Total operating costs 2,854,659 2,781,063 (2.6%)

Operating income 2,373,177 2,765,089 16.5%

Finance income (cost) (51,159) (7,990) (84.4%)

Earnings before income taxes 2,322,018 2,757,099 18.7%

Income taxes (75,788) (514,579) 579.0%

Net income and comprehensive income 2,246,230 2,242,520 (0.2%)

12M13 12M14 Change

EBITDA 3,256,410 3,690,309 13.3%

Net income and comprehensive income 2,246,230 2,242,520 (0.2%)

Net income and comprehensive income per share (pesos) 4.0040 3.9974 (0.2%)

Net income and comprehensive 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 improvements / Total revenues % 30.0% 26.0% (13.3%)

Cost of serv ices / Total revenues % (excluding IFRIC 12) 23.6% 22.1% (6.4%)

• Cost-control efforts and continuous search for operational efficiencies:

• 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

987

1,060

1,129

1,162

850

900

950

1,000

1,050

1,100

1,150

1,200

2011 2012 2013 2014

MIL

LON

S

COST OF SERVICES (million pesos)

48.84

49.80

48.72

46.65

46.00

46.50

47.00

47.50

48.00

48.50

49.00

49.50

50.00

2011 2012 2013 2014

COST OF SERVICES PER PAX

Maintaining EBITDA Strength

7.4%

6.5%

2.9%

GAP continued double-digit EBITDA growth for third year in a row…

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

Page 50

2,579

2,941

3,256

3,690

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011 2012 2013 2014

MIL

LIO

NS

EBITDA

14% 11%

13%

127.62

138.15 140.52

149.29

115.00

120.00

125.00

130.00

135.00

140.00

145.00

150.00

155.00

2011 2012 2013 2014

EBITDA PER PAX(Pesos)


Page 51

GDL 38.4% $1,418.0

SJD 18.9% $701.0

PVR 14.3% $526.5

TIJ 13.3% $489.3

Others 15.1% $555.5

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%

Participation in EBITDA 2014

EBITDA by Airport

Page 52

66.1%

67.2%

68.0%

70.1%

65.0%

66.0%

67.0%

68.0%

69.0%

70.0%

71.0%

2011 2012 2013 2014

EBITDA MARGIN

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


• 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

Hurricane Odile Status

Financial

Strategies

• 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

Leverage Strategy

Page 56

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

Standard & Poor’s mxAAA - National scale The outlook is stable (issued in September 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%

Debt Ratings

Page 57

Debt * / EBITDA (X)

0.8

0.7

0.6

0.5

2011 2012 2013 2014

Cash Interest Coverage (X)

13

.8

13

.9

16

.2

28

.1

2011 2012 2013 2014

FFO / Net Debt

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

2011 2012 2013 2014

FFO 2,161 2,422 2,566 2,931

Net Debt 390- 85- 716- 135

Ratio -655% -2965% -458% 2066%

Credit Metrics

• 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 issuance of this bond will allow GAP to reduce its financial cost and increase is debt maturities.

Page 59

The average annual interest cost of the issuance was 5.58%

Debt Market

• 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

Leverage Strategy

As is shown, the leverage strategy will result in an improvement to GAP’s Weighted Average Cost of Capital (WACC)

Page 61

8.3

%

8.2

%

8.1

%

8.0

%

2011 2012 2013 2014

Leverage Strategy

Page 62

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

Will improve GAP’s Capital Structure

Financial Strategy

Page 63

5.6

%

6.3

%

7.5

%

8.3

%

2011 2012 2013 2014

4.9

%

5.6

%

6.7

%

7.3

%

2011 2012 2013 2014

RETURN ON EQUITY

RETURN ON ASSETS

Average growth: 14.2%

Average growth: 13.7%

ROE and ROA

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

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2015 Distribution Policy

Maximum Rates

2015-2019

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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.

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

New Maximum Rates

2.0% average growth in real terms

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Maximum Tariff

• 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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2015 Guidance

• 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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Opportunities for the Future

Infrastructure Overview

Iñaki Ascacibar Chief Technical Officer

Page 71


• 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

• 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

Manzanillo 29,262,500 13,762,000 12,510,000 15,930,000 9,400,000 80,864,500

Total 1,412,232,500 1,842,569,400 1,157,683,550 759,336,875 306,792,000 5,478,614,325

* CAPEX figures expressed in pesos as of December 2012

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CAPEX 2015-2019

Page 74

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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U.S. facilities are on schedule, to be completed Sept 2015

Page 76


Connecting bridge was installed last February… expected to initiate operations in Nov 2015

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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)

Future Projects (2015-2017)

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Guadalajara: Investment approx. US$ 35 million (21,000

m2)


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m2)


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m2)

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m2)

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m2)

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Tijuana: Investment approx. US$ 35 million (15,000 m2)

• Refurbish and increase departure capacity

• 4 additional apron positions, plus a new lounge for bus attended operations

• New building for quality accommodation and business services • New aircraft rescue and fire fighting installation and equipment • Cross Border will come into operation at the end of 2015


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Hermosillo: Investment approx. US$ 10 million (4,500 m2)

• Increasing departure capacity, with two new gates with boarding bridges

• Refurbishment of aircraft rescue and fire fighting installation and equipment

• New departure VIP lounge

• New security control and arrival facilities


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Hermosillo: Investment approx. US$ 10 million (4,500 m2)

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AGUASCALIENTES 2016. Runway refurbishing and new parking position 2018. Terminal expansion (departure hall)

GUANAJUATO 2016. Terminal and general aviation facilities expansion 2018. New taxiway and runway refurbishing

LA PAZ 2017. Terminal (Checking and departures) expansion 2019. Runway refurbishing

LOS MOCHIS General works at building and airfield for improving quality and maintenance

MORELIA 2015/6. Airfield refurbishing 2019. Terminal expansion (departure hall)


MEXICALI 2017. Terminal expansion (arrivals) 2018. Runway refurbishing

PUERTO VALLARTA 2016. Terminal (customs) and General Aviation expansion

LOS CABOS 2015. Odile repairments 2016. General Aviation apron expansion 2017. Two new parking positions at commercial apron 2018. Migrate fuel plant and new ARFF facilities 2018. Runway refurbishing 2019. Terminal expansion (departures hall)

MANZANILLO 2019. Terminal building expansion (arrivals)

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Environmental Energy, waste and water management Carbon accreditation

• PVR certified on phase 1. • A new airport to come into the process during 2015

Safety Airport ICAO Anex 14 certification

• Mexico compromised to certify at least 15% of airports for the end of 2016 • Already certified PVR, TIJ, SJD, HMO • LAP to be certified during 2015, and BJX, MXL during 2016

Safety Management System

• PVR, SJD certified on phase 4. TIJ on the process now • Rest of the airports on the process to phase 3

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• 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

Guadalajara Airport

Miguel Aliaga IRO

→ Official name: “Aeropuerto Internacional Miguel Hidalgo y Costilla”

→ IATA name: “GDL”

→ Two perpendicular Runways: → Main: (10-28) 4005 meters

length 60 meters wide

→ Secondary (02-20) 1800 meters length 30 meters wide

→ 24hr Operation

Guadalajara Airport

Guadalajara Airport at a Glance

• 58,000 sqm of terminal buildings

• 29 boarding gates

• 10 boarding bridges

• 51 commercial aviation positions

• 40 general aviation positions

• 14 baggage claim carrousels (7 domestic, 7 International)

• Runway Max Ops/Hr 39

• 377 operations/day

• 8.5 million passengers (2014)

Recent projects

Increase capacity for international operations

• Total investment: US$ 20 million

• Refurbishing and expansion of 10,000 m2, including

international arrivals and departures

• Two new gates and jet ways

• Increase arrivals area and two new baggage carrousels

• 20 immigration counters and 8 custom positions

Recent Projects - Guadalajara Terminal building expansion

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Recent Projects - Guadalajara Refurbishing and apron expansion

Increase Apron capacity

• Total investment: US$ 20 million

• Refurbishing of 75,000m2 and 20 parking positions.

• New layout: including 1 position for type E (B747)

and the rest for Type C or D planes

Page 97

This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

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GAP DAY 2015