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Corporate Presentation
January 2016
Diversified Portfolio of Airports
Public Float
85%
Aeropuertos Mexicanos del Pacífico
15%
Corporación Mexicana
de Aeropuertos (CMA)
66.6%
AENA
Internacional
33.4%
GAP-at-a-GlanceRelevant Information
Airport Geographic Presence in México
Shareholder Structure
> Grupo Aeroportuario del Pacífico, S.A.B. de C.V. is a holding
company that operates 12 airports throughout Mexico’s Pacific
region. The concession was granted for a 50-year period and will
expire in 2049.
• In addition, in April 2015 GAP acquired “DCA” (Spanish
company), which has a majority stake in MBJ Airports Limited.
• GAP’s shares are listed on the NYSE under ticker symbol “PAC”
and on the Mexican Stock Exchange under ticker symbol “GAP”.
• S&P (mxAAA/stable/mxA-1+) and Moody’s (Aaa.mx/stable/Baa1)
2014 Profitability:
• EBITDA of Ps. 3,690 mm (+13.3%), EBITDA Margin of 70.1%
• 2014 dividends paid were Ps. 3,100 mc
Page 2
Mexicali
Tijuana
Hermosillo
Los Mochis
La Paz
Los Cabos
AguascalientesGuanajuatoPuerto VallartaGuadalajaraMorelia
Manzanillo
Jamaica
Guadalajara36%
Tijuana18%
Los Cabos13%
Puerto Vallarta13%
Guanajuato5%
Hermosillo5%
Others10%
Passenger share by Airport 2015
Shareholder Structure
AENA
33.3%CMA66.6%
AMP(Strategic Partner)
Total Shares: 561,000,000Series BB (AMP): 84,150,000 Series B (Free Float): 476,850,000
GAP’s BOARD members:
6 Independent members4 from Control Group1 from Grupo Mexico
11 total members
Ind
ep
en
de
nt
m
em
be
rs 5
5%
Audit Committee:•Fully Independent•International level compliance
Page 3
Resolution of GM vs GAP by-laws dispute
• Mexican Supreme Court issued an amparo ruling, in favor of the Company
• Resolution: GAP's by-laws, ten and twelve, were upheld and continue to be in force.
• Grupo Mexico will have to sell the excess of shares through a public offer according to GAP´s bylaws, which may in turn provide more liquidity to the stock
• In terms of the proceedings, the Mexican Supreme Court has already issued a written resolution. We are just awaiting the Higher Court of Mexico City to issue the official resolution.
Treasury35,424,453
6.3%
AMP Serie BB84,150,000
15.0% AMP Serie B13,519,900
2.4%ADRs Float61,967,550
11.0%Other top 9 holders
115,794,678 20.6%
BMV Float151,699,270
27.0%
GMexico56,100,000
10.0%
GMexico: Excess of shares
42,344,149 7.5%
No Voting PowerCannot be represented in any
shareholders meeting
Industry Outlook in Mexico
*Source: SCT, SST, DGAC, DDE. Information provided by air carriers Note: Information as of September, 2015
*Source: Volaris Corporate presentation December 2015
Page 4
Source: ICFNote: E = Expected, P = Projected based on the elasticity factorSource: DGAC, FMI World Outlook April 2015
Passenger Traffic & GDP Correlation in Mexico
-15%
-10%
-5%
0%
5%
10%
2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016P 2017P 2018P 2019P 2020P
PIB TráficoTRAFFICGDP
297
324
345330 324
273
229
257
279
305 308
100
150
200
250
300
350
400
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
Mexican fleet / Schedule ServiceNumber of aircrafts
Penetration Level0.3 flights per capita annually in Mexico.The U.S. and Canada report annual flight
per capita rates of 2.2 and 2.6, respectively
*Source: Scotiabank, Mexican Airports report, May 2015
2nd Largest Airport Group in terms of Passenger Traffic
11M15: Mexican Airport Groups
Page 5
AICM (Mexico City Airport)• The development of the new Mexico City Airport has begun. However, this is a long-
term project that won’t solve MEX capacity constraints for at least 5 years.• Hub operations depend on capacity to grow in high density routes.
Operational Information: Passengers
Mexican AirportGroups
Total Passengers11M15
AICM 34,904,918
GAP 24,855,059
ASUR 23,776,040
OMA 15,416,732
35.3%
25.1%
24.0%
15.6%
Participación por Grupo Aeroportuario
GAP Network’s Key Players
2015: Passenger Share by Airline
Page 6
Future strategies
Volaris: focusing on international routes, mostly from GAP AirportsInterjet: increasing capacity (+15% in 4Q15 in Tijuana)Aeromexico: focusing on international growth to the United States and Canada from its Mexico City HUB
Fleet deliveries
Aeromexico: replacing older 737’s with 737-800; regional jets are still being reduced, but at a slower pace than we expected 18 months agoVolaris: will receive new planes with 220-seat configuration (Airbus 321) Interjet: will receive regional 93-seats aircraftNew players: Aeromar, TAR & Aerocalafia will replace Aeromexico´s regional fleet
Operational Information: Passengers
35.1%
20.3%
11.3%
6.3%
5.8%
5.0%
4.3%
2.9%
Westjet 1.4%
Southwest 1.1%
Magnicharters 1.0%
Sunwing 0.8% AereoCalafia 0.8%
Others 4.1%
Traffic Evolution
Page 7
The amount of seats available through GAP’s network reached 34.8 million during 2015 (79.4% of load factor)
Operational Information: Passengers
1.00
2.00
3.00
4.00
Mill
ion
s
Available Seats 2014 vs 2015
2014 2015
Airports 2014 Change '13 2015 Change '14
Guadalajara 8,733,467 7.2% 9,790,835 12.1%
Tijuana 4,387,768 2.8% 4,870,506 11.0%
Los Cabos 3,285,140 -3.0% 3,652,921 11.2%
Puerto Vallarta 3,127,390 17.1% 3,593,496 14.9%
Guanajuato 1,222,138 22.4% 1,492,087 22.1%
Hermosillo 1,326,242 -0.3% 1,349,297 1.7%
La Paz 672,942 12.1% 682,382 1.4%
Aguascalientes 540,473 18.3% 633,068 17.1%
Mexicali 507,174 2.2% 595,627 17.4%
Morelia 476,053 12.0% 478,481 0.5%
Los Mochis 228,597 16.2% 290,861 27.2%
Manzanillo 211,311 9.3% 194,414 -8.0%
Total 24,718,695 6.7% 27,623,975 11.8%
Airports 2014 Change '13 2015 Change '14
Guadalajara 8,733,467 7.2% 9,790,835 12.1%
Tijuana 4,387,768 2.8% 4,870,506 11.0%
Los Cabos 3,285,140 -3.0% 3,652,921 11.2%
Puerto Vallarta 3,127,390 17.1% 3,593,496 14.9%
Guanajuato 1,222,138 22.4% 1,492,087 22.1%
Hermosillo 1,326,242 -0.3% 1,349,297 1.7%
La Paz 672,942 12.1% 682,382 1.4%
Aguascalientes 540,473 18.3% 633,068 17.1%
Mexicali 507,174 2.2% 595,627 17.4%
Morelia 476,053 12.0% 478,481 0.5%
Los Mochis 228,597 16.2% 290,861 27.2%
Manzanillo 211,311 9.3% 194,414 -8.0%
Total 24,718,695 6.7% 27,623,975 11.8%
Most domestic seats for the second half
of the year were offered at the end of
the 2Q15
Key events:• 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 – 2014 – Traffic Recovery, surpassing 2008 numbers• 2015 – Traffic reached highest numbers in Gap´s history
GAP´s Passenger Traffic History…
Page 8
Operational Information: Passengers
Traffic Composition 2015…
Domestic65.4%
International34.6%
11.2 11.4 11.5 12.5
15.7 14.612.7 13.2 13.1 14.0
15.4 16.218.1
5.36.1
7.68.0
7.87.6
6.67.0 7.2
7.3
7.88.5
9.6
16.417.5
19.1
20.5
23.622.3
19.320.2 20.2
21.3
23.224.7
27.6
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Mill
ion
s
International Domestic
11
.8%
CAGR ' 06 vs 15: 4.42%
GAP
Strategy Focus
Diversified
Portfolio of
Airports
Regulatory
Framework
Non-
Aeronautical
Revenues
Operating
Efficiency
Financial
Strategy
Investments
Balanced mix of tourist and city airports in Mexico
Modern infrastructure with the capacity for future
growth
New Airport in the Caribbean
Transparent “dual-till” system for 50
years of concession.
Regulated rates through 2019
(Mexico and Jamaica)
Commercial revenues have grown
136.5% between 2006 and 2014
Business lines operated by GAP grew
101.4% between 2010 and 2014
In 2014, GAP reduced its service cost per
passenger from MXP 48.7 to MXP 46.6
Operating leverage at airports brings
substantial financial cost efficiency
GAP´s commitment with the SCT entails
MXP 5.5 billion in CAPEX for 2015- 2019
Additional investments will increase the
commercial revenues from new projects
Long-term bond in the Mexican Debt Market to fulfill
CAPEX requirements
Montego Bay acquisition 100% debt (L+105bps)
Low leverage. Net debt/EBITDA ratio 0.8 x 2015E
Strengths
Page 10
Focus on Maximizing Shareholder Returns
In millions of MXN pesos / * Amounts shown here correspond to the following yearThe Stock price avg for 2014 correspond to April 20th 2015
2014 – Total distribution approved on Apr 21, 2015, to be paid as follows:• Ps. 1,409 mm already paid on May 15, 2015; • Ps. 957 mm already paid on Aug 21, 2015;• Ps. 789 mm already paid on November 4, 2015;
Page 11
Net Income of each year $ 1,541 $ 1,199 $ 1,500 $ 1,484 $ 1,649 $ 1,992 $ 2,105
Dividends Paid * $ 1,200 $ 1,000 $ 1,035 $ 1,130 $ 1,210 $ 1,590 $ 1,746
Equity Distribution Paid * $ - $ - $ - $ 870 $ - $ 1,510 $ 1,409
Total Distribution paid $ 1,200 $ 1,000 $ 1,035 $ 2,000 $ 1,210 $ 3,100 $ 3,155
Payout ratio 78% 83% 69% 135% 73% 156% 150%
Outstanding shares (millions) * 561 547 531 531 527 526 526
Stock price avg (in Pesos) * $ 32.4 $ 43.6 $ 46.4 $ 54.5 $ 70.1 $ 84.2 $ 100.2
Dividend Yield * 6.6% 4.2% 4.2% 6.9% 3.3% 7.0% 6.0%
2014MEXNIF
Accounting basis2008 2009 2010 2011 2012 2013
12
Focus on Increasing Revenues
Passenger Traffic
Sales per departing passenger
(SPE)
Commercial contracts
Non-aeronautical
revenues
Air service developmentWorking together with the main carriers
Looking for the best operationA balanced range of products and prices
Guaranteed leasesRoyalty feesOne-time fees
Business lines operated by GAP
Aeronautical revenues
Aircraft and passenger fees
Page 12
Focus on Expansions
Page 13
Montego Bay
Convenience Stores
VIP Lounges
Advertising
Parking Lots
Hotels & Offices
CreatingValue
Focus on Profitability
Page 14
23.15
27.40
17.65
22.82
28.2526.51
41.2739.16
52.02
-
10
20
30
40
50
60
2006 2007 2008 2009 2010 2011 2012 2013 2014
Bill
ion
s
STOCK MARKET CAPITALIZATION GAP continues generating constant growth, despite being in
a mature industry, but with a great opportunity of growth in
future years.
CAGR ' 06 vs 14: 10.65%
*Figures include the recognition of a gain in the fair value of theacquisition of DCA and MBJ, which generated one-time other incomeof Ps. 161.9 million.
2,023
2,337 2,239 2,134
2,441 2,597
2,939
3,256
3,690
4,517
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E*
Mill
ion
s
EBITDA
CAGR ' 06 vs 15E: 9.34%
66.10%
67.20%68.0%
70.1%
72.8%
62.00%
64.00%
66.00%
68.00%
70.00%
72.00%
74.00%
2011 2012 2013 2014 2015E*
EBITDA MARGIN
Bill
ion
s o
f M
exic
an
Pes
os
Focus on Strengthening Infrastructure
MDP Authorized for 2015-2019 period
Page 15
Major investments by concept:
• Capacity and quality projects - MXP 3,300 million• International Civil Aviation Organization (“ICAO”)
compliance projects - MXP 140 million• Environmental projects - MXP 889 million• Equipment - MXP 802 million
YEAR Million MXP
2015 1,412$
2016 1,843$
2017 1,158$
2018 759$
2019 307$
TOTAL 5,479$
Expressed in constant pesos as of December 31, 2012
Focus on Leverage Strategy
Page 16
August 2014 – initiation of strategy to launch bond program in
the Mexican markets
The bond program aims to increase maturities:
Refinancing outstanding bank debt for Ps. 1.7 billion
and Ps. 0.9 billion CAPEX contain in the MDP for 2015.
Acquisition of DCA (MBJ Airport) financing complete
(Long Term Debt: Libor + 99 - 105 bps)
Still a healthy leverage level for GAP…
Net Debt-to-EBITDA ratio: Dec15E = 0.8x
For 2016 to 2019, the company will continue issuing debt to finance its CAPEX
RevenueDevelopment
History Revenue
Page 18
Evolution of Commercial Revenues
2015E: Aeronautical
revenue will increase
18.11% vs 2014
8.1
%
9.8
%
11
.4%
15
.0%
17
.6%
18
.5%
18
.6%
19
.1%
20
.9%
22
.3%
20
.4%
21
.1%
23
.1%
24
.5%
25
.4%
25
.3%
91
.9%
90
.2%
88
.6%
85
.0%
82
.4%
81
.5%
81
.4%
80
.9%
79
.1%
77
.7%
79
.6%
78
.9%
76
.9%
75
.5%
74
.6%
74
.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
NON AERONAUTICAL REVENUE AERONAUTICAL REVENUE
110.8147.3 161.0
254.0
358.7
449.0511.4
627.6702.9 707.4
738.1784.0
936.2
1,076.1
1,184.3
1,433.1
14.0
214.0
414.0
614.0
814.0
1,014.0
1,214.0
1,414.0
1,614.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
Mill
ion
s
CAGR '00 vs 15E: 17.4%
21
.0%
Page 19
Commercial Revenue per Passenger 9M14 vs 9M15
In Mexican Pesos
GAP’s Commercial Revenue
Per Passenger
$6.8$9.1
$10.5
$15.4
$20.5
$23.5$24.9
$26.6
$31.6
$36.7 $36.5$38.8
$44.0$46.4
$47.9
$52.6
-
10.00
20.00
30.00
40.00
50.00
60.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
CAGR '00 vs 15E: 13.7%
16.5
26.03
26.27
29.54
30.87
36.04
38.04
43.64
46.68
47.5
52.53
64.41
99.2
101.43
17.42
20.45
26.21
28.34
27.99
33.16
32.08
41.88
45.83
39.07
48.39
56.76
84.7
89.52
LOS MOCHIS
LA PAZ
MEXICALI
MANZANILLO
MORELIA
TIJUANA
HERMOSILLO
AGUASCALIENTES
GUADALAJARA
GUANAJUATO
MEXICAN AIRPORTS (AVG)
PUERTO VALLARTA
MONTEGO BAY
LOS CABOS
Commercial Revenue growth per Line 9M15
In thousands of Mexican PesosU.S. dollar figures were converted from pesos to U.S. dollars at a rate of Ps. 15.5486 per U.S. dollar (average exchange rate for the nine months ended September 30, 2015)
Page 20
54%
46%
NON - AERONAUTICAL REVENUE
USD
MXN
75%
25%
TOTAL REVENUES
USD
MXN
Business operated by a
third party71.2%
Business operated
directly 28.8%
COMMERCIAL REVENUES
9M14 9M15 Change
Leasing of space 87,063 99,223 14.0%
Car rentals 80,036 112,297 40.3%
Food and beverage operations 88,340 139,835 58.3%
Retail operations 79,063 144,725 83.1%
Duty free operations 89,946 113,778 26.5%
Timeshares 83,687 104,036 24.3%
Ground transportation 47,236 58,359 23.5%
Communications and Financial services 22,939 30,723 33.9%
Other commercial revenues 18,933 135,485 615.6%
Total 597,244 938,460 57.1%
Businesses operated directly
Car parking charges 174,450 186,100 6.7%
Advertising 73,669 88,521 20.2%
VIP Lounges 28,810 45,089 56.5%
Convenience stores 28,106 60,112 113.9%
Total 305,035 379,822 24.5%
Recovery of costs 120,044 132,843 10.7%
Total Non-aeronautical Revenue 1,022,323 1,451,125 41.9%
Page 21
Notes: Information as of the end of each year, expressed in constant pesos as of Dec 31, 2012.
Efficiency factor for each of the 2015-2019 years is 70 basis points.
New Maximum Rates – Aeronautical Revenues
2.0% average growth in real terms over 2014
Airports 2015
Aguascalientes 139.3$
Guanajuato 160.6$
Guadalajara 137.6$
Hermosillo 129.5$
La Paz 150.3$
Los Mochis 146.4$
Morelia 167.1$
Mexicali 126.4$
Puerto Vallarta 177.9$
Los Cabos 184.1$
Tijuana 129.2$
Manzanillo 160.9$
Advertising
Directly-Operated Business Line Revenues and Margins
In millions of Mexican Pesos
Page 22
Key
drivers:
Expanding
Redefining
MaximizingAeromarket(Convenience stores)VIP Lounges
$76 $87
$100
$118
$-
$20
$40
$60
$80
$100
$120
$140
2012 2013 2014 2015E
Advertising
$10
$24
$38
$62
$-
$20
$40
$60
$80
2012 2013 2014 2015E
VIP Lounges
2015E EBITDA: 57.9%
$1
$16
$40
$79
$-
$20
$40
$60
$80
$100
2012 2013 2014 2015E
Aeromarket2015E EBITDA: 39.9%
2015E EBITDA: 79.1%
$194
$221 $230
$239
$160
$180
$200
$220
$240
$260
2012 2013 2014 2015E
ParkingParking
2015E EBITDA: 84.9%
Increasing loyalty to our customers by adding new services in Los Cabos
Opening of new lounges reaching a total of 8 VIP Lounges at the end of 2015
Redesign of the Hermosillo and Puerto Vallarta lounges
Redefining Opening of stores in Guadalajara and Hermosillo, we are expecting
19 convenience stores by the end of the year
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 Introduction of Digital Signage at Guadalajara and Tijuana
Going local
Increase in corporate accounts
Page 23
Directly-Operated Business LinesStrategies
Advertising
Page 24
Directly-Operated Business LinesStrategies
• At Guadalajara we restructured car parking rates in order to be more competitive
Financial
Highlights
EBITDA Strength = Cost Efficiency
• Growth in passenger traffic, commercial revenue strategies and continued cost control, will allow us to maintain double digit EBITDA growth in 2015.
Page 26
In Mexican Pesos
48.84
49.80
48.72
46.6546.84
45.00
46.00
47.00
48.00
49.00
50.00
51.00
2011 2012 2013 2014 2015E
COST OF SERVICE PER PAX
0.4
1%
*Figures include the recognition of a gain in the fair value of theacquisition of DCA and MBJ, which generated one-time other incomeof Ps. 161.9 million.
98.6 99.2 100.6
110.7
120.7128.5
138.1 140.5
149.3
165.8
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E*
EBITDA PER PASSENGER
CAGR '06 vs 15E: 5.3%
2,023
2,337 2,239 2,134
2,441 2,597
2,939
3,256
3,690
4,517
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E*
Mill
ion
s
EBITDA
CAGR ' 06 vs 15E: 9.34%
Page 27
Financial Results: 9M14 VS 9M15
• Solid growth in total revenues: Driven mainly by a 24.2% increase in traffic and 40.2% growth in aeronautical and non aeronautical services due to mainly the acquisition of Montego Bay
• EBITDA growth 47.2% with a 72.9% margin.
Includes Montego Bay Airport
Income Statement Condensed(Thousands of pesos)
9M14 9M15 Change
Aeronautical & Non Aeronautical
revenues3,978,945 5,580,040 40.2%
EBITDA 2,764,292 4,067,917 47.2%
Net income and comprehensive
income1,615,130 2,312,725 43.2%
Key indicators 9M14 9M15
EBITDA MARGIN * 69.5% 72.9%
NET INCOME MARGIN* 40.6% 41.4%
OPERATING INCOME MARGIN* 52.7% 56.6%
THOUSAND OF PASSENGERS 18,647 23,163
REVENUE PER PASSENGER 213.4$ 240.9$
EBITDA PER PASSENGER 148.2$ 175.6$
CASH FLOW BY OPERATING
ACTIVITIES (thousand of pesos)3,445,653$ 4,459,396$
*Excluding IFRIC 12
Figures include the recognition of a gain in the fair value of theacquisition of DCA and MBJ, which generated one-time other incomeof Ps. 161.9 million.
• Long-term bond certificate of Ps. 2.6 billion was constituted on February 20, 2015; the average annual interest cost of the issuance was 5.58%. The company will issue a short-term bond for approximately Ps. 1.0 billion during the first quarter 2016. From 2016 to 2019, GAP expects to continue issuing bonds to finance CAPEX.
• Acquisition of DCA (MBJ Airport) financing complete, bridge loan Libor + 70 bps (long- term financing: Libor + 99 - 105 bps already contracted).
• We expect to have a Net Debt-to-EBITDA ratio of 0.8x at the end of 2015 (including the DCA Acquisition), maintaining GAP´s low leverage level.
• At the end of 2015, GAP will have a WACC of approximately 7.2%, instead of 8.1% at the end of 2014.
Dividend and Capital Reimbursement Policy:
• Pay all the excess cash above a minimum “cash balance” (two months of OPEX)
• Dividend payment, or capital reimbursement, will take into account “the most efficient fiscal practice”. (2015 – Increasing 10% over previous year)
Page 28
Leverage Strategy and Dividend Policy
Infrastructure Overview
* CAPEX figures expressed in thousand of pesos as of December 2012
Page 30
CAPEX 2015-2019• January 1st marked the beginning of the 4th period in the 50-year concession
• A new Master Development Plan (“PMD”) was approved by the authorities, which represents a 60% increase compared to the previous period
The PMD will be focused on:•Increasing capacity in terminals due to traffic forecasts•Additional capacity and maintenance needed•Investment commitments•Capacity and quality projects – MXP 3,300 million aprox•ICAO compliance projects – MXP 140 million aprox•Environmental projects – MXP 889 million aprox•Equipment – MXP 802 million aprox
AIRPORT TOTAL
Guadalajara (GDL) 1,358,960
Tijuana (TIJ) 1,121,045
Los Cabos (SJD) 1,035,119
Puerto Vallarta (PVR) 360,561
Hermosillo (HMO) 386,123
Guanajuato (BJX) 269,700
Morelia (MLM) 216,235
Aguascalientes (AGU) 190,764
Mexicali (MXL) 187,369
La Paz (LAP) 185,953
Los Mochis (LMM) 85,922
Manzanillo (ZLO) 80,865
Total 5,478,614
Recent Projects - Guadalajara
Terminal Building Expansion: we have initiated an expansion of the entire terminal, combining Terminal 2 with a waiting
area in order to increase the number of gates and passenger services. In addition, the waiting area at Terminal 1 will be
expanded with remote boarding and three walkways. Other services to be expanded as well as the check-in areas,
baggage claim and commercial services.
Page 31
Page 32
Tijuana: Cross Border FacilityThe connecting bridge was installed in February 2015 – CBX initiated operations on December 9th, 2015.
Page 33
Guadalajara: Investment approx. US$ 35 million (21,000 m2)
Future Projects (2015-2017)
Page 34
• Refurbish and increase departure capacity• 4 additional apron positions, plus a new lounge for bus operations• New building for quality lodging and business services• New aircraft rescue and fire fighting installation and equipment • Cross Border facility will come into operation at the end of 2015
Future Projects (2015-2017)
Tijuana: Investment approx. US$ 30 million (15,000 m2)
Page 35
Hermosillo: Investment approx. US$ 10 million (4,500 m2)
Future Projects (2015-2017)
DCA ACQUISITIONMONTEGO BAY, JAMAICA
DCA Acquisition
DCA
(Spain)
100% Shares
74.5%
MBJ Airport, Jamaica
Concession: Until March 2033
14.7%
SCL, Chile
Ends in September 2015
Page 37
Robust and Clear-cut Regulatory Framework
Page 38
Key takeaways Comments
Period Until 2033 30 year contract expiring 2033
Tariffs Reviewed every 5 years- New tariffs applicable from April 2015 until 2020
- The mix of the Aeronautical revenues increased 50%
Concession Fee WLU's tariff + Additional Fee
- WLU fee USD2.71 for each (adjusted annually by US CPI)
- An Additional Concession Fee calculated yearly = 45% of the
Excess Revenue, when this exceeds the "base case" revenue
established at the beggining of the concession. Triggered in
2016.
- The average rate of the sum of both fees will be roughly 21%
and 23% over total revenues in the Concession period.
CAPEX Investment required
- Maintenance of tangible concession assets
- Investment amount of USD 7 mm avg yearly 2015-2020 (Total
USD 35 mm)
- Current PMD's Analysis covers until 2028
TerminationConclusion of the Concession
Agreement
- Termination by Owner
- Termination by Concessionaire
- Termination payment and compensation
OPEX
Costs of Services and
Concession Fee60% In US Dollar
40% In Jamaican Dollar
Increasing Hotel Capacity
(1) Agency of the Government of Jamaica’s Ministry of Industry, Investment and Commerce that promotes business opportunities for export and investment to the local and international private sector.
Hotel Infrastructure in Montego Bay, Negril and Ocho Rios has grown 3.2% in 2014 vs 2013, approaching more than 16,000 rooms in 2014… occupancy rate is on the rise as well...
Note: In 2013, hotel room capacity decreased by 8%. The Jamaican Tourist Board noted that this was in large part due to a number of hotels that changed ownership and underwent extensive refurbishment, during which they were closed. Most of these hotels re-opened for business in 2014.
2015 – hotel capacity : 17,983 rooms 70% average occupancy rate
Jamaica Tourist Board (“JTB”) and its stakeholders are pursuing the development of 5,000 new hotel rooms
16,641
17,295 17,395
16,081
16,603
63.0%
61.9%
63.7%
68.8%
69.1%
58.0%
60.0%
62.0%
64.0%
66.0%
68.0%
70.0%
12,000
13,000
14,000
15,000
16,000
17,000
18,000
2010 2011 2012 2013 2014
Average Rooms Occupancy Rate
No Timeline For: Rooms
China Habour; 3 Hotels and Casino 2,500
Melia Braco Expansion 250
Karisma Continuing 2,800
NORTH COAST HOTELS
ACCOMMODATION NATURE OF PROJECT 2015 2016 2017-2020
Bahia Principe Expansion 455
Melia Braco Renovation 225
Moon Palace Renovation 700
Breathless New 150
Royalton White Sands Expansion 282
Azul Seven New 145
Royalton Negril New 800
Breezes Mobay Renovation 124
Azul Sensatori (Karisma) New 1,200
Royal Decameron Expansion 150
Riu 500
Ending Inventory 17,983 19,484 21,334
Page 39
Attractive Traffic Mix: Largest Gateway to Jamaica
Keys Takeaways• Main airport in Jamaica
– MBJ serving 3.6m PAX vs. Kingston serving 1.5m PAX
• Mainly international passengers (>97% of overall traffic)
• Almost exclusively origin & destination traffic
• Over 71% of all visitors to Jamaica arrive through MBJ
• Jamaica is the largest English-speaking Caribbean island
• Tourism driven by wealthy developed countries (Canada, US and the UK)
– Weddings and small groups
– Large convention center within 15 minutes of the airport
(1) Includes business and combined business/vacation. (2) Data based on customer surveys and rebased to represent 100%. (3) Includes Int'l Arriving + Departing Pax.
Page 40
Canada19%
Caribbean0%
Europe8% Great Britain
4%
Jamaica1%
OTHER1%
United States67%
2015 Market Share by Region(Jan - Dec 2015)
American22.9%
Delta12.8%
Jetblue9.6%
Southwest Airlines9.5%
West Jet5.7%
Thomson Airways5.6%
Sunwing5.4%
United Airlines4.7%
Air Canada4.4%
Caribbean Airlines4.1%
Others15.2%
American
Delta
Jetblue
SouthwestAirlines
West Jet
ThomsonAirways
Sunwing
United Airlines
Air Canada
CaribbeanAirlines
Others
2015 Top Ten Airlines + Others Market Share
Traffic Performance and Aeronautical Revenues
Page 41
A significant increase is expected for 2015; in November 2014, the Jamaica Airport Authority (“AAJ”) approved regulated tariffs for April 2015 to December 2019 --- these are updated annually to account for U.S. inflation. Additionally, there is in an exchange rate benefit in 2015 of 14%.
Mill
ion
sM
XP
256 267 288
392 402 403 438 452
514
932
-
100
200
300
400
500
600
700
800
900
1,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 E
Aeronautical Revenue
CAGR '06 vs 15E: 13.8%
3.3 3.33.1
3.4 3.5 3.43.2 3.3 3.3 3.4
3.53.6
3.7
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Mill
ion
s
Total Passengers MBJCAGR '03 vs 15: 1.16%
Non – Aeronautical Revenue
Page 42
Mill
ion
sM
XP
There is in an exchange rate benefit in 2015 of 14% over 2014.
140 146
182
223 220 222 246
259 271
344
-
50
100
150
200
250
300
350
400
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 E
Non Aeronautical Revenue
CAGR '06 vs 15E: 9.4%
ADDING VALUE
GAP’s Tourist Airports – 2015E
Page 44
934.5
1,119.4
1,275.9
0.0
200.0
400.0
600.0
800.0
1,000.0
1,200.0
1,400.0
Puerto Vallarta Los Cabos Montego Bay
Mill
ion
s o
f M
XP
TOTAL REVENUES
701.9
830.0762.8
0.0
200.0
400.0
600.0
800.0
Puerto Vallarta Los Cabos Montego Bay
Mill
ion
s o
f M
XP
EBITDA
75%
74%60%
3.6 3.6
3.7
2.4
2.6
2.8
3.0
3.2
3.4
3.6
3.8
4.0
Puerto Vallarta Los Cabos Montego Bay
Mill
ion
s
PASSENGERS
Consolidating Strengths - 2015E
Page 45
3,690
5,280
3,000
3,500
4,000
4,500
5,000
5,500
Mili
on
s o
f M
XP
EBITDA
2014 2015E
43
.1%
5,264
7,480
3,000.0
4,000.0
5,000.0
6,000.0
7,000.0
8,000.0
Mill
ion
s o
f M
XP
TOTAL REVENUES
2014 2015E
42
.1%
24.7
31.4
20.0
23.0
26.0
29.0
32.0
Mill
ion
s
PASSENGERS
2014 2015
26
.9%
2
Fundamentals of GAP
Highly diversified portfolio of airports
Constant passenger traffic growth rate
Solid aeronautical revenue base
Expansion of directly-operated businesses & increase in commercial revenue sources
Healthy financial structure
Reliable legal framework for the industry
Page 46
This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s currentview 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 regardingthe declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of futureoperations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statementsreflect 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 resultswill actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, andoperating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.