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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    Form 20-F
                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                   For the fiscal year ended December 31, 2003

                         Commission File Number: 1-15132
                  Grupo Aeroportuario del Sureste, S.A. de C.V.
             (Exact name of registrant as specified in its charter)

         Southeast Airport Group                      United Mexican States
      (Translation of registrant's               (Jurisdiction of incorporation
           name into English)                             or organization)

                  Blvd. Manuel Avila Camacho No. 40, 6th Floor
                          Colonia Lomas de Chapultepec
                               11000 Mexico, D.F.
                                     Mexico
                    (Address of principal executive offices)

 Securities registered or to be registered pursuant to Section 12(b) of the Act:

                                                  Name of each exchange
Title of each class:                               on which registered
--------------------                               -------------------
 Series B Shares, without par value, or shares    New York Stock Exchange, Inc.*

American Depositary Shares, as evidenced by
    American Depositary Receipts, ADSs, .
    each representing ten shares                  New York Stock Exchange, Inc
     -------------------------

      *  Not for trading, but only in connection with the registration of
         American Depositary Shares, pursuant to the requirements of the
         Securities and Exchange Commission.

 Securities registered or to be registered pursuant to Section 12(g) of the Act:

                                      None
                                      ----

          Securities for which there is a reporting obligation pursuant
                          to Section 15(d) of the Act:

                                       N/A
                                       ---

Indicate the number of outstanding shares of each of the issuer's classes of
capital or common stock as of the close of the period covered by the annual
report: Series B Shares, without par value: 255,000,000

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.

                                    Yes X   No
                                       ---

Indicate by check mark which financial statement item the registrant has elected
to follow:

                                Item 17    Item 18 X
                                                  ---

================================================================================


<PAGE>


Item 1.   Identity of Directors, Senior Management and Advisers..............1

Item 2.   Offer Statistics and Expected Timetable............................1

Item 3.   Key Information....................................................1

              Selected Financial Data........................................1

              Exchange Rates.................................................6

              Risk Factors...................................................8

              Forward Looking Statements....................................19

Item 4.   Information on the Company........................................19

              History and Development of the Company........................19

              Business Overview.............................................25

              Regulatory Framework..........................................44

              Organizational Structure......................................60

              Property, Plant, And Equipment................................60

Item 5.   Operating and Financial Review and Prospects......................60

Item 6.   Directors, Senior Management and Employees........................76

Item 7.   Major Shareholders and Related Party Transactions.................88

              Major Shareholders............................................88

              Related Party Transactions....................................90

Item 8.   Financial Information.............................................93

              Dividends.....................................................94

Item 9.   The Offer and Listing.............................................95

              Trading on the Mexican Stock Exchange.........................97

Item 10.  Additional Information............................................98

              Exchange Controls............................................112

              Taxation.....................................................112

              Documents On Display.........................................117

Item 11.  Quantitative and Qualitative Disclosures About Market Risk.......118

Item 12.  Description of Securities Other Than Equity Securities...........118

Item 13.  Defaults, Dividend Arrearages and Delinquencies..................119

Item 14.  Material Modifications to the Rights of Security
          Holders and Use of Proceeds......................................119

Item 15.  Controls and Procedures..........................................119

Item 16.  Reserved.........................................................119

Item 16A. Audit Committee Financial Expert.................................119

Item 16B. Code of Ethics...................................................119

Item 18.  Financial Statements.............................................120

Item 19.  Exhibits.........................................................122



<PAGE>



                                     PART I

Item 1.  Identity of Directors, Senior Management and Advisers

         Not applicable.

Item 2.  Offer Statistics and Expected Timetable

         Not applicable.

Item 3.  Key Information

                             SELECTED FINANCIAL DATA

         We publish our financial statements in Mexican pesos. Pursuant to
generally accepted accounting principles in Mexico, or Mexican GAAP, financial
data for all periods in the financial statements included in Items 3, 5 and 8
and, unless otherwise indicated, throughout this Form 20-F have been restated in
constant pesos as of December 31, 2003.

         This Form 20-F contains translations of certain peso amounts into U.S.
dollars at specified rates solely for the convenience of the reader. These
translations should not be construed as representations that the peso amounts
actually represent such U.S. dollar amounts or could be converted into U.S.
dollars at the rate indicated. Unless otherwise indicated, U.S. dollar amounts
have been translated from Mexican pesos at an exchange rate of Ps. 11.2372 to
U.S.$1.00, the exchange rate for pesos on December 31, 2003 as published by the
Mexican Ministry of Finance. On June 9, 2004 the Federal Reserve Bank of New
York's noon buying rate for Mexican pesos was Ps. 11.3865 to U.S.$1.00.

         The following table presents our summary consolidated financial
information and that of our subsidiaries for each of the periods indicated. This
information should be read in conjunction with, and is qualified in its entirety
by reference to, our financial statements, including the notes thereto. Our
financial statements are prepared in accordance with Mexican GAAP, which differs
in certain significant respects from generally accepted accounting principles in
the United States, or U.S. GAAP. A reconciliation to U.S. GAAP of our net income
and total stockholders' equity is provided in this summary financial data. Note
15 to our financial statements provides a description of the principal
differences between Mexican GAAP and U.S. GAAP as they relate to our business.

         Mexican GAAP provides for the recognition of certain effects of
inflation by restating non-monetary assets and non-monetary liabilities using
the Mexican National Consumer Price Index, restating the components of
stockholders' equity using the Mexican National Consumer Price Index and
recording gains or losses in purchasing power from holding monetary liabilities
or assets. Mexican GAAP requires the restatement of all financial statements to
constant Mexican pesos as of the date of the more recent balance sheet
presented. Our audited financial statements and all other financial information
contained herein are accordingly presented in constant pesos with purchasing
power as of December 31, 2003 unless otherwise noted.

         Unless otherwise specified, all share data presented throughout this
Form 20-F have been adjusted to reflect a reverse stock split of ASUR's capital
stock in which one new share was issued for each outstanding 25.89092035667
shares. This reverse stock split became effective October 12, 1999.

         References in this annual report on Form 20-F to "dollars," "U.S.
dollars" or "U.S.$" are to the lawful currency of the United States of America.
References in this annual report on Form 20-F to "pesos" or "Ps." are to the
lawful currency of Mexico. We publish our financial statements in pesos.

         The summary financial and other information set forth below reflects
our financial condition, results of operations and certain operating data since
the year ended December 31, 1999.




<PAGE>


<TABLE>
                                                                Year ended December 31,
                                     -----------------------------------------------------------------------------
                                        1999         2000         2001          2002                2003
                                     ----------  ------------  -----------  ------------  ------------------------
                                    (thousands   (thousands    (thousands    (thousands   (thousands   (thousands
                                     of pesos)    of pesos)     of pesos)    of pesos)    of pesos)    of dollars)
                                        (1)          (1)          (1)           (1)          (1)           (2)
<S>                                      <C>       <C>          <C>           <C>          <C>        <C>
Income statement data:
Mexican GAAP:
Revenues:
  Aeronautical services(3).......   Ps.  949,411 Ps.1,134,400 Ps.1,086,589  Ps.1,041,200 Ps.1,155,446 $    102,823
  Non-aeronautical services(4)...        159,725      195,603      192,973       248,734      311,186       27,692
Total revenues...................      1,109,136    1,330,003    1,279,562     1,289,934    1,466,632      130,516
Operating expenses:
  Costs of services..............       (255,826)    (309,936)    (316,734)     (357,598)    (369,732)     (32,903)
  General and administrative
  expenses.......................       (126,874)    (116,072)    (109,455)     (111,242)    (121,011)     (10,769)
  Technical assistance fee(5)....        (66,508)     (60,252)     (41,857)      (38,913)     (46,125)      (4,105)
  Concession fee(6)..............        (56,058)     (66,456)     (63,968)      (64,459)     (73,305)      (6,523)
  Depreciation and amortization..       (301,456)    (333,332)    (332,941)     (348,425)    (354,625)     (31,558)
Operating income.................        302,414      443,955      414,607       369,297      501,834       44,658
Net comprehensive financing (cost)
  income.........................         17,565      (16,421)      38,348        28,249       24,213        2,155
Income before income taxes and
  employees' statutory profit
  sharing and extraordinary items        319,979      427,534      452,955       397,546      526,047       46,813
Provision for income taxes and
  employees' statutory profit
  sharing........................       (135,228)    (187,055)    (167,820)     (159,826)    (231,936)     (20,640)
Income before extraordinary items        184,751      240,479      285,135       237,720      294,111       26,173
Extraordinary items..............              0            0       (7,352)       (8,675)     (17,920)      (1,595)
Net income.......................        184,751      240,479      277,783       229,045      276,191       24,578
Basic and diluted earnings per
  share..........................           0.62         0.80         0.93          0.76         0.92         0.08
Basic and diluted earnings per
  ADS(7).........................           6.16         8.02         9.26          7.63         9.21         0.82
U.S. GAAP:
Revenues.........................      1,109,134    1,330,003    1,279,562     1,289,934    1,466,632      130,516
Operating income.................        431,989      549,792      513,525       439,651      575,077       51,176
Net income.......................        351,331      328,447      324,082      (359,606)     269,426       23,976
Basic and diluted earnings per
  share..........................           1.17         1.09         1.08         (1.20)        0.90         0.08
Basic and diluted earnings per ADS
  (unaudited)(7).................          11.71        10.95        10.80        (11.99)        8.98         0.80
Other Operating Data (Unaudited):
  Total passengers (thousands of
  passengers)(8).................        9,597.9     11,448.1     11,240.3      10,996.6     12,190.0     12,190.0
  Total air traffic movements
  (thousands of movements).......          208.1        207.6        194.9         194.9        198.0        198.0
  Total revenues per passenger (in
  pesos or dollars)(8)...........          115.6        116.2        113.8         117.3        120.3         10.7

</TABLE>


<PAGE>

<TABLE>

                                                   As of and for the year ended December 31,
                             -------------------------------------------------------------------------------------
                                  1999          2000           2001          2002                  2003
                             -------------  -------------  ------------  -------------  --------------------------
                             (thousands of   (thousands   (thousands of   (thousands    (thousands   (thousands of
                               pesos)(1)    of pesos)(1)    pesos)(1)    of pesos)(1)  of pesos)(1)   dollars)(2)
<S>                               <C>            <C>           <C>            <C>          <C>        <C>

Balance Sheet Data:
  Mexican GAAP:
Cash and marketable
  securities................  Ps. 406,918    Ps. 642,369   Ps. 965,813    Ps. 516,583  Ps. 710,367    $    63,216
Total current assets........      607,860        773,424     1,173,560        751,487     1,021,776        90,928
Airport concessions, net....    8,563,736      8,343,716     8,124,525      7,903,794     7,683,832       683,785
Rights to use airport
  facilities, net...........    2,439,509      2,354,039     2,269,357      2,184,679     2,110,438       187,808
Total assets................   11,706,092     11,780,929    12,227,009     11,732,122    11,982,254     1,066,302
Current liabilities.........      451,399         86,906        88,697        127,699       155,934        13,877
Total liabilities...........      496,682        331,041       499,336        532,543       634,807        56,492
Net equity/stockholders'
  equity....................   11,209,410     11,449,888    11,727,673     11,199,579    11,347,447     1,009,811
  U.S. GAAP:
Cash and cash equivalents...      153,142        642,364       611,610        457,225       433,526        38,580
Total current assets........      607,860        773,424     1,175,050        751,487     1,021,776        90,928
Airport concessions, net....      395,119        342,396       289,725        238,523       184,418        16,411
Rights to use airport
  facilities................    1,892,576      1,833,903     1,775,146      1,713,426     1,657,747       147,523
Total assets................    6,867,841      6,831,801     7,158,028      6,349,746     6,488,447       577,408
Total liabilities...........      451,398         86,907        89,082        128,377       153,617        13,670
Net equity/stockholders'
  equity....................    6,416,442      6,744,896     7,068,946      6,221,369     6,334,830       563,737

Cash Flow Data:
  Mexican GAAP:
Resources provided by
  operating activities......      535,094        817,124       700,788        583,521       656,575        58,429

Resources provided by (used
  in) financing activities..      339,064       (339,067)            0       (757,138)     (128,323)      (11,419)
Resources used in investing
  activities................     (526,041)      (242,606)     (377,345)      (275,612)     (334,468)      (29,764)

Increase in cash and
  marketable securities.....      348,117        235,451       323,443       (449,229)      193,784        17,245
  U.S. GAAP: Cash flow provided
   by operating activities..      554,917        853,283       741,957        612,920       727,536        64,744
Cash flow used in financing
  activities................            0       (339,067)            0       (757,138)     (236,313)      (21,030)

Cash flow (used in)
  provided by investing
  activities................     (446,891)        11,168      (731,537)           124      (554,221)      (49,320)
Effect of inflation on cash
  and cash equivalents......      (13,684)       (36,162)      (41,174)       (10,291)       39,299         3,497
Increase (decrease) in cash
  and cash equivalents......       94,342        489,222       (30,754)      (154,385)      (23,699)       (2,109)

</TABLE>

On May 31, 2004 we paid net dividends after income tax of Ps. 168.0 (nominal
pesos), or Ps.0.56 per share, which gave rise to an income tax on dividends of
Ps.61.4 (nominal pesos). Income tax was payable on the dividends because the
distribution was not made from ASUR's after-tax earnings account.
-----------------------

(1)  Expressed in constant pesos with purchasing power as of December 31, 2003.
     Per share peso amounts are expressed in pesos (not thousands of pesos).

(2)  Translated into dollars at the rate of Ps. 11.2372 per U.S. dollar, the
     Mexican Ministry of Finance exchange rate for Mexican pesos at December 31,
     2003. Per share dollar amounts are expressed in dollars (not thousands of
     dollars).

(3)  Revenues from aeronautical services include those earned from passenger
     charges, landing charges, aircraft parking charges, charges for airport
     security services and charges for use of passenger walkways.

(4)  Revenues from non-aeronautical services are earned from the leasing of
     space in our airports, access fees collected from third parties providing
     services at our airports and miscellaneous other sources.

(5)  Since April 19, 1999, we have paid ITA a technical assistance fee under the
     technical assistance agreement entered into in connection with ITA's
     purchase of its series BB shares. This fee is described in "Item 7. Major
     Shareholders and Related Party Transactions--Related Party
     Transactions--Arrangements with ITA."

(6)  Each of our subsidiary concession holders is required to pay a concession
     fee to the Mexican government under the Mexican Federal Duties Law. The
     concession fee is currently 5% of each concession holder's gross annual
     revenues from the use of public domain assets pursuant to the terms of its
     concession.

(7)  Based on the ratio of 10 series B shares per ADS.

(8)  Passenger data excludes passengers arriving in or departing from the
     charter terminal in Cancun International Airport prior to July 1, 1999. We
     began operating this terminal directly on July 1, 1999. For further
     information relating to the acquisition of this business, see "Item 4.
     Information on the Company--Business Overview--Acquisition of Businesses."



<PAGE>


                                 EXCHANGE RATES

         Mexico has had a free market for foreign exchange since 1991. Prior to
December 1994, the Mexican central bank, Banco de Mexico, kept the peso-U.S.
dollar exchange rate within a range prescribed by the Mexican government through
intervention in the foreign exchange market. In December 1994, the Mexican
government suspended intervention by Banco de Mexico and allowed the peso to
float freely against the U.S. dollar. The peso declined sharply in December 1994
and continued to fall under conditions of high volatility in 1995. Volatility in
the exchange rate market has gradually declined since 1995, when the exchange
rate fluctuated between Ps. 5.00 and Ps. 8.14 per U.S. dollar. In 1996 and most
of 1997, the peso fell more slowly and was less volatile. In the last quarter of
1997 and for much of 1998, the foreign exchange markets were volatile as a
result of financial crises in Asia and Russia and financial turmoil in countries
including Brazil and Venezuela. The peso declined during this period, but was
relatively stable in 1999, 2000, 2001 and in the first three quarters of 2002.
Between 1999 and 2001, the exchange rate fluctuated between Ps. 8.95 and Ps.
10.60 per U.S. dollar. In 2003, the exchange rate fluctuated between Ps. 11.3985
and Ps. 10.1068 per U.S. dollar. As of April 23, 2004, the Federal Reserve Bank
of New York's noon buying rate for Mexican pesos was Ps.11.3500 to U.S.$1.00.
There can be no assurance that the Mexican government will maintain its current
policies with regard to the peso or that the peso will not further depreciate or
appreciate significantly in the future.

         The following table sets forth, for the periods indicated, the high,
low, average and period-end noon buying rate in New York City for cable
transfers in pesos published by the Federal Reserve Bank of New York, expressed
in pesos per U.S. dollar. The rates have not been restated in constant currency
units.

                                                          Exchange Rate
                                  ----------------------------------------------
      Year Ended December 31,       Period End     Average(1)    High      Low
--------------------------------  -------------- ------------- --------  -------

1999............................        9.48          9.56       10.60     9.24
2000............................        9.62          9.47       10.09     9.18
2001............................        9.16          9.34        9.97     9.03
2002............................       10.43          9.75       10.43     9.00
2003............................       11.24         10.79       11.40    10.11
2004 (through May 31)...........       11.41         11.14       11.63    10.82

------------
(1) Average of month-end rates.


<PAGE>


         The following table sets forth, for the periods indicated, the high and
low exchange rate for the purchase of U.S. dollars, expressed in pesos per U.S.
dollar.

                                                    Exchange Rate
                                              -------------------------
         Month                                   High            Low
         -----                                ----------      ----------
         December 2003...................       11.40           11.16
         January 2004....................       11.24           10.82
         February 2004...................       11.13           10.91
         March 2004......................       11.21           10.93
         April 2004......................       11.41           11.16
         May 2004........................       11.64           11.38

         For a discussion of the effects of fluctuations in the exchange rates
between the peso and the U.S. dollar, see "Item 10. Additional
Information--Exchange Controls."


<PAGE>


                                  RISK FACTORS

Risks Related to Our Operations

The September 11, 2001 terrorist attacks, international conflicts and health
epidemics have had a severe impact on the international air travel industry and
have adversely affected our business and may continue to do so in the future.

         Impact on Passenger Traffic of the Events of September 11, 2001

         The terrorist attacks on the United States on September 11, 2001 had a
severe adverse impact on the air travel industry, particularly on U.S. carriers
and carriers operating international service to and from the United States.
Airline traffic in the United States fell precipitously after the attacks. In
Mexico, airline and passenger traffic decreased substantially, although the
decrease was less severe than in the United States. Our airports experienced a
significant decline in passenger traffic following September 11, 2001. Any
future terrorists attacks, whether or not involving aircraft, will likely
adversely affect our business, results of operations, prospects and financial
condition.

         Impact on Operations

         The air travel business is susceptible to increased costs resulting
from enhanced security and higher insurance and fuel costs. Following the events
of September 11, we reinforced security at our airports. For a description of
the security measures that we adopted, see "Item 4. Information on the
Company--Business Overview--Non-Aeronautical Services--Airport Security." While
enhanced security at our airports has not resulted in a significant increase in
our operating costs to date, we may be required to adopt additional security
measures in the future. In addition, our general liability insurance premiums
for 2003 increased more than three-fold relative to our 2002 premiums and may
continue to rise in the future. Since October 2001, we carry a U.S.$50 million
insurance policy covering liabilities resulting from terrorist acts. Because our
insurance policies do not cover losses resulting from war in any amount or from
terrorism for amounts greater than U.S.$50 million, we could incur significant
costs if we were to be directly affected by events of this nature. Any such
increase in our operating costs will have an adverse effect on our results of
operations.

         Similarly, the users of airports, principally airlines, have been
subject to increased costs. Airlines have been required to adopt additional
security measures following the September 11 events and may be required to
comply with more rigorous security guidelines in the future. Premiums for
aviation insurance have increased substantially and could escalate further.
While governments in other countries have agreed to indemnify airlines for
liabilities they might incur resulting from terrorist attacks, the Mexican
government has given no indication of an intention to do the same. In addition,
fuel prices and supplies, which constitute a significant cost for airlines using
our airports, may be subject to increases resulting from any future terrorist
attacks, a general increase in international hostilities or a reduction in
output of fuel, voluntary or otherwise, by oil producing countries. Such
increases in airlines' costs have resulted in higher airline ticket prices and
decreased demand for air travel generally, thereby having an adverse effect on
our revenues and results of operations.

         Other Events Affecting International Air Travel

         Historically, a substantial majority of our revenues have been
aeronautical services, and our principal source of aeronautical revenues is
passenger charges. Passenger charges are charges collected from airlines for
each passenger (other than diplomats, infants, transfer and transit passengers)
departing from the airport terminals we operate. In 2003, passenger charges
represented 60.8% of our total revenues. Events such as the recent invasion of
Iraq by a coalition of forces led by the United States and the United Kingdom
and public health crises such as Severe Acute Respiratory Syndrome (or "SARS")
have negatively affected the frequency and pattern of air travel worldwide.
Because our revenues are largely dependent on the level of passenger traffic in
our airports, any general increase of hostilities relating to reprisals against
terrorist organizations, further conflict in the Middle East, outbreaks of
health epidemics such as SARS or other events of general international concern
(and any related economic impact of such events) could result in decreased
passenger traffic and increased costs to the air travel industry and, as a
result, could cause a material adverse effect on our business, results of
operations, prospects and financial condition.

Our business is highly dependent upon revenues from Cancun International
Airport.

         In 2002 and 2003, Ps. 961.8 million and Ps. 1,079.6 million,
respectively, or 72.2% and 73.6% respectively, of our revenues were derived from
operations at Cancun International Airport. During 2002 and 2003, Cancun
International Airport represented 70.2% and 71.2%, respectively, of our
passenger traffic and 42.5% and 44.1%, respectively, of our air traffic
movements. The desirability of Cancun as a tourist destination and the level of
tourism to the area is dependent on a number of factors, many of which are
beyond our control. We cannot assure you that tourism to Cancun will not decline
in the future. Any event or condition affecting Cancun International Airport or
the areas that it serves could have a material adverse effect on our business,
results of operations, prospects and financial condition.

The Mexican government could grant new concessions that compete with our
airports.

         The Mexican government could grant additional concessions to operate
existing government-managed airports, or authorize the construction of new
airports, which could compete directly with our airports. For example, the
governor of the state of Quintana Roo has announced his intention to construct a
new airport in Quintana Roo, close to the Mayan Riviera tourist destination. The
government of Veracruz has also stated that it is considering opening a
commercial airport near Jalapa, in the state of Veracruz. Any competition from
other such airports could have a material adverse effect on our business and
results of operations. Under certain circumstances, the grant of a concession
for a new or existing airport is required to be made pursuant to a public
bidding process. In the event that a competing concession is offered in a public
bidding process, we cannot assure you that we would participate in such process,
or that we would be successful if we did participate.

We may be restricted from increasing prices or required to reduce prices because
a significant portion of our revenues is regulated

         In 2002 and 2003, approximately 86.1% and 84%, respectively, of our
total revenues were earned from regulated sources of revenues. As a result of
the price regulation system applicable to our airports, our flexibility to set
or raise prices with respect to services that generate substantially all of our
revenues may be limited. We may also be required to reduce prices on services
that are subject to regulation. In addition, there can be no assurance that this
price regulation system will not be amended in a manner that would cause
additional sources of our revenues to be regulated. For a discussion of sources
of revenue subject to price regulation, see "Item 4. Information on the
Company--Regulatory Framework--Price Regulation."

Our flexibility in managing our business is limited by the regulatory
environment in which we operate.

         Our airports, like airports in other countries, are highly regulated.
These regulations may limit our flexibility in operating our business, which
could have a material adverse effect on our business, results of operations,
prospects and financial condition.

We cannot predict how the regulations governing our business will be applied.

         Many of the laws, regulations and instruments that regulate our
business were adopted or became effective relatively recently, and there is only
a limited history that would allow us to predict the impact of these legal
requirements on our future operations. In addition, although Mexican law
establishes ranges of sanctions that might be imposed should we fail to comply
with the terms of one of our concessions, the Mexican Airport Law and its
regulations or other applicable law, we cannot predict the sanctions that are
likely to be assessed for a given violation within these ranges. We cannot
assure you that we will not encounter difficulties in complying with these laws,
regulations and instruments. Moreover, there can be no assurance that the laws
and regulations governing our business will not change.

         The Ministry of Communications and Transportation has announced that it
intends to establish a new, independent regulatory agency to supervise the
operation of our airports, as well as those of other airports that have been
opened to private investment. For further information on this agency, see "Item
4. Information on the Company--Regulatory Framework--New Regulatory Agency." We
cannot predict whether or when this new agency will be organized, the scope of
its authority, the actions that it will take in the future or the effect of any
such actions on our business.

We may inadvertently exceed our maximum rates.

         Our business strategy is to charge prices for regulated services at
each airport that are as close as possible to that airport's maximum chargeable
rates. Our prices are based on management's projections of passenger and cargo
traffic volume and other variables. See "Item 4. Information on the
Company--Regulatory Framework." These projections may differ from an airport's
actual results of operations, and these differences could cause us to exceed our
maximum rates. To avoid exceeding our maximum rates at year end, we may be
required to take actions, including reducing our prices during the latter part
of the year or issuing credits or discounts to customers, which could have a
material adverse effect on our results of operations.

         If we exceed the maximum rate at any airport at the end of any year,
the Ministry of Communications and Transportation may assess a fine and may
reduce the maximum rate at that airport in the subsequent year. The imposition
of sanctions for violations of certain terms of a concession, including for
exceeding the airport's maximum rates, can result in termination of the
concession if the relevant term has been violated and sanctions have been
imposed at least three times. In the event that any one of our concessions is
terminated, our other concessions may also be terminated.

A devaluation of the peso may cause us to exceed our maximum rates.

         Our tariffs for the services that we provide to international flights
or international passengers are generally denominated in U.S. dollars, but are
paid in Mexican pesos based on the average exchange rate for the month prior to
each flight. We generally collect passenger charges from airlines 30 to 60 days
following the date of each flight. We intend to charge prices that are as close
as possible to our maximum chargeable rates. Because we generally are entitled
to adjust our specific prices only once every six months (or earlier upon a
cumulative increase of 5% in the Mexican producer price index (excluding
petroleum)), a devaluation of the peso, particularly late in the year, could
cause us to exceed the maximum rates at one or more of our airports which could
lead to the termination of one of our concessions. In the event that any one of
our concessions is terminated, our other concessions may also be terminated.

The price regulatory system applicable to our airports does not guarantee that
our consolidated results of operations, or that the results of operations of any
airport, will be profitable.

         The system of price regulation applicable to our airports establishes
an annual maximum rate for each airport, which is the maximum annual amount of
revenues per work load unit (which is equal to one passenger or 100 kilograms
(220 pounds) of cargo) that we may earn at that airport from services subject to
price regulation. The maximum rates for our airports have been determined for
each year through December 31, 2008. For a discussion of the framework for
establishing our maximum rates and the application of these rates, see "Item 4.
Information on the Company--Regulatory Framework--Price Regulation." Under the
terms of our concessions, there is no guarantee that the results of operations
of any airport will be profitable.

         Our concessions provide that an airport's maximum rates will be
adjusted periodically for inflation. Although we are entitled to request
additional adjustments to an airport's maximum rates under certain
circumstances, our concessions provide that such a request will be approved only
if the Ministry of Communications and Transportation determines that certain
events specified in our concessions have occurred. The circumstances under which
we are entitled to an adjustment are described under "Item 4. Information on the
Company--Regulatory Framework--Price Regulation--Special Adjustments to Maximum
Rates." Therefore, there can be no assurance that any such request would be
granted.

Our concessions may be terminated under various circumstances, some of which are
beyond our control.

         We operate each of our airports under a 50-year concession granted as
of November 1, 1998 by the Mexican government. A concession may be terminated
for a variety of reasons. For example, a concession may be terminated if we fail
to make the committed investments required by the terms of that concession. In
addition, in the event that we exceed the applicable maximum rate at an airport
in any year, the Ministry of Communications and Transportation is entitled to
reduce the applicable maximum rate at that airport for the subsequent year and
assess a penalty. Violations of certain terms of a concession (including
violations for exceeding the applicable maximum rate) can result in termination
only if sanctions have been imposed for violation of the relevant term at least
three times. Violations of other terms of a concession can result in the
immediate termination of the concession. We would face similar sanctions for
violations of the Mexican Airport Law or its regulations. Although we believe we
are currently complying with the principal requirements of the Mexican Airport
Law and its regulations, we are not in compliance with certain requirements
under the regulations. These violations could result in fines or other sanctions
being assessed by the Ministry of Communications and Transportation, and are
among the violations that could result in termination of a concession if they
occur three or more times. For a description of the consequences that may result
from the violation of various terms of our concessions, the Mexican Airport Law
or its regulations, see "Item 4. Information on the Company--Regulatory
Framework--Penalties and Termination and Revocation of Concessions and
Concession Assets." Under applicable Mexican law and the terms of our
concessions, our concessions may also be made subject to additional conditions,
which we may be unable to meet. Failure to meet these conditions may also result
in fines, other sanctions and the termination of the concessions.

         In addition, the Mexican government may terminate one or more of our
concessions at any time through reversion, if, in accordance with applicable
Mexican law, it determines that it is in the public interest to do so. In the
event of a reversion of the public domain assets that are the subject of our
concessions, the Mexican government under Mexican law is required to compensate
us for the value of the concessions based on the results of an audit performed
by appraisers. There can be no assurance that we will receive compensation
equivalent to the value of our investment in our concessions and related assets
in the event of such a revocation.

         In the event that any one of our concessions is terminated, whether
through revocation or otherwise, our other concessions may also be terminated.
Thus, the loss of any concession would have a material adverse effect on our
business and results of operations. For a discussion of events which may lead to
a termination of a concession, see "Item 4. Information on the
Company--Regulatory Framework--Penalties and Termination and Revocation of
Concessions and Concession Assets." Moreover, we are required to continue
operating each of our nine airports for the duration of our concessions, even if
one or more of them are unprofitable.

Competition from other tourist destinations could adversely affect our business.

         One of the principal factors affecting our results of operations and
business is the number of passengers using our airports. The number of
passengers using our airports may vary as a result of factors beyond our
control, including the level of tourism in Mexico. In addition, our passenger
traffic volume may be adversely affected by the attractiveness, affordability
and accessibility of competing tourist destinations in Mexico, such as Acapulco,
Puerto Vallarta and Los Cabos, or elsewhere, such as Puerto Rico, Florida, Cuba,
Jamaica, the Dominican Republic and other Caribbean island and Central American
destinations. The attractiveness of the destinations we serve is also likely to
be affected by perceptions of travelers as to the safety and political and
social stability of Mexico. There can be no assurance that tourism levels in the
future will match or exceed current levels.

The loss of one or more of our key customers could result in a loss of a
significant amount of our revenues.

         Airlines and other entities controlled by Cintra, S.A. de C.V., a
holding company of the Mexican government, collectively accounted for
approximately 29.5%, 26.7% and 22.6% of the revenues generated by our airports
in 2001, 2002 and 2003, respectively. In addition, in recent years American
Airlines and Continental Airlines have accounted for a significant portion of
the revenues generated by our airports (6.4% and 5.6%, respectively, in 2002 and
6.7% and 5.6%, respectively, in 2003). The global airline industry continues to
experience significant financial difficulties, marked by the filing for
bankruptcy protection of several major carriers in the U.S. Our business and
results of operations could be adversely affected if we do not continue to
generate comparable portions of our revenue from our key customers. We do not
have contracts with any airlines that obligate them to continue providing
service to our airports. We can offer no assurance that competing airlines would
seek to increase their flight schedules if any of our key customers reduced
their use of our airports. We expect that we will continue to generate a
significant portion of our revenues from a relatively small number of airlines
in the foreseeable future.

         In addition, Mexican law prohibits an international airline from
transporting passengers from one Mexican location to another (unless the flight
originated outside Mexico), which limits the number of airlines providing
domestic service in Mexico. Accordingly, we expect to continue to generate a
significant portion of our revenues from domestic travel from a limited number
of airlines.

Our results of operations may be adversely affected by required efficiency
adjustments to our maximum rates.

         Our maximum rates are subject to annual efficiency adjustments, which
have the effect of reducing the maximum rates for each year to reflect projected
efficiency improvements. For the five-year term ending December 31, 2008, an
annual efficiency adjustment factor of 0.75% was established by the Ministry of
Communications and Transportation. Future annual efficiency adjustments will be
determined by the Ministry of Communications and Transportation in connection
with the setting of each airport's maximum rates every five years. For a
description of these efficiency adjustments, see "Item 4. Information on the
Company--Regulatory Framework--Price Regulation--Methodology for Determining
Future Maximum Rates." We cannot assure you that we will achieve efficiency
improvements sufficient to allow us to maintain or increase our operating income
as a result of the progressive decrease in each airport's maximum rate.

The operations of our airports may be disrupted due to the actions of third
parties, which are beyond our control.

         As is the case with most airports, the operation of our airports is
largely dependent on the services of third parties, such as air traffic control
authorities and airlines. We are also dependent upon the Mexican government or
entities of the government for provision of services such as energy, supply of
fuel to aircraft at our airports and immigration services for our international
passengers. We are not responsible for and cannot control the services provided
by these parties. Any disruption in or adverse consequence resulting from their
services, including a work stoppage or other similar event, may have a material
adverse effect on the operation of our airports and on our results of
operations.

Natural disasters could adversely affect our business.

         From time to time, the southeast region of Mexico, like other Caribbean
destinations, experiences hurricanes, particularly during the third quarter of
each year. Portions of the southeast region also experience earthquakes from
time to time. Natural disasters may impede operations, damage infrastructure
necessary to our operations or adversely affect the destinations served by our
airports. Any of these events could reduce our passenger traffic volume. The
occurrence of natural disasters in the destinations we serve could adversely
affect our business, results of operations, prospects and financial condition.
We have insured the physical facilities at our airports against damage caused by
natural disasters, accidents or other similar events, but do not have insurance
covering losses due to resulting business interruption. Moreover, should losses
occur, there can be no assurance that losses caused by damages to the physical
facilities will not exceed the pre-established limits on the policies.

         In September 2002, hurricane Isidore caused significant damages to the
state of Yucatan and to our airport in Merida, which was closed to commercial
traffic for 27 hours, resulting in the cancellation of 100 flights.
Additionally, the airport sustained property damage of Ps. 9.3 million, of which
Ps. 5.6 million was covered by insurance.

Our business could be adversely affected by a downturn in the U.S. economy.

         In 2002 and 2003, 69.2% and 69.1%, respectively, of the international
passengers served by our airports arrived or departed on flights originating in
or departing to the United States. Thus, our business is dependent on the
condition of the U.S. economy, and is particularly influenced by trends in the
United States relating to leisure travel, consumer spending and international
tourism. Events and conditions affecting the U.S. economy may adversely affect
our business, results of operations, prospects and financial condition.

         We cannot predict what effect any future terrorist attacks or
threatened attacks on the United States or any retaliatory measures taken by the
United States in response to these events may have on the U.S economy. An
economic downturn in the United States may negatively affect our results of
operations and a prolonged economic crisis in the United States will likely have
a material adverse effect on our results of operations.

NAFIN and ITA have substantial influence over our management and their interests
may differ from those of other stockholders.

         NAFIN, a Mexican national credit institution and development bank
controlled by the Mexican government, holds 33,260,870 series B shares,
representing 11.1% of our capital stock, and votes these shares based on the
instructions of the Ministry of Communications and Transportation. NAFIN, for
its own account, directly holds a 25.5% interest in ITA.

         ITA holds series BB shares representing 15.0% of our capital stock,
which provide it with special management rights. For example, ITA is allowed to
appoint and remove our chief executive officer and at least half of our other
executive officers (currently two of four) and to elect two members of our board
of directors. ITA also has the right to veto certain actions requiring approval
of our stockholders. Our bylaws also provide ITA veto rights with respect to
certain corporate actions so long as its series BB shares represent at least
7.65% of our capital stock. Special rights granted to ITA are more fully
discussed in "Item 10.

Additional Information" and "Item 7.  Major Shareholders and Related Party
Transactions."

         As a result, NAFIN, in its individual capacity, and ITA, as our
principal stockholder, are likely to substantially influence our management and
matters requiring the approval of our stockholders. The interests of NAFIN and
ITA may differ from those of our other stockholders, and there can be no
assurance that NAFIN and ITA would exercise their rights in ways that favor the
interests of our other stockholders.

Our operations are at greater risk of disruption due to the dependence of most
of our airports on a single commercial runway.

         As is the case with many other domestic and international airports
around the world, most of our airports, including Cancun International Airport,
have only one commercial aviation runway. While we seek to keep our runways in
good working order and to conduct scheduled maintenance during off-peak hours,
we cannot assure you that the operation of our runways will not be disrupted due
to required maintenance or repairs. In addition, our runways may require
unscheduled repair or maintenance due to natural disasters, aircraft accidents
and other factors that are beyond our control. The closure of any runway for a
significant period of time could have a material adverse effect on our business,
results of operations, prospects and financial condition.

Risks Related to Mexico

Economic developments in Mexico may adversely affect our business and results of
operations.

         Although a substantial portion of our revenues is derived from foreign
tourism, domestic passengers in recent years have represented approximately half
of the passenger traffic volume in our airports. In addition, all of our assets
are located, and all of our operations are conducted, in Mexico. As a result,
our business, financial condition and results of operation could be adversely
affected by the general condition of the Mexican economy, by a devaluation of
the peso, by inflation and high interest rates in Mexico, or by political
developments in Mexico.

Mexico has experienced adverse economic conditions.

         Mexico has experienced adverse economic conditions, including high
levels of inflation. From 1982 to 1987, Mexico experienced periods of slow or
negative growth, high inflation, large devaluations of the peso and limited
availability of foreign currency. In the late 1980s and early 1990s, Mexico's
growth rate increased, the inflation rate declined and the U.S. dollar/peso
exchange rate was relatively stable. Beginning in December 1994 and continuing
through 1995, Mexico experienced an economic crisis characterized by exchange
rate instability, devaluation of the peso, high inflation, high domestic
interest rates, negative economic growth, reduced consumer purchasing power, and
high unemployment.

         The economic crisis occurred in the context of a series of internal
disruptions and political events, including a large current account deficit,
civil unrest in the southern state of Chiapas (in which one of our airports is
located), the assassination of two prominent political figures, a substantial
outflow of capital, and a significant devaluation of the peso.

         In response, the Mexican government implemented a broad economic reform
program. Economic conditions in Mexico improved in 1996 and 1997. However, a
combination of factors led to a slowdown in Mexico's economic growth in 1998.
Notably, the decline in the international price of oil resulted in a reduction
of federal revenues, approximately one-third of which are derived from petroleum
taxes and duties. In addition, the economic crises in Asia and Russia and the
financial turmoil in Argentina, Brazil, Venezuela and elsewhere produced greater
volatility in the international financial markets, which further slowed Mexico's
economic growth. The Mexican government has reported that real GDP grew by 6.6%
in 2000 and decreased by 0.3% in 2001. The Mexican government estimates that GDP
growth in 2002 was approximately 0.9%. In 2002, inflation in Mexico was 5.7%,
interest rates on 28-day Mexican government treasury securities averaged 7.09%
and the peso depreciated by 13.8% (in nominal terms) against the U.S. dollar.
The Mexican government estimates that GDP growth in 2003 was approximately 1.3%.
In 2003, inflation in Mexico was 3.98%, interest rates on 28-day Mexican
government treasury securities averaged 6.31% and the peso depreciated by 7.6%
(in nominal terms) against the U.S. dollar.

         We cannot assure you that similar events will not occur, or that any
recurrence of these or similar events will not adversely affect our business,
results of operations, prospects and financial condition.

Depreciation or fluctuation of the peso relative to the U.S. dollar could
adversely affect our results of operations and financial condition.

         Following the devaluation of the peso in December 1994, the aggregate
passenger traffic volume in our airports in 1995 decreased as compared to the
prior year, reflecting a decrease in domestic passenger traffic volume which
more than offset an increase in international passenger traffic volume. Any
future depreciation of the peso is likely to reduce our aggregate passenger
traffic volume, which may have a material adverse effect on our results of
operations. In addition, we cannot assure you that any future devaluation would
result in an increase in international passenger traffic.

         Devaluation or depreciation of the peso against the U.S. dollar may
adversely affect the dollar value of an investment in the ADSs and the series B
shares, as well as the dollar value of any dividend or other distributions that
we may make.

         As of December 31, 2003 less than one percent of our liabilities
(U.S.$0.495 million) were dollar-denominated. Although we currently intend to
fund the investments required by our business strategy through cash flow from
operations, we may incur dollar-denominated debt to finance all or a portion of
these investments. A devaluation of the peso would increase the debt service
cost of any dollar-denominated indebtedness that we may incur and result in
foreign exchange losses.

         Severe devaluation or depreciation of the peso may also result in the
disruption of the international foreign exchange markets and may limit our
ability to transfer or to convert pesos into U.S. dollars and other currencies.

Political conditions in Mexico could materially and adversely affect Mexican
economic policy and, in turn, ASUR's operations.

         The national elections held on July 2, 2000 ended 71 years of rule by
the Institutional Revolutionary Party ("PRI") with the election of President
Vicente Fox Quesada, a member of the National Action Party ("PAN") and resulted
in the increased representation of opposition parties in the Mexican Congress
and in mayoral and gubernatorial positions. Neither the PRI nor the PAN
currently has a majority in the Congress or Senate. This shift in political
power has transformed Mexico from a one-party state to a pluralist democracy.
Although there have not yet been any material adverse repercussions resulting
from this political change, multiparty rule is still relatively new in Mexico
and could result in economic or political conditions that could materially and
adversely affect our operations. The lack of a majority party in the legislature
and the lack of alignment between the legislature and the President could result
in deadlock and prevent the timely implementation of economic reforms, which in
turn could have a material adverse effect on the Mexican economy and on our
business.

Developments in other countries may affect us.

         The market value of securities of Mexican companies may be, to varying
degrees, affected by economic and market conditions in other countries. Although
economic conditions in these countries may differ significantly from economic
conditions in Mexico, investors' reactions to developments in any of these other
countries may have an adverse effect on the market value of securities of
Mexican issuers. In past years, prices of both Mexican debt and equity
securities have been adversely affected by the sharp drop in Asian securities
markets and the economic crises in Russia, Brazil, Argentina and Venezuela.
There can be no assurance that the market value of our securities will not be
adversely affected by events elsewhere.

You may not be entitled to participate in future preemptive rights offerings.

         Under Mexican law, if we issue new shares for cash as part of a capital
increase, we generally must grant our shareholders the right to purchase a
sufficient number of shares to maintain their existing ownership percentage in
ASUR. Rights to purchase shares in these circumstances are known as preemptive
rights. We may not legally be permitted to extend such right to allow holders of
ADSs in the United States to exercise any preemptive rights in any future
capital increase unless we file a registration statement with the U.S.
Securities and Exchange Commission, or SEC, with respect to that future issuance
of shares, or the offering qualifies for an exemption from the registration
requirements of the Securities Act of 1933, as amended.

      At the time of any future capital increase, we will evaluate the costs and
potential liabilities associated with filing a registration statement with the
SEC and any other factors that we consider important to determine whether we
will file such a registration statement.

      We cannot assure you that we will file a registration statement with the
SEC to allow holders of ADSs in the United States to participate in a preemptive
rights offering. In addition, under current Mexican law, sales by the depository
of preemptive rights and distribution of the proceeds from such sales to you,
the ADS holders, is not possible. As a result, your equity interest in ASUR may
be diluted proportionately.

Corporate disclosure.

         There may be less or different publicly available information about
issuers of securities in Mexico than is regularly published by or about issuers
of securities in certain countries with highly developed capital markets. In
addition, differences in accounting and other reporting principles and standards
may cause our results to differ substantially from those results that would have
been obtained using other principles and standards, such as U.S. GAAP.


<PAGE>


                           FORWARD LOOKING STATEMENTS

         This Form 20-F contains forward-looking statements. We may from time to
time make forward-looking statements in our periodic reports to the Securities
and Exchange Commission on Forms 20-F and 6-K, in our annual report to
shareholders, in offering circulars and prospectuses, in press releases and
other written materials, and in oral statements made by our officers, directors
or employees to analysts, institutional investors, representatives of the media
and others. Examples of such forward-looking statements include:

         o    projections of operating revenues, net income (loss), net income
              (loss) per share, capital expenditures, dividends, capital
              structure or other financial items or ratios,

         o    statements of our plans, objectives or goals,

         o    statements about our future economic performance or that of
              Mexico or other countries in which we operate, and

         o    statements of assumptions underlying such statements.

         Words such as "believe," "anticipate," "plan," "expect," "intend,"
"target," "estimate," "project," "predict," "forecast," "guideline," "should"
and similar expressions are intended to identify forward-looking statements but
are not the exclusive means of identifying such statements.

         Forward-looking statements involve inherent risks and uncertainties. We
caution you that a number of important factors could cause actual results to
differ materially from the plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements. These factors, some of
which are discussed above under "Risk Factors," include material changes in the
performance or terms of our concessions, developments in legal proceedings,
economic and political conditions and government policies in Mexico or
elsewhere, inflation rates, exchange rates, regulatory developments, customer
demand and competition. We caution you that the foregoing list of factors is not
exclusive and that other risks and uncertainties may cause actual results to
differ materially from those in forward-looking statements.

         Forward-looking statements speak only as of the date they are made, and
we do not undertake any obligation to update them in light of new information or
future developments.

Item 4.  Information on the Company

                     HISTORY AND DEVELOPMENT OF THE COMPANY

         Grupo Aeroportuario del Sureste, S.A. de C.V., or ASUR, is a
corporation (sociedad anonima de capital variable) organized under the laws of
Mexico. We were incorporated in 1998 as part of the Mexican government's program
for the opening of Mexico's airports to private-sector investment. The duration
of our corporate existence is 100 years. We are a holding company and conduct
all of our operations through our subsidiaries. The terms "ASUR," "we" and "our"
in this annual report refer both to Grupo Aeroportuario del Sureste, S.A. de
C.V. as well as Grupo Aeroportuario del Sureste, S.A. de C.V. together with its
subsidiaries. Our registered office is located at Boulevard Manuel Avila Camacho
No. 40, 6th Floor, Col. Lomas de Chapultepec, 11000 Mexico, D.F., Mexico,
telephone 011-52-555-284-0400.

Investment by ITA

         As part of the opening of Mexico's airports to investment, in 1998 the
Mexican government sold a 15% equity interest in ASUR to ITA pursuant to a
public bidding process. ITA's stockholders include Copenhagen Airports A/S,
which currently owns a 36.5% interest in ITA. Copenhagen Airports A/S is among
the world's leading airport operators and has won several international awards,
including the 1999 IATA award for world's best airport shopping facilities, as
well as the IATA 1999 award for world's best airport for overall passenger
satisfaction. In 2002, Copenhagen Airport was ranked first by IATA in twelve out
of twenty-two categories, including overall passenger satisfaction. Copenhagen
Airport was named Europe's best and the world's second best airport in the 15-25
million passenger category in May 2003 by IATA. In 2003, approximately 17.7
million passengers were served at Copenhagen Airport. Additionally, Copenhagen
Airports A/S owns and operates Roskilde Airport located about 30 kilometers from
Copenhagen, and holds 49% of the shares in Newcastle International Airport in
England (4 million passengers in 2003) and a 20% stake in Hainan Meilan Airport
Company in China (6 million passengers in 2003).

         ITA's other stockholders currently are NAFIN with a 25.5% interest in
ITA and Fernando Chico Pardo with a 38.0% interest in ITA. NAFIN, a Mexican
national credit institution and development bank controlled by the Mexican
government, became a stockholder of ITA in January 2004 when the 25.5% ownership
in ITA of Triturados Basalticos y Derivados, S.A. de C.V. was transferred to
NAFIN. Fernando Chico Pardo became a stockholder in ITA in April 2004 when he
acquired the 24.5% ownership stake in ITA of French group Vinci, S.A. and the
13.5% ownership stake of Spanish Ferrovial Aeropuertos, S.A in ITA. At the same
time, Copenhagen Airports A/S acquired the remaining 11.0% the ownership
interest in ITA of Ferrovial Aeropuertos, S.A., thereby increasing its
participation in ITA from 25.5% to 36.5%. Fernando Chico Pardo is a Mexican
businessman. He is the founder and president of Promecap, S.C. and he serves
among others as a board member of the United Nations Pension Fund, the Quantum
Group of Funds, Grupo Posadas de Mexico, Grupo Financiero Inbursa and Grupo
Carso.

         ITA paid the Mexican government a total of Ps. 1,165.1 million (nominal
pesos, excluding interest) (U.S.$120.0 million based on the exchange rates in
effect on the dates of payment) in exchange for:

         o    45,000,000 series BB shares representing 15% of our outstanding
              capital stock,

         o    three options to subscribe for newly issued series B shares, the
              first of which has expired without being exercised. The remaining
              options allow ITA to subscribe for 2% and 1% of our capital stock
              outstanding at the time of each exercise, each determined on a
              fully diluted basis, at a price per-share equal to the per-share
              purchase price of ITA's 15% interest plus a premium accruing at
              an annual rate of 5%, and

         o    the right and obligation to enter into various agreements with us
              and the Mexican government, including a participation agreement,
              a technical assistance agreement and a shareholders' agreement
              under terms established during the public bidding process. These
              agreements are described in greater detail under "Item 7. Major
              Shareholders and Related Party Transactions--Related Party
              Transactions."

         Under the technical assistance agreement, ITA provides management and
consulting services and transfers industry "know-how" and technology to ASUR in
exchange for a technical assistance fee. This agreement is more fully described
in "Item 7. Major Shareholders and Related Party Transactions--Related Party
Transactions." The agreement provides us a perpetual and exclusive license in
Mexico to use all technical assistance and "know-how" transferred to us by ITA
or its stockholders during the term of the agreement. The agreement has an
initial fifteen-year term, and is automatically renewed for successive five-year
terms, unless one party provides the other a notice of termination within a
specified period prior to a scheduled expiration date. ITA provides us
assistance in various areas, including: development of our commercial
activities, preparation of marketing studies focusing on increasing passenger
traffic volume at our airports, assistance with the preparation of the master
development plans that we are required to submit to the Ministry of
Communications and Transportation with respect to each of our airports and the
improvement of our airport operations.

         The technical assistance fee is equal to the greater of a fixed dollar
amount or 5% of our annual consolidated earnings before comprehensive financing
cost, income taxes and depreciation and amortization (determined in accordance
with Mexican GAAP and calculated prior to deducting the technical assistance fee
under this agreement). The fixed dollar amount decreased during the agreement's
initial five years. The fixed dollar amount was U.S.$5.0 million in 1999 and
2000, and U.S.$3.0 million in 2001 and 2002. The fixed dollar amount was
U.S.$2.0 million in 2003, and it will remain U.S.$2.0 million for each
subsequent year. We believe that this structure creates an incentive for ITA to
increase our annual consolidated earnings before net comprehensive financing
cost, income and asset taxes and depreciation and amortization. These amounts
are adjusted annually for inflation (measured by the U.S. consumer price index)
as from the first anniversary of the technical assistance agreement. ITA is also
entitled to reimbursement for the out-of-pocket expenses it incurs in its
provision of services under the agreement. Under Mexican tax law, companies may
not deduct fees that are determined by reference to their profitability (as
defined under Mexican tax law).

         The technical assistance agreement allows ITA, its stockholders and
their affiliates to render additional services to ASUR only if the Acquisitions
and Contracts Committee of our board of directors determines that these related
persons have submitted the most favorable bid in a public bidding process
involving at least three unrelated parties. For a description of this committee,
see "Item 6. Directors, Senior Management and Employees--Committees."

         Under our bylaws, the participation agreement and the technical
assistance agreement, ITA has the right to elect two permanent members of our
board of directors (which currently consists of seven members) and their
alternates and to appoint and remove our chief executive officer and half of our
executive officers (currently two of four). As the holder of the series BB
shares, ITA's consent is also required to approve certain corporate matters so
long as ITA's series BB shares represent at least 7.65% of our capital stock. In
addition, our bylaws, the participation agreement and the technical assistance
agreement contain certain provisions designed to avoid conflicts of interest
between ASUR and ITA. The rights of ITA in our management are explained in "Item
6. Directors, Senior Management and Employees--Committees." ITA's stockholders
have entered into an agreement regarding the exercise of ITA's rights and
performance of its obligations under our bylaws, the participation agreement,
the technical assistance agreement and the option agreement. The ITA
shareholder's agreement is described in "Principal Stockholders and NAFIN
Trust."

         The remaining 85% of our outstanding capital stock, consisting of
255,000,000 series B shares, was sold by the Mexican government to a Mexican
trust established by NAFIN, a Mexican national credit institution and
development bank controlled by the Mexican government. This trust was the
selling stockholder in the global offering.

         Our bylaws provide that ITA was not permitted to transfer any of its
series BB shares until September 28, 2003. From the end of this no-sale period
until December 18, 2008, ITA is permitted to transfer up to 49% of its series BB
shares without restriction. After December 18, 2008, ITA may sell in any year up
to 20% of its remaining 51% ownership interest in ASUR represented by series BB
shares. Our bylaws provide that series BB shares must be converted into series B
shares prior to transfer. For a more detailed discussion of ITA's rights to
transfer its stock, see "Item 10. Additional Information--Registration and
Transfer."

         As required under the participation agreement entered into in
connection with the Mexican government's sale of the Series BB shares of ASUR to
ITA, ITA has transferred its series BB shares to a trust, the trustee of which
is Banco Nacional de Comercio Exterior, S.N.C. Under the terms of the
participation agreement and the trust agreement, ITA's key partners, currently
Copenhagen Airports A/S and NAFIN are required to maintain an ownership interest
in ITA of a minimum of 25.5% prior to December 18, 2014 unless otherwise
approved by the Ministry of Communications and Transportation. To the extent
that a key partner acquires shares of ITA in excess of a 25.5% interest, this
additional interest may be sold without restriction See "Item 7. Major
Shareholders and Related Party Transactions--Major Shareholders--ITA Trust and
Shareholders' Agreement" for a further description of these provisions. There
can be no assurance that the terms of the participation agreement or the trust
would not be amended to reduce or eliminate these ownership commitments. If ITA
or any of its stockholders defaults on any obligation contained in the trust
agreement, or if ITA defaults on any obligation contained in the participation
agreement or the technical assistance agreement, after specified notice and cure
provisions, the trust agreement provides that the trustee may sell 5% of the
shares held in the trust and pay the proceeds of such sale to ASUR as liquidated
damages.

         Pursuant to the terms of the trust, ITA may direct the trustee to vote
only shares representing up to 10% of ASUR's capital stock. Any shares in excess
of 10% are voted by the trustee in accordance with the vote of the majority of
series B shares. The trust does not affect the veto and other special rights
granted to the holders of series BB shares described in "Item 10. Additional
Information."

Master Development Programs

         Under the terms of our concessions, each of our subsidiary concession
holders is required to submit an updated master development plan for approval by
the Ministry of Communications and Transportation every five years. Each master
development plan covers a fifteen-year period and includes investment
commitments for the regulated part of our business (including certain capital
expenditures and improvements) for the succeeding five-year period and
investment projections for the regulated part of our business (including certain
capital expenditures and improvements) for the remaining ten years. Once
approved by the Ministry of Communications and Transportation, these commitments
become binding obligations under the terms of our concessions. On December 30,
2003, the Ministry of Communications and Transportation approved each of our
current updated master development plans. These plans are in effect as of
January 1, 2004.

         The following table sets forth our committed investments for the
regulated part of our business for each airport pursuant to the terms of our
current master development plans for the periods presented.

<TABLE>

                                         Committed Investments

                                                                 Year ended December 31,
                             ------------------------------------------------------------------------------------------------
                                  2004            2005            2006            2007            2008              Total
                             -------------   -------------   ------------   -------------    ------------     ---------------
                                                                 (thousands of pesos(1))
<S>                                <C>             <C>             <C>            <C>              <C>                <C>
Cancun.....................  Ps.   212,185   Ps.   392,643   Ps.   87,045    Ps.  175,354    Ps.   92,516     Ps.     959,743
Merida.....................          7,142          43,334         13,379          15,606          13,084              92,545
Cozumel....................          7,171          15,676            659            5,138         28,833              57,477
Villahermosa...............         16,506          43,760         22,662           18,322          1,803             103,053
Oaxaca.....................          4,436           4,513          2,725            3,957          5,061              20,692
Veracruz...................         16,175          18,971            773            1,738         12,339              49,996
Huatulco...................         12,726           4,519          4,959            7,760          3,304              33,268
Tapachula..................         12,771          18,376         11,898           10,763          1,163              54,971
Minatitlan.................         30,375          40,604          3,478            6,062          9,932              90,451
                             -------------   -------------   ------------   -------------    ------------     ---------------

  Total....................  Ps.   319,487   Ps.   582,396   Ps.  147,578   Ps.   244,700    Ps.  168,035     Ps.   1,462,196
                             =============   =============   ============   =============    ============     ===============
</TABLE>

-----------

(1)  Expressed in adjusted pesos as of December 31, 2003 based on the Mexican
     construction price index in accordance with the terms of our master
     development plan.




         The following table sets forth our historical capital expenditures made
with respect to the regulated and unregulated parts of our business in the
periods indicated.

                              Capital Expenditures

  Year ended December 31,                    (thousands of pesos)
  -----------------------                    --------------------

2001.......................................      Ps.   377,345
2002.......................................            275,612
2003.......................................            334,468

         We expect to fund our operations and capital expenditures in the
short-term and long-term through cash flow from operations. Although we may
incur indebtedness from time to time, we do not currently anticipate that we
will be required to incur indebtedness to satisfy our commitments under our
master development plans or to fund our other capital expenditures.


<PAGE>




                                BUSINESS OVERVIEW

         We hold concessions to operate, maintain and develop nine airports in
the southeast region of Mexico for fifty years from November 1, 1998. As
operators of these airports, we charge airlines, passengers and other users fees
for the use of the airports' facilities. We also derive rental and other income
from commercial activities conducted at our airports, such as the leasing of
space to restaurants and retailers. Our concessions include the concession for
Cancun International Airport, the second busiest airport in Mexico in 2003 in
terms of passenger traffic, according to the Mexican Airport and Auxiliary
Services Agency. We also hold concessions to operate the airports in Cozumel,
Huatulco, Merida, Minatitlan, Oaxaca, Tapachula, Veracruz and Villahermosa.

         Mexico is one of the main tourist destinations in the world. Mexico has
historically ranked in the top ten countries worldwide in terms of foreign
visitors, with 19.7 million visitors in 2003, according to the Mexican Ministry
of Tourism. Within Latin America and the Caribbean, Mexico ranked first in 2003
in terms of number of foreign visitors and income from tourism, according to the
World Tourism Organization. The tourism industry is one of the largest
generators of foreign exchange in the Mexican economy, contributing U.S.$9.5
million in 2003, according to the Mexican Ministry of Tourism. Within Mexico,
the southeast region (where our airports are located) is a principal tourist
destination due to its beaches and cultural and archeological sites, which are
served by numerous hotels and resorts.

         Cancun and its surroundings were the most frequently visited
international tourism destination in Mexico in 2003, according to the Mexican
Ministry of Tourism. Cancun International Airport represented 68.0%, 70.2% and
71.2% of our passenger traffic volume and 70.3%, 72.2% and 73.6% of our revenues
in 2001, 2002 and 2003, respectively. At December 31, 2003, Cancun had
approximately 26,550 hotel rooms, according to the Mexican Ministry of Tourism.
We believe that Cancun International Airport is positioned to benefit from its
proximity to the Mayan Riviera, a 129-kilometer (80-mile) stretch of coastal
resorts and hotels that is among Mexico's most rapidly developing tourism areas.
According to the Mexican National Trust for Tourism Development, the Mayan
Riviera had approximately 21,438 hotel rooms as of December 31, 2003.

         Our airports served approximately 11.2 million passengers in 2001,
approximately 11.0 million passengers in 2002 and approximately 12.2 million
passengers in 2003. For year-by-year passenger figures, see "--Our Airports."

         The United States currently is a significant source of passenger
traffic volume in our airports. In 2001, 2002 and 2003, international passengers
represented 59.0%, 58.3% and 58.5%, respectively, of the total passenger traffic
volume in our airports. In 2001, 2002 and 2003, 68.4%, 69.2% and 69.1%,
respectively, of the international passengers in our airports traveled on
flights originating in or departing to the United States. As of December 31,
2003, 17 Mexican and 45 international airlines, including U.S.-based airlines
such as American Airlines and Continental Airlines, were operating directly or
through code-sharing arrangements (where one aircraft has two or more flight
numbers of different, allied airlines) in our airports.

         On July 1, 1999, we began operating three businesses previously
operated by third parties in two of our airports, including the charter terminal
in Cancun International Airport. We acquired the right to operate these
businesses for an aggregate purchase price of U.S.$39.6 million. The charter
terminal in Cancun International Airport served 1.9 million passengers in 2001,
1.9 million passengers during 2002, and 2.2 million passengers in 2003.
Including the passengers served by the main terminal, Cancun International
Airport served a total of 7.6 million passengers in 2001, 7.7 million passengers
in 2002 and 8.7 million passengers in 2003. For a discussion of how these
acquired businesses are reflected in our financial statements, see "Management's
Discussion and Analysis of the acquired business." For a description of the
acquired businesses, see "--Acquisition of Businesses."

Aeronautical Services

         The following table sets forth our revenues for the period presented.
<TABLE>
<CAPTION>

                                          ----------------------------------------------------
                                                2001               2002              2003
                                          ----------------    --------------    --------------
                                                           (thousands of pesos)
Revenues:
<S>                                        <C>               <C>               <C>
     Aeronautical Services............... Ps.    1,086,589    Ps.  1,041,200    Ps.  1,155,446
     Non-Aeronautical Services...........          192,973           248,734           311,186
                                          ----------------    --------------    --------------
         Total........................... Ps.    1,279,562    Ps.  1,289,934    Ps.  1,466,632
                                          ================    ==============    ==============
</TABLE>

         Aeronautical services represent the most significant source of our
revenues. In 2001, 2002 and 2003, aeronautical revenues represented
approximately 84.9%, 80.7% and 78.8% of our total revenues, respectively. All of
our revenues from aeronautical services are regulated under the "dual-till"
price regulation system applicable to our airports.

         Our revenues from aeronautical services are derived from: passenger
charges, landing charges, aircraft parking charges, charges for the use of
passenger walkways and charges for the provision of airport security services.
Charges for aeronautical services generally are designed to compensate an
airport operator for its infrastructure investment and maintenance expense.
Aeronautical revenues are principally dependent on three factors: passenger
traffic volume, the number of air traffic movements and the weight of the
aircraft.

Passenger Charges

         We collect a passenger charge for each departing passenger on an
aircraft (other than diplomats, infants and transfer and transit passengers). We
do not collect passenger charges from arriving passengers. Passenger charges are
automatically included in the cost of a passenger's ticket and generally
collected twice monthly from each airline. As of December 2003, the charge for
international passengers is U.S. $16.60 and the charge for domestic passengers
is Ps. 140.0 (nominal pesos) for all of our airports except Cozumel and Oaxaca,
where we charge international passengers U.S. $14.40 and domestic Ps. 125.7
(nominal pesos). International passenger charges are currently
dollar-denominated, but generally collected in pesos based on the average
exchange rate during the month prior to the flight. Domestic passenger charges
are peso-denominated. In each of 2001 and 2002, passenger charges represented
73.9% of our aeronautical revenues and 62.7% and 59.6%, respectively, of our
total revenues. In 2003, passenger charges represented 77.2% of our aeronautical
revenues and 60.8% of our total revenues. From time to time we have offered
discounts on passenger charges at certain of our airports.

Aircraft Landing and Parking Charges, Passenger Walkway Charges and Airport
Security Charges

         We collect various charges from carriers for the use of our facilities
by their aircraft and passengers. For each aircraft's arrival, we collect a
landing charge that is based on the average of the aircraft's maximum takeoff
weight and the aircraft's weight without fuel. We also collect aircraft parking
charges based on the time an aircraft is at an airport's gate or parking
position. Parking charges at several of our airports vary based on the time of
day that the relevant service is provided (with higher fees generally charged
during peak usage periods at certain of our airports). We collect aircraft
parking charges the entire time an aircraft is on our aprons. Airlines are also
assessed charges for the connection of their aircraft to our terminals through a
passenger walkway. We also assess an airport security charge, which is collected
from each airline based on the number of its departing passengers. We provide
airport security services at our airports through third-party contractors. We
also provide firefighting and rescue services at our airports.

         Landing charges represented 10.01%, 10.04% and 8.65% of our
aeronautical revenues and 8.50%, 8.10% and 6.81% of our total revenues in 2001,
2002 and 2003, respectively. Aircraft parking charges represented 12.45%, 11.94%
and 10.85% of our aeronautical revenues and 10.57%, 9.64% and 8.55% of our total
revenues in 2001, 2002 and 2003, respectively. Airport security charges
represented 1.53%, 1.64% and 1.56% of our aeronautical revenue and 1.30%, 1.32%
and 1.23% of our total revenues in 2001, 2002 and 2003, respectively. Passenger
walkway charges represented 2.13%, 2.48% and 1.76% of our aeronautical revenues
and 1.81%, 2.01% and 1.38% of our total revenues in 2001, 2002 and 2003,
respectively.

Non-aeronautical Services

General

         Non-aeronautical services have historically generated a proportionately
smaller portion of our revenues. Our revenues from non-aeronautical services are
derived from commercial activities (such as the leasing of space in our airports
to retailers, restaurants, airlines and other commercial tenants) and access
fees charged to providers of complementary services in our airports (such as
catering, handling and ground transport). In 2001, 2002 and 2003, revenues from
non-aeronautical services represented 15.08%, 19.28% and 21.22%, respectively,
of our total revenues, of which 41.8%, 62.3% and 66.6%, respectively, were
derived from access fees and 53.3%, 33.9% and 30.5%, respectively, were derived
from commercial revenues as defined under the Mexican Airport Law. Prior to July
1, 1999, our revenues from non-aeronautical services also included access fees
generated by three businesses that we acquired and began operating as of July 1,
1999.

         Currently, the leasing of space in our airports to airlines and other
commercial tenants represents the most significant source of our revenues from
non-aeronautical services. Although certain of our revenues from
non-aeronautical services are regulated under our "dual-till" price regulation
system, our revenues from commercial activities (other than the lease of space
to airlines and other airport service providers that is considered essential to
an airport) are not regulated.

Commercial Activities

         Leading international airports generally generate an important portion
of their revenues from commercial activities. An airport's revenues from
commercial activities is largely dependent on passenger traffic, its passengers'
level of spending, terminal design, the mix of commercial tenants and the basis
of fees charged to businesses operating in the airport. Revenues from commercial
activities also depend substantially on the percentage of traffic represented by
international passengers due to the revenues generated from duty-free shopping.

         In early November 2001, we opened a new commercial center at the Cancun
airport, which includes duty free shops, a food court, a full service
restaurant, a business lounge, convenience stores and clothing shops. In
December 2001, we opened a new commercial center at each of our Merida and
Cozumel airports. In 2002, we opened 40 new commercial spaces in our other six
airports, including new duty-free shops, restaurants, bank and foreign exchange
services, and convenience stores. In addition, we also developed 109 new
advertising spaces in our airports in 2002. In 2003, we opened 20 new commercial
spaces in our airports, including restaurants, snack bars, convenience stores
and retail stores.

         We estimate that revenues from commercial activities in our terminals
historically have accounted for less than 15% of the total revenues generated by
our airports. In contrast, we believe that revenues from commercial activities
account for 30% or more of the consolidated revenues of many leading
international airports. Accordingly, a significant part of our business strategy
is focused on increasing our revenues from commercial activities in our
airports.

         Within our nine airports, we leased approximately 189 commercial
premises as of December 31, 2003, including restaurants, banks, retail outlets
(including duty-free stores), currency exchange bureaus and car rental agencies.
Our most important tenant in terms of occupied space and revenue in 2003 was
Mera Aeropuertos, S.A. de C.V. We generally charge a fixed monthly fee for the
lease of commercial space in our terminals and are also paid a monthly
concession fee based on a percentage of our concessionaires' revenues. Most of
our revenues from the lease of commercial spaces is due to the monthly
concession fee paid to us by our concessionaires.

         We are currently involved in legal proceedings in which we are seeking
a confirmation of our right to terminate certain lease agreements involving the
duty-free stores in Cancun upon the expiration of their term. Although we cannot
predict when these proceedings will end, we expect that they will ultimately be
resolved in our favor.

         In March 2004, we agreed to pay a US$7 million termination fee to a
tenant in the Cancun Airport in connection with the early termination of their
lease agreement for five units in the Cancun Airport as compensation for
improvements made to the leased space. The five units consist of a restaurant,
three convenience stores and a snack bar. We intend to operate these units until
we award the concession to operate them to a new concessionaire.

         In February 2004, we awarded a 10-year concession to Operadora
Aeroboutique to operate duty-paid stores in the Cancun, Cozumel, Merida, Oaxaca,
Villahermosa and Veracruz airports.

         In September 2003, we awarded a 20-year concession to operate a gas
station and convenience store at the Cancun airport to Mexico-based PERC Group
as a result of a bidding process.

         In June 2001, we awarded airport advertising concessions to a
consortium formed by the French and Mexican advertising companies, JCDecaux and
UDC, as the result of a bidding process. The eight-year contract began in
September 2001, and covers all advertising units at the nine airports. These
include the external areas outside the airports (billboards, clock advertising
and light-boxes), as well the public areas inside the terminal.

         Also in June 2001, we awarded the retail concession for the Cancun,
Merida and Cozumel airports to the consortium formed by the Spanish company
Aldeasa S.A. The ten-year contract commenced in September 2001 and covers ten
duty free stores and a cigar store. In November 2001, we entered into a similar
ten-year contract with the Mexican retailer, Tiendas Tropicales, S.A. de C.V.
covering six Mexican handicraft stores in the same airports.

         In May 2001, we awarded the convenience store concession for all of our
nine airports to Cenca Comercializadora, S.A. de C.V. The convenience retail
business line includes offerings such as newspapers, magazines, candy,
cigarettes, non-prescription pharmaceutical items, and other similar
merchandise. The six-year contract commenced in May 2001, and includes a total
of 18 stores at the nine airports.

         In December 2000, we awarded the food and beverages concession for the
Cancun, Cozumel and Merida airports to Controladora Mera, S.A. de C.V., a
Mexican company that specializes in operating restaurants. The contract began in
July 2001, includes eleven food and beverage units, one business lounge, vending
machines, and coffee/snack trolleys, and expires in 2013. In September 2003, we
opened the Jose Cuervo Tequileria restaurant in the international gate of the
satellite building at the International Airport of Cancun. The restaurant is
operated by Controladora Mera.

         In May 2000, we offered for competitive bids the rights to develop car
rental services at our nine airports. As a result, we entered into agreements
with the winning bidders which provide for the payment of increased rent
compared to the agreements in place prior to the bidding process.

Access Charges

         At each of our airports, we earn revenues from charging access fees to
various third-party providers of complementary services, including luggage
check-in, sorting and handling, aircraft servicing at our gates, aircraft
cleaning, cargo handling, aircraft catering services and assistance with
passenger boarding and deplaning. Our revenues from access charges are regulated
under our "dual-till" price regulation system. Under current regulations, each
of these services may be provided by the holder of an airport concession, by a
carrier or by a third party hired by a concession-holder or a carrier.
Typically, these services are provided by third parties, whom we charge an
access fee based on a percentage of revenues that they earn at our airports. Six
different contractors provide handling services at our nine airports.

         Mexico's two largest airlines, Aeromexico and Mexicana, participate in
a joint venture (Servicios de Apoyo en Tierra or "SEAT") that provides certain
complementary services, such as baggage handling, to various carriers at
airports throughout Mexico. SEAT operated at our airports prior to our
commencement of operations under our concessions and continues to do so. Under
the Mexican Airport Law, third-party providers of complementary services are
required to enter into agreements with the respective concession holder at that
airport, which we did as of December 27, 2000.

         Under the Mexican Airport Law, we are required to provide complementary
services at each of our airports if there is no third party providing such
services. SEAT is currently the sole provider of baggage handling services at
five of our airports. If SEAT ceased to provide such services directly, we could
be required to provide these services or find a third party to provide such
services.

Automobile Parking and Ground Transport

         Each of our airports has public car parking facilities consisting of
open-air parking lots. We began taking over the operation of the parking lots at
all of our airports that were formerly operated by third parties under license
agreements in 2000. The only airport at which we do not charge parking fees is
Cozumel. As a result of the change from third-parties to ourselves as operators
of the lots, revenues from parking lot fees have increased significantly from
Ps. 2.5 million in 1999. In 2001, 2002 and 2003, our revenues form parking lot
fees were Ps. 13.4 million, Ps. 15.8 million and Ps. 20.4 million, respectively.
Revenues from parking at our airports currently are not regulated, although they
could become regulated upon a finding by the Mexican Antitrust Commission that
there are no competing alternatives.

         We collect revenues from various commercial vehicle operators,
including taxi, bus and other ground transport operators. Our revenues from
permanent providers of ground transport services, such as access fees charged to
taxis, are regulated activities, while our revenues from non-permanent providers
of ground transport services, such as access fees charged to charter buses, are
not regulated revenues.

Airport Security

         The General Office of Civil Aviation, Mexico's federal authority on
aviation, and the Office of Public Security issue guidelines for airport
security in Mexico. At each of our airports, security services are provided by
independent security companies that we hire. In recent years, we have undertaken
various measures to improve our security standards at our airports. These
measures included increasing the responsibilities of the private security
companies that we hire, the modernization of our carry-on luggage scanning and
security equipment, the implementation of strict access control procedures to
the restricted areas of our airports and the installation of a closed-circuit
television monitoring system in some of our airports.

         In response to the September 11, 2001 terrorist attacks in the United
States, we have taken additional steps to increase security at our airports. At
the request of the Transport Security Administration of the United States, the
General Office of Civil Aviation issued directives in October 2001 establishing
new rules and procedures to be adopted at our airports. Under these directives,
these rules and procedures were to be implemented immediately and for an
indefinite period of time.

         To comply with these directives, we reinforced security by:

         o        increasing and improving the security training of airport
                  personnel,

         o        increasing the supervision and responsibilities of both our
                  security personnel and airline security personnel that operate
                  in our airports,

         o        issuing new electronic identification cards to airport
                  personnel,

         o        reinforcing control of different access areas of our airports,
                  and

         o        physically changing the access points to several of the
                  restricted areas of our airports.

         Airlines have also contributed to the enhanced security at our airports
as they have adopted new procedures and rules issued by the General Office of
Civil Aviation applicable to airlines. Some measures adopted by the airlines
include adding more points for verification of passenger identification,
inspecting luggage prior to check-in and reinforcing controls over access to
airplanes by various service providers (such as baggage handlers and food
service providers).

Fuel

         All airport property and installations related to the supply of
aircraft fuel were retained by the Mexican Airport and Auxiliary Services Agency
in connection with the opening of Mexico's airports to private investment.
Pursuant to our concessions, the Mexican Airport and Auxiliary Services Agency
has entered into agreements obligating it to pay each of our subsidiary
concession holders a fee for access to our facilities equivalent to 1% of the
service charge for fuel supply. In the event that the Mexican government were to
privatize fuel supply activities in the future, the terms of our concessions
provide that it will do so through a competitive bidding process.

Acquisition of Businesses

         When we assumed operation of our nine airports on November 1, 1998, our
predecessor, the Mexican Airport and Auxiliary Services Agency, transferred to
us its rights to receive payment under three agreements that it had previously
entered into with three different companies. These agreements provided for the
development of certain businesses within specified areas of Cancun International
Airport and Merida International Airport. A general description of these
agreements and the parties to each are as follows:

         o        Cancun Air, S.A. de C.V. was required to construct and
                  entitled to operate and develop the charter terminal and
                  parking facilities in Cancun International Airport through
                  2006. In exchange, Cancun Air agreed to pay our predecessor
                  12% of its total revenue from passenger charges from the
                  charter air terminal and parking facilities through December
                  31, 2001 and 13% of its total revenue from passenger charges
                  from the charter air terminal and parking facilities from
                  January 1, 2002 through December 19, 2006.

         o        Dicas, S.A. was granted the right to construct and maintain
                  the satellite wing and general aviation building in Cancun
                  International Airport in exchange for the right to collect
                  revenues from commercial activities and passenger walkway
                  charges generated by that wing through 2009. In addition,
                  Dicas was required to pay our predecessor 20% of its passenger
                  walkway fees and a percentage of its profits in excess of a
                  specified rate of return. During the term of the lease, Dicas'
                  rate of return never exceeded the amount that would have
                  required it to pay a portion of its profits to our
                  predecessor.

         o        Aeropremier de Mexico, S.A. de C.V. was granted the right to
                  construct and operate a general aviation terminal, a
                  first-class lounge, a tourism office and other commercial
                  areas in Merida International Airport. The access fees earned
                  from Aeropremier were not material.

         On November 25, 1998, we acquired the rights and obligations of Cancun
Air, Dicas and Aeropremier under these agreements effective June 30, 1999 for an
aggregate purchase price of U.S.$39.6 million. Although these businesses were
acquired through the termination of outstanding lease agreements, under Mexican
tax law we could be considered the successor to these businesses and thus could
be jointly and severally liable for any tax liabilities related to the operation
of these businesses prior to our acquisition, up to the value of the acquired
businesses and until five years following the date the liability initially
should have been incurred. We are not able to determine the likelihood of such
tax liability, if any. Under the terms of the agreement by which we acquired
these businesses, we are entitled to indemnification from the prior operators of
these businesses in the event that ASUR were required to pay any such tax
liability.

Our Airports

         In 2001, our airports served a total of 11.2 million passengers,
approximately 59.0% of which were international passengers. In 2002, our
airports served a total of 11.0 million passengers, approximately 58.3% of which
were international passengers. In 2003, our airports served a total of 12.2
million passengers, approximately 58.5% of which were international passengers.
In 2001, 2002 and 2003, Cancun International Airport accounted for 68.0%, 70.2%
and 71.2% of the passenger traffic volume and 70.3%, 72.2% and 73.6% of
revenues, respectively, from our nine airports.

         All of our airports other than Minatitlan Airport are designated as
international airports under Mexican law, which indicates that they are equipped
to receive international flights and have customs and immigration facilities.

         The following table sets forth the number of passengers served by our
airports based on flight origination or destination.
<TABLE>
<CAPTION>

                                                                                         Percentage change    Percentage of
Region                   1999          2000         2001         2002         2003            vs 2002           Total 2003
----------------      ----------    ----------  ----------   ----------    ----------   ------------------    -------------
<S>                      <C>          <C>           <C>          <C>          <C>              <C>                <C>
Mexico                   5,033        4,981         4,864        4,814        5,309            10.3%              43.6%
United States            4,103        4,579         4,500        4,438        4,925            11.0               40.4
Europe                     661          909           882          779          980            25.8                8.0
Canada                     295          441           530          632          712            12.7                5.8
Latin America              517          528           455          315          256           (18.7)               2.1
Asia and others             19           10             9           13            8           (38.5)               0.1
Total                   10,628       11,448        11,240       10,997       12,190            10.9              100.0
</TABLE>

-------
(1) Figures in thousands. Figures exclude passengers in transit and private
aviation passengers.

         In 2001, 2002 and 2003, approximately 80.6%, 82.0% and 81.1%,
respectively, of our domestic passengers traveled to or from Mexico City.



<PAGE>


         The following table sets forth the total traffic volume and air traffic
movements in our nine airports for the periods presented:

                                 Airport Traffic
                                 (in thousands)
<TABLE>
<CAPTION>

                                                         Year ended December 31,
                                         ---------------------------------------------------------
                                          1999        2000        2001         2002        2003
                                         -------  ----------  -----------   ---------  -----------
<S>                                      <C>        <C>         <C>          <C>         <C>
Passengers:(1)
Total.............................       9,597.9    11,448.1    11,240.3     10,996.6    12,190.0
                                         =======    ========    ========     ========    ========

Air traffic movements:(2)
Total.............................         208.1       207.6       194.9        194.9       198.0
                                         =======    ========    ========     ========    ========
</TABLE>

-----------

(1)       Passenger data prior to July 1, 1999 do not include the Cancun charter
          terminal, because ASUR did not earn passenger charges from passengers
          using the Cancun charter terminal prior to that date (although access
          fees equal to 12% of the passenger charges from passengers using the
          Cancun charter terminal were collected prior to that date).
(2)       Includes landings and departures, in thousands. Air traffic movement
          data include the Cancun charter terminal for all periods, because ASUR
          earned landing fees from all landings regardless of the terminal used.


         The following table sets forth the passenger traffic volume for each of
our airports during the periods indicated:

                              Passenger Traffic(1)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                          Year ended December 31,
                                                 ------------------------------------------------------------------------
                                                   1999            2000           2001(1)          2002            2003
                                                 --------        --------        --------        --------        --------
<S>                                               <C>             <C>             <C>             <C>             <C>
Cancun Main Terminal ......................       4,993.9         5,450.6         5,771.3         5,860.8         6,517.6
Cancun Charter Terminal(2) ...............        1,975.9         2,295.5         1,868.7         1,857.2         2,166.6
     Total Cancun ........................        6,969.8         7,746.1         7,640.0         7,718.0         8,684.2
Merida ...................................          940.6           903.3           919.4           849.6           899.6
Cozumel ..................................          526.8           600.3           565.2           445.9           455.8
Villahermosa .............................          521.7           528.3           533.2           499.1           599.7
Oaxaca ...................................          477.1           459.8           440.2           433.2           461.0
Veracruz .................................          467.6           494.1           503.4           479.6           514.6
Huatulco .................................          338.3           331.4           317.3           268.4           259.4
Tapachula ................................          289.7           234.4           190.4           176.8           184.8
Minatitlan ...............................          158.2           150.4           131.2           126.0           130.9
                                                 --------        --------        --------        --------        --------
  Total ..................................       10,689.8        11,448.1        11,240.3        10,996.6        12,190.0
                                                 ========        ========        ========        ========        ========
  Total excluding Cancun Charter Terminal         8,713.9         9,152.6         9,371.7         9,139.4        10,023.4
                                                 ========        ========        ========        ========        ========
</TABLE>

-----------
(1)       The increase and decrease in Cancun's main terminal and charter
          terminal traffic, respectively, in 2001 is partially due to the
          occasional diversion of charter flights to the main terminal. See
          "--Cancun International Airport" below.
(2)      The charter terminal in Cancun International Airport began operating in
         March 1996. We began operating the terminal on July 1, 1999.


                       Air Traffic Movements by Airport(1)
<TABLE>
<CAPTION>

                                                                     Year ended December 31,
                                                ----------------------------------------------------------------
                                                  1999          2000          2001           2002          2003
                                                -------       -------       -------        -------       -------
<S>                                              <C>           <C>           <C>            <C>           <C>
Cancun(2)................................        79,787        83,587        80,900         82,730        87,347
Merida...................................        27,702        25,680        23,627         22,827        24,213
Cozumel..................................        17,150        17,670        15,225         14,015        12,813
Villahermosa.............................        20,854        21,142        19,058         18,244        20,299
Oaxaca...................................        18,742        16,052        14,428         15,479        15,111
Veracruz.................................        19,269        19,103        18,705         19,034        19,737
Huatulco.................................         7,229         5,988         6,213          5,922         5,461
Tapachula................................        12,114        13,219        12,317         12,032         7,658
Minatitlan...............................         5,261         5,200         4,431          4,602         5,362
                                                -------       -------       -------        -------       -------
  Total..................................       208,108       207,641       194,904        194,885       198,001
                                                =======       =======       =======        =======       =======
</TABLE>

-----------
(1)       Includes departures and landings.
(2)      Includes the Cancun charter terminal for all periods, because ASUR
         earned landing fees from all landings regardless of the terminal used.


         The following table sets forth the air traffic movements in our
airports for the periods indicated in terms of commercial, charter and general
aviation:

                  Air Traffic Movements by Aviation Category(1)
<TABLE>
<CAPTION>

                                                                     Year ended December 31,
                                                 ----------------------------------------------------------------
                                                   1999         2000         2001           2002           2003
                                                 -------       -------      -------        -------        -------
<S>                                              <C>           <C>          <C>            <C>            <C>
Commercial Aviation ......................       147,961       143,630      137,019        142,877        143,783
Charter Aviation .........................        23,344        27,312       24,565         19,183         22,535
General Aviation(2) ......................        36,803        36,699       33,320         32,825         31,683
                                                 -------       -------      -------        -------        -------
  Total ..................................       208,108       207,641      194,904        194,885        198,001
                                                 =======       =======      =======        =======        =======
</TABLE>

-----------
(1)      Includes departures and landings for all nine airports and includes the
         Cancun charter terminal.
(2)      General aviation generally consists of small private aircraft.


<PAGE>


         The following table sets forth the revenues for each of our airports
during the periods indicated:

                               Revenues by Airport
<TABLE>
<CAPTION>

                                                          Year ended December 31,
                   ------------------------------------------------------------------------------------------------------
                                  2001                              2002                             2003
                   --------------------------------  ---------------------------------   --------------------------------
                    (thousands of     (thousands of      (thousands of    (thousands of   (thousands of    (thousands of
                       pesos)          dollars) (1)          pesos)        dollars) (1)      pesos)         dollars) (1)
<S>                  <C>           <C>                 <C>            <C>               <C>              <C>
Cancun.............Ps.    898,947   U.S.$   79,997   Ps.    931,864    U.S.$   82,927   Ps.  1,079,625    U.S.$  96,076
Merida.............        99,577            8,861           97,703             8,695          102,724            9,141
Cozumel............        61,865            5,505           51,405             4,575           53,735            4,782
Villahermosa.......        54,756            4,873           53,211             4,735           66,091            5,881
Oaxaca.............        43,375            3,860           43,059             3,832           46,271            4,118
Veracruz...........        52,269            4,651           51,820             4,611           57,804            5,144
Huatulco...........        31,891            2,838           26,001             2,314           24,384            2,170
Tapachula..........        22,707            2,021           21,108             1,878           21,525            1,916
Minatitlan.........        14,175            1,261           13,763             1,225           14,473            1,288
                        ---------          -------        ---------           -------        ---------          -------
  Total............     1,279,562          113,867        1,289,934           114,792        1,466,632          130,516
                        =========          =======        =========           =======        =========          =======
</TABLE>

-----------

(1)      Translated into dollars at the rate of Ps. 11.2372 per U.S. dollar, the
         Mexican Ministry of Finance exchange rate for Mexican pesos at December
         31, 2003.

Cancun International Airport

         Cancun International Airport is our most important airport in terms of
passenger volume, air traffic movements and contribution to revenues. In 2003,
Cancun International Airport was the second busiest airport in Mexico in terms
of passenger traffic, according to the Mexican Airport and Auxiliary Services
Agency. The airport is located approximately 16 kilometers (ten miles) from the
city of Cancun, which has a population of approximately 419,815. In 2001, 2002
and 2003, approximately 5.7 million, 5.9 million and 6.5 million passengers,
respectively, traveled through Cancun International Airport's main terminal. Of
these passengers, in 2001, 2002 and 2003, 77.3%, 75.6% and 67.1%, respectively,
were international passengers. A substantial majority of the airport's
international passengers (60.1% in 2001, 69.2% in 2002 and 68.7% in 2003) began
or ended their travel in the United States. The airport's most important points
of origin and destination are Mexico City, Miami, Houston, Dallas and New York.
Due to the airport's significant number of passengers from the United States,
its traffic volume and results of operations are substantially dependent on
economic conditions in the United States. See "Item 3. Key Information--Risk
Factors--Risks Related to Our Operations--Our business could be adversely
affected by a downturn in the U.S. economy."

         Prior to June 30, 1999, the charter terminal, the general aviation
building that handles private aircraft and the commercial operations in the
satellite wing of the main terminal were operated by third parties. As of June
30, 1999, we acquired the rights to operate these businesses. During 2003,
approximately 2.2 million passengers traveled through the charter terminal in
Cancun International Airport. Combined with the 6.5 million passengers that
traveled through the main terminal in that year, a total of 8.7 million
passengers were served by Cancun International Airport in 2003. We believe this
acquisition has given us greater operational flexibility as a result of our
operation of both terminals at Cancun International Airport.

         Cancun is located in the state of Quintana Roo. Cancun and its
surroundings was the most visited international tourism destination in Mexico in
2003, according to the Mexican Ministry of Tourism. According to the Mexican
National Trust for Tourist Development, the Cancun area had approximately 26,550
hotel rooms as of December 31, 2003. The Mexican National Trust for Tourist
Development estimates that Cancun will be fully developed in 2010 with
approximately 30,000 rooms. Although Cancun may be reached by land, sea or air,
we believe most tourists arrive by air through Cancun International Airport.
Cancun is between approximately one and a half and five hours by air from all
major cities in the United States and 10 to 13 hours by air from most major
European cities.

         Cancun is located near beaches, coral reefs, ecological parks and Mayan
archeological sites. Cancun International Airport serves travelers visiting the
Mayan Riviera, which stretches from Cancun south to the Mayan ruins at Tulum,
and includes coastal hotels and resorts in the towns of Playa del Carmen, Tulum
and Akumal. According to the Mexican National Trust for Tourism Development, the
greater Cancun area (including the Mayan Riviera) was estimated to have an
aggregate of approximately 47,988 hotel rooms as of December 31, 2003.

         Since most of the airport's passengers are tourists, the airport's
traffic volume and results of operations are influenced by the perceived
attractiveness of Cancun as a tourist destination. See "Item 3. Key
Information--Risk Factors--Risks Related to Our Operations-- Our business could
be adversely affected by a downturn in the U.S. economy."

         As part of our commercial strategy, in the fourth quarter of 2001 we
completed an expansion of 8,114 square meters (approximately 87,300 square feet)
and a remodeling of 32,400 square meters (approximately 348,700 square feet),
giving us a main terminal building with a total of 40,514 square meters (436,100
square feet) of which 7,489 square meters (89,600 square feet) are for
commercial use in Cancun International Airport's main terminal. We are currently
pursuing the eviction of several commercial tenants that occupy a small part of
this area. We are also currently studying the possibility of developing cargo
facilities at the airport.

         The airport has one runway with a length of 3,500 meters (2.2 miles).
The airport's facilities include a main terminal (which includes a wing referred
to as the satellite wing), a charter terminal and a general aviation building
that handles private aircraft. The airport has twenty-one gates, ten of which
are accessible by passenger walkways. The main terminal has nine gates
accessible by passenger walkways, and the charter terminal has one gate that is
accessible by a passenger walkway.

         The airport's main terminal (including the satellite terminal wing) has
a total area of approximately 40,514 square meters (approximately 436,100 square
feet). The charter terminal in Cancun International Airport, which we acquired
on June 30, 1999, has an additional 20,500 square meters (approximately 220,500
square feet).

         In April 2002, we entered into an agreement with Mera Aeropuertos S.A.
de C.V. under which Mera agreed to acquire from Opredi S.A. de C.V. certain
contractual rights to provide food and beverage services in several locations in
our Cancun airport. Mera successfully acquired the rights in 2002 and, through
its subsidiary Hoteleria Inmobiliaria S.A de C.V has since been operating these
locations in exchange for a fee that it pays to us which is partially based on
its sales and passenger traffic in the airport.

         As of February 2003, we charge taxis and passenger vans an access fee
of Ps. 13.64, and buses an access fee of Ps. 22.73, upon entering the airport.


Merida International Airport

         Merida International Airport serves the inland city of Merida, which
has a population of approximately 705,055, and surrounding areas in the state of
Yucatan. Merida International Airport was our second ranking airport during 2003
in terms of passenger traffic and contribution to revenues. During 2001, 2002
and 2003, Merida International Airport served 919,365, 849,610 and 899,620
passengers, respectively, the substantial majority of which were domestic. The
airport's most important point of origin and destination is Mexico City.

         Merida International Airport attracts a mix of both business travelers
and tourists. The city of Merida is an established urban area with numerous
small and medium-sized businesses. The city is approximately 120 kilometers (75
miles) by highway from Chichen Itza, and approximately 80 kilometers (50 miles)
from Uxmal, pre-Columbian archeological sites that attract a significant number
of tourists. Because the airport's passengers are predominantly domestic, its
passenger traffic and results of operations are affected by Mexican economic
conditions. For example, the airport's passenger traffic decreased by 26.4% in
1995 as compared to the prior year following the December 1994 peso devaluation.

         The airport has two runways, one with a length of 3,200 meters (2.0
miles) and another with a length of 2,300 meters (1.4 miles). The airport has
one main terminal, with four gates accessible by passenger walkways and six
remote boarding positions. In 1996, one of the airport's two runways was
refurbished.

         Prior to June 30, 1999, certain auxiliary facilities at Merida
International Airport, including a general aviation terminal, a first-class
lounge, a tourism office and other commercial areas, were operated by
Aeropremier de Mexico, S.A. de C.V. As of June 30, 1999, we acquired the rights
to operate these businesses. For a description of this business, see
"--Acquisition of Businesses" above. As part of our commercial strategy, we
remodeled the entire 7,110 square meter (76,400 square foot) terminal, of which
962 square meters (approximately 10,350 square feet) are for commercial use.
This remodeled area was opened in December 2001.

         In 2001, 2002 and 2003, approximately 18,826, 20,144 and 18,829 metric
tons of cargo, respectively, were transported through Merida International
Airport, making it our leading airport in terms of cargo volume. In 2001, 2002
and 2003, Merida represented approximately 46.3%, 50.1% and 47.9%, respectively,
of our total cargo volume. We have considered opportunities for developing the
Merida cargo facilities, but we have no plans to pursue such opportunities at
this time.

         There is currently one business operating under a long-term lease in
Merida International Airport with Grupo de Desarrollo del Sureste, S.A. de C.V.
("GDS"), which will terminate on January 1, 2009. This lease was entered into in
1994 by our predecessor and allowed GDS to construct and develop the airport's
air cargo terminal. We are in negotiations with our predecessor regarding the
possible assignment of the lease to us. Our concession provides us the right to
collect landing charges and parking charges for aircraft using the cargo
terminal.

         In September 2002, hurricane Isidore caused significant damages to the
state of Yucatan and to our airport in Merida, which was closed to commercial
traffic for 27 hours, resulting in the cancellation of 100 flights.
Additionally, the airport sustained property damage of Ps. 9.3 million, of which
Ps. 5.6 million was covered by insurance.

Cozumel International Airport

         Cozumel International Airport is located on the island of Cozumel in
the state of Quintana Roo. The airport primarily serves foreign tourists. During
2001, 2002 and 2003, 565,165, 445,886 and 455,831 passengers, respectively,
traveled through Cozumel International Airport, most of which were international
passengers. Cozumel is the most frequently visited destination for cruise ships
in Mexico, hosting approximately 2.7 million cruise ship visitors in 2003.
Cozumel has one of the world's largest coral reserves, and many passengers
traveling to Cozumel are divers. The airport's most important points of origin
and destination are Houston, Dallas and Cancun. The island of Cozumel has a
population of approximately 60,091.

         As part of our commercial strategy, at Cozumel International Airport's
main terminal we completed an expansion of 2,218 square meters (approximately
23,900 square feet) and a remodeling of 1,132 square meters (approximately
12,200 square feet), giving us a main terminal building with a total of 7,258
square meters (78,100 square feet) of which 610 square meters (6,600 square
feet) are for commercial use. The remodeled commercial center was inaugurated on
December 27, 2001.

         The airport has a commercial runway with a length of 2,700 meters (1.7
miles). The airport has one main commercial terminal, with four remote boarding
positions. The airport also has a general aviation building for small private
aircraft.

Villahermosa International Airport

         Villahermosa International Airport is located in the state of Tabasco,
approximately 75 kilometers (46.9 miles) from Palenque, a Mayan archeological
site. The city of Villahermosa has a population of approximately 330,846. Oil
exploration is the principal business activity in the Villahermosa area, and
most of the airport's passengers are businesspeople working in the oil industry.
During 2001, 2002 and 2003, the airport served 533,248, 499,117 and 599,729
passengers, respectively, substantially all of which arrived on domestic
flights. The airport's most important point of origin and destination is Mexico
City.

         The airport has one runway with a length of 2,200 meters (1.4 miles).
The airport's main terminal has four remote parking positions.

Oaxaca International Airport

         Oaxaca International Airport serves the city of Oaxaca, which is the
capital of the state of Oaxaca. The city of Oaxaca, located 390 kilometers
(243.8 miles) from the Pacific coast, has a population of approximately 256,130.
The airport served 440,187, 433,296 and 461,013 passengers in 2001, 2002 and
2003, respectively, most of which were domestic. The airport's passengers are
primarily Mexican businesspeople and tourists, thus its passenger volume and
results of operations are dependent on Mexican economic conditions. Oaxaca is a
picturesque colonial city located near several tourist attractions, including
the archeological ruins of Monte Alban and Mitla. The airport's most important
point of origin and destination is Mexico City.

         The airport has one runway with a length of 2,450 meters (1.5 miles)
and a main terminal building with five remote positions. The airport also
includes a general aviation building for small private airplanes with 20
positions.

Veracruz International Airport

         Veracruz International Airport is located in the city of Veracruz along
the Gulf of Mexico. The city of Veracruz has a population of approximately
457,377. Veracruz is the busiest port in Mexico in terms of commercial traffic,
and is the location of the country's largest container terminal. According to
the Mexican Bureau of Ports, Veracruz accounted for 22.2% of all waterborne
cargo handled by Mexican ports in 2003. In 2001, 2002 and 2003, the airport
served 503,465, 479,574 and 514,587 passengers, respectively. Because the
airport's passengers are primarily Mexican business people, its passenger volume
and results of operations are dependent on Mexican economic conditions. The
airport's most important point of origin and destination is Mexico City.

         The airport has two perpendicular runways, one with a length of 2,400
meters (1.5 miles) and another with a length of 1,523 meters (1.0 miles). The
airport has one main commercial terminal. The airport also has a general
aviation building for small private aircraft with 23 positions.

         Due to Veracruz's proximity to Mexico City, we believe Veracruz could
be an attractive location for developing cargo activities. In January 2002, we
entered into a contract with Alianz Aviation Group to allow Alianz to operate a
cargo hub at Veracruz.

         A commercial airport is also being constructed in Jalapa, in the state
of Veracruz, which is expected to be open for commercial flights in the near
future. Any competition from other such airports could have a material adverse
effect on our business and results of operations.

Huatulco International Airport

         Huatulco International Airport serves the Huatulco resort area in the
state of Oaxaca on Mexico's Pacific coast. Huatulco has a population of
approximately 28,327. Huatulco was developed as a tourist resort in the late
1980s. The airport served 317,301, 268,354 and 259,386 passengers in 2001, 2002
and 2003, respectively, most of which were domestic. The substantial majority of
the airport's passengers are international tourists, although many arrive
through domestic flights and are thus classified as domestic. The airport's most
important points of origin and destination are Mexico City, Monterrey and
Oaxaca.

         The airport has one runway with a length of 2,700 meters (1.7 miles).
The airport's main terminal has three remote positions. The airport has a
general aviation building for small private airplanes with 8 positions.

         We intend to capitalize on the seclusion and natural beauty of the area
and its numerous resorts by promoting flights to Huatulco from our other
airports.

Tapachula International Airport

         Tapachula International Airport serves the city of Tapachula, which has
a population of approximately 271,674, and the state of Chiapas. In 2001, 2002
and 2003, the airport served 190,375, 176,793 and 184,750 passengers,
respectively, substantially all of which were domestic. The airport's passenger
volume and results of operations are dependent on Mexican economic conditions
since virtually all of its passengers are domestic. The airport's most important
point of origin and destination is Mexico City.

         The airport has one runway with a length of 2,000 meters (1.3 miles).
The airport has one main terminal with three remote boarding positions. The
airport also has a general aviation building for small private aircraft with 24
boarding positions.

Minatitlan Airport

         Minatitlan Airport is located near the Gulf of Mexico, 13 kilometers
(8.1 miles) from the city of Coatzacoalcos, 11 kilometers (6.9 miles) from the
city of Cosoleacaque and 26 kilometers (16.2 miles) from the city of Minatitlan.
The metropolitan area comprised of these three cities has a population of
approximately 153,001. In 2001, 2002 and 2003, the airport served 131,229,
126,009 and 130,900 passengers, respectively. In recent years, the airport's
passenger traffic has decreased due to lower oil and petrochemical industry
activity in Coatzacoalcos and Cosoleacaque. The airport's passengers are
principally domestic business people drawn by the area's petrochemical and
agriculture businesses. Because the airport's passengers are primarily Mexican
travelers, its passenger volume and results of operations are dependent on
Mexican economic conditions. The airport's most important point of origin and
destination is Mexico City.

         The airport has one runway with a length of 2,100 meters (1.3 miles).
The airport's main terminal has three remote parking positions. The airport has
a general aviation building for small private airplanes with 30 boarding
positions.

Principal Air Traffic Customers

         As of December 31, 2003, 45 international airlines and 17 Mexican
airlines operated flights at our nine airports (including airlines operating in
the charter terminal in Cancun International Airport and airlines operating
solely on a code share basis). A code share arrangement means that airlines that
do not fly their own aircraft into our airports arrange to share the passenger
space in another airline's aircraft, with both airlines booking passengers
through the same code.

         Mexicana operates the most flights at our airports, with Aeromexico
providing the second highest number of flights. The following chart sets forth
total revenues from Mexicana and Aeromexico for 2001, 2002 and 2003 for
passenger fees, airport and commercial services (including VIP lounges) and
security.

      Revenues from Principal Air Traffic Customers by Category of Service
                                 (in thousands)
<TABLE>
<CAPTION>

                                              Mexicana                                          Aeromexico
                             ----------------------------------------------    ----------------------------------------------
                                 2001             2002            2003             2001            2002             2003
                             -------------   -------------    -------------    -------------    -------------   -------------
<S>                         <C>              <C>             <C>               <C>              <C>             <C>
Passenger Fees               Ps. 149,053.6    Ps. 133,658.8   Ps. 144,719.8    Ps.  94,661.3    Ps.  85,538.1   Ps.  82,147.8

Airport and Commercial
Services (including VIP
lounges)                          36,290.4         30,192.3        24,903.5         28,365.2         24,118.3        12,069.2
                                 ---------        ---------       ---------        ---------        ---------        --------
Security                           2,951.7          2,858.0         2,937.3          1,874.5          1,783.7         2,937.3
                                 ---------        ---------       ---------        ---------        ---------        --------
Total                            188,295.7        166,709.1       172,560.6        124,901.0        111,440.1        97,154.3
                                 =========        =========       =========        =========        =========        ========
</TABLE>

         Airlines and other entities controlled by Cintra, S.A. de C.V., a
holding company of the Mexican government, collectively accounted for
approximately 29.5%, 26.7% and 22.6% of the revenues generated by our airports
in 2001, 2002 and 2003, respectively. Aeromexico and Mexicana are both owned by
Cintra, S.A. de C.V. The Mexican government directly owns approximately 10% of
the capital stock of Cintra, S.A. de C.V., and approximately 36% of the capital
stock of Cintra, S.A. de C.V. is owned by the Institution for the Protection of
Bank Savings, a decentralized entity of the Mexican federal government. Cintra,
S.A. de C.V. also controls several other airlines operating in our airports,
including Aerocaribe, Aerocozumel, Aerolitoral, as well as the largest provider
of baggage and ramp handling services at our airports, SEAT. After a period of
study, the Mexican Congress has approved the separate privatization of several
of these Cintra-controlled companies through a competitive bidding process. No
date has yet been set for this sale process. The Institution for the Protection
of Bank Savings is required by law to transfer all holdings, including its
shares of Cintra, S.A. de C.V. and the Mexican government has announced that it
intends to sell its shares of Cintra, S.A. de C.V. Further information regarding
Cintra, S.A. de C.V.-controlled entities may be found in "Item 7. Major
Shareholders and Related Party Transactions--Related Party
Transactions--Agreements with Entities Controlled by the Mexican Government."

         Among foreign airlines, American Airlines and Continental Airlines
operate the greatest number of flights to and from our airports. In 2001,
American Airlines and Continental Airlines accounted for 5.0% and 6.0%,
respectively, of our total revenues. In 2002, American Airlines and Continental
Airlines accounted for 6.4% and 5.6%, respectively, of our revenues. In 2003,
American Airlines and Continental Airlines accounted for 6.7% and 5.6%,
respectively, of our revenues.

         The following table sets forth our principal air traffic customers
based on the percentage of revenues they represented for the years ended
December 31, 2001, 2002 and 2003:

                         Principal Air Traffic Customers
<TABLE>
<CAPTION>
                                                                        Percentage of ASUR Revenues
                                                                        -----------------------------
                                                                          Year ended December 31,
                                                                        -----------------------------
                                                                  2001              2002               2003
                                                             -----------          ----------        ------------
Customer
--------

<S>                                                              <C>                 <C>                <C>
Compania Mexicana de Aviacion, S.A. de C.V.* (Mexicana)..        14.6%               13.0%              11.6%
American Airlines........................................         5.0%                6.4%               6.7%
Aerovias de Mexico, S.A. de C.V. (Aeromexico)............        10.0%                8.9%               6.5%
Continental Airlines.....................................         6.0%                5.6%               5.6%
Aerovias Caribe, S.A. de C.V.* (Aerocaribe)..............         4.5%                4.5%               4.1%
Aviation Support S.A. de C.V.............................         0.7%                4.0%               2.3%
Aviacion Comercial Especializada S.A. de C.V.............         4.8%                2.8%               4.1%
Comercializadora de Productos en Aeropuertos.............         0.3%                2.9%               3.8%
Consorcio Aviacsa, S.A. de C.V...........................         3.4%                3.5%               3.1%
Lineas Aereas Allegro, S.A. de C.V. .....................         4.3%                3.5%               2.4%
Air Routing International Corporation....................         5.0%                2.7%               2.2%
American Trans Air.......................................         2.7%                2.5%               2.0%
Petroservicios de Mexico, S.A. de C.V....................         2.7%                1.1%               2.0%
  Other..................................................        36.0%               38.6%              43.6%
  Total..................................................       100.0%              100.0%             100.0%
                                                                ------              ------             ------
                                                             -----------          ----------        ------------
</TABLE>

------------------------
*Denotes airline controlled by the Mexican holding company Cintra, S.A. de C.V.

         Aerolineas Azteca is a new airline that has received a passenger air
carrier license from the Ministry of Communications and Transportation.
Currently, Aerolineas Azteca provides regularly scheduled service to our Cancun
airport and may operate at our other airports in the near future.

Seasonality

         Our business is subject to seasonal fluctuations. In general, demand
for air travel is typically higher during the summer months and during the
winter holiday season, particularly in international markets, because there is
more vacation travel during these periods. Our results of operations generally
reflect this seasonality, but have also been impacted by numerous other factors
that are not necessarily seasonal, including economic conditions, war or threat
of war, weather, air traffic control delays and general economic conditions, as
well as the other factors discussed above. As a result, our operating results
for a quarterly period are not necessarily indicative of operating results for
an entire year, and historical operating results are not necessarily indicative
of future operating results.

Competition

         Since our business is substantially dependent on international
tourists, our principal competition is from competing tourist destinations. We
believe that the main competitors to Cancun are vacation destinations in Mexico,
such as Acapulco, Puerto Vallarta and Los Cabos, and elsewhere such as Puerto
Rico, Florida, Cuba, Jamaica, the Dominican Republic and other Caribbean island
and Central American resorts. In March 2000, a new airport opened in Chichen
Itza. This airport is operated by the former operator of the charter terminal in
Cancun International Airport.

         The relative attractiveness of the locations we serve is dependent on
many factors, some of which are beyond our control. These factors include
promotional activities and pricing policies of hotel and resort operators,
weather conditions, natural disasters (such as hurricanes) and the development
of new resorts that may be considered more attractive. There can be no assurance
that the locations we serve will continue to attract the same level of passenger
traffic in the future.

         Excluding Cancun International Airport, our airports generally do not
face significant competition. The Mexican Airport and Auxiliary Services Agency
currently operates seven small airports in Mexico's southeast region. The
Mexican Airport and Auxiliary Services Agency estimates that its airports
collectively account for less than 10% of the passengers traffic in the region.

                              Regulatory Framework

Sources of Regulation

         The following are the principal laws, regulations and instruments that
govern our business and the operation of our airports:

         o        the Mexican Airport Law, enacted December 22, 1995,

         o        the regulations to the Mexican Airport Law, enacted February
                  17, 2000,

         o        the Mexican Communications Law, enacted February 19, 1940,

         o        the Mexican Civil Aviation Law, enacted May 12, 1995,

         o        the Mexican Federal Duties Law, enacted December 31, 1981,

         o        the Mexican National Assets Law, enacted May 20, 2004, and

         o        the concessions that entitle our subsidiaries to operate our
                  nine airports, which were granted June 29, 1998 and amended on
                  March 19, 1999.

         The Mexican Airport Law and the regulations to the Mexican Airport Law
establish the general framework regulating the construction, operation,
maintenance and development of Mexican airport facilities. The Mexican Airport
Law's stated intent is to promote the expansion, development and modernization
of Mexico's airport infrastructure by encouraging investment and competition.

         Under the Mexican Airport Law, a concession granted by the Ministry of
Communications and Transportation is required to construct, operate, maintain or
develop a public service airport in Mexico. A concession generally must be
granted pursuant to a public bidding process, except for: (i) concessions
granted to (a) entities considered part of "the federal public administration"
as defined under Mexican law and (b) private companies whose principal
stockholder may be a state or municipal government; (ii) concessions granted to
operators of private airports (who have operated privately for five or more
years) wishing to begin operating their facilities as public service airports;
and (iii) complementary concessions granted to existing concession holders.
Complementary concessions may be granted only under certain limited
circumstances, such as where an existing concession holder can demonstrate,
among other things, that the award of the complementary concession is necessary
to satisfy passenger demand. On June 29, 1998, the Ministry of Communications
and Transportation granted nine concessions to operate, maintain and develop the
nine principal airports in Mexico's southeast region to our subsidiaries.
Because our subsidiaries were considered entities of the federal public
administration at the time the concessions were granted, the concessions were
awarded without a public bidding process. Each of our concessions was amended on
March 19, 1999 in order, among other things, to incorporate each airport's
maximum rates and certain other terms as part of the concession.

         On May 20, 2004 a new Mexican National Assets Law was adopted and
published in the Diario Oficial de la Federacion which, among other items,
establishes regulations relating to concessions on real property held in the
public domain, including the airports that we operate. The new Mexican National
Assets Law requires concessionaires of real property held in the public domain
that are used for administrative or other non-public purposes to pay a tax. In
addition, the new Mexican National Assets Law establishes new grounds for
revocation of concessions for failure to pay this tax.

         The constitutionality of the new Mexican National Assets Law has not
been challenged in Mexico's court system. If challenged in the future, a court
could declare the tax void or determine an alternate amount. We do not expect
that this new tax will materially affect our results of operations or financial
condition.

         On February 17, 2000 the regulations to the Mexican Airport Law were
issued. Although we believe we are currently complying with the principal
requirements of the Mexican Airport Law and its regulations, we are not in
compliance with certain requirements under the regulations. These violations
could result in fines or other sanctions being assessed by the Ministry of
Communications and Transportation, and are among the violations that could
result in termination of a concession if they occur three or more times.

Role of the Ministry of Communications and Transportation

         The Ministry of Communications and Transportation is the principal
regulator of airports in Mexico and is authorized by the Mexican Airport Law to
perform the following functions:

         o        grant, modify and revoke concessions for the operation of
                  airports,

         o        establish air transit rules and rules regulating take-off and
                  landing schedules through the Mexican air traffic control
                  authority,

         o        take all necessary action to create an efficient, competitive
                  and non-discriminatory market for airport-related services,

         o        approve any transaction or transactions that directly or
                  indirectly may result in a change of control of a concession
                  holder,

         o        approve the master development plans prepared by each
                  concession holder every five years,

         o        determine each airport's maximum rates,

         o        approve any agreements entered into between a concession
                  holder and a third party providing airport or complementary
                  services at its airport,

         o        establish safety regulations,

         o        monitor airport facilities to determine their compliance with
                  the Mexican Airport Law, other applicable laws and the terms
                  of the concessions, and

         o        impose penalties for failure to observe and perform the rules
                  under the Mexican Airport Law, the Mexican Airport Law
                  regulations and the concessions.

         In addition, under the Mexican Organic Law of the Federal Public
Administration, the Mexican Airport Law and the Mexican Civil Aviation Law, the
Ministry of Communications and Transportation is required to provide air traffic
control, radio assistance and aeronautical communications at Mexico's airports.
The Ministry of Communications and Transportation provides these services
through SENEAM, the Mexican air traffic control authority, which is a division
of the Ministry of Communications and Transportation. Since 1978, the Mexican
air traffic control authority has provided air traffic control for Mexico's
airports.

New Regulatory Agency

         The Ministry of Communications and Transportation has announced that it
intends to establish a new regulatory agency. This new agency is expected to be
authorized to monitor our activities and those of the other new airport groups,
to enforce applicable regulations and to propose amendments to concessions, to
set maximum rates, to resolve disputes between concession holders and airport
users (such as airlines) and to collect and distribute information relating to
the airport sector. No date for the establishment of this new regulatory agency
has been publicly announced.

Scope of Concessions and General Obligations of Concession Holders

         As authorized under the Mexican Airport Law, each of the concessions
held by our subsidiaries is for an initial 50-year term. This initial term of
each of our concessions may be renewed in one or more terms for up to an
additional 50 years, subject to the concession holder's acceptance of any new
conditions imposed by the Ministry of Communications and Transportation and to
its compliance with the terms of its concession.

         The concessions held by our subsidiary concession holders allow the
relevant concession holder, during the term of the concession, to: (i) operate,
maintain and develop its airport and carry out any necessary construction in
order to render airport, complementary and commercial services as provided under
the Mexican Airport Law and the Mexican Airport Law regulations; and (ii) use
and develop the assets that comprise the airport that is the subject of the
concession (consisting of the airport's real estate and improvements but
excluding assets used in connection with fuel supply and storage). These assets
are government-owned assets, subject to the Mexican National Assets Law. Upon
expiration of a concession, these assets automatically revert to the Mexican
government.

         Substantially all of contracts entered into by the Mexican Airport and
Auxiliary Services Agency with respect to each of our airports have been
assigned to the relevant concession holder for each airport. As part of this
assignment, each concession holder agreed to indemnify the Mexican Airport and
Auxiliary Services Agency for any loss suffered by the Mexican Airport and
Auxiliary Services Agency due to the concession holder's breach of its
obligations under an assigned agreement.

         Under the Mexican Federal Duties Law, each of our subsidiary concession
holders is required to pay the Mexican government a concession fee based on its
gross annual revenues from the use of public domain assets pursuant to the terms
of its concession. Currently, this concession fee is set at a rate of 5% and may
be revised annually by the Mexican Congress. Our concessions provide that we may
request an amendment of our maximum rates if there is a change in this
concession fee.

         Concession holders are required to provide airport security. If public
order or national security is endangered, the competent federal authorities are
authorized to act to protect the safety of aircraft, passengers, cargo, mail,
installations and equipment.

         Each concession holder and any third party providing services at an
airport is required to carry specified insurance in amounts and covering
specified risks, such as damage to persons and property at the airport, in each
case as specified by the Ministry of Communications and Transportation. To date
the Ministry of Communications and Transportation has not specified the required
amounts of insurance. We cannot assure you that we will not be required to
obtain additional insurance once these amounts are specified.

         ASUR and our subsidiary concession holders are jointly and severally
liable to the Ministry of Communications and Transportation for the performance
of all obligations under the concessions held by our subsidiaries. Each of our
subsidiary concession holders is responsible for the performance of the
obligations set forth in its concession, including the obligations arising from
third-party contracts, as well as for any damages to the Mexican
government-owned assets which they use and to third-party airport users. In the
event of a breach of one concession, the Ministry of Communications and
Transportation is authorized to revoke all of the concessions held by our
subsidiaries.

         The shares of a concession holder and the rights under a concession may
be subject to a lien only with the approval of the Ministry of Communications
and Transportation. No agreement documenting liens approved by the Ministry of
Communications and Transportation may allow the beneficiary of a pledge to
become a concession holder under any circumstances.

         A concession holder may not assign any of its rights or obligations
under its concession without the authorization of the Ministry of Communications
and Transportation. The Ministry of Communications and Transportation is
authorized to consent to an assignment only if the proposed assignee satisfies
the requirements to be a concession holder under the Mexican Airport Law,
undertakes to comply with the obligations under the relevant concession and
agrees to any other conditions that the Ministry may require.

Classification of Services Provided at Airports

         The Mexican Airport Law and the Mexican Airport Law regulations
classify the services that may be rendered at an airport into the following
three categories:

         o        Airport Services. Airport services may be rendered only by the
                  holder of a concession or a third party that has entered into
                  an agreement with the concession holder to provide such
                  services. These services include:--the use of airport runways,
                  taxiways and aprons for landing, aircraft parking and
                  departure,--the use of hangars, passenger walkways, transport
                  buses and automobile parking facilities,--the provision of
                  airport security services, rescue and firefighting services,
                  ground traffic control, lighting and visual aids,--the general
                  use of terminal space and other infrastructure by aircraft,
                  passengers and cargo, and--the provision of access to an
                  airport to third parties providing complementary services (as
                  defined in the Mexican Airport Law) and third parties
                  providing permanent ground transport services (such as taxis).

         o        Complementary Services. Complementary services may be rendered
                  by an airline, by the airport operator or by a third party
                  under agreements with airlines or the airport operator. These
                  services include: --ramp and handling services, --passenger
                  check-in, and --aircraft security, catering, cleaning,
                  maintenance, repair and fuel supply and related activities
                  that provide support to air carriers.

         o        Commercial Services. Commercial services involve services that
                  are not considered essential to the operation of an airport or
                  aircraft, and include: --the leasing of space to retailers,
                  restaurants and banks, and --advertising.

         Third parties rendering airport, complementary or commercial services
are required to do so pursuant to a written agreement with the relevant
concession holder. All agreements relating to airport or complementary services
are required to be approved by the Ministry of Communications and
Transportation. The Mexican Airport Law provides that the concession holder is
jointly liable with these third parties for compliance with the terms of the
relevant concession with respect to the services provided by such third parties.
All third-party service providers of complementary services are required to be
corporations incorporated under Mexican law.

         Airport and complementary services are required to be provided to all
users in a uniform and regular manner, without discrimination as to quality,
access or price. Concession holders are required to provide airport and
complementary services on a priority basis to military aircraft, disaster
support aircraft and aircraft experiencing emergencies. Airport and
complementary services are required to be provided at no cost to military
aircraft and aircraft performing national security activities.

         In the event of force majeure, the Ministry of Communications and
Transportation may impose additional regulations governing the provision of
services at airports, but only to the extent necessary to address the force
majeure event. The Mexican Airport Law allows the airport administrator
appointed by a concession holder to suspend the provision of airport services in
the event of force majeure.

         A concession holder is also required to take all necessary measures to
create a competitive market for complementary services. Due to space, efficiency
and safety considerations, a concession holder may limit the number of providers
of complementary services in its airport. If the number of complementary service
providers must be limited due to these considerations, contracts for the
provision of complementary services must be awarded through a competitive
bidding process.

Master Development Plans

         Concession holders are also required to submit to the Ministry of
Communications and Transportation a master development plan describing, among
other things, the concession holder's construction and maintenance plans.

         Each master development plan is for a fifteen-year period and is
required to be updated every five years and resubmitted for approval to the
Ministry of Communications and Transportation. Upon such approval, the master
development plan is deemed to constitute a part of the relevant concession. Any
major construction, renovation or expansion of an airport may only be made
pursuant to a concession holder's master development plan or upon approval by
the Ministry of Communications and Transportation. Information required to be
presented in the master development plan includes:

         o        airport growth and development expectancies,

         o        15-year projections for air traffic demand (including
                  passenger, cargo and operations),

         o        construction, conservation, maintenance, expansion and
                  modernization programs for infrastructure, facilities and
                  equipment,

         o        five-year detailed investment program and planned major
                  investments for the following ten years,

         o        probable sources of financing,

         o        descriptive airport plans, and

         o        environmental protection measures.

         The concessions require the concession holder to engage recognized
independent consultants to conduct polls among airport users with respect to
current and expected quality standards, and to prepare air traffic projections
and investment requirements. The concession holder must submit a draft of the
master development plan to airport users for their review and comments. Further,
the concession holder must submit the master development plan to the Ministry of
Communications and Transportation prior to the expiration of the five-year term.
The Ministry of Communications and Transportation may request additional
information or clarification as well as seek further comments from airport
users.

         Changes to a master development plan and investment program require the
approval of the Ministry of Communications and Transportation, except for
emergency repairs and minor works that do not adversely affect an airport's
operations.

         On December 30, 2003, the Ministry of Communications and Transportation
approved our current master development plans. The current terms of the updated
master development plans went into effect on January 1, 2004, and will be in
effect until December 31, 2008.

         The following table sets forth our committed investments for each
airport pursuant to the terms of our current master development plans for the
periods presented.

                              Committed Investments
<TABLE>
<CAPTION>

                                                                   Year ended December 31,
                       ---------------------------------------------------------------------------------------------------
                             2004             2005             2006             2007             2008             Total
                       --------------   --------------   --------------   --------------   --------------   --------------
                                                              (thousands of pesos(1))
<S>                    <C>              <C>               <C>             <C>               <C>             <C>
Cancun............     Ps.    212,185   Ps.    392,643   Ps.     87,045   Ps.    175,354   Ps.     92,516   Ps.    959,743
Merida............              7,142           43,334           13,379           15,606           13,084           92,545
Cozumel...........              7,171           15,676              659            5,138           28,833           57,477
Villahermosa......             16,506           43,760           22,662           18,322            1,803          103,053
Oaxaca............              4,436            4,513            2,725            3,957            5,061           20,692
Veracruz..........             16,175           18,971              773            1,738           12,339           49,996
Huatulco..........             12,726            4,519            4,959            7,760            3,304           33,268
Tapachula.........             12,771           18,376           11,898           10,763            1,163           54,971
Minatitlan........             30,375           40,604            3,478            6,062            9,932           90,451
                               ------           ------            -----            -----            -----           ------
  Total...........     Ps.    319,487   Ps.    582,396   Ps.    147,578   Ps.    244,700   Ps.    168,035   Ps.  1,462,196
                       ==============   ==============   ==============   ==============   ==============   ==============
</TABLE>

-----------
(1)      Expressed in adjusted pesos as of December 31, 2003 based on the
         Mexican construction price index in accordance with the terms of our
         master development plan.


Price Regulation

         The Mexican Airport Law provides that the Ministry of Communications
and Transportation may establish price regulations for services for which the
Antitrust Commission determines that a competitive market does not exist. On
March 9, 1999, the Antitrust Commission issued a ruling stating that competitive
markets generally do not exist for airport services and airport access provided
to third parties rendering complementary services. This ruling authorized the
Ministry of Communications and Transportation to establish regulations governing
the prices that may be charged for airport services and access fees that may be
charged to providers of complementary services in our airports. On March 19,
1999, a new regulation, the Rate Regulation, was incorporated within the terms
of each of our concessions. The Rate Regulation, which became effective May 1,
1999, establishes the annual maximum rates for each of our concession holders,
which is the maximum amount of revenue per work load unit (one passenger or 100
kilograms (220 pounds) of cargo) in a given year that the concession holder may
earn at its airports from all regulated revenue sources.

Regulated Revenues

         The Rate Regulation establishes a "dual-till" system of price
regulation under which certain of our revenues, such as passenger charges,
landing charges, aircraft parking charges and access fees from third parties
providing complementary services at our airports, are regulated, while the
revenues that we earn from commercial activities in our terminals, such as the
leasing of space to duty-free stores, retailers, restaurants, car rental
companies and banks, are not regulated.

         The Rate Regulation provides that the following sources of revenues are
regulated under this "dual-till" system:

o        revenues from airport services (as defined under the Mexican Airport
         Law), other than automobile parking, and

o        access fees earned from third parties providing complementary services,
         other than those related to the establishment of administrative
         quarters that the Ministry of Communications and Transportation
         determines to be non-essential.

         All other sources of revenues at our airports are not regulated.
Approximately 90.8%, 86.1% and 84.0 % of our revenues in 2001, 2002 and 2003,
respectively, were derived from regulated sources of revenue.

         Each concession holder is entitled to determine the prices charged for
each regulated service and is required to register such prices with the Ministry
of Communications and Transportation. Once registered, those prices are deemed
part of its concession, and may only be changed every six months or earlier if
there has been a cumulative increase of at least 5% in the Mexican producer
price index (excluding petroleum) as published by the Mexican Central Bank since
the date of the last adjustment and in other specific circumstances. See
"--Special Adjustments to Maximum Rates."

Current Maximum Rates

         Each airport's maximum rates from January 1, 2004 to December 31, 2008
were set by the Ministry of Communications and Transportation in December 2003.

         The following table sets forth the maximum rates for each of our
airports for the periods indicated. These maximum rates are subject to
adjustment only under the limited circumstances described below under "Special
Adjustments to Maximum Rates."

<TABLE>
<CAPTION>

                                                            Maximum Rates(1)(2)
                                                          Year ended December 31,
                                 --------------------------------------------------------------------------
                                      2004           2005           2006           2007           2008
                                 -------------   -------------  ------------   -------------  -------------
<S>                              <C>            <C>            <C>            <C>            <C>
Cancun.......................    Ps.     105.77  Ps.    104.97  Ps     104.19  Ps.    103.40  Ps.    102.63
Merida.......................             79.71          79.12          78.52          77.94          77.35
Cozumel......................            113.48         112.63         111.78         110.95         110.12
Villahermosa.................             92.35          91.65          90.97          90.28          89.61
Oaxaca.......................             97.37          96.63          95.91          95.19          94.48
Veracruz.....................             82.71          82.08          81.46          80.86          80.25
Huatulco.....................             93.55          92.85          92.15          91.46          90.78
Tapachula....................            116.33         115.46         114.60         113.74         112.89
Minatitlan...................             99.15          98.41          97.67          96.93          96.21
</TABLE>

-----------

(1)      Expressed in adjusted pesos as of December 31, 2003 based on the
         Mexican producer price index (excluding petroleum).
(2)      Our concessions provide that each airport's maximum rate may be
         adjusted annually to take account of projected improvements in
         efficiency. For the five-year period ending December 31, 2008, the
         maximum rates applicable to our airports reflect a projected annual
         efficiency improvement of .75%.


Methodology For Determining Future Maximum Rates

         The Rate Regulation provides that each airport's annual maximum rates
are to be determined in five-year intervals based on the following variables:

         o        Projections for the fifteen-year period of work load units
                  (each of which is equivalent to one passenger or 100 kilograms
                  (220 pounds) of cargo), operating costs and expenses
                  (excluding amortization and depreciation) related to services
                  subject to price regulation.

         o        Projections for the fifteen-year period of capital
                  expenditures related to regulated services, based on air
                  traffic forecasts and quality of standards for services to be
                  derived from the master development plans.

         o        Reference values, which were established in the concessions
                  and are designed to reflect the net present value of the
                  regulated revenues minus the corresponding regulated operating
                  costs and expenses (excluding amortization and depreciation),
                  and capital expenditures related to the provision of regulated
                  services plus a terminal value.

         o        A discount rate to be determined by the Ministry of
                  Communications and Transportation. The concessions provide
                  that the discount rate shall reflect the cost of capital to
                  Mexican and international companies in the airport industry
                  (on a pre-tax basis), as well as Mexican economic conditions.
                  The concessions provide that the discount rate shall be at
                  least equal to the average yield of long-term Mexican
                  government debt securities quoted in the international markets
                  during the prior 24 months plus a risk premium to be
                  determined by the Ministry of Communications and
                  Transportation based on the inherent risk of the airport
                  business in Mexico.

         Our concessions specify a discounted cash flow formula to be used to
determine the maximum rates that, given the projected pre-tax earnings, capital
expenditures and discount rate, would result in a net present value equal to the
reference values established in connection with the last determination of
maximum rates.

         Our concessions provide that each airport's maximum rate may be
adjusted annually to take account of projected improvements in efficiency. For
the five-year period ending December 31, 2008, the maximum rates applicable to
our airports reflect a projected annual efficiency improvement of .75%.

         The concessions provide that each airport's reference values, discount
rate and the other variables used in calculating the maximum rates are not
guarantees and do not in any manner represent an undertaking by the Ministry of
Communications and Transportation or the Mexican government as to the
performance of any concession holder. To the extent that the revenues from
services subject to price regulation in any period are less than an airport's
maximum rate multiplied by the work load units processed for such period, no
adjustment will be made to compensate for this shortfall.

         To the extent that such aggregate revenues per work load unit exceed
the relevant maximum rate, the Ministry of Communications and Transportation may
proportionately reduce the maximum rate in the immediately subsequent year and
assess penalties equivalent to 1,000 to 50,000 times the general minimum wage in
the Federal District (Mexico City). On December 31, 2003, the daily minimum wage
in Mexico City was Ps. 43.65. As a result, the maximum penalty at such date
could have been Ps. 2.2 million (U.S.$194,221). In the event that a concession
holder fails to comply with certain terms of its concession, or violates certain
other terms of its concession after having been sanctioned at least three times
for violation of that concession, the Ministry of Communications and
Transportation is entitled to revoke its concession. We would face similar
sanctions for any violations of the Mexican Airport Law or its regulations. A
full discussion of circumstances which might lead to a revocation of a
concession may be found below at "Penalties and Termination and Revocation of
Concessions and Concession Assets."

         Currently, our calculation of work load units (one passenger or 100
kilograms (220 pounds) of cargo does not include transit passengers. There is a
possibility that in the future our work load units may include transit
passengers and the Ministry of Communications and Transportation will decrease
our maximum rates to reflect this higher passenger base. Although there can be
no assurance, we do not expect this change to occur in the short term or have a
material adverse effect on our revenues if and when it happens.

Special Adjustments to Maximum Rates

         Once determined, each airport's maximum rates are subject to special
adjustment only under the following circumstances:

         o        Change in law or natural disasters. A concession holder may
                  request an adjustment in its maximum rates if a change in law
                  with respect to quality standards or safety and environmental
                  protection results in operating costs or capital expenditures
                  that were not contemplated when its maximum rates were
                  determined. In addition, a concession holder may also request
                  an adjustment in its maximum rates if a natural disaster
                  affects demand or requires unanticipated capital expenditures.
                  There can be no assurance that any request on these grounds
                  would be approved.

         o        Macroeconomic conditions. A concession holder may also request
                  an adjustment in its maximum rates if, as a result of a
                  decrease of at least 5% in Mexican gross domestic product in a
                  12-month period, the work load units processed in the
                  concession holder's airport are less than that projected when
                  its maximum rates were determined. To grant an adjustment
                  under these circumstances, the Ministry of Communications and
                  Transportation must have already allowed the concession holder
                  to decrease its projected capital improvements as a result of
                  the decline in passenger traffic volume. There can be no
                  assurance that any request on these grounds would be approved.

         o        Increase in concession fee under Mexican Federal Duties Law.
                  An increase in duty payable by a concession holder under the
                  Mexican Federal Duties Law entitles the concession holder to
                  request an adjustment in its maximum rates. There can be no
                  assurance that any request on these grounds would be approved.

         o        Failure to make required investments or improvements. The
                  Ministry of Communications and Transportation annually is
                  required to review each concession holder's compliance with
                  its master development plan (including the provision of
                  services and the making of capital investments). If a
                  concession holder fails to satisfy any of the investment
                  commitments contained in its master development plan, the
                  Ministry of Communications and Transportation is entitled to
                  decrease the concession holder's maximum rates and assess
                  penalties.

         o        Excess revenues. In the event that revenues subject to price
                  regulation per work load unit in any year exceed the
                  applicable maximum rate, the maximum rate for the following
                  year will be decreased to compensate airport users for
                  overpayment in the previous year. Under these circumstances,
                  the Ministry of Communications and Transportation is also
                  entitled to assess penalties against the concession holder.

Ownership Commitments and Restrictions

         The concessions require us to retain a 51% direct ownership interest in
each of our nine concession holders throughout the term of these concessions.
Any acquisition by us or one of our concession holders of any additional airport
concessions or of a beneficial interest of 30% or more of another concession
holder requires the consent of the Antitrust Commission. In addition, the
concessions prohibit us and our concession holders, collectively or
individually, from acquiring more than one concession for the operation of an
airport along each of Mexico's southern and northern borders.

         Air carriers are prohibited under the Mexican Airport Law from
controlling or beneficially owning 5% or more of the shares of a holder of an
airport concession. We, and each of our subsidiaries, are similarly restricted
from owning 5% or more of the shares of any air carrier.

         Foreign governments acting in a sovereign capacity are prohibited from
owning any direct or indirect equity interest in a holder of an airport
concession.

Reporting, Information and Consent Requirements

         Concession holders and third parties providing services at airports are
required to provide the Ministry of Communications and Transportation access to
all airport facilities and information relating to an airport's construction,
operation, maintenance and development. Each concession holder is obligated to
maintain statistical records of operations and air traffic movements in its
airport and to provide the Ministry of Communications and Transportation with
any information that it may request. Each concession holder is also required to
publish its annual audited consolidated financial statements in a principal
Mexican newspaper within the first four months of each year.

         The Mexican Airport Law provides that any person or group directly or
indirectly acquiring control of a concession holder is required to obtain the
consent of the Ministry of Communications and Transportation to such control
acquisition. For purposes of this requirement, control is deemed to be acquired
in the following circumstances:

         o        if a person acquires 35% or more of the shares of a concession
                  holder,

         o        if a person has the ability to control the outcome of meetings
                  of the stockholders of a concession holder,

         o        if a person has the ability to appoint a majority of the
                  members of the board of directors of a concession holder, and

         o        if a person by any other means acquires control of an airport.

         Under the regulations to the Mexican Airport Law, any company acquiring
control of a concession holder is deemed to be jointly and severally liable with
the concession holder for the performance of the terms and conditions of the
concession.

         The Ministry of Communications and Transportation is required to be
notified upon any change in a concession holder's chief executive officer, board
of directors or management. A concession holder is also required to notify the
Ministry of Communications and Transportation at least 90 days prior to the
adoption of any amendment to its bylaws concerning the dissolution, corporate
purpose, merger, transformation or spin-off of the concession holder.

Penalties and Termination and Revocation of Concessions and Concession Assets

         The Mexican Airport Law provides that sanctions of up to 400,000 times
the minimum daily wage in the Federal District (Mexico City) may be assessed for
failures to comply with the terms of a concession. On December 31, 2003, the
daily minimum wage in Mexico City was Ps. 43.65. As a result, the maximum
penalty at such date could have been Ps. 17.5 million (U.S.$1.6 million).

         Under the Mexican Airport Law and the terms of the concessions, a
concession may be terminated upon any of the following events:

         o        expiration of its term,

         o        surrender by the concession holder,

         o        revocation of the concession by the Ministry of Communications
                  and Transportation,

         o        reversion of the Mexican government-owned assets that are the
                  subject of the concession (principally real estate,
                  improvements and other infrastructure),

         o        inability to achieve the purpose of the concession, except in
                  the event of force majeure, or

         o        dissolution, liquidation or bankruptcy of the concession
                  holder.

         In addition, on May 20, 2004 a new Mexican National Assets Law was
adopted and published in the Diario Oficial de la Federacion which, among other
items, establishes regulations relating to concessions on real property held in
the public domain, including the airports that we operate. The new Mexican
National Assets Law requires concessionaires of real property held in the public
domain that are used for administrative or other non-public purposes to pay a
tax. In addition, the new Mexican National Assets Law establishes new grounds
for revocation of concessions for failure to pay this tax.

         Following a concession's termination, the concession holder remains
liable for the performance of its obligations during the term of the concession.

         Upon termination, whether as a result of expiration or revocation, the
real estate and fixtures that were the subject of the concession automatically
revert to the Mexican government. In addition, upon termination the Mexican
federal government has a preemptive right to acquire all other assets used by
the concession holder to provide services under the concession at prices
determined by expert appraisers appointed by the Ministry of Communications and
Transportation. Alternatively, the Mexican government may elect to lease these
assets for up to five years at fair market rates as determined by expert
appraisers appointed by the Mexican government and the concession holder. In the
event of a discrepancy between appraisals, a third expert appraiser must be
jointly appointed by the Mexican government and the concession holder. If the
concession holder does not appoint an expert appraiser, or if such appraiser
fails to determine a price, the determination of the appraiser appointed by the
Mexican government will be conclusive. If the Mexican government chooses to
lease the assets, it may thereafter purchase the assets at their fair market
value, as determined by an expert appraiser jointly appointed by the Mexican
government and the concession holder.

         The Mexican Communications Law, however, provides that upon expiration,
termination or revocation of a concession, all assets necessary to operate the
airports will revert to the Mexican government, at no cost, and free of any
liens or other encumbrances. There is substantial doubt as to whether the
provisions of our concessions would prevail over those of the Mexican
Communications Law. Accordingly, there can be no assurance that upon expiration
or termination of our concessions the assets used by our subsidiary concession
holders to provide services at our airports will not revert to the Mexican
government, free of charge, together with government-owned assets and
improvements permanently attached thereto.

         A concession may be revoked by the Ministry of Communications and
Transportation under certain conditions, including:

         o        the failure by a concession holder to begin operating,
                  maintaining and developing an airport pursuant to the terms
                  established in the concession,

         o        the failure by a concession holder to maintain insurance as
                  required under the Mexican Airport Law,

         o        the assignment, encumbrance, transfer or sale of a concession,
                  any of the rights thereunder or the assets underlying the
                  concession in violation of the Mexican Airport Law,

         o        any alteration of the nature or condition of an airport's
                  facilities without the authorization of the Ministry of
                  Communications and Transportation,

         o        use, with a concession holder's consent or without the
                  approval of air traffic control authorities, of an airport by
                  any aircraft that does not comply with the requirements of the
                  Mexican Civil Aviation Law, that has not been authorized by
                  the Mexican air traffic control authority, or that is involved
                  in the commission of a felony,

         o        knowingly appointing a chief executive officer or board member
                  of a concession holder that is not qualified to perform his
                  functions under the law as a result of having violated
                  criminal laws,

         o        a violation of the safety regulations established in the
                  Mexican Airport Law and other applicable laws,

         o        a total or partial interruption of the operation of an airport
                  or its airport or complementary services without justified
                  cause,

         o        the failure of ASUR to be the beneficial owner of at least 51%
                  of the capital stock of its subsidiary concession holders,

         o        the failure to maintain the airport's facilities,

         o        the provision of unauthorized services,

         o        the failure to indemnify a third party for damages caused by
                  the provision of services by the concession holder or a
                  third-party service provider,

         o        charging prices higher than those registered with the Ministry
                  of Communications and Transportation for regulated services or
                  exceeding the applicable maximum rate,

         o        any act or omission that impedes the ability of other service
                  providers or authorities to carry out their functions within
                  the airport, or

         o        any other failure to comply with the Mexican Airport Law, its
                  regulations and the terms of a concession.

         The Ministry of Communications and Transportation is entitled to revoke
a concession without prior notice as a result of the first six events described
above. In the case of other violations, a concession may be revoked as a result
of a violation only if sanctions have been imposed at least three times with
respect to the same violation.

         According to the Mexican National Assets Law, Mexico's national
patrimony consists of private and government-owned assets of the Federation. The
surface area of our airports and improvements on such space are considered
government-owned assets. A concession concerning government-owned assets may be
"rescued," or revert to the Mexican government prior to the concession's
expiration, when considered necessary for the public interest. In exchange, the
Mexican government is required to pay compensation as determined by expert
appraisers. Following a declaration of "rescue," or reversion, the assets that
were subject to the concession are automatically returned to the Mexican
government.

         In the event of war, public disturbances or threats to national
security, the Mexican government may requisition any airport, airport and
complementary services as well as any other airport assets. Such government
action may exist only during the duration of the emergency. Except in the case
of war, the Mexican federal government is required to compensate all affected
parties for any damages or losses suffered as a result of such government
action. If the Mexican government and a concession holder cannot agree as to the
appropriate amount of damages or losses, the amount of damages shall be
determined by experts jointly appointed by both parties and the amount of losses
shall be determined based on the average net income of the concession holder
during the previous year.

Environmental Matters

         Our operations are subject to Mexican federal and state laws and
regulations relating to the protection of the environment. The principal
environmental laws include the General Law of Ecological Balance and
Environmental Protection, or the Ecological Law, which is administered by the
Federal Attorney's Office for the Protection of the Environment, the enforcement
arm of the Ministry of the Environment, Natural Resources and Fishing, and the
Law of National Waters and its regulations, which are administered by the
National Water Commission. Under the Ecological Law, regulations have been
promulgated concerning air pollution, environmental impact studies, noise
control and hazardous wastes. The Ecological Law also regulates vibrations,
thermal energy, soil pollution and visual pollution that result from
construction, although the Mexican government has not yet issued specific
enforcement standards on these issues. Pursuant to the Law of National Waters,
companies that discharge waste water must comply with maximum allowable
contaminant levels in order to preserve water quality. The Ecological Law also
provides that companies that contaminate the soil are responsible for clean-up.
Promulgated pursuant to the Ecological Law, Mexican Official Norms, which are
technical regulations issued by a competent regulatory authority, establish
standards relating to air emissions, discharges of pollution and waste water and
the handling of hazardous waste. Mexican Official Norms also regulate noise
pollution. The Federal Attorney's Office for the Protection of the Environment
can bring administrative, civil and criminal proceedings against companies that
violate environmental laws, and it also has the power to close non-complying
facilities. Every company in Mexico is required to provide the National
Institute of Ecology, the regulatory arm of the Ministry of the Environment,
Natural Resources and Fishing, with periodic reports regarding compliance with
the Ecological Law and the regulations thereunder.

         Prior to the opening of Mexico's airports to investment, the Federal
Attorney's Office for the Protection of the Environment required that
environmental audits be performed at each of our airports. Based on the results
of these audits, our predecessor entered into agreements with this agency for
each of our airports in which it undertook to make specified improvements and
take other corrective actions. In connection with the transfer of the management
of the southeast airports from our predecessor, we assumed the obligations under
these environmental agreements. In April 1999, we entered into amended
agreements with this agency revising the actions required to be taken and the
schedule for completion of these actions. While we had previously reflected
environmental liabilities related to these assumed obligations on our balance
sheet in past years, we believe that we have satisfactorily completed the
actions we were required to take. Accordingly, our balance sheets as of December
31, 2001, 2002 and 2003 do not reflect any such environmental liabilities.
Additionally, under the terms of our concessions, the Mexican government has
agreed to indemnify us for any environmental liabilities arising prior to March
19, 1998 and for any failure by the Mexican Airport and Auxiliary Services
Agency prior to November 1, 1998 to comply with its agreements with Mexican
environmental authorities. Although there can be no assurance, we believe that
we are entitled to be indemnified for the amounts related to the actions our
predecessor was required to perform under these agreements. For further
information regarding these liabilities, see Note 13 to our financial
statements.

         The level of environmental regulation in Mexico has increased in recent
years, and the enforcement of the law is becoming more stringent. We expect this
trend to continue and to be stimulated by international agreements between
Mexico and the United States. We do not expect that compliance with Mexican
environmental laws or Mexican state environmental laws will have a material
effect on our financial condition or results of operations. There can be no
assurance, however, that environmental regulations or the enforcement thereof
will not change in a manner that could have a material adverse effect on our
business, results of operations, prospects or financial condition.

         The Procuraduria Federal de Proteccion Ambiental (PROFEPA) has issued
"clean industry" certificates for all of our airports. These certificates
certify compliance with applicable Mexican environmental law regulations.



<PAGE>



                            Organizational Structure

         The following table sets forth our consolidated subsidiaries as of
December 31, 2003, including the ownership interest:

Subsidiary                                                   Ownership Interest
----------                                                   ------------------
Aeropuerto de Cancun, S.A. de C.V.                                 99.99%
Aeropuerto de Cozumel, S.A. de C.V.                                99.99%
Aeropuerto de Merida, S.A. de C.V.                                 99.99%
Aeropuerto de Huatulco, S.A. de C.V.                               99.99%
Aeropuerto de Oaxaca, S.A. de C.V.                                 99.99%
Aeropuerto de Veracruz, S.A. de C.V.                               99.99%
Aeropuerto de Villahermosa, S.A. de C.V.                           99.99%
Aeropuerto de Tapachula, S.A. de C.V.                              99.99%
Aeropuerto de Minatitlan, S.A. de C.V.                             99.99%
Servicios Aeroportuarios del Sureste, S.A. de C.V.                 99.99%

All of our subsidiaries are organized under the laws of Mexico.

                         Property, Plant, And Equipment

         Pursuant to the Mexican General Law of National Assets, all real estate
and fixtures in our airports are owned by the Mexican nation. Each of our
concessions is scheduled to terminate in 2048, although each concession may be
extended one or more times for up to an aggregate of an additional fifty years.
The option to extend a concession is subject to our acceptance of any changes to
such concession that may be imposed by the Ministry of Communications and
Transportation and our compliance with the terms of our current concessions.
Upon expiration of our concessions, these assets automatically revert to the
Mexican nation, including improvements we may have made during the terms of the
concessions, free and clear of any liens and/or encumbrances, and we will be
required to indemnify the Mexican government for damages to these assets, except
for those caused by normal wear and tear.

         Our corporate headquarters are located in Mexico City, and total 971.36
square meters. We also rent two warehouses totaling 128 square meters located in
Mexico City for storage.

         We maintain comprehensive insurance coverage that covers the principal
assets of our airports and other property, subject to customary limits, against
damage due to natural disasters, accidents or similar events. We do not maintain
business interruption insurance.

         Item 5.   Operating and Financial Review and Prospects

         The following discussion is derived from our financial statements,
which are included elsewhere in this annual report. This discussion does not
include all of the information included in these financial statements. You
should read these financial statements to gain a better understanding of our
business and our historical results of operations.

         Our financial statements have been prepared in accordance with Mexican
GAAP, which differ in certain respects from U.S. GAAP. See Note 15 to our
financial statements for a description of the principal differences between
Mexican GAAP and U.S. GAAP as they relate to us.

Passenger Traffic Volume and Composition

         To date, a substantial majority of the revenues generated from our nine
airports have been earned from aeronautical services. For example, in 2001, 2002
and 2003, 84.9%, 80.7% and 78.8%, respectively, of our revenues were derived
from aeronautical services and the remainder of our revenues were derived from
non-aeronautical services.

         Our principal source of revenues is passenger charges, which are
charges collected from airlines for each passenger (other than diplomats,
infants and transfer and transit passengers) departing from the airport
terminals that we operate. In 2001, 2002 and 2003, passenger charges represented
73.9%, 73.9% and 77.2 % of our aeronautical services revenues and 62.7%, 59.6%
and 60.8%, respectively, of our consolidated revenues. As a result, the
principal factor affecting our results of operations is the number of passengers
using our airports.

         In recent years, the aggregate passenger traffic volume in our airports
has been divided between domestic and international passengers at fairly
constant levels. In 2001, 2002 and 2003, for example, approximately 59.0%, 58.3%
and 58.5%, respectively, of the passengers using our airports were international
and the remaining were domestic. During 2001, 2002 and 2003, 40.0%, 37.4% and
39.7% of our total revenues were derived from passenger charges collected from
international passengers.

         Of the international passengers traveling through our airports, a
majority historically has traveled on flights originating in or departing to the
United States. In 2001, 2002 and 2003, for example, approximately 40.4%, 40.4%
and 40.4% of the total passengers and approximately 68.4%, 69.2% and 69.1%,
respectively, of the international passengers in our airports arrived or
departed on flights originating in or departing to the United States.
Accordingly, our results of operations are substantially influenced by U.S.
economic and other conditions, particularly trends and events affecting leisure
travel and consumer spending. In addition, of the domestic passengers traveling
through our airports, a majority has historically traveled on flights
originating in or departing to Mexico City. In 2001, 2002 and 2003, for example,
approximately 78.0%, 79.3% and 78.1%, respectively, of the domestic passengers
in our airports arrives or departed on flights originating in or departing to
Mexico City. Many factors affecting our passenger traffic volume and the mix of
passenger traffic in our airports are beyond our control.

Classification of Revenues and Price Regulation

         For financial reporting purposes, we classify our revenues into two
categories: revenues from aeronautical services and revenues from
non-aeronautical services. Our revenues from aeronautical services are earned
from passenger charges, landing charges, aircraft parking charges, charges for
airport security services and for the use of passenger walkways. Our revenues
from non-aeronautical services are earned from the leasing of space in our
airports to airlines, retailers and other commercial tenants, access fees
collected from third parties providing complementary services at our airports
and related miscellaneous sources.

         On May 1, 1999, revenues from our airports became subject to a
"dual-till" price regulation system. Under this system, a substantial portion of
our revenues, such as revenues from passenger charges, landing charges, aircraft
parking charges and access fees from third parties providing services at our
airports, are regulated. Based on our classification of our revenues for
financial reporting purposes, all of our revenues from aeronautical services and
certain of our revenues from non-aeronautical services are regulated by the
Ministry of Communications and Transportation. The system of price regulation
applicable to our airports establishes an annual maximum rate in pesos for each
airport, which is the maximum annual amount of revenues per work load unit
(which is equal to one passenger or 100 kilograms (220 pounds) of cargo) that we
may earn at that airport from services subject to price regulation. The maximum
rates for our airports have been determined for each year through December 31,
2008. In 2001, 2002 and 2003, approximately 90.8%, 86.1% and 84.0%,
respectively, of our total revenues and approximately 39.3%, 28.2% and 24.8%,
respectively, of our revenues from non-aeronautical services were earned from
regulated sources of revenues. Revenues from our leasing of space in our
terminals (other than space leased to airlines and other space deemed essential
to our airports by the Ministry of Communications and Transportation) are
currently not regulated under this price regulation system.

         The following table sets forth our revenues for the years ended
December 31, 2001, 2002 and 2003, based on the categories of services
established under the Mexican Airport Law.



<PAGE>

<TABLE>
<CAPTION>

                                                                  Year ended December 31,
                                       ----------------------------------------------------------------------------
                                                2001                      2002                       2003
                                       ------------------------  ------------------------  ------------------------
                                                         (thousands of pesos, except percentages)
                                           Amount      Percent      Amount        Percent      Amount      Percent
                                       --------------  --------  --------------  --------  --------------  --------
Regulated Revenues:
<S>                                   <C>          <C>         <C>           <C>         <C>           <C>
  Airport Services(1)...............   Ps.  1,162,448    90.8%  Ps.  1,111,235     86.1%  Ps.  1,232,526     84.0%
Non-regulated Revenues:
   Access fees from non-permanent
   ground transportation............           3,269      0.3%           2,340      0.2%           5,136     0.4%
   Car parking and related access
   fees.............................          13,419      1.0%           15,835     1.2%          20,378     1.4%
   Other fees.......................             987      0.1%            1,818     0.1%           1,762     0.1%
   Complementary Services(1)........               0      0.0%                0     0.0%               0     0.0%
   Commercial Services..............          92,039      7.2%          151,997    11.8%         200,696     13.7%
   Other Services...................           7,400      0.6%            6,709     0.5%           6,134     0.4%
                                       --------------  --------  --------------  --------  --------------  --------
   Total............................   Ps. 1,279,562    100.0%    Ps. 1,289,934    100.0   Ps.  1,466,632    100%
                                       =============    ======    =============    ======  ==============    ====
</TABLE>

-------------------
(1)       Access fees charged to third parties providing complementary services
          in our airports are recorded under regulated airport services.


Taxation Treatment

         Mexican companies are generally required to pay the greater of their
income tax liability (determined at a rate of 35% for 2001 and 2002, 34% for
2003, 33% for 2004 and 32% thereafter) or their asset tax liability (determined
at a rate of 1.8% of the average tax value of virtually all of their assets
(including, in our case, our concessions), less the average tax value of certain
liabilities (basically liabilities owed to Mexican residents excluding those
with financial institutions or their intermediaries)). To the extent a company
is required to pay the asset tax in any year, the portion of that tax that
exceeds the company's income tax liability may be credited against the company's
income tax liability in subsequent years. We are amortizing our investment in
our concessions for tax purposes at rates ranging from 6% to 10%. We expect this
accelerated depreciation to allow us to reduce our current income tax payments.
We will continue to record a deferred tax provision in our financial statements
with respect to these amounts because the amortization period for book purposes
is different. Mexican companies are generally exempt from the asset tax during
the first three full fiscal years following the commencement of operations
(which in our case occurred on November 1, 1998). Accordingly, we were exempt
from the asset tax until December 31, 2001. In 2002 and 2003, we and each of our
subsidiaries paid an aggregate of Ps. 155.6 million and Ps. 150.2 million,
respectively, in asset taxes. On January 1, 2000, we became subject to the
mandatory employee statutory profit sharing regime established under the Mexican
federal labor law. Under this regime, 10% of each unconsolidated company's
annual profits (as calculated for tax purposes) must be distributed among its
employees, other than its chief executive officer. ASUR was not required to pay
employee statutory profit sharing in 2001, 2002 and 2003 because ASUR generated
tax losses in those years.

         Our results of operations reflect the accrual of a technical assistance
fee to ITA under the technical assistance agreement. This fee is explained in
Item 4, "Information on the Company--History and Development of the
Company--Investment by ITA."

Effects of Devaluation and Inflation

         The following table sets forth, for the periods presented:

o        the percentage that the Mexican peso depreciated or appreciated against
         the U.S. dollar,

o        the Mexican inflation rate,

o        the U.S. inflation rate, and

o        the percentage that Mexican gross domestic product, or GDP, changed as
         compared to the previous period.



<PAGE>


<TABLE>
<CAPTION>

                                                                    Year ended December 31,
                                                              -------------------------------------
                                                                 2001          2002          2003
                                                              ---------     ---------    -----------
<S>                                                             <C>            <C>           <C>
Depreciation (appreciation) of the Mexican Peso as
  compared to the U.S. dollar(1)....................            (4.2)%         13.8%         7.6%
Mexican inflation rate(2)...........................             4.4%           5.7%         4.0%
U.S. inflation rate(3)..............................             1.6%           2.0%         1.9%
Increase (decrease) in Mexican gross domestic product(4)        (0.3)%          0.9%         1.3%
</TABLE>

-----------
(1)  Based on changes in the rates for calculating foreign exchange liabilities,
     as reported by Banco de Mexico, the Mexican Central Bank, at the end of
     each period, which were as follows: Ps. 9.1695 per U.S. dollar as of as of
     December 31, 2001, Ps. 10.4393 per U.S. dollar as of December 31, 2002 and
     11.2372 pesos per U.S. dollar as of December 31, 2003.
(2)  Based on changes in the Mexican consumer price index from the previous
     period, as reported by the Banco de Mexico. The Mexican consumer price
     index at year end was : 97.3543 in 2001, 102.904 in 2002 and 106.996 in
     2003.
(3)  As reported by the U.S. Department of Labor, Bureau of Statistics.
(4)  In real terms, as reported by the Mexican National Statistical, Geographic
     and Information Institute (INEGI).


         The general condition of the Mexican economy, the depreciation of the
peso as compared to the dollar, inflation and high interest rates have in the
past adversely affected, and may in the future adversely affect, our:

o    Depreciation and amortization expense. We restate our non-monetary Mexican
     and foreign assets to give effect to inflation. The restatement of these
     assets in periods of high inflation increases the carrying value of these
     assets in pesos, which in turn increases the related depreciation expense
     and risk of impairments.

o    Passenger charges. Passenger charges for international passengers are
     currently denominated in dollars, while passenger charges for domestic
     passengers are denominated in pesos. Because Mexican GAAP requires Mexican
     companies to restate their results of operations in prior periods in
     constant pesos as of the most recent balance sheet date, when the rate of
     inflation in a period exceeds the depreciation of the peso as compared to
     the dollar for that period, the peso value of dollar-denominated or
     dollar-linked revenues in the prior period will be higher than those of the
     current period. This effect may occur despite the fact that the amount of
     such revenues in dollar terms may have been the same or greater in the
     current period.

o    Comprehensive financing cost. As required by Mexican GAAP, our
     comprehensive financing cost reflects gains or losses from foreign exchange
     and gains or losses from monetary position and, as a result is impacted by
     both inflation or devaluations.

o    Maximum rates in pesos. Our tariffs for the services we provide to
     international flights or international passengers are denominated in U.S.
     dollars, but are generally paid in Mexican pesos based on the average
     exchange rate for the month prior to each flight. We generally collect
     passenger charges from airlines 60-115 days following the date of each
     flight. We intend to charge prices that are as close as possible to the
     maximum rates that we can charge. Because we generally are entitled to
     adjust our specific prices only once every six months (or earlier upon a
     cumulative increase of 5% in the Mexican producer price index (excluding
     petroleum)), a depreciation of the peso as compared to the dollar,
     particularly late in the year, could cause us to exceed the maximum rates
     at one or more of our airports that could lead to the termination of one of
     our concessions. In the event that any one of our concessions is
     terminated, our other concessions may also be terminated.

Revenues from Aeronautical Services and Non-aeronautical Services

         The following table sets forth our revenues from aeronautical services
and non-aeronautical services for the periods presented.

                                    Revenues
<TABLE>
<CAPTION>

                                                               Year Ended December 31,
                                                    --------------------------------------------
                                                         2001            2002           2003
                                                    -------------   -------------  -------------
                                                                 (millions of pesos)
<S>                                                 <C>             <C>            <C>
Aeronautical Services:
  Passenger charges................................ Ps.     802.7   Ps.     769.4  Ps.     891.8
  Landing charges..................................         108.8           104.5           99.9
  Aircraft parking charges.........................         135.3           124.4          125.4
  Airport security charges.........................          16.6            17.1           18.0
  Passenger walkway charges........................          23.2            25.9           20.3
                                                    -------------   -------------  -------------
    Total..........................................       1,086.6         1,041.2        1,155.4
                                                    -------------   -------------  -------------
Non-aeronautical Services:
  Leasing of space.................................         102.8            84.4           94.8
  Access fees from catering........................          15.5            11.0           11.4
  Access fees from ground transport................          21.7            23.7           32.8
  Other access fees................................          43.3           120.3          163.1
  Other............................................           9.7             9.3            9.1
                                                    -------------   -------------  -------------
    Total..........................................         193.0           248.7          311.2
                                                    -------------   -------------  -------------
      Total Revenues:.............................. Ps.   1,279.5   Ps.   1,289.9  Ps.   1,466.6
                                                    =============   =============  =============
</TABLE>

<PAGE>


Operating Results by Airport

         The following table sets forth our results of operations for the
periods presented.
<TABLE>
<CAPTION>

                                                                 Year Ended December 31,
                                                  ----------------------------------------------------------
                                                      2001                 2002                 2003
                                                  --------------    -------------------   ------------------
                                                                Airport Operating Results
                                                  ----------------------------------------------------------
                                                                   (millions of pesos)
<S>                                                        <C>                   <C>                  <C>
Cancun:
   Revenues:
   Aeronautical services.....................     Ps.      766.9        Ps.      756.9        Ps.     857.4
   Non-aeronautical services.................              132.0                 175.0                222.2
     Total revenues..........................              898.9                 931.8              1,079.6
  Operating income...........................              399.5                 396.5                502.8
Merida:
   Revenues:
   Aeronautical services.....................               80.8                  73.6                 75.2
   Non-aeronautical services.................               18.8                  24.1                 27.5
     Total revenues..........................               99.6                  97.7                102.7
  Operating income    ......................                15.1                   8.5                 10.6
Cozumel:
   Revenues:
   Aeronautical services.....................               50.7                  38.9                 39.6
   Non-aeronautical services.................               11.1                  12.5                 14.1
     Total revenues..........................               61.9                  51.4                 53.7
  Operating (loss) income....................                8.8                  (4.9)                (2.5)
Villahermosa:
  Revenues:
Aeronautical Services.......................                46.6                  42.2                 50.9
Non Aeronautical Services...................                 8.2                  11.0                 15.2
  Total revenues.............................               54.8                  53.2                 66.1
Operating (loss) Income......................               11.0                   7.2                 16.2
Other:(1)
   Revenues:
   Aeronautical services.....................              141.5                 129.6                132.3
   Non-aeronautical services.................               22.9                  26.2                 32.1
     Total revenues..........................              164.4                 155.8                164.4
  Operating (loss) income....................              (19.8)                (38.0)               (25.3)
Total:
   Revenues:
   Aeronautical services.....................            1,086.6               1,041.2              1,155.4
   Non-aeronautical services.................              193.0                 248.7                311.2
     Total revenues..........................            1,279.6               1,289.9              1,466.6
  Operating income...........................              414.6                 369.3                501.8
</TABLE>

-----------
(1)       Reflects the results of operations of our parent holding company, our
          airports located in Veracruz, Minatitlan, Oaxaca, Huatulco,
          Villahermosa and Tapachula and consolidation adjustments.



<PAGE>


Summary Historical Results of Operations

         The following table sets forth our consolidated results of operations
for the periods presented.
<TABLE>
<CAPTION>

                                                                     Consolidated Operating Results
                                                      ------------------------------------------------------------
                                                                         Year Ended December 31,
                                                      ------------------------------------------------------------
                                                            2001                  2002                  2003
                                                      -----------------   ---------------------  -----------------
                                                                          (thousands of pesos)
<S>                                                  <C>                   <C>                   <C>
Revenues:
Aeronautical services..............................   Ps.    1,086,589      Ps.    1,041,200     Ps.     1,155,446

Non-aeronautical services..........................            192,973               248,734               311,186
  Total revenues...................................          1,279,562             1,289,934             1,466,632
Operating Expenses:
  Cost of services.................................           (316,734)             (357,598)             (369,732)
  General and administrative expenses..............           (109,455)             (111,242)             (121,011)
  Technical assistance(1)..........................            (41,857)              (38,913)              (46,125)
  Concession fee(2)................................            (63,968)              (64,459)              (73,305)
  Depreciation and amortization....................           (332,941)             (348,425)             (354,625)
      Total operating expenses.....................           (864,955)             (920,637)             (964,798)
  Operating income.................................            414,607               369,297               501,834
Comprehensive Financing Cost:
  Interest income, net.............................             85,358                48,653                53,286
  Exchange (losses) gains, net.....................             (5,700)               12,431                 5,649
  Loss from monetary position......................            (41,310)              (32,835)              (34,722)
      Net comprehensive financing (cost) income....             38,348                28,249                24,213
  Income before income taxes and employees'
    statutory profit sharing and extraordinary
    items..........................................            452,955               397,546               526,047
  (Provision for) income taxes and employees'
    statutory profit sharing.......................           (167,820)             (159,826)             (231,936)
  Extraordinary item...............................             (7,352)               (8,675)              (17,920)
  Net income.......................................            277,783               229,045               276,191
Other Operating Data (Unaudited):
  Operating margin(3)..............................              32.4%                 28.6%                 34.2%

  Net margin(4)....................................              21.7%                 17.8%                 18.8%
</TABLE>


-----------
(1)       We are required to pay ITA a technical assistance fee based on the
          technical assistance agreement. This fee is described in "Information
          on the Company--History and Development of the Company--Investment by
          ITA" under Item 4.
(2)       Each of our subsidiary concession holders is required to pay a
          concession fee to the Mexican government under the Mexican Federal
          Duties Law. The concession fee is currently 5% of each concession
          holder's gross annual revenues from the use of public domain assets
          pursuant to the terms of its concession.
(3)       Operating income divided by total revenues, expressed as a percentage.
          (4) Net income divided by total revenues, expressed as a percentage.


Results of operations for the year ended December 31, 2003 compared to the year
ended December 31, 2002

Revenues

         Total revenues for 2003 were Ps. 1,466.6 million, 13.7% higher than the
Ps. 1,289.9 million recorded in 2002. The increase in total revenues resulted
primarily from an 11.21% increase in international passenger traffic.

         Our revenues from aeronautical services, net of rebates, increased
11.0% to Ps. 1,155.4 million in 2003 from Ps. 1,041.2 million in 2002, primarily
as a result of the 11.21% rise in international passengers. Revenues from
passenger charges increased 15.9% to Ps. 891.8 million in 2003 (77.2% of our
aeronautical revenues during the period) from Ps. 769.4 million in 2002 (73.9%
of our aeronautical revenues during the period). Other access fees increased
35.5% to Ps. 163.1 million in 2003 (52.4% of our non-aeronautical services
during the period) from Ps. 120.3 million in 2002.

         Revenues from non-aeronautical services increased 25.1% to Ps. 311.2
million in 2003 from Ps. 248.7 million in 2002, principally due to a 32.9%
improvement in commercial revenues. The increase in commercial revenues was
mainly due to an increase in international passengers, new commercial services
in all of our airports, including new restaurants, stores and bars, and our
addition of rented office space in the Cancun airport.

         Our revenues from regulated sources in 2003 were Ps. 1,232.5 million, a
10.9% increase compared to Ps. 1,111.2 million in 2002, mainly due to the
increase in passenger charges. During 2003, Ps. 234.1 million of our revenues
were from non-regulated sources, 31.0% more than the Ps. 178.7 million of
revenues from non-regulated sources in 2002. This increase was primarily due to
increased revenues from parking lots and related access fees and commercial
services.

Operating Expenses and Operating Income

         Total operating expenses were Ps. 964.8 million in 2003, a 4.8%
increase from the Ps. 920.6 million recorded as operating expenses in 2002,
primarily as a result of a 13.6% increase in administrative expenses, an 18.5%
increase in technical assistance fees and a 13.7% increase in concession fees,
all due primarily to the increase in overall revenues. As a percentage of total
revenues, operating expenses decreased to 65.8% of total revenues in 2003 from
71.4% of total revenues in 2002. The decrease in total operating expenses as a
percentage of total revenues resulted primarily from the increase in overall
revenues.

         Cost of services increased 1.9% to Ps. 364.3 million in 2003 from Ps.
357.6 million in 2002. The increase was principally due to increases in
insurance and maintenance costs.

         General and administrative expenses increased 13.6% to Ps. 126.4
million in 2003 from Ps. 111.2 million in 2002. This increase was primarily
attributable to a 10.9% average wage increase granted to non-unionized employees
during the third quarter of 2003. The increase in administrative expenses also
reflected the preparation and presentation of the investment projects for the
Cancun airport and the development, design and preparation of the 2004-2008
Master Development Plan.

         Technical assistance fees increased by 18.5% to Ps. 46.1 million in
2003 from Ps. 38.9 million in 2002, and concession fees increased by 13.7% to
Ps. 73.3 million in 2003 from Ps. 64.5 million in 2002. Technical assistance
fees increased in 2003 due to our improved profitability. The 13.7% increase in
concession fees was primarily the result of the increase in overall revenues.

         Depreciation and amortization costs increased by 1.8% to Ps. 354.6
million in 2003 from Ps. 348.4 million in 2002. This increase was principally
due to additional depreciation in 2003 that resulted from the capitalization of
Ps. 275.6 million in fixed assets and improvements we made in December 2002 to
our concession assets, principally in the Cancun airport.

         Operating income increased 35.9% to Ps. 501.8 million in 2003 from Ps.
369.3 million in 2002. This increase in operating income was primarily a result
of the 13.7% increase in total revenues and the effectiveness of our cost
controls.

         Operating income for Cancun International Airport increased by 18.3% to
Ps. 726.5 million in 2003 from Ps. 613.8 million in 2002. Our eight other
airports, on an aggregate basis, had an operating loss of Ps. 2.4 million in
2003 compared to an operating loss of Ps. 18.5 million in 2002. During 2003,
revenues and passenger traffic volume in those eight airports increased 8.0% and
6.9%, respectively, from 2002.

Comprehensive Financing Result

         Our net comprehensive financing result decreased 14.3% to income of Ps.
24.2 million in 2003 as compared to income of Ps. 28.3 million in 2002,
primarily due to a reduction in our net foreign exchange gain resulting
primarily from the depreciation of the Peso against the U.S. Dollar by 7.6% in
2003 as compared to 13.8% in 2002.

Income Taxes, Employees' Statutory Profit Sharing and Asset Tax

         Provision for income taxes and employees' statutory profit sharing
increased by 41.9% to Ps. 231.9 million in 2003 from Ps. 159.8 million in 2002,
primarily due to increases in deferred income and higher asset taxes for new
construction in 2003.

Net Income

         Net income increased 20.6% from Ps. 229.0 million in 2002 to Ps. 276.2
million in 2003, reflecting the factors described above.

Results of operations for the year ended December 31, 2002 compared to the year
ended December 31, 2001

Revenues

         Total revenues for 2002 were Ps. 1,289.9 million, 0.8% higher than the
Ps. 1,279.6 million recorded in 2001. The increase in total revenues resulted
primarily from an increase in commercial revenues due to the opening of new,
improved commercial spaces at the Cancun, Merida and Cozumel airports in the
last quarter of 2001. This increase was partially offset by a decrease in
revenues from aeronautical services resulting from a decrease in operations and
international passenger traffic following the events of September 11, 2001.

         Our revenues from aeronautical services, net of rebates, decreased 4.2%
to Ps. 1,041.2 million in 2002 from Ps. 1,086.6 million in 2001, primarily as a
result of a decrease in operations and international passenger traffic. Revenues
from passenger charges decreased 4.1% to Ps. 769.4 million in 2002 (73.9% of our
aeronautical revenues during the period) from Ps. 802.7 million in 2001 (73.9%
of our aeronautical revenues during the period). Other sources of aeronautical
services revenues were substantially the same in both periods.

         Revenues from non-aeronautical services increased 28.9% to Ps. 248.7
million in 2002 from Ps. 193.0 million in 2001, principally due to the opening
of new, improved commercial spaces at the Cancun, Merida and Cozumel airports in
the last quarter of 2001.

         Our revenues from regulated sources of revenues in 2002 were Ps.
1,111.2 million, a 4.4% decrease compared to Ps. 1,162.5 million in 2001, mainly
reflecting the decrease in passenger traffic volume described above. During
2002, Ps. 178.7 million of our revenues were from non-regulated sources of
revenues, 52.6% more than the Ps. 117.2 million of revenues from non-regulated
sources of revenues in 2001. This increase was primarily due to increased
commercial revenues from the new commercial spaces opened at the airports in
Cancun, Merida and Cozumel in the last quarter of 2001.

Operating Expenses and Operating Income

         Total operating expenses were Ps. 920.6 million in 2002, a 6.4%
increase from the Ps. 865.0 million recorded as operating expenses in 2001. As a
percentage of total revenues, operating expenses increased to 71.4% of total
revenues in 2002 from 67.6% of total revenues in 2001. The increase in total
operating expenses resulted primarily from an increase in the cost of services,
which was partially offset by a decline in technical assistance fees for the
period, as explained below.

         Cost of services increased 12.9% to Ps. 357.6 million in 2002 from Ps.
316.7 million in 2001. The increase was principally due to the cost of renewing
third party liability insurance and acquiring additional insurance coverage
against terrorist acts. Additionally, the cost of services for the year was
impacted by increases in maintenance and energy costs, as new commercial areas
opened in the fourth quarter of 2001.

         General and administrative expenses increased 1.6% to Ps. 111.3 million
in 2002 from Ps. 109.5 million in 2001. This increase was primarily attributable
to a wage increase granted to non-unionized employees during the second quarter
of 2002.

         Technical assistance fees paid by us decreased by 7.2% to Ps. 38.9
million in 2002 from Ps. 41.9 million in 2001, and concession fees paid by us
increased by 0.8% to Ps. 64.5 million in 2002 from Ps. 63.9 million in 2001.
Technical assistance fees decreased in 2002 because these fees are based on
operating results, which decreased by 3.8%. Under the technical assistance
agreement, ITA provides management and consulting services and transfers
industry "know-how" and technology to ASUR in exchange for a technical
assistance fee. This agreement is more fully described in "Related Party
Transactions." Technical assistance fees are calculated by the greater of a
fixed dollar amount or 5% of ASUR's annual consolidated earnings before
comprehensive financing cost, income taxes and depreciation and amortization
(determined in accordance with Mexican GAAP and calculated prior to deducting
the technical assistance fee). The fixed dollar amount decreases during the
agreement's initial five years. For further information regarding the
calculation of the technical assistance fees and its minimum annual level, see
"Item 4. Information on the Company--History and Development of the
Company--Investment by ITA." The increase in concession fees is principally due
to the increase in overall revenues in 2002. Under the Mexican Federal Duties
Law, each of our subsidiary concession holders is required to pay the Mexican
government a concession fee based on its gross annual revenues from the use of
public domain assets pursuant to the terms of its concession. Currently, this
concession fee is set at a rate of 5% and may be revised annually by the Mexican
Congress.

         Depreciation and amortization costs increased by 4.6% to Ps. 348.4
million in 2002 from Ps. 332.9 million in 2001. This increase was principally
due to depreciation of new commercial space at our three largest airports during
the fourth quarter of 2001.

         Operating income decreased 10.9% to Ps. 369.3 million in 2002 from Ps.
414.7 million in 2001. This decrease in operating income was primarily a result
of increases in costs and expenses for the year, as discussed above.

         Operating income for Cancun International Airport decreased by 0.7% to
Ps. 396.5 million in 2002 from Ps. 399.5 million in 2001. Our eight other
airports, on an aggregate basis, had an operating loss of Ps. 18.5 million in
2002 as compared to operating income of Ps. 26.4 million in 2001. During 2002,
revenues and passenger traffic volume in those eight airports decreased 5.9% and
8.9%, respectively, from 2001. We believe that these declines resulted from a
decline in domestic and international passenger traffic due to the events of
September 11, 2001 in the United States. Cozumel airport was hit the hardest by
the decline in international traffic due to a decrease in North American
tourists who represent the great majority of travelers to this resort island. In
addition, domestic passenger traffic to Cozumel airport was impacted by the
suspension of flights to Cozumel by Aeroferinco, a Mexican airline.

Comprehensive Financing Result

         Net comprehensive financing result decreased 26.3% to income of Ps.
28.3 million in 2002 as compared to income of Ps. 38.4 million in 2001,
primarily due to a decrease in net interest income from a lower average cash
balance in 2002 due to dividends paid in the second quarter of 2002.

Income Taxes, Employees' Statutory Profit Sharing and Asset Tax

         Provision for income taxes and employees' statutory profit sharing (all
of which represented deferred income taxes and deferred employees' statutory
profit sharing) decreased by 6.1% to Ps. 157.5 million in 2002 to a Ps. 167.8
million provision in 2001, primarily due to the tax rate reduction for future
periods effective January 1, 2002, which was partially off-set by the asset tax
of 161.8 million that we were subject to in 2002. Ps. 32.4 million of this asset
tax was expensed and Ps. 129.3 million was capitalized as a recoverable asset
tax.

Net Income

         Net income decreased 17.5% from Ps. 277.8 million in 2001 to Ps. 229.1
million in 2002, principally as a result of an increase in operating expenses.

Liquidity and Capital Resources

         Historically, our operations have been funded through cash flow from
operations. The cash flow generated from our operations has generally been used
to fund operating expenses and to increase our cash balances. In addition, in
2002 and 2003 we used Ps. 487.9 million and Ps. 155.9 million, respectively, for
the payment of dividends.

         In 2003, we generated Ps. 656.6 million in resources from operating
activities. Our resources used in financing activities were Ps. 128.3 million,
reflecting payment of dividends of Ps. 155.9 million and Ps. 80.3 million of tax
on dividends paid, partially offset by recovered income tax on dividends paid.
Our resources used in investing activities in 2003 were Ps. 334.5 million for
purchases of machinery, furniture and equipment principally for the Cancun,
Huatulco and Veracruz airports.

         In 2002, we generated Ps. 583.5 million in resources from operating
activities. Our resources used in financing activities were Ps. 757.1 million,
reflecting the payment of Ps. 488.0 million of dividends in the second quarter
of 2002 and Ps. 269.2 million of tax on dividends paid, and our resources used
in investing activities were Ps. 275.6 million in 2002 for the acquisition of
machinery, furniture and equipment principally for the Cancun, Cozumel and
Merida airports.

         In 2001, we generated Ps. 700.8 million in resources from operating
activities. During the same period there was no financing activity and therefore
no financing resources were generated or used. Resources used in investing
activities were Ps. 377.3 million, reflecting the expansion and remodeling of
the main terminals at Cancun, Cozumel and Merida airports and the purchase of
machinery, furniture and equipment.

         Under the terms of our concessions, each of our subsidiary concession
holders is required to present a master development plan for approval by the
Ministry of Communications and Transportation every five years. Each master
development plan includes investment commitments (including capital expenditures
and improvements) of the concession holder for the succeeding five-year period.
Once approved by the Ministry of Communications and Transportation, these
commitments become binding obligations under the terms of our concessions. On
December 30, 2003, the Ministry of Communications and Transportation approved
each of our master development plans. The current terms of the master
development plans went into effect on January 1, 2004 and will be in effect
until December 31, 2008.
         The following table sets forth our committed investments for each
airport pursuant to the terms of our current master development plans for the
periods presented. There can be no assurance as to the level of committed
investments we will be required to undertake under future master development
plans.

                              Committed Investments

<TABLE>
<CAPTION>

                                                      Year ended December 31,
                       ----------------------------------------------------------------------------------------
                            2004           2005           2006          2007           2008           Total
                       -------------- -------------- ------------  -------------- -------------- --------------
                                                      (thousands of pesos)(1))
<S>                    <C>            <C>            <C>           <C>             <C>           <C>
Cancun............     Ps.    212,185 Ps.    392,643 Ps.    87,045 Ps.    175,354 Ps.     92,516 Ps.    959,743
Merida............              7,142         43,334        13,379         15,606         13,084         92,545
Cozumel...........              7,171         15,676           659          5,138         28,833         57,477
Villahermosa......             16,506         43,760        22,662         18,322          1,803        103,053
Oaxaca............              4,436          4,513         2,725          3,957          5,061         20,692
Veracruz..........             16,175         18,971           773          1,738         12,339         49,996
Huatulco..........             12,726          4,519         4,959          7,760          3,304         33,268
Tapachula.........             12,771         18,376        11,898         10,763          1,163         54,971
Minatitlan........             30,375         40,604         3,478          6,062          9,932         90,451
                       -------------- -------------- ------------- -------------- -------------- --------------
     Total........     Ps.    319,487 Ps.    582,396 Ps.   147,578 Ps.    244,700 Ps.    168,035 Ps.  1,462,196
                       ============== ============== ============= ============== ============== ==============
</TABLE>

-----------
(1) Expressed in adjusted pesos as of December 31, 2003 based on the Mexican
construction price index in accordance with the terms of our master development
plan.

         The following table sets forth our historical investments in the
periods indicated.

                                   Investments

  Year ended December 31,                            (thousands of pesos)(1)
  -----------------------                            -----------------------

1999.............................................         Ps.         526,040
2000.............................................                     242,606
2001.............................................                     377,345
2002.............................................                     275,612
2003.............................................                     334,468

-------
(1) Expressed in constant pesos with purchasing power as of December 31, 2003.

         We expect to fund our operations and capital expenditures in the
short-term and long-term through cash flow from operations, nevertheless, we may
also incur indebtedness from time to time.

Critical Accounting Policies

         The preparation of our financial statements requires us to make
estimates and assumptions that affect the reported amount of assets and
liabilities, disclosure of contingent assets and liabilities at the date of our
financial statements, and the reported amounts of revenue and expenses generated
during the reporting period. There can be no assurance that actual results will
not differ from those estimates. The impact and any associated risks related to
such policies on our business operations are addressed where such policies
affect our reported and expected financial results throughout our discussion of
our results of operation. Critical accounting policies are defined as those that
are both important to the portrayal of our financial condition and results that
require us to exercise significant judgment. Our most critical accounting
policies are described briefly below. For a detailed discussion of the
application of these and other accounting policies, see notes 2 and 15 of our
financial statements.

Revenue Recognition

         Our regulated revenues are subject to a maximum chargeable rate at each
airport established by the Ministry of Communications and Transportation. To
avoid exceeding our maximum rates at year end, we may be required to take
actions, including reducing prices during the latter part of the year or issuing
credits or discounts to customers. These actions are recorded against revenues.
If we exceed the maximum rate at any of our airports at the end of the year, the
Ministry of Communications and Transportation may assess a fine and may reduce
the maximum rate at that airport in the subsequent year. The imposition of
sanctions for exceeding an airport's maximum rate can also result in termination
of the concession if the maximum rate has been exceeded and sanctions have been
imposed three times. In the event that any one of our concessions is terminated,
our other concessions may also be terminated.

Allowance for Doubtful Accounts

         We perform ongoing credit evaluations of our customers and adjust
credit limits based upon the customer's payment history and current
creditworthiness. We continuously monitor collections and payments from our
customers and maintain a provision for estimated credit losses based upon our
historical experience and any specific customer collection issues that we have
identified. While such credit losses have historically been within our
expectations and the established allowance we have created to provide for such
losses, we cannot guarantee that we will continue to experience the same credit
loss rates that we have in the past. Since our accounts receivable are
concentrated in the hands of a few large customers, a significant change in the
liquidity or financial position of any one of these customers could have a
material adverse impact on the collection of our accounts receivables and our
future operating results.

Valuation of Rights to Use Airport Facilities and Airport Concessions

         We periodically review the carrying value of our rights to use airport
facilities and airport concessions. This review is based upon our projections of
anticipated future cash flows over the life of the asset or our concessions, as
appropriate. Since our airport concessions expire in 2047, significant
management judgment is required in estimating these future cash flows. While we
believe that our estimates of future cash flows are reasonable, different
assumptions regarding such cash flows could materially affect our evaluations
including assumptions concerning passenger traffic, increases or decreases in
rates and inflation. Further, in analyzing the carrying value of our airport
concessions, we compare the aggregate carrying value of all nine of our airport
concessions to the net cash flows derived from all of the airports, as permitted
by applicable accounting literature. The aggregate net cash flows from all of
our airports exceeds the carrying value of the airport concessions. Accordingly,
because we analyze our valuation estimates on an aggregate level, we have not
recognized any impairment loss in the carrying value of an individual airport
concession where the carrying value of the individual airport concession exceeds
the net cash flows of that airport.

Deferred Income Tax, Employees' Statutory Profit Sharing and Asset Tax

         Our income tax expense, employees' statutory profit sharing and asset
tax is comprised of current expenses and deferred expenses. Deferred income tax
represents future receivables or payables resulting from the temporary
differences generated from the differences in the accounting and tax treatment
of balance sheet items, such as our airport concessions, rights to use airport
facilities, and from tax loss carry-forwards and credits. Deferred employees'
statutory profit sharing is calculated in a similar manner. These temporary
differences and tax loss carry-forwards and credits are accounted for as
deferred tax assets or liabilities on our balance sheet. The corresponding
change in the balances of the recognized deferred tax assets and liabilities is
recorded in earnings. Asset tax is a minimum tax that is calculated as 1.8% of
the average tax value of virtually all of our assets less the average tax value
of certain liabilities. In 2003, we were subject to the asset tax, which can be
credited against taxable income for a period of ten years. A company may credit
the asset tax against taxable income when it generates taxable income. Deferred
tax assets, deferred employees' statutory profit sharing assets and recoverable
asset tax are subject to valuation allowances if we estimate that there is a
high probability that the assets will not be realized. We have recognized
valuation allowances against deferred tax assets, deferred employees' statutory
profit sharing and recoverable asset tax for some of our airport subsidiaries.
We have not recognized valuation allowances against tax loss carry-forwards
generated by our other airport subsidiaries because under current tax law these
tax carry-forwards can be carried forward through the term of the airport
concessions or a period of ten years. As our airport concessions expire in 2047,
significant management judgment concerning a number of factors, including the
number of passengers we anticipate in our airports, increases in rates or
inflation; changes in the discount rate and taxes is required in determining any
valuation allowance.

Contingent Liabilities

         We are a party to a number of legal proceedings. Under generally
accepted accounting principles, liabilities are recognized in the financial
statements when a loss is both estimable and probable. If the loss is neither
probable nor estimable or if the likelihood of a loss is remote, no amounts are
recognized in the financial statements. Based on legal advice we have received
from our Mexican counsel and other information available to us, we have not
recognized any losses in the financial statements as a result of these
proceedings.

Differences between Mexican GAAP and U.S. GAAP

         Our financial statements are prepared in accordance with Mexican GAAP,
which differs in certain respects from U.S. GAAP. See Note 16 to our financial
statements. Net income (loss) under U.S. GAAP was Ps. 324.1 million, Ps. (359.6)
million and Ps. 269.4 million for the years ended December 31, 2001, 2002 and
2003, respectively.

         The principal differences between Mexican GAAP and U.S. GAAP as they
relate to us are deferred income taxes, employees' statutory profit sharing, tax
on dividends paid, the treatment of our investments in our concessions and the
rights to use airport facilities and the treatment of ITA's options, which are
accounted for as a deferred technical assistance fee under U.S. GAAP. Each of
these differences affects both net income and stockholders' equity. See Note 16
to our financial statements for a discussion of these differences and the effect
on our results of operation.

Off-balance sheet arrangements

We are not party to any off-balance sheet arrangements, nor have we been
involved in any such transactions in the past.

Tabular disclosure of contractual obligations
<TABLE>
<CAPTION>

                                                Payments due by period (in millions of pesos)
                                     --------------------------------------------------------------
                                                                                             More
                                                    Less than                                than 5
Contractual Obligations                Total        1 year       1-3 years     3-5 years     years
                                     ------------   ----------    ----------   ----------    ------
<S>                                  <C>            <C>           <C>          <C>           <C>
Master Development Plan...........   Ps.1,462,196   Ps.319,487    Ps.974,674   Ps.168,035         -
Purchase Obligations..............         77,285       77,258             -            -         -
Operating Lease Obligations.......          3,775        3,775             -            -         -
Total.............................   Ps.1,543,256   Ps.400,520    Ps.974,674   Ps.168,035         -
                                     ============   ==========    ==========   ==========    ======
</TABLE>

Item 6.           Directors, Senior Management and Employees

Directors

                  The board of directors is responsible for the management of
our business. Pursuant to our bylaws, the board of directors must consist of an
uneven number of directors determined at an ordinary general meeting of
stockholders and is required to have at least seven, but not more than eleven,
members. Currently, the board of directors consists of seven directors, each of
whom is elected at the annual stockholders' meeting for a term of one year or
until a successor has been appointed.

                  Our bylaws provide that the holders of series BB shares are
entitled to elect two members and their alternates to the board of directors.
Our remaining directors are elected by the holders of our series B shares. Under
our bylaws, each stockholder or group of stockholders owning at least 10% of our
capital stock in the form of series B shares is entitled to elect one member to
the board of directors for each 10% interest that it owns. The other directors
to be elected by the holders of our series B shares are elected by majority vote
of all holders of series B shares present at the stockholders' meeting
(including stockholders that individually or as part of a group elected a
director as a result of their 10% stake). On February 28, 2001 the stockholders
voted to eliminate alternate members of the board of directors with respect to
those directors elected by holders of series B shares.

                  The following table lists our directors as of the date of this
annual report, their title and date of appointment:
<TABLE>
<CAPTION>

Name                                                                  Title                                 Director
====                                                                  =====                                  Since
                                                                                                             =====
<S>                                               <C>                                                <C>
Kjeld Binger1.....................................Director and Chairman (also Interim Chief
                                                  Executive Officer)                                  March 19, 1999
Aaron Dychter Poltolarek..........................Director                                            March 19, 1999
Martha Miller de Lombera..........................Director                                            February 28, 2001
Ricardo Guajardo Touche...........................Director                                            February 28, 2001
Francisco Garza Zambrano..........................Director                                            February 28, 2001
George Vojta......................................Director                                            April 28, 2003
Federico Patino Marquez(1)........................Director                                            April 30, 2004
</TABLE>

-----------
(1) Elected by ITA as holder of series BB shares, with Michael Olsen as
Alternate.


Kjeld Binger. Mr. Binger is a member of our board of directors and was appointed
Chairman of the Board on March 20, 2001. He is also currently serving as our
Interim Chief Executive Officer. He has been an Executive Vice-President since
2001 and Vice-President of Copenhagen Airports A/S since 1996. Previously, Mr.
Binger was Director of Planning and Projects of Copenhagen Airports A/S,
Vice-President of project development of Hojgaad & Schultz A/S and Project
Director of Hoffman & Sonner A/S. Mr. Binger has been involved in several
international bidding processes regarding privatization of airports. Currently,
Mr. Binger is a member of the board of directors of Copenhagen Airport
Development International A/S, and a member of the management committee of
Copenhagen Airports A/S. He is 49 years old. Mr. Binger was appointed director
by ITA.

Aaron Dychter Poltolarek. Mr. Dychter is a member of our board of directors and
has been Under-Secretary of Transportation of the Ministry of Communications and
Transportation since December, 1994. Previously, Mr. Dychter was Chief of the
Investment, Energy and Industry Unit of the Under-Secretary of Expenditures of
the Ministry of Finance and Public Credit, Chief of the Investment Unit of the
Under-Secretary of Budget Control of the Ministry of Finance and Public Credit,
Coordinator of Advisors to the Under-Secretary of Budget of the Ministry of
Budget and Director General of Energy Policy of the Ministry of Energy, Mining
and Industry. Currently, Mr. Dychter is a member of the board of directors of
Grupo Aeroportuario del Pacifico, S.A. de C.V., Grupo Aeroportuario del Centro
Norte, S.A. de C.V. and Grupo Aeroportuario de la Ciudad de Mexico, S.A. de
C.V., as well as of the subsidiaries of last two of these companies. He is 53
years old. Mr. Dycther was appointed director by NAFIN.

Martha Miller de Lombera. Ms. Miller is a member of our board of directors and
was Vice-President and General Manager of Procter & Gamble Latin America North
until her retirement in April 2001. She currently serves on the board of
directors of United Way International and was previously a board member of the
American Chamber of Commerce of Mexico City. She is 56 years old. Ms. Miller is
an independent director.

Ricardo Guajardo Touche. Mr. Guajardo is a member of our board of directors and
has been President of Grupo Financiero BBVA Bancomer, S.A. since 2000. He was a
President and General Director of Grupo Financiero BBVA Bancomer, S.A. from 1991
to 2000, and General Director of Grupo Vamsa since 1989. He has served on the
board of directors of Instituto Tecnologico y de Estudios Superiores de
Monterrey (ITESM), Fomento Economico Mexicano (FEMSA), Grupo Valores de
Monterrey (VAMSA), Transportacion Maritima Mexicana (TMM), Alfa, El Puerto de
Liverpool and Centro de Estudios Economicos del Sector Privado (CEESP). He is 56
years old. Mr. Guajardo is an independent director.

George Vojta. Mr. Vojta is a member of our board of directors and has been
Director of the Financial Services Forum since 1999. Previously, Mr. Vojta was
Vice Chairman to the Board of Bankers Trust, President of Deak & Company, Chief
Financial Officer of Phibro-Salomon Inc. and Vice Chairman of Citigroup.
Currently, Mr. Vojta is Chairman of Caux Roundtable, Chairman and Chief
Executive Officer of Westchester Group LLC and Chairman of Wharton Financial
Institutions Center. He is 68 years old. Mr. Vojta is an independent director.

Francisco Garza Zambrano. Mr. Garza is a member of our board of directors and he
has served as President of Cementos Mexicanos of Norteamerica y Trading (his
current position), as President of Cementos Mexicanos Mexico, as President of
Cementos Mexicanos Panama, as President of Cementos Mexicanos Venezuela, and as
President of Cementos Mexicanos E.U.A. He was formerly on the board of directors
of Control Administrative Mexicano S.A. de C.V., Vitro Plano, S.A. de C.V.,
Universidad de Monterrey, Camara Nacional del Cemento (CANACEM), Club
Industrial, A.C. and Fundacion Mexicana para la Salud. He is 49 years old. Mr.
Garza is an independent director.

Federico Patino Marquez. Mr. Marquez is a member of our board of directors and
has held various positions with Nacional Financiera in Mexico. He is the Adjunct
General Director of the Banca de Inversion in charge of the Direcciones de
Financiamiento Internacional, the Banca de Gobierno, and the Banca Empresarial y
de Inversion de Capital. He is 51 years old. Mr. Patino was appointed director
by ITA.

Senior Management

         Pursuant to our bylaws, the holders of series BB shares are entitled to
appoint and remove our chief executive officer and one half of the executive
officers reporting directly to the chief executive officer. Currently, four
executive officers report directly to the chief executive officer, one of whom
was appointed by ITA as holder of the BB shares.

         As of June 2, 2003, Frantz Guns resigned from his position as Chief
Executive Officer. Mr. Guns was named Chief Executive Officer of ASUR in March
of 2000. Kjeld Binger, our Director and Chairman, was named by the Board of
Directors to serve as interim Chief Executive Officer. We have begun a search
for a new Chief Executive Officer.

         On August 7, 2003, Manuel Gutierrez Sola was appointed Chief Commercial
Officer by ASUR's Nominations and Compensation Committee.

         As of January 25, 2003, Maria Felisa Perez Luengo resigned from her
position as Director of Operations, and the duties of Director of Operations
have been divided into two positions. Hector Navarrete Munoz is currently
serving in the role of Regional Director of Operations.

         The following table lists our executive officers, their current
position and their year of appointment as an executive officer:

                                          Principal                Executive
Name                                     occupation             Officer since
----                                     ----------             -------------
Kjeld Binger*................    Interim Director General       June 2, 2003
                                 (interim chief executive
                                 officer)
Adolfo Castro Rivas*.........    Director of Finance            January 24, 2000
                                 (chief financial officer)
Hector Navarrete Munoz.......    Regional Director of           January 15, 2003
                                 Airports
Claudio Gongora Morales......    General Counsel                April 19, 1999
Manuel Gutierrez Sola........    Chief Commercial Officer       August 7, 2003


-----------
*Appointed by ITA, as holder of series BB shares.


Kjeld Binger. Mr. Binger is our Interim Chief Executive Officer. He is also a
member of our board of directors and was appointed Chairman of the Board on
March 20, 2001. He has been a Vice-President of Copenhagen Airports A/S since
1996. Previously, Mr. Binger was Director of Planning and Projects of Copenhagen
Airports A/S, Vice-President of project development of Hojgaad & Schultz A/S and
Project Director of Hoffman & Sonner A/S. Mr. Binger has been involved in
several international bidding processes regarding privatization of airports.
Currently, Mr. Binger is a member of the board of directors of Copenhagen
Airport Development International A/S, and a member of the management committee
of Copenhagen Airports A/S. He is 49 years old.

Adolfo Castro Rivas. Mr. Castro has been our Director of Finance since January,
2000. Prior to joining ASUR, Mr. Castro was Director of Finance and
Administration of Ferrocarril del Sureste S.A. de C.V. Mr. Castro was also Chief
Financial Officer of Netcapital S.A. de C.V., and Director of Finance of Grupo
Mexicano de Desarrollo S.A. de C.V., Finance Manager of Grupo ICA S.A. and an
auditor and consultant with Coopers & Lybrand. He is 40 years old.

Hector Navarrete Munoz. Mr. Navarrete is the Regional Director of Airports.
Previously, Mr. Navarrete is also the Administrator of the Merida International
Airport, Director of the Board of Culture and Tourism of the State of Yucatan
and Coordinator of the Mayan Cultural Project in San Antonio, Texas. He is 47
years old.

Claudio Gongora Morales. Mr. Gongora has been General Counsel since April 25,
2001. Previously, he was Sub-Director of ASUR (starting on April 19, 1999). Mr.
Gongora also served as Legal Director of Azufrera Panamericana, S.A. de C.V.,
alternating as Legal Advisor for Compania Exploradora del Istmo, S.A. de C.V. He
has also been Legal Sub-Director of Commission de Fomento Minero, Legal Chief
Consultant for Grafito de Mexico, S.A. de C.V., Terrenos para Industrias, S.A.
de C.V., Terrenos de Jaltipan, S.A. de C.V., Macocozac, S.,A. de C.V., Pasco
Terminals, Inc. and Pasco International, Ltd. He is 52 years old.

Manuel Gutierrez Sola. Mr. Gutierrez has been our Chief Commercial Officer since
August 7, 2003. Previously, Mr. Gutierrez Sola was ASUR's Acting Chief
Commercial Officer since October 31, 2002, where he has been in charge of the
negotiations of the commercial contracts for the airports managed by ASUR and
the implementation of the second stage of the company's commercial strategy.
Before that, he was Concessions Manager at ASUR since December, 2000. Prior to
joining ASUR, Mr. Gutierrez was Chief Operations Officer of G. Accion S.A. de
C.V. and Machinery and Equipment Manager of Gutsa Construcciones, S.A. de C.V.
He is 41 years old.

Share Ownership of Directors and Senior Management

         Directors and senior management do not own any shares of ASUR.

Statutory Auditor

         Our bylaws provide for two or more statutory auditors who report to the
stockholders at the ordinary general stockholders' meeting on the accuracy of
the financial information presented by the board of directors and generally
review the affairs of ASUR. Our bylaws provide that each stockholder or group of
stockholders owning at least 10% of our shares is entitled to appoint a
statutory auditor and an alternate. The statutory auditors are authorized to:
(i) call ordinary or extraordinary stockholders' meetings; (ii) place items on
the agenda for meetings of stockholders or the board of directors; and (iii)
attend, but not vote at, meetings of stockholders, the board of directors and
our management committees. The current statutory auditors are Manuel Canal
Hernando, who was appointed by our Series B shareholders, and Rafael Maya Urosa,
with Manuel Leyva Vega as alternate, who were appointed by ITA, as holder of
series BB shares.

Compensation of Directors and Senior Management

         For the year ended December 31, 2003, we paid an aggregate amount of
approximately Ps. 14.8 million for the services of our executive officers, which
includes payments to Copenhagen Airports A/S for the services of Kjeld Binger as
our interim chief executive officer. Directors received Ps. 4.3 million in
aggregate compensation for the year ended December 31, 2003.

         No amount has been set aside by ASUR or its subsidiaries for pension,
retirement or similar benefits.

Committees

         Our bylaws provide for four committees to assist the board of directors
with the management of our business: an Operating Committee, an Audit Committee,
an Acquisitions and Contracts Committee and a Nominations and Compensation
Committee.

         The Operating Committee, which currently has five members, is
responsible for proposing and approving certain plans and policies relating to
our business, investments and administration, including approval of the master
development plans of our subsidiary concession holders, our dividend policy and
investments of less than U.S.$2 million, that are not provided for in our annual
budget. Pursuant to our bylaws, the board of directors is authorized to appoint
six members of the Operating Committee. Board members elected by the holders of
series BB shares have the right to appoint three of the committee members, one
of whom is required to be the chief executive officer. The consent of the series
BB directors is also required to select the members of the Operating Committee
that are not members of our board or officers of our company. The current
members of the Operating Committee are Martha Miller de Lombera, Michael Olsen,
Samuel Podolsky, Luis Sanchez Salmeron, Francisco Garza Zambrano and Kjeld
Binger. One position on the Operating Committee remains open. A secretary has
also been appointed who is not a member of the committee.

         The Audit Committee, which currently has three members, is responsible
for ensuring that our board of directors, our officers and the officers of our
subsidiaries comply with the bylaws, applicable law and general guidelines
required to be prepared under the bylaws. The Audit Committee is also
responsible for monitoring transactions with affiliates, including ITA and its
stockholders. Our bylaws provide that a stockholders' meeting shall determine
the number of members of the Audit Committee, which is required to be comprised
of a majority of members of the board of directors. The members of the board of
directors elected by the holders of series BB shares are entitled to appoint one
member to the committee. The committee members elect a president, who does not
have a tie-breaking vote, and a secretary, who is not required to be a committee
member. The committee also appoints a special delegate, George Vojta, who may
not be a person appointed by the holders of series BB shares nor be related to
them. The special delegate is charged with ensuring that ITA complies with its
obligations under the technical assistance agreement with us. We intend to fully
comply with the requirements of the Sarbanes-Oxley Act of 2002 and the rules
issued thereunder by the U.S. Securities and Exchange Commission with respect to
the composition and functions of our Audit Committee within the timeframe
provided. The current members of the Audit Committee are Ricardo Guajardo
Touche, Jose Luis Sanchez Salmeron and George Vojta. A secretary has also been
appointed who is not a member of the committee.

         The Acquisitions and Contracts Committee, composed of three members, is
responsible for ensuring compliance with our procurement policies set forth in
our bylaws. Among other things, these policies require that the Acquisitions and
Contracts Committee approve any transaction or series of related transactions
between us and a third party involving consideration in excess of U.S.$400,000
and that any contract between us, on the one hand, and ITA or any of its related
persons (as defined under "Description of Capital Stock"), on the other hand, be
awarded pursuant to a bidding process involving at least three other bidders.
Our bylaws provide that a stockholders' meeting will determine the number of
members of the Acquisitions and Contracts Committee, which is required to be
comprised primarily of members of the board of directors. The members of the
board of directors elected by the holders of series BB shares are entitled to
appoint one member to the committee. The current members of the Acquisitions and
Contracts Committee are Hortencia Contreras, Martha Miller and Kjeld Binger. A
secretary has also been appointed who is not a member of the committee.

         The Nominations and Compensation Committee was formed on October 12,
1999. The duties of the committee include the proposal, removal and compensation
of candidates for election to the board of directors and for appointment as
executive officers. Our bylaws provide that a stockholders' meeting will
determine the number of members of the committee. The holders of the series B
and series BB shares, acting as a class, are each entitled to name one member of
the Nominations and Compensation Committee. The remaining members of the
committee are to be named by these two initial members. Members of the committee
each have a term of one year. At each annual stockholders' meeting after a
public offering of our shares, the Nominations and Compensation Committee is
required to present a list of at least seven candidates for election as
directors for the vote of the series B stockholders. At an ordinary
stockholders' meeting held February 28, 2001, our stockholders resolved that the
Nominations and Compensation Committee be comprised of three members. The three
current members of the Nominations and Compensation Committee are Kjeld Binger,
Martha Miller de Lombera and Samuel Podolsky. A secretary has also been
appointed who is not a member of the committee.

NYSE Corporate Governance Comparison

         Pursuant to Section 303A.11 of the Listed Company Manual of the NYSE,
we are required to provide a summary of the significant ways in which our
corporate governance practices differ from those required for U.S. companies
under the NYSE listing standards. We are a Mexican corporation with shares
listed on the Mexican Stock Exchange. Our corporate governance practices are
governed by our bylaws, the Securities Market Law and the regulations issued by
the Mexican National Banking and Securities Commission. We also generally comply
on a voluntary basis with the Mexican Code of Best Corporate Practices (Codigo
de Mejores Practicas Corporativas) as indicated below, which was created in
January 2001 by a group of Mexican business leaders and was endorsed by the
Mexican Banking and Securities Commission. On an annual basis, we file a report
with the Mexican Banking and Securities Commission and the Mexican Stock
Exchange regarding our compliance with the Mexican Code of Best Corporate
Practices.

         The table below discloses the significant differences between our
corporate governance practices and the NYSE standards.

             NYSE Standards                Our Corporate Governance Practice
             --------------                ---------------------------------

Director Independence.  Majority of      Pursuant to the Mexican Securities
board of directors must be               Market Law, we are required to have a
independent.  ss.303A.01                 board of directors of between five
                                         and 20 members, 25% of whom must be
                                         independent.  Our Board of Directors
                                         is not required to make a
                                         determination as to the independence
                                         of our directors.  Our by-laws
                                         provide that our Board of Directors
                                         may be composed of between 7 to 11
                                         members.  Currently, our board has 7
                                         members, of which 4 are independent
                                         under the Mexican Securities Market
                                         Law.
                                         The definition of independence
                                         applicable to us pursuant to the
                                         Mexican Securities Market Law differs
                                         in certain respects from the
                                         definition applicable to U.S. issuers
                                         under the NYSE rules.  Generally,
                                         under the Mexican Securities Market
                                         Law, a director is not independent if
                                         such director is an employee or
                                         officer of the company or a
                                         shareholder that has influence over
                                         the company.  In addition, if there
                                         exist certain relationships between a
                                         company and a director, entities with
                                         which the director is associated or
                                         family members of the director, the
                                         director will not qualify as
                                         independent.

Executive Sessions.  Non-management      Our non-management and independent
directors must meet regularly in         directors are not required to meet in
executive sessions without management.   executive sessions and generally do
Independent directors should meet alone  not do so.  Executive sessions are
in an executive session at least once a  not expressly recommended by the
year.  ss.303A.03                        Mexican Code of Best Corporate
                                         Practices.

                                         None of our members of management are
                                         members of our Board of Directors nor
                                         our other committees, except for our
                                         CEO, who presides as Chairman of the
                                         Board of Directors and is a member of
                                         the Nomination and Compensation
                                         Committee and the Operating
                                         Committee.

Audit committee.  Audit committee        We expect to comply with the
satisfying the independence and other    independence requirements of Rule
requirements of Rule 10A-3 under the     10A-3 by July 31, 2005 (the date by
Exchange Act and the more stringent      which compliance is mandated for
requirements under the NYSE standards    foreign private issuers), but the
is required.  ss.ss.303A.06, 303A.07     members of our Audit Committee are
                                         not required to satisfy the NYSE
                                         independence and other audit
                                         committee standards that are not
                                         prescribed by Rule 10A-3.

                                         The principal characteristics of our
                                         Audit Committee are as follows:

                                         o  Our Audit Committee is composed
                                            of three members, two of which are
                                            members of our Board of Directors.

                                         o  A majority of the members of
                                            our Audit Committee and the
                                            committee's president are
                                            independent as such term is
                                            defined under the Mexican
                                            Securities Market Law.

                                         o  Our Audit Committee operates
                                            pursuant to  provisions in the
                                            Mexican Securities Market Law and
                                            our bylaws.

                                         o  Our Audit Committee submits an
                                            annual report regarding its
                                            activities to our Board of
                                            Directors.

                                         o  The duties of our Audit
                                            Committee include, among others,
                                            the following:

                                              -   Ensuring compliance with our
                                                  by-laws by officers and
                                                  directors of the company and
                                                  its subsidiaries

                                              -   Making recommendations to
                                                  the Nomination and
                                                  Compensation Committee with
                                                  respect to the removal of
                                                  directors and officers for
                                                  violations of the by-laws or
                                                  any other applicable legal
                                                  provision

                                               -  Overseeing compliance with
                                                  the corporate governance
                                                  provisions as set forth in
                                                  the General Law of Business
                                                  Companies (Ley General de
                                                  Sociedades Mercantiles), and
                                                  the Mexican Securities
                                                  Market Law and protection of
                                                  minority shareholder rights

                                               -  Appointing and removing the
                                                  company's internal auditor
                                                  and establishing the scope
                                                  of the internal auditor's
                                                  duties and responsibilities

 Nominating/corporate governance and     We are not required to have a
 compensation committee.                 nominating/corporate governance
 Nominating/corporate governance         committee or a compensation
 committee of independent directors and  committee, but the Mexican Code of
 compensation committee of independent   Best Corporate Practices recommends
 directors are required.  Compensation   that companies have an evaluation and
 committee must approve executive        compensation committee.  Our by-laws
 officer compensation.   Each committee  provide for a Nomination and
 must have a charter specifying the      Compensation Committee, which we
 purpose, duties and evaluation          believe carries out the duties of an
 procedures of the committee.            evaluation and compensation committee
 ss.303A.04 and ss.303A.05               and a nominating/corporate governance
                                         committee.  The duties of our
                                         Nomination and Compensation Committee
                                         include, among others, the following:

                                         o  Proposing individuals to serve
                                            as directors at the shareholders
                                            meeting.

                                         o  Proposing individuals to serve
                                            as officers to the Board of
                                            Directors.

                                         o  Proposing compensation for
                                            directors, statutory auditors, and
                                            officers at the shareholders'
                                            meeting or to the Board of
                                            Directors, as applicable.

                                         o  Proposing for consideration at
                                            the shareholders' meeting the
                                            removal of members of the Board of
                                            Directors and officers.

                                         o  Submitting an annual report on
                                            its activities to the Board of
                                            Directors and the shareholders.

                                         The Nomination and Compensation
                                         Committee is currently composed of
                                         three members who are appointed by
                                         the shareholders at the shareholders'
                                         meeting.  Pursuant to our by-laws, at
                                         least one member is appointed by the
                                         Series B shareholders and at least
                                         one member is appointed by the Series
                                         BB shareholders.

Equity compensation plans.  Equity       Shareholder approval is not expressly
compensation plans require shareholder   required under our bylaws for the
approval, subject to limited             adoption and amendment of an
exemptions.                              equity-compensation plan.  No
                                         equity-compensation plans have been
                                         approved by our shareholders.

Code of Ethics.  Corporate governance    We have adopted a code of ethics
guidelines and a code of business        applicable to all of our directors
conduct and ethics is required, with     and executive officers, which is
disclosure of any waiver for directors   available to you free of charge upon
or executive officers. ss.303A.10        request and at www.asur.com.mx.  We
                                         are required by Item 16B of Form 20-F
                                         to disclose any waivers granted to
                                         our chief executive officer, chief
                                         financial officer, and persons
                                         performing similar functions as well
                                         as to our other officers/employees.


<PAGE>





Employees

         The following table sets forth the number of employees in various
positions as of the end of 2001, 2002 and 2003.
<TABLE>
<CAPTION>

                                    As of December 31,            As of December 31,           As of December 31,
                                           2001                          2002                         2003
                                    -----------------             ------------------           ------------------
<S>                                         <C>                          <C>                           <C>
Administrative Employees
    Mexico City............                 123                          123                           114
    Cancun Airport.........                  70                           69                            77
    Cozumel Airport........                  12                           13                            13
    Huatulco Airport.......                  12                           14                            16
    Merida Airport.........                  34                           35                            35
    Minatitlan Airport.....                  13                           13                            13
    Oaxaca Airport.........                  13                           12                            13
    Tapachula Airport......                  15                           15                            20
    Veracruz Airport.......                  16                           18                            18
    Villahermosa Airport...                  10                           11                            15
                                           ----                         ----                          ----
      Total Administrative
      Employees                             318                          323                           334
                                           ====                         ====                          ====
  Unionized Employees Mexico
    City...................                   0                            0                             0
    Cancun Airport.........                 118                          113                           114
    Cozumel Airport........                  25                           25                            25
    Huatulco Airport.......                  18                           18                            18
    Merida Airport.........                  45                           44                            44
    Minatitlan Airport.....                  16                           16                            16
    Oaxaca Airport.........                  20                           20                            22
    Tapachula Airport......                  17                           17                            16
    Veracruz Airport.......                  25                           26                            26
    Villahermosa Airport...                  23                           24                            25
                                           ----                         ----                          ====
      Total Union Employees                 307                          303                           306
                                           ====                         ====                          ====
</TABLE>

         As of December 31, 2001, 2002 and 2003, we had approximately 625, 626
and 640 employees, respectively.

         Approximately 47.8% of our employees on December 31, 2003 were members
of labor unions. A significant portion of the services rendered in our airports
is provided by personnel employed by third parties. Approximately 17.8% of our
employees are employed by Servicios Aeroportuarios del Sureste, S.A. de C.V., a
wholly-owned subsidiary that provides us with administrative and personnel
services, while the remainder, including all unionized personnel, are employed
by our nine subsidiary operating companies.

         All of our unionized employees are members of local chapters of the
Mexican National Union of Airport Workers. Labor relations with our employees
are governed by nine separate collective labor agreements, each relating to one
of our nine airports, and negotiated by the local chapter of the union. As is
typical in Mexico, wages are renegotiated every year, while other terms and
conditions of employment are renegotiated every two years. We began
renegotiating our collective bargaining agreements with our unionized employees
in August 2002 and reached final agreements with the unions in October 2003. We
believe that our relations with our employees are good.

         As part of the opening of Mexico's airports to investment, personnel
employed by our predecessor at our airports were terminated on October 31, 1998
and rehired by us on November 1, 1998 free of any labor liability for their
prior employment. In connection with the change in management, we have
undertaken a number of personnel initiatives, including:

         o        substantially reducing overtime,

         o        creating recruiting standards,

         o        implementing general training programs,

         o        emphasizing customer service, and

         o        implementing a management decentralization program.

Item 7.           Major Shareholders and Related Party Transactions

                               Major Shareholders

         The following table sets forth certain information regarding the
ownership of outstanding Shares as of December 31, 2003.
<TABLE>
<CAPTION>

                                             ---------------------------------------------------------------------
                                                                                         Percentage of total
                                                     Number of Shares                       share capital
                                             ------------------------------         ------------------------------
Identity of stockholder                         B Shares         BB Shares           B Shares           BB Shares
                                             ------------      ------------         ----------         -----------
<S>  <C>                                       <C>              <C>                     <C>              <C>
NAFIN(1)..............................         33,260,870          --                   11.1%              --
ITA(1)(2).............................            --            45,000,000               --                15%
Copenhagen Airports A/S(2) ...........          7,500,000          --                    2.5%              --
Fernando Chico Pardo(3)...............          5,936,000          --                    2.3%              --
Public................................        208,031,130          --                   71.4%              --
</TABLE>

---------------------------------------

(1)      In addition to the series B shares held by the NAFIN trust, NAFIN (as
         trustee) also holds 25.5% interest in ITA.
(2)      In addition to the series B shares held by Copenhagen Airports A/S,
         Copenhagen Airports A/S also owns 36.5% of the capital stock of ITA.
(3)      In addition to the series B shares held by Fernando Chico Pardo,
         Fernando Chico Pardo also owns a 38.0% interest in ITA.



         ITA has options through December 18, 2005 to subscribe for newly issued
B shares. These options allow ITA to subscribe for 2% and 1% of our capital
stock outstanding at the time of each exercise, determined on a fully diluted
basis, from December 18, 2001 through December 18, 2005. ITA may exercise its
options only if it has complied with its obligations under the technical
assistance agreement and the stock ownership restrictions set forth in ASUR's
bylaws. These options are described in "Related Party Transactions."

ITA Trust and Shareholders' Agreement

         The rules governing the sale of our series BB shares to ITA required
that ITA place all of its series BB shares in trust in order to guarantee ITA's
performance of its obligations under the technical assistance agreement and
ITA's commitment to maintain its interest in ASUR for a specified period.
Accordingly, ITA has placed its shares in trust with Bancomext. This trust
provides that ITA may instruct Bancomext with respect to the voting of the
shares held in trust that represent up to 10% of ASUR's capital stock; the
remaining 5% is required to be voted in the same manner as the majority of all
shares voted at the relevant stockholders' meeting. Under our bylaws and the
trust, until December 18, 2008 ITA may transfer up to 49% of the series BB
shares without restriction. After December 18, 2008, ITA may sell in any year up
to 20% of its remaining interest in series BB shares. The term of the trust will
be extended for an additional 15 years if, at the end of the initial 15-year
term, ITA holds shares representing more than 10% of our capital stock. ITA may
terminate the trust before the second 15 year term begins if: (i) ITA holds less
than 10% of our capital stock at the end of the initial term; and (ii) the
technical services agreement has been terminated. ITA is required to deposit in
the trust any additional shares of our capital stock that it acquires.

         ITA's stockholders have entered into a shareholders' agreement which
provides that most matters relating to ITA's participation in our management are
to be decided by a qualified majority consisting of at least six of ITA's eight
directors. The agreement among ITA's stockholders also provides that the
qualified majority must include the four directors appointed by the two key
partners, currently Copenhagen Airports A/S and NAFIN with respect to certain
matters, including the appointment and removal of ASUR's chief executive officer
and the election of the members of our board of directors to be elected by the
series BB stockholders. The directors appointed by Copenhagen Airports A/S are
also required to be included in the qualified majority with respect to the
adoption or amendment of our master development plans, business plans and
investment plans. Currently, Copenhagen Airports A/S and Fernando Chico Pardo
are each entitled to appoint three directors out of ITA's eight directors.

         Under the agreement among ITA's stockholders, ITA's decision to
exercise its options to purchase additional shares of our capital stock requires
the unanimous consent of each stockholder of ITA. However, in the event that
ITA's stockholders do not unanimously agree to exercise an option, the ITA
stockholder or stockholders in favor of exercising that option are permitted to
cause ITA to transfer the option to such stockholder or stockholders at the fair
value of such option as agreed among the stockholders or determined through an
appraisal. These options are described in "--Related Party
Transactions--Arrangements with ITA."

         Under the terms of the participation agreement and the trust agreement,
ITA's key partners, currently Copenhagen Airports A/S and NAFIN, are required to
maintain an ownership interest in ITA of a minimum of 25.5% prior to December
18, 2014 unless otherwise approved by the Ministry of Communications and
Transportation. To the extent that a key partner acquires shares of ITA in
excess of a 25.5% interest, this additional interest may be sold without
restriction. There can be no assurance that the terms of the participation
agreement or the trust would not be amended to reduce or eliminate these
ownership commitments. If ITA or any of its stockholders defaults on any
obligation contained in the trust agreement, or if ITA defaults on any
obligation contained in the participation agreement or the technical assistance
agreement, after specified notice and cure provisions, the trust agreement
provides that the trustee may sell 5% of the shares held in the trust and pay
the proceeds of such sale to ASUR as liquidated damages.

         In January 2004, the 25.5% ownership in ITA's capital stock of
Triturados Basalticos y Derivados S.A. de C.V., was transferred to NAFIN. As a
result of the transfer, Triturados Basalticos y Derivados ceased to hold any
interest in the capital stock of ITA.We cannot assure you that a third party or
an affiliate of Triturados Basalticos y Derivados, S.A. de C.V. having an
interest in the assets of Triturados Basalticos y Derivados, S.A. de C.V. will
not seek to have this transfer to NAFIN rescinded or will try to enforce
agreements made with Triturados Basalticos y Derivados, S.A. de C.V. prior to
the transfer.

         NAFIN has announced its intention of selling its 25.5% interest in ITA.
Such sale would require the approval of the Ministry of Communications and
Transportation and would be subject to a right of first refusal of the other
stockholders of ITA. We can provide no assurance as to the timing of this sale
or as to the identity of the potential acquirer of this 25.5% interest in ITA.

         In addition, any transfer prior to 2014 at any time that NAFIN holds
less than a majority of our capital stock would also require the consent of the
holders of a majority of our capital stock. We cannot assure you that our
shareholders would approve any transferee to whom NAFIN proposes to sell its
25.5% interest in ITA. In the event that a transfer were to be made without the
approval of the Ministry of Communications and Transportation or of our
shareholders, ASUR would be entitled to liquidated damages equal to the proceeds
of 5% of the series BB shares held in trust, as described above.

         In April 2004, French group Vinci, S.A. transferred its 24.5% ownership
in ITA's capital stock to Fernando Chico Pardo. As a result of the transfer,
Vinci, S.A. ceased to hold any interest in the capital stock of ITA. Fernando
Chico Pardo is a Mexican businessman. He is the founder and president of
Promecap, S.C. and he serves among others as a board member of the United
Nations Pension Fund, The Quantum Group of Funds, Grupo Posadas de Mexico, Grupo
Financiero Inbursa and Grupo Carso.

         In April 2004, Spanish Ferrovial Aeropuertos, S.A. transferred 11.0%
and 13.5% of its ownership in ITA's capital stock to Copenhagen Airports A/S and
Fernando Chico Pardo, respectively. As a result of the transfer, Ferrovial
Aeropuertos, S.A. ceased to hold any interest in the capital stock of ITA.

                           Related Party Transactions

Arrangements with ITA

         The Mexican government's rules for the sale of the Series BB shares
required ITA, ASUR and the Ministry of Communications and Transportation to
enter into a participation agreement, which established the framework for the
option agreement, the technical assistance agreement and the Banco Nacional de
Comercio Exterior, S.N.C., or Bancomext, trust agreement.

         Pursuant to the technical assistance agreement and the participation
agreement, ITA and its stockholders agreed to provide management and consulting
services and transfer industry "know-how" related to the operation of airports
to us. These agreements entitle ITA to name our chief executive officer, half
our other executive officers and two members of our board of directors. These
agreements also grant us a perpetual and exclusive license in Mexico to use all
technical assistance and know-how transferred to us by ITA or its stockholders
during the term of the agreement. The technical assistance agreement has a
fifteen-year term and is automatically renewed for additional five-year terms,
unless one party provides notice of its intent not to renew within a specified
period. We are required under this agreement to pay ITA an annual fee equal to
the greater of a fixed dollar amount or 5% of our annual consolidated earnings
before comprehensive financing cost, income taxes and depreciation and
amortization (determined in accordance with Mexican GAAP and calculated prior to
deducting the technical assistance fee under this agreement). The fixed dollar
amount decreases during the initial five years of the agreement in order to
create an incentive for ITA to increase ASUR's earnings before comprehensive
financing cost, income taxes and depreciation and amortization. ITA is also
entitled to reimbursement for the out-of-pocket expenses it incurs in its
provision of services under the agreement. The agreement allows ITA, its
stockholders and their affiliates to render additional services to us only if
our Acquisitions and Contracts Committee determines that these related persons
have submitted the most favorable bid in a bidding process. This process is
described in "Item 6. Directors, Senior Management and Employees--Committees."
In 2000, 2001, 2002 and 2003 we recognized expenses of U.S.$5.0 million,
U.S.$3.8 million, U.S.$3.2 million and U.S.$2.2 million, respectively, pursuant
to the technical assistance agreement plus additional expenses of approximately
U.S.$0.3 million, U.S.$0.3 million, U.S.$0.6 million and U.S.$0.3 million,
respectively.

         Under the option agreement, ITA has options to subscribe for newly
issued series B shares. These options allow ITA to subscribe for 2% and 1% of
our capital stock outstanding at the time of each exercise, determined on a
fully diluted basis, 2001 through December 18, 2005, provided that ITA has
complied with its obligations under the technical assistance agreement and the
stock ownership restrictions set forth in our bylaws. The option exercise price
is U.S.$2.64559301 per share (the per share purchase price paid by ITA for its
series BB shares) plus an accrued annual premium of 5% from December 18, 1998.
The option agreement provides that the exercise price will be adjusted in the
event of increases or decreases in capital or certain dividend payments.

Arrangements with Copenhagen Airports A/S

         In June 2003 we entered into a contract with a subsidiary of Copenhagen
Airports A/S under which we retained the services of Kjeld Binger as ASUR's
interim chief executive officer in exchange for a monthly fee.



                          Stock Option Exercise Periods
<TABLE>
<CAPTION>

                                                                                     Percentage of
                                                                                 then-outstanding fully
                                                                                 diluted capital stock
                                                                                 ---------------------

<S>                                     <C>                                              <C>
First exercise period(1)                 Dec. 18, 2001 to Dec. 18, 2003                    2%
Second exercise period                   Dec. 18, 2002 to Dec. 18, 2004                    2%
Third exercise period                    Dec. 18, 2003 to Dec. 18, 2005                    1%
</TABLE>

---------------------------------------
(1) Expired without being exercised.


         ITA is entitled to exercise its remaining options immediately upon the
earlier to occur of: (i) the acquisition by any stockholder of at least 35% of
ASUR's capital stock (the acquisition of more than 10% of our capital stock by
any person other than ITA, NAFIN or the Mexican government would require an
amendment to our bylaws); (ii) a stockholders' meeting approving a merger
involving us that dilutes the holdings of our stockholders by more than 35%; or
(iii) our price per share on a stock exchange is at least U.S.$5.29118602 (twice
the option exercise price). ITA or any holder of the option is entitled to
transfer its option to any party that is entitled to be a stockholder of a
concession holder under the Mexican Airport Law and our bylaws. The relevant
restrictions are described in "Item 4. Information on the Company--Regulatory
Framework--Scope of Concessions and General Obligations of Concession Holders."

         ITA's stockholders have entered into an agreement under which ITA's
decision to exercise any of its options requires the unanimous consent of each
stockholder of ITA. However, in the event that ITA's stockholders do not
unanimously agree to exercise an option, the ITA stockholder or stockholders in
favor of exercising that option are permitted to cause ITA to transfer the
option to such stockholder or stockholders at the fair value of such option as
agreed among the stockholders or determined through an appraisal.

Arrangements with Entities Controlled by the Mexican Government

         In the ordinary course of its business, we enter into transactions with
various entities controlled by the Mexican government, including the provision
of services to various airlines controlled by the Mexican holding company
Cintra, S.A. de C.V. and the purchase of electricity from the Mexican Federal
Electricity Commission.

         Airlines and other entities controlled by Cintra, S.A. de C.V.
accounted for approximately 29.5%, 27.2% and 22.6 of the revenues generated by
our airports in 2001, 2002 and 2003, respectively. Of our accounts receivable,
these entities accounted for 40.4%, 47.4% and 49.4% and as of December 31, 2001,
2002 and 2003, respectively. These airlines include Aeromexico, Mexicana,
Aerocaribe, Aerocozumel and Aerolitoral. Through Aeromexico and Mexicana,
Cintra, S.A. de C.V. also controls SEAT, the principal provider of baggage and
ramp handling services in our airports. A majority of the capital stock of
Cintra, S.A. de C.V. is owned by the Institution for the Protection of Bank
Savings, a decentralized entity of the Mexican federal government, and by the
Mexican government. The Institution for the Protection of Bank Savings is
required by law to transfer all holdings, including its shares of Cintra, S.A.
de C.V. and the Mexican government has announced that it intends to sell its
shares of Cintra, S.A. de C.V. For details of revenues earned from related
parties, see "Item 4. Information on the Company--Business Overview--Principal
Air Traffic Customers" and Note 12 to our financial statements.

         In addition to the revenues earned from Cintra, we recorded revenues
from several Mexican federal and state government agencies. Revenues from
related public sector entities (excluding Cintra) were Ps. 7.2 million, Ps. 2.8
and Ps. 6.4 million for the years ended December 31, 2001, 2002 and 2003,
respectively.

         During the years ended December 31, 2001, 2002 and 2003, we recorded
expenses of Ps. 55.8 million, Ps. 55.7 million and Ps. 54.3 million,
respectively, for electricity, waste disposal, water and other services obtained
from entities or agencies of the Mexican government. Also, during the years
ended December 31, 1999 and 2000, we granted construction contracts for the
Cancun, Merida, Cozumel, and Oaxaca airports totaling Ps. 67.4 million and Ps.
15.1 million, respectively, to Triturados Basalticos y Derivados, S.A. de C.V.,
a shareholder of ITA. These construction projects were concluded during the
years ended December 31, 2000 and 2001.

Item 8.           Financial Information

         See "Item 18.  Financial Statements" beginning on page F-1.

Legal Proceedings

         We are involved in legal proceedings from time to time that are
incidental to the normal conduct of our business. We are currently involved in
certain legal proceedings in which we are seeking a confirmation of our right to
terminate certain lease agreements upon the expiration of their term. Although
we cannot predict when these proceedings will end, we expect that they will
ultimately be resolved in our favor.

         The municipalities of Cancun, Cozumel, Merida, Minatitlan, Veracruz and
Villahermosa have given us notice requesting that we pay property tax (predial)
based upon the property on which the Cancun and Cozumel Airports are located.
However, we believe that the request to pay this tax is not in accordance with
applicable law relating to property in the public domain, which includes the
airports we currently operate under concessions. In April 2001, we filed a
protective action in court against the attempt to collect the tax by the
municipal treasuries of Cancun and Cozumel. Our case against the municipality of
Cancun was decided in our favor in March 2004, and the remaining legal
proceedings are still in progress.

         We do not believe that liabilities related to any of these claims and
proceedings against us are likely to have, individually or in the aggregate, a
material adverse effect on our consolidated financial condition or results of
operations.

                                    Dividends

         The declaration, amount and payment of dividends are determined by a
majority vote of the stockholders present at a stockholders' meeting and
generally, but not necessarily, on the recommendation of the board of directors.
So long as the series BB shares represent at least 7.65% of our capital stock,
the declaration and payment of dividends will require the approval of the
holders of a majority of the series BB shares. Figures included in this
subsection "Dividends" are stated in nominal pesos.

         Mexican law requires that at least 5% of a company's net income (on a
non-consolidated basis) each year (after profit sharing and other deductions
required by Mexican law) be allocated to a legal reserve fund until such fund
reaches an amount equal to at least 20% of its capital stock (without adjustment
for inflation).

         Our subsidiaries are required to allocate earnings to their respective
legal reserve funds prior to paying dividends to Grupo Aeroportuario del
Sureste, S.A. de C.V.

         Mexican companies may pay dividends only out of earnings (including
retained earnings after all losses have been absorbed or paid up) and only after
such allocation to the legal reserve fund. The reserve fund is required to be
funded on a stand-alone basis for each company, rather than on a consolidated
basis. The level of earnings available for the payment of dividends is
determined under Mexican GAAP. The legal reserve of our holding company, Grupo
Aeroportuario del Sureste, S.A. de C.V., is Ps. 65.5 million (which includes the
required allocation corresponding to year 2003 net income).

         Dividends paid to non-resident holders with respect to ASUR's series B
shares and ADSs are not subject to Mexican withholding tax. Dividends that are
paid from a company's distributable earnings that have not been subject to
corporate income tax will be subject to a corporate-level dividend tax that is
currently set to decrease over time according to the following schedule of
rates: 51.5168% in 2002, 49.2525% in 2003 and 47.0592% thereafter. Distributable
earnings that have not been subject to the corporate income tax may arise, for
example, when a company's earnings are recognized for accounting purposes before
they are recognized for tax purposes. This corporate-level dividend income tax
on the distribution of earnings may be applied as a credit against Mexican
corporate income tax corresponding to the fiscal year in which the dividend was
paid or against the Mexican corporate income tax of the two fiscal years
following the date in which the dividend was paid. In the case of dividends paid
in 2003, the credit would be applicable against the Mexican corporate income tax
of the following three fiscal years. Dividends paid from a company's
distributable earnings that have been subject to corporate income tax are not
subject to this corporate-level dividend income tax. Three of our subsidiaries
(Cancun, Villahermosa and Merida) benefit from an injunction that reduced the
rate for dividends from 51.5168% in 2002, 49.2525% in 2003 and 47.0592% in 2004
to 34%, 33%, and 32%, respectively.

         On April 27, 2001, the stockholders approved the application of 5% and
20% of income to the legal and share repurchase reserves, respectively. The
stockholders allocated Ps. 11.8 million (5% of net income for fiscal year 2000)
to a legal reserve fund in compliance with Mexican law and allocated Ps. 47.3
million (20% of net income for fiscal year 2000) to the constitution of a share
repurchase reserve. On April 25, 2002, the stockholders approved the allocation
of Ps. 13.9 million (5% of net income for fiscal year 2001) to the legal reserve
as required under Mexican law and decided to cancel the share repurchase reserve
account, transferring its balance into the company's general profit account. On
April 29, 2003, the stockholders approved the allocation of Ps. 11.5 million (5%
of net income for fiscal year 2002) to the legal reserve as required under
Mexican law. On April 29, 2004, the stockholders approved the application of 5%
and 55% of income to the legal and share repurchase reserve, respectively. The
stockholders allocated Ps. 13.8 million (5% of net income for fiscal year 2003)
to a legal reserve fund in compliance with Mexican law and allocated Ps. 152.0
million to a new share repurchase reserve account in 2004.

         At our ordinary and extraordinary stockholders' meeting held on April
25, 2002, our stockholders approved cash dividends totaling Ps. 444.0 million
(composed of an ordinary dividend of 0.45 per share and an extraordinary
dividend of 1.03 per each share of our Series B and Series BB capital stock
outstanding.) This dividend was paid on May 30, 2002, and is the first dividend
that we have paid since our company was formed in 1998. On April 27, 2003
general stockholders' meeting, the company's stockholders agreed to pay net
dividends after income tax of Ps. 150.0 million, or Ps.0.50 per share. At the
general stockholders' meeting on April 29, 2004, ASUR's stockholders agreed to
pay net dividends after income tax of Ps. 158.0 million or Ps. 0.56 per share.
Because this dividend payment was not taken from the after-tax earnings account,
it gave rise to an income tax of Ps. 61.4 million. This dividend was paid on May
31, 2004.

         In the absence of attractive investment opportunities, we intend to
continue paying yearly dividends out of our annual net retained earnings,
however we do not necessarily plan to pay extraordinary dividends in the future.
We do not currently intend to implement a stock repurchase program.

         As of December 31, 2003, we had no distributable earnings that were
subject to corporate income tax. We do not expect to generate such after-tax
earnings in the near future. Until we generate such earnings subject to
corporate income tax, dividends paid by us to non-resident holders of series B
shares and ADSs will be subject to both the corporate-level dividend tax income
discussed above.

         We will declare any future dividends in pesos. In the case of series B
shares represented by ADSs, cash dividends are paid to the depositary and,
subject to the terms of the Deposit Agreement, converted into and paid in U.S.
dollars at the prevailing exchange rate, net of conversion expenses of the
depositary. Fluctuations in exchange rates affect the amount of dividends that
ADS holders receive. For a more detailed discussion, see "Item 10. Additional
Information."

Item 9.           The Offer and Listing

Stock Price History

         The following table sets forth, for the periods indicated, the high and
low closing prices for (i) our common shares on the Mexican Stock Exchange in
pesos and (ii) the ADSs on the New York Stock Exchange in U.S. dollars. For more
information, see "Item 10. Additional Information--Exchange Controls" for the
exchange rates applicable during the periods set forth below. The information
set forth in the table below reflects actual historical amounts at the trade
dates and has not been restated in constant pesos.

The annual high and low market prices for (i) our common shares on the Mexican
Stock Exchange in pesos and (ii) the ADSs on the New York Stock Exchange in U.S.
dollars over the five most recent financial years is as follows:
<PAGE>

<TABLE>
<CAPTION>

       Years ended
       December 31,                        U.S.$ per ADR(1)                         Pesos per Series B Share
                                     -----------------------------              ---------------------------------
                                       Low                  High                    Low                   High
                                     --------           ----------              ----------         --------------
<S>                                <C>                     <C>                    <C>                    <C>
2002
   First Quarter.................    12.00                 14.03                   12.85                 16.57
   Second Quarter(2).............    11.90                 16.45                   11.59                 17.50
   Third Quarter.................    11.00                 14.40                   10.40                 14.90
   Fourth Quarter................     9.79                 12.00                    9.50                 12.10

2003
   First Quarter.................   11.30                  12.86                   9.82                  12.55
   Second Quarter................   13.06                  16.34                  10.99                  15.99
   Third Quarter.................   15.00                  17.19                  13.93                  16.13
   Fourth Quarter................   16.20                  20.00                  14.55                  18.14

2004
   First Quarter.................   19.30                  24.71                  17.38                  22.50
<CAPTION>

                                       Pesos per Series B Share                         U.S.$ per ADR(1)
                                     -----------------------------              ---------------------------------
                                     Low                    High                   Low                   High
                                     --------           ----------              ----------         --------------
<S>                                <C>                     <C>                    <C>                    <C>
Monthly Prices
   December, 2003................   18.50                  19.70                  15.95                  17.60
   January, 2004.................   19.30                  22.18                  17.38                  20.11
   February, 2004................   21.50                  24.71                  19.50                  22.50
   March, 2004...................   22.10                  24.70                  20.30                  21.95
   April, 2004...................   21.85                  24.00                  19.41                  21.34
   May, 2004.....................   21.30                  23.20                  18.22                  20.60
</TABLE>

---------------------------------------
(1)   10 Series B shares per ADR.
(2)   Dividend paid

Sources:  Mexican Stock Exchange and the New York Stock Exchange.

                      Trading on the Mexican Stock Exchange

         The Mexican Stock Exchange, located in Mexico City, is the only stock
exchange in Mexico. Founded in 1894, it ceased operations in the early 1900s,
and was reestablished in 1907. The Mexican Stock Exchange is organized as a
corporation whose shares are held by brokerage firms. These firms are
exclusively authorized to trade on the floor of the Exchange. Trading on the
Mexican Stock Exchange takes place exclusively through an automated inter-dealer
quotation system known as SENTRA, which is open between the hours of 8:30 a.m.
and 3:30 p.m., Mexico City time, each business day. Each trading day is divided
into six trading sessions with ten-minute periods separating each session.
Trades in securities listed on the Mexican Stock Exchange can, subject to
certain requirements, also be effected off the Exchange. Due primarily to tax
considerations, however, most transactions in listed Mexican securities are
effected through the Exchange. The Mexican Stock Exchange operates a system of
automatic suspension of trading in shares of a particular issuer as a means of
controlling excessive price volatility. The suspension procedures will not apply
to shares that are directly or indirectly (through ADSs or CPOs) quoted on a
stock exchange outside Mexico.

         Settlement is effected two business days after a share transaction on
the Mexican Stock Exchange. Deferred settlement, even if by mutual agreement, is
not permitted without the approval of the CNBV. Most securities traded on the
Mexican Stock Exchange are on deposit with S.D. Indeval, S.A. de C.V., Instituto
para el Deposito de Valores, a privately-owned central securities depositary
that acts as a clearing house, depositary, custodian and registrar for Mexican
Stock Exchange transactions, eliminating the need for the physical transfer of
shares.

         The Mexican Stock Exchange is one of Latin America's largest exchanges
in terms of market capitalization, but it remains relatively small and illiquid
compared to major world markets, and therefore subject to greater volatility.

         As of December 31, 2003, 158 Mexican companies, excluding mutual funds,
had equity listed on the Mexican Stock Exchange. In 2003, the ten most actively
traded equity issues (excluding banks) represented approximately 71% of the
total volume of equity issues traded on the Mexican Stock Exchange. Although the
public participates in the trading of securities, a major part of the activity
of the Mexican Stock Exchange reflects transactions by institutional investors.
There is no formal over-the-counter market for securities in Mexico.

         The market value of securities of Mexican companies is, to varying
degrees, affected by economic and market conditions in other emerging market
countries. In late October 1997, prices of both Mexican debt securities and
Mexican equity securities dropped substantially following declines earlier in
the year in the Asian, Russian and Brazilian securities markets.

Item 10.          Additional Information

Bylaws

         This section summarizes certain provisions of Mexican law and our
estatutos sociales (bylaws), a copy of which is attached to this Form 20-F as
Exhibit 1.1.

         At our Extraordinary Stockholders' Meeting held on December 30, 2003,
several changes to our bylaws were approved in order to comply with the
regulations published in the Diario Oficial de la Federacion on March 19, 2003
by the Mexican Banking and Securities Commission. Our restated bylaws that
include these recent amendments were duly registered with the Federal District
Public Registry of Commerce on February 25, 2004 under file number 237,658. Our
corporate purpose is defined in Article 2 of our bylaws and includes the
management and operation of airports as well as a wide range of other commercial
activities.

Directors

         Our bylaws provide that our board of directors will have at least seven
but not more than eleven members. All directors can be elected at one meeting.

         At each stockholders' meeting for the election of directors, the
holders of series BB shares are entitled to elect two directors. The remaining
members of the board of directors are to be elected by the holders of the series
B shares.

         Each person (or group of persons acting together) holding 10% of our
capital stock in the form of series B shares is entitled to elect one director.
The remaining positions on the board of directors will be filled based on the
vote of all holders of series B shares, including those series B holders that
were entitled to elect a director by virtue of their owning 10% of our capital
stock. The candidates to be considered for election as directors by the series B
stockholders will be proposed to the stockholders' meeting by the Nominations
and Compensation Committee. All directors are elected based on a simple majority
of the votes cast at the relevant stockholders' meeting. Our bylaws do not
currently require mandatory retirement of directors after they reach a certain
age. The compensation of our directors is proposed by the Nominations and
Compensation Committee to all of our stockholders at stockholders' meetings for
their approval.

         The number of directors to be elected by the holders of series B shares
is to be determined based on the number of directors elected by persons holding
series B shares representing 10% (individually or as a group) of our capital
stock and by the holders of the series BB shares. If less than seven directors
are elected by 10% stockholders exercising their right to elect one director and
by the holders of the series BB shares, the total number of directors to be
elected by the series B holders will be such number as is required to reach
seven. If seven directors are elected by 10% stockholders exercising their right
to elect one director and by the holders of the series BB shares, the series B
stockholders will be entitled to elect two directors in addition to those
elected by 10% stockholders. If more than seven directors are elected by 10%
stockholders exercising their right to elect one director and the holders of the
series BB shares, the series B stockholders will be entitled to elect one or two
directors in addition to the directors elected by 10% stockholders (individually
or as a group) (depending on which number will result in an odd number of
directors).

Authority of the Board of Directors

         The board of directors is our legal representative. The powers of the
board include, without limitation, the power:

         o        to participate in our strategic planning decisions,

         o        to authorize changes in our policies regarding financial
                  structure, products, market development and organization,

         o        to oversee compliance with general corporate practices, our
                  bylaws and the minority rights set forth thereunder,

         o        to call for stockholders' meetings and act on their
                  resolutions,

         o        to create special committees and grant them the powers and
                  authority it sees fit, provided that said committees will not
                  be vested with the authorities which by law or under our
                  bylaws are expressly reserved for the stockholders or the
                  board of directors,

         o        to determine how to vote the shares held by us in our
                  subsidiaries in matters related to the appointment of: (i) our
                  chief executive officer; and (ii) the officers determined by
                  the board of directors other than those whose designation is
                  reserved for the series BB directors or the Operating
                  Committee,

         o        to approve, upon proposal by the Operating Committee: (i) our
                  annual budget and that of our subsidiaries; and (ii) the
                  master development plan and any amendments thereto for each of
                  the airports to be submitted to the Ministry of Communications
                  and Transportation,

         o        to determine how we will vote our shares in subsidiaries when
                  the Operating Committee does not timely do so, and

         o        to exercise non-assignable authority to approve: (i)
                  operations outside the ordinary course of business between the
                  Company and related parties; (ii) the purchase or sale of 10%
                  or more of our assets; (iii) the granting of guarantees in an
                  amount greater than 30% of the value of our assets; and (iv)
                  operations, other than those already listed, that are outside
                  the ordinary course of our business for amounts greater than
                  1% of the value of our assets.

         Meetings of the board of directors will be validly convened and held if
a majority of its members are present. Resolutions at said meetings will be
valid if approved by a majority of the members of the board of directors, unless
our bylaws require a higher number. The chairman does not have a tie-breaking
vote.

         Resolutions at board meetings with respect to any of the issues listed
below will be valid only if approved by the members of the board of directors
elected by the holders of the series BB shares:

         o        approval of our financial statements and those of our
                  subsidiaries and their submission to the stockholders'
                  meeting,

         o        approval of the 5-year master development plans for each of
                  the airports operated by our subsidiaries,

         o        annual approval of the business plan and the investment
                  budget,

         o        approval of capital investments not considered in the approved
                  annual budget for each fiscal year,

         o        approval of any sale of fixed assets having, individually or
                  jointly, a value greater than U.S.$2.0 million,

         o        determine the manner in which the Company shall vote its
                  shares at the shareholders meeting of its subsidiaries, taking
                  into consideration the proposal of the Operating Committee,

         o        proposal to increase our capital or that of our subsidiaries,

         o        approval of any sale of shares of the capital stock of our
                  subsidiaries,

         o        approval of any transfer by us of shares in our subsidiaries,

         o        purchase of shares or interests in any company,

         o        approval or amendment of our management structure,

         o        creation of new committees, delegation of powers to the same,
                  and changes to the powers of any existing committee,

         o        incurrence of any indebtedness in an amount greater than
                  U.S.$5.0 million during any calendar year or in excess of the
                  debt level set forth in the annual business plan, which must
                  not exceed a 50% debt to capital ratio, and

         o        approval of our dividend policy and its submission to the
                  stockholders' meeting.

Powers of Series BB Directors

The Series BB directors are entitled to:

         o        appoint and remove our chief executive officer and half of our
                  executive officers;

         o        appoint three members of the Operating Committee, one of which
                  must be the chief executive officer;

         o        appoint at least one member of the Audit Committee and the
                  Acquisitions and Contracts Committee; and

         o        determine the composition of our Operating Committee with
                  respect to those members who are not affiliated with ASUR or
                  our corporate group.

Our Capital Stock

         The following table sets forth our authorized capital stock and our
issued and outstanding capital stock at December 31, 2003:

                                  Capital Stock

                                         Authorized      Issued and outstanding
                                      ---------------    ----------------------
     Fixed capital stock:
           Series B shares.........     255,000,000             255,000,000
           Series BB shares........      45,000,000              45,000,000
     Variable capital stock:
           Series B shares.........      15,789,474                  --
           Series BB shares........               0                  --

All ordinary shares confer equal rights and obligations to holders within each
series. The series BB shares have the voting and other rights described below.

         Our bylaws provide that our shares have the following characteristics:

         o        Series B. Series B shares currently represent 85% of our
                  capital. Series B shares may be held by any Mexican or foreign
                  natural person, company or entity.

         o        Series BB. Series BB shares currently represent 15% of our
                  capital. Series BB shares may be held by any Mexican or
                  foreign natural person, company or entity.

         Under the Mexican Airport Law and the Mexican Foreign Investments Law,
foreign persons may not directly or indirectly own more than 49% of the capital
stock of a holder of an airport concession unless an authorization from the
Mexican Commission of Foreign Investments is obtained. We obtained this
authorization on September 7, 1999 and as a consequence these restrictions do
not apply to our series B or series BB shares.

Voting Rights and Stockholders' Meetings

         Each series B share and series BB share entitles the holder to one vote
at any general meeting of our stockholders. Holders of series BB shares are
entitled to elect two members of our board of directors and holders of series B
shares are entitled to name the remaining members of the board of directors.

         Under Mexican law and our bylaws, we may hold three types of
stockholders' meetings: ordinary, extraordinary, and special. Ordinary
stockholders' meetings are those called to discuss any issue not reserved for
extraordinary stockholders' meeting. An annual ordinary stockholders' meeting
must be convened and held within the first four months following the end of each
fiscal year to discuss, among other things, the report prepared by the Board on
our financial statements, the appointment of members of the Board and statutory
auditors and the determination of compensation for members of the Board and
statutory auditors.

         Extraordinary stockholders' meetings are those called to consider any
of the following matters:

         o        extension of a company's duration or voluntary dissolution,

         o        an increase or decrease in a company's minimum fixed capital,

         o        change in corporate purpose or nationality,

         o        any transformation, merger or spin-off involving the company,

         o        any stock redemption or issuance of preferred stock or bonds,

         o        the cancellation of the listing of our shares with the
                  National Registry of Securities or on any stock exchange,

         o        amendments to a company's bylaws, and

         o        any other matters for which applicable Mexican law or the
                  bylaws specifically require an extraordinary meeting.

         Special stockholders' meetings are those called and held by
stockholders of the same series or class to consider any matter particularly
affecting the relevant series or class of shares.

         Stockholders' meetings are required to be held in our corporate
domicile, which is Mexico City. Calls for stockholders' meetings must be made by
the Chairman, the Secretary, any two members of the board of directors or the
statutory auditors. Any stockholder or group of stockholders representing at
least 10% of our capital stock has the right to request that the board of
directors or the statutory auditors call a stockholders' meeting to discuss the
matters indicated in the relevant request. If the board of directors or the
statutory auditors fail to call a meeting within 15 calendar days following
receipt of the request, the stockholder or group of stockholders representing at
least 10% of our capital stock may request that the call be made by a competent
court.

         Calls for stockholders' meetings must be published in the official
gazette of the federation or in one newspaper of general circulation in Mexico
at least 15 calendar days prior to the date of the meeting. Each call must set
forth the place, date and time of the meeting and the matters to be addressed.
Calls must be signed by whomever makes them, provided that calls made by the
board of directors must be signed by the Chairman, the Secretary or a special
delegate appointed by the board of directors for that purpose. Stockholders'
meetings will be validly held and convened without the need of a prior call or
publication whenever all the shares representing our capital are duly
represented.

         To be admitted to any stockholders' meeting, stockholders must: (i) be
registered in our share registry; and (ii) at least 24 hours prior to the
commencement of the meeting submit (a) an admission ticket issued by us for that
purpose, and (b) a certificate of deposit of the relevant stock certificates
issued by the Secretary or by a securities deposit institution, a Mexican or
foreign bank or securities dealer in accordance with the Mexican Securities
Market Law. The share registry will be closed three days prior to the date of
the meeting. Stockholders may be represented at any stockholders' meeting by one
or more attorneys-in-fact who may not be either directors or statutory auditors
of ASUR. Representation at stockholders' meetings may be substantiated pursuant
to general or special powers of attorney or by a proxy executed before two
witnesses.

         Promptly following the publication of any call for a stockholders'
meeting, we will provide copies of the publication to the depositary for
distribution to the holders of ADSs. Holders of ADSs are entitled to instruct
the depositary as to the exercise of voting rights pertaining to the series B
shares.

Quorums

         Ordinary meetings are regarded as legally convened pursuant to a first
call when at least 50% of the shares representing our capital are present or
duly represented. Resolutions at ordinary meetings of stockholders are valid
when approved by a majority of the shares present at the meeting. Any number of
shares represented at an ordinary meeting of stockholders convened pursuant to a
second or subsequent call constitutes a quorum. Resolutions at ordinary meetings
of stockholders convened in this manner are valid when approved by a majority of
the shares present at the meeting.

         Extraordinary stockholders' meetings are regarded as legally convened
pursuant to a first or subsequent call when at least 75% of the shares
representing our capital are present or duly represented. Resolutions at
extraordinary meetings of stockholders are valid if taken by the favorable vote
of shares representing more that 50% of our capital.

         Notwithstanding the foregoing, resolutions at extraordinary meetings of
stockholders called to discuss any of the issues listed below are valid only if
approved by a vote of shares representing at least 75% of our capital:

         o        any amendment to our bylaws which: (i) changes or deletes the
                  authorities of our committees; or (ii) changes or deletes the
                  rights of minority stockholders,

         o        any actions resulting in the cancellation of the concessions
                  granted to us or our subsidiaries by the Mexican government or
                  any assignment of rights arising therefrom,

         o        termination of the participation agreement that was entered
                  into by ITA and the Mexican government in connection with the
                  Mexican government's sale of the series BB shares to ITA,

         o        the cancellation of our registration in the Mexican Securities
                  Registry or in any stock market,

         o        a merger by us with an entity the business of which is not
                  related to the business of us or our subsidiaries, and

         o        a spin-off, dissolution or liquidation of ASUR. Our bylaws
                  also establish the following voting requirements:

         o        the amendment of the restrictions in our bylaws on ownership
                  of shares of our capital stock requires the vote of holders of
                  85% of our capital stock;

         o        a delisting of our shares requires the vote of holders of 95%
                  of our capital stock; and

         o        the amendment of the provisions in our bylaws requiring that a
                  stockholder seeking to obtain control carry out a tender offer
                  requires the vote of holders of 85% of our capital stock.

Right of Withdrawal

         Any stockholder having voted against a resolution validly adopted at a
meeting of our stockholders with respect to (i) a change in our corporate
purpose or nationality, (ii) a change of corporate form, (iii) a merger
involving us in which we are not the surviving entity or the dilution of its
capital stock by more than 10%, or (iv) a spin-off, may request redemption of
its shares, provided that the relevant request is filed with us within fifteen
days following the holding of the relevant stockholders' meeting. The redemption
of the stockholders' shares will be effected at the lower of (a) 95% of the
average trading price determined on the closing prices of our shares over the
last thirty days on which trading in our shares took place prior to the date on
which the relevant resolution becomes effective, during a period not longer than
six months, or (b) the book value of the shares in accordance with our most
recent audited financial statements approved by our stockholders' meeting.

         Pursuant to our bylaws, our stockholders have waived the right to
redeem their variable capital contributions provided in the Mexican General Law
of Business Corporations.

Veto Rights of Holders of Series BB Shares

         So long as the series BB shares represent at least 7.65% of our capital
stock, resolutions adopted at stockholders' meetings with respect to any of the
issues listed below will only be valid if approved by a vote of a majority of
the series BB shares:

         o        approval of our financial statements,

         o        liquidation or dissolution,

         o        capital increases or decreases,

         o        declaration and payment of dividends,

         o        amendment to our bylaws,

         o        mergers, spin-offs or share-splits,

         o        grant or amendment of special rights to series of shares, and

         o        any decision amending or nullifying a resolution validly taken
                  by the board of directors with respect to (i) appointment of
                  our chief executive officer or the other members of management
                  to be designated by the holders of our series BB shares, (ii)
                  appointment of the three members of our Operating Committee to
                  be designated by the holders of the series BB shares, and
                  (iii) appointment of the members of the Operating Committee
                  whose appointment requires the consent of the holders of the
                  series BB shares.

Dividends and Distributions

         At our annual ordinary general stockholders' meeting, the board of
directors will submit to the stockholders for their approval our financial
statements for the preceding fiscal year. Five percent of our net income (after
profit sharing and other deductions required by Mexican law) must be allocated
to a legal reserve fund until the legal reserve fund reaches an amount equal to
at least 20% of our capital stock (without adjustment for inflation). Additional
amounts may be allocated to other reserve funds as the stockholders may from
time to time determine including a reserve to repurchase shares. The remaining
balance, if any, of net earnings may be distributed as dividends on the shares
of common stock. A full discussion of our dividend policy may be found in "Item
8. Financial Information--Dividends."

Registration and Transfer

         Our shares are registered with the Mexican Securities Registry, as
required under the Securities Market Law and regulations issued by the Mexican
Banking and Securities Commission. If we wish to cancel our registration, or if
it is cancelled by the Mexican Banking and Securities Commission, the
stockholders holding a majority of the ordinary shares or that have the ability,
under any title, to impose any decisions in the ordinary shareholders' meeting
or to appoint a majority of members to the board of directors of ASUR will be
required to make a public offer to purchase all outstanding shares, prior to
such cancellation. Unless the Mexican Banking and Securities Commission
authorizes otherwise, the public offer price shall be the higher of the weighted
average trade price (based on volume) for our shares during the thirty prior
days on which shares may have been quoted prior to the date of the public offer
during a period not longer than six months or if no shares traded during such
period, the book value of the shares as calculated in accordance with the most
recent quarterly report submitted to the Mexican Banking and Securities
Commission and to the Mexican Stock Exchange. Any amendments to the foregoing
provisions included in our bylaws require the prior approval of the Mexican
Banking and Securities Commission and the resolution of the extraordinary
stockholders' meeting adopted by a minimum voting quorum of 95% of our
outstanding capital stock.

         Series BB shares may only be transferred after conversion into series B
shares, and are subject to the following rules:

         o        Currently, ITA is permitted to sell up to 49% of its series BB
                  shares. ITA is required to retain its remaining 51% interest
                  through December 18, 2008.

         o        After December 18, 2008, ITA continues to be free to sell 49%
                  of its initial ownership interest without restriction. In
                  addition, ITA may sell in any year up to 20% of its other 51%
                  interest in series BB shares.

         o        If ITA owns series BB shares that represent less than 7.65% of
                  our capital stock after December 18, 2013, those remaining
                  series BB shares will be automatically converted into freely
                  transferable series B shares.

         o        If ITA owns series BB shares representing at least 7.65% of
                  our capital stock after December 18, 2013, those series BB
                  shares may be converted into series B shares, provided the
                  holders of at least 51% of series B shares (other than shares
                  held by ITA and any of its "related persons") approve such
                  conversion and vote against renewal of the technical
                  assistance agreement.

         o        If upon such conversion any stockholder exceeds the individual
                  ownership limitations set forth in our bylaws, such
                  stockholder will be required to transfer the excess stock to a
                  third party within thirty calendar days. If the stockholder
                  fails to effect such transfer within the thirty calendar day
                  period, we may thereafter redeem such excess stock at book
                  value in accordance with the latest financial statements
                  approved by the stockholders' meeting.

         For purposes of our bylaws, a "related person" means, with respect to
any person:

         o        any person, directly or indirectly, controlling, controlled
                  by, or under common control with such person

         o        any person having the ability to determine the business
                  policies of such person

         o        in the case of an individual, an individual having a blood or
                  civil kinship in a direct line (ascending or descending)
                  within and including the fourth grade with such person

         o        in the case of ASUR, ITA, and

         o        in the case of ITA, its stockholders and their related
                  persons.

         For purposes of our bylaws, "control" of a person, with respect to any
person, is defined as:

         o        the ownership, directly or indirectly of 20% or more of the
                  capital stock or voting rights of such person,

         o        the ability to elect the majority of the members of the board
                  of directors or managers of the person,

         o        the ability to veto resolutions that could otherwise be
                  adopted by the person's stockholders (except with respect to
                  matters required to be approved by an extraordinary
                  stockholders' meeting under Mexican law), either by agreement
                  or by ownership of a special series of shares, or

         o        existence of commercial relations representing more than 15%
                  of the total annual consolidated income of such person.

Stockholder Ownership Restrictions and Antitakeover Protection

         Holders of our shares are subject to the following restrictions:

         o        holders of series B shares, either individually or together
                  with their related persons, may not directly or indirectly own
                  more than 10% of our capital stock,

         o        series BB shares may represent no more than 15% of our
                  outstanding capital stock,

         o        holders of series BB shares may also own series B shares,
                  provided that as long as they hold series BB shares, their
                  total beneficial ownership may not exceed 20% of our
                  outstanding capital stock,

         o        no more than 5% of our outstanding capital stock may be owned
                  by air carriers, and

         o        foreign governments acting in a sovereign capacity may not
                  directly or indirectly own any portion of our capital stock.

         A person exceeding the 10% threshold described above due solely to our
repurchase of our shares is required to reduce its interest below 10% within one
year of such repurchase.

         The foregoing ownership restrictions do not apply to:

         o        NAFIN, including in its capacity as trustee,

         o        Institutions that act as depositaries for securities, and

         o        Financial and other authorized institutions that hold
                  securities for the account of beneficial owners, provided that
                  such beneficial owners are not exempt from the ownership
                  restrictions.

         Any amendment to the ownership restrictions described above requires
the vote of shares representing 85% of our capital stock.

         If our bylaws are amended to eliminate the share ownership restrictions
described above, any stockholder seeking to acquire "control" of ASUR (as
defined above) is required to obtain the consent of the board of directors prior
to acquiring shares in excess of the amount permitted to be acquired prior to
any such amendment. Any such consent granted by the board of directors shall be
conditioned on a tender offer being conducted within 30 business days by the
person acquiring "control." The tender offer price is required to be the higher
of (i) the average price of the trades carried out during the prior 30 (thirty)
days on which the shares may have been quoted prior to the date of the offer; or
(ii) the book value of the shares in accordance with the most recent quarterly
report submitted to the Mexican Banking and Securities Commission and to the
Mexican Stock Exchange, unless the Mexican Banking and Securities Commission
authorizes a different price. Any amendment of this tender offer requirement
requires the vote of the holders of 95% of our capital stock.

         Air carriers and their subsidiaries and affiliates are not permitted,
directly or indirectly, to "control" ASUR or any of our subsidiary concession
holders.

         Under the Mexican Airport Law, any control takeover requires the prior
consent of the Ministry of Communications and Transportation. See "Item 4.
Information on the Company--Regulatory Framework--Reporting, Information and
Consent Requirements."

         For purposes of these provisions, "related person" and "control" are
defined above under "--Registration and Transfer."

Changes in Capital Stock

         Increases and reductions of our minimum fixed capital must be approved
at an extraordinary stockholders' meeting, subject to the provisions of our
bylaws and the Mexican General Law of Business Corporations. Increases or
reductions of the variable capital must be approved at an ordinary stockholders'
meeting in compliance with the voting requirements of our bylaws.

         Shares issued under Article 81 of the Securities Market Law (which are
those held in treasury to be delivered upon their subscription) may be offered
for subscription and payment by the board of directors, provided that:

         o        the issuance is made to effect a public offering in accordance
                  with the Securities Market Law, and

         o        the Company shall obtain authorization from the National
                  Banking and Securities Commission,

         o        the shares that are not subscribed and paid within the period
                  set forth by the National Banking and Securities Commission
                  shall be considered null and void and be cancelled, and

         o        to facilitate the public offer, at the extraordinary
                  stockholders' meeting where the issuance of non-subscribed
                  shares is approved, an express waiver of preemptive rights is
                  made.

         If the holders of at least 25% of our capital stock vote against the
issuance of non-subscribed shares, said issuance may not take place.

         Subject to the individual ownership limitations set forth in our
bylaws, in the event of an increase of our capital stock our stockholders will
have a preemptive right to subscribe and pay for new stock issued as a result of
such increase in proportion to their stockholder interest at that time, unless:
(i) the capital increase is made under the provisions of Article 81 of the
Securities Market Law; or (ii) the capital increase relates to the issuance of
shares upon the conversion of debentures. Said preemptive right shall be
exercised by subscription and payment of the relevant stock within fifteen
business days after the date of publication of the corresponding notice to our
stockholders in the official gazette of the federation and in one of the
newspapers or greater circulation in Mexico, provided that if at the
corresponding meeting all of our shares are duly represented, the fifteen
business day period shall commence on the date of the meeting.

         Our capital stock may be reduced by resolution of a stockholders'
meeting taken pursuant to the rules applicable to capital increases. Our capital
stock may also be reduced upon withdrawal of a stockholder (See "--Voting Rights
and Stockholders' Meetings--Right of Withdrawal") or by repurchase of our own
stock in accordance with the Securities Market Law (See "--Share Repurchases").

Share Repurchases

         We may choose to acquire our own shares through the Mexican Stock
Exchange and the New York Stock Exchange on the following terms and conditions:

         o        the acquisition must be made at the market price charged
                  against the capital stock and, when applicable, against a
                  reserve created with funds from net profits,

         o        the ordinary stockholders' meeting shall determine the amount
                  of capital and, if applicable, the amount of the reserve that
                  we may use to repurchase our shares. The acquisition may be
                  effected by resolution of our board of directors,

         o        the acquisition must be made subject to the provisions of
                  applicable law, including the Securities Market Law and
                  carried out, reported and disclosed in the manner established
                  by the Mexican Banking and Securities Commission,

         o        as a consequence of the purchase, the corporate capital and
                  the reserve will be reduced, converting the acquired shares
                  into treasury shares, and

         o        the shares may be resold out of the treasury, thereby
                  increasing the corporate capital and the reserve.

Ownership of Capital Stock by Subsidiaries

         Our subsidiaries may not, directly or indirectly, invest in our shares,
unless such subsidiaries acquired our shares to comply with employee stock
option or stock sale plans that are established, granted or designed in favor of
the employees or officers of such subsidiaries. The number of shares acquired
for such purpose may not exceed 15% of our outstanding capital stock.

Liquidation

         Upon our dissolution, one or more liquidators must be appointed at an
extraordinary stockholders' meeting to wind up our affairs. All fully paid and
outstanding shares will be entitled to participate equally in any distribution
upon liquidation. Partially paid shares participate in any distribution in the
same proportion that such shares have been paid at the time of the distribution.

Other Provisions

Liabilities of the members of the Board of Directors

         As in any other Mexican corporation and due to the provisions of the
Mexican General Law on Business Corporations, any stockholder or group of
stockholders holding at least 10% of our capital stock may directly file a civil
liability action under Mexican law against the members of the board of directors
and statutory auditors.

         In addition to the foregoing, our bylaws provide that a member of the
board of directors will be liable to us and our stockholders in the following
circumstances:

         o        negligence resulting in the loss of more than two-thirds of
                  our capital stock,

         o        fraud resulting in our bankruptcy,

         o        exceeding board authority or breach of duties under our
                  bylaws,

         o        participation in the resolution of issues where a conflict of
                  interest exists that results in damages to us,

         o        negligence resulting in company obligations or agreements
                  violating legal or statutory provisions, and

         o        failure to report irregularities in actions of former board
                  members.

         The members of the board are liable to our stockholders only for the
loss of net worth suffered as a consequence of disloyal acts carried out in
excess of their authority or in violation of our bylaws.

Information to Stockholders

         The Mexican General Law on Business Corporations establishes that
companies, acting through their boards of directors, must annually present a
report at a stockholder's meeting that includes:

         o        a report of the directors on the operations of the company
                  during the preceding year, as well as on the policies followed
                  by the directors and on the principal existing projects,

         o        a report explaining the principal accounting and information
                  policies and criteria followed in the preparation of the
                  financial information,

         o        a statement of the financial condition of the company at the
                  end of the fiscal year,

         o        a statement showing the results of operations of the company
                  during the preceding year, as well as changes in the company's
                  financial condition and capital stock during the preceding
                  year,

         o        the notes which are required to complete or clarify the above
                  mentioned information, and

         o        the report prepared by the statutory auditors with respect to
                  the accuracy and reasonability of the above mentioned
                  information presented by the board of directors.

         In addition to the foregoing, our bylaws provide that the board of
directors should also prepare the information referred to above with respect to
any subsidiary that represents at least 20% of our net worth (based on the
financial statements most recently available).

Duration

         The duration of our corporate existence is one hundred years.

Stockholders' Conflict of Interest
         Under Mexican law, any stockholder that has a conflict of interest with
respect to any transaction must abstain from voting on such a transaction at the
relevant stockholders' meeting. A stockholder that votes on a transaction in
which its interest conflicts with that of ASUR may be liable for damages in the
event the relevant transaction would not have been approved without such
stockholder's vote.

Directors' Conflict of Interest

         Under Mexican law, any director who has a conflict of interest with
ASUR in any transaction must disclose the conflict to the other directors and
abstain from voting. Any director who violates such provision will be liable to
us for any resulting damages or losses. Additionally, our directors and
statutory auditors may not represent stockholders in the stockholders' meetings.

Material Contracts

         Our subsidiaries are parties to the airport concessions granted by the
Ministry of Communications and Transportation under which we are required to
construct, operate, maintain and develop the airports in exchange for certain
benefits. See "--Sources of Regulation" and "--Scope of Concessions and General
Obligations of Concession Holders" under "Regulatory Framework" in Item 4.

         We are a party to a participation agreement with ITA and the Ministry
of Communications and Transportation which establishes the framework for several
other agreements to which we are a party. See "Item 7. Major Shareholders and
Related Party Transactions--Related Party Transactions--Arrangements with ITA".

         We have entered into a technical assistance agreement and option
agreement with ITA providing for management and consulting services and the
option to subscribe for newly issued series B shares. See "Item 7. Major
Shareholders and Related Party Transactions--Related Party
Transactions--Arrangements with ITA."

                                Exchange Controls

         Mexico has had free market for foreign exchange since 1991 and the
government has allowed the peso to float freely against the U.S. dollar since
December 1994. There can be no assurance that the government will maintain its
current foreign exchange policies. See "Item 3. Key Information--Exchange
Rates."

                                    Taxation

         The following summary contains a description of the material
anticipated U.S. and Mexican federal income tax consequences of the purchase,
ownership and disposition of our series B shares or ADSs by a holder that is a
citizen or resident of the United States or a U.S. domestic corporation or that
otherwise will be subject to U.S. federal income tax on a net income basis in
respect of our series B shares or ADSs and that is a "non-Mexican holder" (as
defined below) (a "U.S. holder"), but it does not purport to be a comprehensive
description of all of the tax considerations that may be relevant to a decision
to purchase our series B shares or ADSs. In particular, the summary deals only
with U.S. holders that will hold our series B shares or ADSs as capital assets
and does not address the tax treatment of a U.S. holder that owns or is treated
as owning 10% or more of our outstanding voting shares. In addition, the summary
does not address any U.S. or Mexican state or local tax considerations that may
be relevant to a U.S. holder.

         The summary is based upon the federal income tax laws of the United
States and Mexico as in effect on the date of this Form 20-F, including the
provisions of the income tax treaty between the United States and Mexico and
protocol thereto (the "Tax Treaty"), all of which are subject to change,
possibly with retroactive effect in the case of U.S. federal income tax law.
Prospective investors in our series B shares or ADSs should consult their own
tax advisors as to the U.S., Mexican or other tax consequences of the purchase,
ownership and disposition of the series B shares or ADSs, including, in
particular, the effect of any foreign, state or local tax laws and their
entitlement to the benefits, if any, afforded by the Tax Treaty.

         For purposes of this summary, the term "non-Mexican holder" shall mean
a holder that is not a resident of Mexico and that will not hold the series B
shares or ADSs or a beneficial interest therein in connection with the conduct
of a trade or business through a permanent establishment or fixed base in
Mexico.

         For purposes of Mexican taxation, the definition of "residency" is
highly technical and residency results in several situations. Generally an
individual is a resident of Mexico if he or she has established his or her home
in Mexico, and a corporation is a resident if it is incorporated under Mexican
law or it has its center of interests in Mexico. An individual who has a home in
Mexico and another country will be considered to be a resident of Mexico if
Mexico is the individual's significant center of interest. An individual's
significant center of interest will be considered Mexico in the following
circumstances, among other factors: (i) when more than 5% of such person's total
yearly income originates in Mexico; (ii) when Mexico is the individual's
principal place of business. Additionally, Mexican officers and employees
working for the Mexican government but living outside of Mexico will be
considered to be Mexican residents even if their significant center of interest
is not in Mexico. However, any determination of residence should take into
account the particular situation or each person or legal entity.

         In general, for U.S. federal income tax purposes, holders of ADSs will
be treated as the beneficial owners of the series B shares represented by those
ADSs.

Taxation of Dividends

Mexican Tax Considerations

         Under Mexican Income Tax Law provisions, dividends paid to non-Mexican
holders with respect to our series B shares or ADSs are not subject to any
Mexican withholding tax.

U.S. Federal Income Tax Considerations

The gross amount of any distributions paid with respect to the series B shares
or ADSs, to the extent paid out of our current or accumulated earnings and
profits, as determined for U.S. federal income tax purposes, generally will be
includible in the gross income of a U.S. holder as ordinary income on the date
on which the distributions are received by the depositary and will not be
eligible for the dividends received deduction allowed to certain corporations
under the U.S. Internal Revenue Code of 1986, as amended. To the extent that a
distribution exceeds our current and accumulated earnings and profits, it will
be treated as a non-taxable return of basis to the extent thereof, and
thereafter as capital gain from the sale of series B shares or ADSs.
Distributions, which will be made in pesos, will be includible in the income of
a U.S. holder in a U.S. dollar amount calculated by reference to the exchange
rate in effect on the date they are received by the depositary whether or not
they are converted into U.S. dollars. If such distributions are converted into
U.S. dollars on the date of receipt, a U.S. holder generally should not be
required to recognize foreign currency gain or loss in respect of the
distributions. Subject to certain exceptions for short-term and hedged
positions, the U.S. dollar amount of dividends received by an individual U.S.
holder prior to January 1, 2009 with respect to the ADSs will be subject to
taxation at a maximum rate of 15% if the dividends are "qualified dividends."
Dividends paid on the ADSs will be treated as qualified dividends if (i) the
ADSs are readily tradable on an established securities market in the United
States and (ii) the issuer was not, in the year prior to the year in which the
dividend was paid, and is not, in the years in which the dividend is paid, a
passive foreign investment company ("PFIC"), foreign personal holding company
("FPHC") or foreign investment company ("FIC"). The ADSs are listed on the New
York Stock Exchange, and will qualify as readily tradable on an established
securities market in the United States so long as they are so listed. Based on
our audited financial statements and relevant market and shareholder data, we
believe that we were not treated as a PFIC, FPHC or FIC for U.S. federal income
tax purposes with respect to our 2003 taxable year. In addition, based on our
audited financial statements and our current expectations regarding the value
and nature of our assets, the sources and nature of our income, and relevant
market and shareholder data, we do not anticipate becoming a PFIC, FPHC or FIC
for our 2004 taxable year.

         Based on existing guidance, it is not entirely clear whether dividends
received with respect to the common shares will be treated as qualified
dividends, because the common shares are not themselves listed on a U.S
exchange. In addition, the U.S. Treasury has announced its intention to
promulgate rules pursuant to which holders of ADSs or common stock and
intermediaries through whom such securities are held will be permitted to rely
on certifications from issuers to establish that dividends are treated as
qualified dividends. Because such procedures have not yet been issued, it is not
clear whether we will be able to comply with them. Holders of ADSs and common
shares should consult their own tax advisors regarding the availability of the
reduced dividend tax rate in the light of their own particular circumstances.

         U.S. holders should consult their own tax advisors regarding the
treatment of foreign currency gain or loss, if any, on any pesos received that
are converted into U.S. dollars on a date subsequent to receipt. Three of our
subsidiaries (Cancun, Villahermosa and Merida) benefit from an injunction that
reduced the rate for dividends from 51.5168% in 2002, 49.2525% in 2003 and
47.0592% in 2004 to 34%, 33%, 32%, respectively.

Taxation of Dispositions of Shares or ADSs

Mexican Tax Considerations

         Gain on the sale or other disposition of ADSs by a non-Mexican holder
will not be subject to any Mexican tax. Deposits and withdrawals of our series B
shares in exchange for ADSs will not give rise to Mexican tax or transfer
duties.

         Gain on the sale of our series B shares by a non-Mexican holder will
not be subject to any Mexican tax if the transaction is carried out through the
Mexican Stock Exchange or other securities markets approved by the Mexican
Ministry of Finance, and provided certain requirements set forth by the Mexican
Income Tax Law are complied with. Sales or other dispositions of series B shares
made in other circumstances generally would be subject to Mexican tax, except to
the extent that a holder is eligible for benefits under an income tax treaty to
which Mexico is a party. Under the Tax Treaty, a holder that is eligible to
claim the benefits of the Tax Treaty will be exempt from Mexican tax on gains
realized on a sale or other disposition of the series B shares in a transaction
that is not carried out through the Mexican Stock Exchange or such other
approved securities markets, so long as the holder did not own, directly or
indirectly, 25% or more of our capital stock (including ADSs) within the
12-month period preceding such sale or other disposition.

         For non-Mexican holders that do not meet the requirements referred to
above, gross income realized on the sale of the series B shares will be subject
to a 5% Mexican withholding tax if the transaction is carried out through the
Mexican Stock Exchange. Alternatively, a non-Mexican holder can choose to be
subject to a 20% withholding rate on the net gain obtained, as calculated
pursuant to Mexican Income Tax Law provisions.

U.S. Tax Considerations

         Upon the sale or other disposition of the series B shares or ADSs, a
U.S. holder generally will recognize capital gain or loss in an amount equal to
the difference between the amount realized on the sale or other disposition and
such U.S. holder's tax basis in the series B shares or ADSs. Gain or loss
recognized by a U.S. holder on such sale or other disposition generally will be
long-term capital gain or loss if, at the time of the sale or other disposition,
the series B shares or ADSs have been held for more than one year. The net
amount of long-term capital gain recognized by an individual U.S. holder is
taxed at a reduced rate. The deduction of a capital loss is subject to
limitations for U.S. federal income tax purposes. Deposits and withdrawals of
series B shares by U.S. holders in exchange for ADSs will not result in the
realization of gain or loss for U.S. federal income tax purposes.

         Gain, if any, realized by a U.S. holder on the sale or other
disposition of the series B shares or ADSs generally will be treated as U.S.
source income for U.S. foreign tax credit purposes. Consequently, if a Mexican
withholding tax is imposed on the sale or disposition of the series B shares, a
U.S. holder that does not receive significant foreign source income from other
sources may not be able to derive effective U.S. foreign tax credit benefits in
respect of these Mexican taxes. U.S. holders should consult their own tax
advisors regarding the application of the foreign tax credit rules to their
investment in, and disposition of, series B shares.

Other Mexican Taxes

         There are no Mexican inheritance, gift, succession or value added taxes
applicable to the ownership, transfer or disposition of the series B shares or
ADSs by non-Mexican holders; provided, however, that gratuitous transfers of the
series B shares or ADSs may in certain circumstances cause a Mexican federal tax
to be imposed upon the recipient. There are no Mexican stamp, issue,
registration or similar taxes or duties payable by non-Mexican holders of the
series B shares or ADSs.

U.S. Backup Withholding Tax and Information Reporting Requirements

         In general, information reporting requirements will apply to payments
by a paying agent within the United States to a non-corporate (or other
non-exempt) U.S. holder of dividends in respect of the series B shares or ADSs
or the proceeds received on the sale or other disposition of the series B shares
or ADSs, and a backup withholding tax may apply to such amounts if the U.S.
holder fails to provide an accurate taxpayer identification number to the paying
agent. Amounts withheld as backup withholding tax will be creditable against the
U.S. holder's U.S. federal income tax liability, provided that the required
information is furnished to the U.S. Internal Revenue Service.

                              Documents On Display

         The materials included in this annual report on Form 20-F, and exhibits
hereto, may be viewed at the U.S. Securities and Exchange Commission's public
reference room in Washington, D.C. Please call the Commission at 1-800-SEC-0330
for further information on the public reference rooms. The Securities and
Exchange Commission maintains a World Wide Web site on the Internet at
http://www.sec.gov that contains reports and information statements and other
information regarding us. The reports and information statements and other
information about us can also be downloaded from the Securities and Exchange
Commission's website.

Item 11.          Quantitative and Qualitative Disclosures About Market Risk

         We are exposed to market risk from changes in currency exchange rates.

Foreign Currency Risk

         Our principal exchange rate risk involves changes in the value of the
peso relative to the dollar. Historically, a significant portion of the revenues
generated by our airports (principally derived from passenger charges for
international passengers) has been denominated in or linked to the U.S. dollar,
although such revenues are collected in pesos based on the average exchange rate
for the prior month. In 2001, 2002 and 2003, approximately 40.0%, 37.4% and
39.7%, respectively, of our consolidated revenues were derived from passenger
charges for international passengers. Substantially all of our other revenues
are denominated in pesos. We estimate that substantially all of our consolidated
costs and expenses are denominated in pesos (other than the salaries of our
executive officers and the technical assistance fee, to the extent paid based on
the fixed minimum annual payment).

         We did not have any foreign currency indebtedness at December 31, 2001,
2002 and 2003. As of December 31, 2001, 2002 and 2003, 30.4%, 2.8% and 5.9%,
respectively, of our cash and marketable securities were denominated in dollars.
In the event that we incur foreign currency denominated indebtedness in the
future, decreases in the value of the peso relative to the dollar will increase
the cost in pesos of servicing such indebtedness. A depreciation of the peso
relative to the dollar would also result in foreign exchange losses as the peso
value of our foreign currency denominated indebtedness is increased. At December
31, 2001, 2002 and 2003, we did not have any outstanding forward foreign
exchange contracts. Prior to the maturity of the U.S.$27.7 million of notes due
June 30, 2000, we entered into several forward foreign exchange contracts to
manage the exchange rate risk associated with this debt.

Item 12.          Description of Securities Other Than Equity Securities

         Not applicable.




<PAGE>



                                     PART II

Item 13.          Defaults, Dividend Arrearages and Delinquencies

         Not applicable.

Item 14.          Material Modifications to the Rights of Security Holders
                  and Use of Proceeds

         Not applicable.

Item 15.          Controls and Procedures

         We carried out an evaluation under the supervision and with the
participation of our management, including our chief executive officer and chief
financial officer, of the effectiveness of the design and operation of our
disclosure controls and procedures as of December 31, 2003. There are inherent
limitations to the effectiveness of any system of disclosure controls and
procedures, including the possibility of human error and the circumvention or
overriding of the controls and procedures. Accordingly, even effective
disclosure controls and procedures can only provide reasonable assurance of
achieving their control objectives. Based upon our evaluation, our chief
executive officer and chief financial officer concluded that the disclosure
controls and procedures as of December 31, 2003 were effective to provide
reasonable assurance that information required to be disclosed in the reports we
file and submit under the Securities Exchange Act of 1934, as amended, is
recorded, processed, summarized and reported as and when required.

         There has been no change in our internal control over financial
reporting during 2003 that has materially affected, or is reasonably likely to
materially affect, our internal control over financial reporting.

Item 16.          Reserved

Item 16A.         Audit Committee Financial Expert

         Our board of directors has reviewed the qualifications and backgrounds
of the members of the audit committee and has determined that, although no one
member of the audit committee is an "audit committee financial expert" within
the meaning of Item 16A, the combined qualifications and experience of the
members of the audit committee give the committee collectively the financial
expertise necessary to discharge its responsibilities. We expect to appoint a
new member to the audit committee in 2004 who will serve in the role of "audit
committee financial expert".

Item 16B.         Code of Ethics

         We have adopted a code of ethics, as defined in Item 16B of Form 20-F
under the Securities Exchange Act of 1934, as amended. Our code of ethics
applies to our chief executive officer, chief financial officer, chief
accounting officer and persons performing similar functions as well as to our
other officers and employees. Our code of ethics is filed as an exhibit to this
Form 20-F and is available on our website at www.asur.com.mx. If we amend the
provisions of our code of ethics that apply to our chief executive officer,
chief financial officer, chief accounting officer and persons performing similar
functions, or if we grant any waiver of such provisions, we will disclose such
amendment or waiver on our website at the same address.

Item 16C.         Principal Accountant Fees and Services

Audit and Non-Audit Fees

         The following table sets forth the fees billed to us by our independent
auditors, PricewaterhouseCoopers, during the fiscal years ended December 31,

2002 and 2003:

                                                Year ended December 31,
                                            ----------------------------
                                                 (thousands of pesos)
                                            ----------------------------
                                               2002              2003
                                            ----------        ----------

Audit fees............................      Ps.  3,200        Ps. 3,200
Audit-related fees....................               0                0
Tax fees..............................             600              100
Other fees............................               0                0
                                            ----------        ----------
       Total fees.....................      Ps.  3,800        Ps. 3,300



         Audit fees in the above table are the aggregate fees billed by
PricewaterhouseCoopers in connection with the audit of our annual financial
statements and the review of our interim financial statements.

         Tax fees in the above table are fees billed by PricewaterhouseCoopers
for tax compliance, tax advice and tax planning services.

         Our independent auditors did not provide audit-related services or
other services in 2002 and 2003.

Audit Committee Pre-Approval Policies and Procedures

         Our audit committee has not established pre-approval policies and
procedures for the engagement of our independent auditors for services. Our
audit committee expressly approves on a case-by-case basis any engagement of our
independent auditors for audit and non-audit services provided to our
subsidiaries or to us.


                                    PART III

Item 18.          Financial Statements

         See pages F-1 through F-42, incorporated herein by reference. The
following is an index to the financial statements:

         Consolidated Financial Statements for Grupo Aeroportuario del Sureste,
S.A. de C.V. and Subsidiaries
<TABLE>
<CAPTION>

                                                                                                               Page
                                                                                                               ----

<S>                                                                                                           <C>
Report of Independent Registered Public Accounting Firm.....................................................   F- 1

Consolidated Balance Sheets as of December 31, 2002 and 2003................................................    F-3

Consolidated Statements of Income for the Years Ended December 31, 2001, 2002 and 2003......................    F-4

Consolidated Statements of Changes in Stockholders' Equity for the Years Ended
    December 31, 2001, 2002 and 2003........................................................................    F-5

Consolidated Statements of Changes in Financial Position for the Years Ended
    December 31, 2001, 2002 and 2003........................................................................    F-6

Notes to Consolidated Financial Statements..................................................................    F-7
</TABLE>

<PAGE>





Item 19.          Exhibits

                  Documents filed as exhibits to this annual report:

   Exhibit No.                     Description

         1.1      Amended and Restated Bylaws (Estatutos Sociales) of the
                  Company, together with an English translation.

         2.1      Deposit Agreement among the Company, The Bank of New York, and
                  all registered holders from time to time of any American
                  Depositary Receipts, including the form of American Depositary
                  Receipt (incorporated by reference to our registration
                  statement on Form F-6 (File No. 333-12486) filed on September
                  7, 2000).

         3.1      Trust Agreement among the Company, ITA, and Bancomext,
                  together with an English translation (incorporated by
                  reference to our registration statement on Form F-1 (File No.
                  333-12486) filed on September 7, 2000).

         4.1      Amended and Restated Cancun Airport Concession Agreement and
                  annexes thereto, together with an English translation and a
                  schedule highlighting the differences between this concession
                  and the Company's other concessions (incorporated by reference
                  to our registration statement on Form F-1 (File No. 333-12486)
                  filed on September 7, 2000).

         4.2      Participation Agreement among the Company, the Mexican Federal
                  Government through the Ministry of Communications and
                  Transportation, Nacional Financiera, S.N.C. ("NAFIN"),
                  Servicios Aeroportuarios del Sureste, S.A. de C.V., Aeropuerto
                  de Cancun, S.A. de C.V., Aeropuerto de Cozumel, S.A. de C.V.,
                  Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto de Merida,
                  S.A. de C.V., Aeropuerto de Minatitlan, S.A. de C.V.,
                  Aeropuerto de Oaxaca, S.A. de C.V., Aeropuerto de Tapachula,
                  S.A. de C.V., Aeropuerto de Veracruz, S.A. de C.V., Aeropuerto
                  de Villahermosa, S.A. de C.V., Triturados Basalticos y
                  Derivados, S.A. de C.V., Copenhagen Airports A/S, Cintra
                  Concesiones de Infraestructuras de Transporte, S.A., Groupe
                  GTM, S.A., Inversiones y Tecnicas Aeroportuarias, S.A. de C.V.
                  ("ITA"), Banco Nacional de Comercio Exterior, S.N.C.
                  ("Bancomext"), and Aeropuertos y Servicios Auxiliares ("ASA"),
                  together with an English translation (incorporated by
                  reference to our registration statement on Form F-1 (File No.
                  333-12486) filed on September 7, 2000).

         4.3      Amendment to the Participation Agreement, the Shareholders
                  Agreement and the Technical Assistance Agreement among the
                  Mexican Federal Government through the Ministry of
                  Communications and Transportation, NAFIN, Bancomext, the
                  Company, Servicios Aeroportuario del Sureste, S.A. de C.V.,
                  Aeropuerto de Cancun, S.A. de C.V., Aeropuerto de Cozumel,
                  S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto
                  de Merida, S.A. de C.V., Aeropuerto de Minatitlan, S.A. de
                  C.V., Aeropuerto de Oaxaca, S.A. de C.V., Aeropuerto de
                  Tapachula, S.A. de C.V., Aeropuerto de Veracruz, S.A. de C.V.
                  and Aeropuerto de Villahermosa, S.A. de C.V.; ITA, Triturados
                  Basalticos y Derivados, S.A. de C.V., Copenhagen Airports A/S,
                  Cintra Concesiones de Infraestructura de Transporte, S.A. de
                  C.V. and Groupe GTM, S.A (incorporated by reference to our
                  registration statement on Form F-1 (File No. 333-12486) filed
                  on September 7, 2000).

         4.4      Technical Assistance and Transfer of Technology Agreement
                  among the Company, Servicios Aeroportuarios del Sureste, S.A.
                  de C.V., Aeropuerto de Cancun, S.A. de C.V., Aeropuerto de
                  Cozumel, S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V.,
                  Aeropuerto de Merida, S.A. de C.V., Aeropuerto de Minatitlan,
                  S.A. de C.V., Aeropuerto de Oaxaca, S.A. de C.V., Aeropuerto
                  de Tapachula, S.A. de C.V., Aeropuerto de Veracruz, S.A. de
                  C.V., Aeropuerto de Villahermosa, S.A. de C.V., Triturados
                  Basalticos y Derivados, S.A. de C.V., Copenhagen Airports A/S,
                  Cintra Concesiones de Infraestructuras de Transporte, S.A.,
                  VINCI, S.A. and ITA, together with an English translation
                  (incorporated by reference to our registration statement on
                  Form F-1 (File No. 333-12486) filed on September 7, 2000).

         4.5      Stock Option Agreement between the Registrant and ITA,
                  together with an English translation (incorporated by
                  reference to our registration statement on Form F-1 (File No.
                  333-12486) filed on September 7, 2000).

         4.6      Shareholders' Agreement among the Company, NAFIN, ITA,
                  Bancomext, and the Mexican Federal Government through the
                  Ministry of Communications and Transportation, together with
                  an English translation (incorporated by reference to our
                  registration statement on Form F-1 (File No. 333-12486) filed
                  on September 7, 2000).

         4.7      Indemnity Agreement between the Company and the Mexican
                  Federal Government through the Ministry of Communications and
                  Transportation, dated September 28, 2000, together with an
                  English translation (previously filed with the Securities and
                  Exchange Commission as Exhibit 4.7 on Form 20-F dated June 28,
                  2001 and incorporated by reference herein) (incorporated by
                  reference to our registration statement on Form F-1 (File No.
                  333-12486) filed on September 7, 2000).

         8.1      List of subsidiaries of the Company (incorporated by reference
                  to our registration statement on Form F-1 (File No. 333-12486)
                  filed on September 7, 2000).

         11.1     Code of Ethics.

         12.1     Certifications of Chief Financial Officer pursuant to Section
                  302 of the Sarbanes-Oxley Act of 2002.

         12.2     Certification of Chief Executive Officer pursuant to Section
                  302 of the Sarbanes-Oxley Act of 2002.

         13.1     Certifications of Chief Financial Officer and Chief Executive
                  Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
                  2002.
<PAGE>

                                   SIGNATURES

         The registrant hereby certifies that it meets all of the requirements
for filing on Form 20-F and that it has duly caused and authorized the
undersigned to sign this registration statement on its behalf.

                                  Grupo Aeroportuario del Sureste, S.A. de C.V.


                                  By:  /s/ ADOLFO CASTRO RIVAS
                                       -----------------------------------------
                                        Name:   Adolfo Castro Rivas
                                        Title:  Chief Financial Officer


Dated: June 16, 2004


<PAGE>

                        GRUPO AEROPORTUARIO DEL SURESTE,
                         S. A. DE C. V. AND SUBSIDIARIES

                    CONSOLIDATED AUDITED FINANCIAL STATEMENTS

                        DECEMBER 31, 2001, 2002 AND 2003

<PAGE>

                        GRUPO AEROPORTUARIO DEL SURESTE,
                         S. A. DE C. V. AND SUBSIDIARIES

                    CONSOLIDATED AUDITED FINANCIAL STATEMENTS

                        DECEMBER 31, 2001, 2002 AND 2003



                                      INDEX





Contents                                                                 Page
--------                                                                 ----

Report of independent auditors                                           F - 1

Financial statements:

Consolidated balance sheets                                              F - 3

Consolidated statements of income                                        F - 4

Consolidated statements of changes in stockholders' equity               F - 5

Consolidated statements of changes in financial position                 F - 6

Notes to the consolidated financial statements                        F - 7 - 42

<PAGE>

Report of Independent Registered Public Accounting Firm

To the Stockholders of
Grupo Aeroportuario del Sureste, S. A. de C.V. and Subsidiaries:

We have audited the accompanying consolidated balance sheets of Grupo
Aeroportuario del Sureste, S. A. de C.V. and Subsidiaries as of December 31,
2002 and 2003, and the related consolidated statements of income, of changes in
stockholders' equity and of changes in the financial position for each of the
three years in the periods ended December 31, 2001, 2002 and 2003. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Grupo Aeroportuario
del Sureste , S. A. de C.V. and Subsidiaries as of December 31, 2002 and 2003,
and the results of their operations and their changes in stockholders' equity
and their changes in their financial position for each of the three years in the
periods ended December 31, 2001, 2002 and 2003, in conformity with accounting
principles generally accepted in Mexico.


                                      F-1

<PAGE>

Accounting principles generally accepted in Mexico vary in certain significant
respects from accounting principles generally accepted in the United States of
America. Information relating to the nature and effect of such differences is
presented in Note 16 to the consolidated financial statements.

PricewaterhouseCoopers




Luis Moiron Llosa



Mexico, City
February 16, 2004, except for the Note 15,
as to which the date is April 14, 2004


                                      F-2

<PAGE>

        GRUPO AEROPORTUARIO DEL SURESTE, S. A. DE C. V. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS
                        AS OF DECEMBER 31, 2002 AND 2003

             (Expressed in thousands of Mexican Pesos in purchasing
                         power as of December 31, 2003)




<TABLE>
                                                                                    2002                 2003
                                                                                    ----                 ----
ASSETS
<S>                                                                                   <C>                  <C>
Current assets:Cash and marketable securities                                 Ps.     516,583      Ps.     710,367
Trade receivables, net                                                                172,824              170,489
Recoverable taxes and other current assets                                             62,080              140,920
                                                                              ---------------      ---------------
Total current assets                                                                  751,487            1,021,776
Machinery, furniture and equipment, net of accumulated
  depreciation of Ps.122,376 and Ps.179,965, respectively                             892,162            1,166,208
Airport concessions, net of accumulated amortization
  of Ps.881,393 and Ps.1,101,355, respectively                                      7,903,794            7,683,832
Rights to use airport facilities, net of accumulated amortization
  of Ps.353,471 and Ps.427,377, respectively                                        2,184,679            2,110,438
                                                                              ---------------      ---------------
Total assets                                                                  Ps.  11,732,122      Ps.  11,982,254
                                                                              ===============      ===============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable                                                        Ps.       2,586      Ps.      10,192
Accrued expenses and other payables                                                   125,113              145,742
                                                                              ---------------      ---------------
Total current liabilities                                                             127,699              155,934

Seniority premiums                                                                        678                  608
Deferred income tax and employees' statutory profit sharing                           404,166              478,265
                                                                              ---------------      ---------------
Total liabilities                                                                     532,543              634,807
                                                                              ---------------      ---------------
Commitments and contingencies

Stockholders' equity:
Capital stock                                                                      10,906,498           10,906,498
Legal reserve                                                                          40,219               51,671
Retained earnings                                                                     252,862              389,278
                                                                              ---------------      ---------------
Total stockholders' equity                                                         11,199,579           11,347,447
                                                                              ---------------      ---------------

Total liabilities and stockholders' equity                                    Ps.  11,732,122      Ps.  11,982,254
                                                                              ===============      ===============


            The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>


                                      F-3

<PAGE>

        GRUPO AEROPORTUARIO DEL SURESTE, S. A. DE C. V. AND SUBSIDIARIES

                        CONSOLIDATED STATEMENTS OF INCOME
              FOR THE YEARS ENDED DECEMBER 31, 2001, 2002 AND 2003

             (Expressed in thousands of Mexican Pesos in purchasing
            power as of December 31, 2003, except per share amounts)



<TABLE>

                                                                                   For the years
                                                                                ended December 31,
                                                                  -------------------------------------------

                                                                   2001               2002              2003
                                                                   ----               ----              ----
REVENUES:
<S>                                                               <C>                 <C>             <C>
Aeronautical services                                         Ps. 1,086,589       Ps. 1,041,200     Ps.1,155,446
Non-aeronautical services                                           192,973             248,734          311,186
                                                              -------------       -------------     ------------
Total revenues                                                    1,279,562           1,289,934        1,466,632
                                                              -------------       -------------     ------------
OPERATING EXPENSES:
Cost of services                                                    316,734             357,598          369,732
Technical assistance                                                 41,857              38,913           46,125
Concession fee                                                       63,968              64,459           73,305
General and administrative expenses                                 109,455             111,242          121,011
Depreciation and amortization                                       332,941             348,425          354,625
                                                              -------------       -------------     ------------
Total operating expenses                                            864,955             920,637          964,798
                                                              -------------       -------------     ------------
Operating income                                                    414,607             369,297          501,834
                                                              -------------       -------------     ------------
COMPREHENSIVE FINANCING RESULT:
Interest income                                                      86,864              50,160           54,247
Interest expense                                                     (1,506)             (1,507)            (961)
Exchange (losses) gains, net                                         (5,700)             12,431            5,649
Loss from monetary position                                         (41,310)            (32,835)         (34,722)
                                                              -------------       -------------     ------------
Net comprehensive financing  income                                  38,348              28,249           24,213
                                                              -------------       -------------     ------------
Income before taxes, employees' statutory profit
sharing and extraordinary items                                     452,955             397,546          526,047
Provisions for:
Asset tax                                                                               (32,779)         (45,194)
Deferred income tax and employees' statutory
profit sharing                                                     (167,820)           (127,047)        (186,742)
                                                              -------------       -------------     ------------

Income before extraordinary items                                   285,135             237,720          294,111

Contract termination fee                                             (7,352)             (5,000)         (16,298)

Loss on natural disaster                                                                 (3,675)          (1,622)
                                                              -------------       -------------     ------------


Net income                                                    Ps.   277,783       Ps.   229,045     Ps.  276,191
                                                              =============       =============     ============

Earnings per share                                            Ps.      0.93       Ps.      0.76     Ps.     0.92
                                                              =============       =============     ============


            The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>


                                      F-4

<PAGE>

        GRUPO AEROPORTUARIO DEL SURESTE, S. A. DE C. V. AND SUBSIDIARIES

           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
              FOR THE YEARS ENDED DECEMBER 31, 2001, 2002 AND 2003

             (Expressed in thousands of Mexican Pesos in purchasing
                         power as of December 31, 2003)



<TABLE>
                                                                        Reserve for                         Total
                                             Capital         Legal      repurchase        Retained      stockholders'
                                              stock         reserve      of stock         earnings         equity
                                              -----         -------      --------         --------         ------

<S>                                      <C>               <C>          <C>            <C>              <C>
Balance at December 31, 2000             Ps.10,906,498     Ps. 14,500                  Ps. 528,891      Ps.11,449,889


Transfer to legal reserve                                      11,830                      (11,830)
Transfer to reserve for repurchase
of stock                                                                Ps. 47,323         (47,323)
Comprehensive income                                                                       277,783            277,783
                                         -------------     ----------   ----------     -----------      -------------
Balance at December 31, 2001                10,906,498         26,330       47,323         747,521         11,727,672

Transfer to legal reserve                                      13,889                      (13,889)
Cancellation of reserve for repurchase
of stock                                                                   (47,323)         47,323
Dividends paid                                                                            (487,970)          (487,970)
Income tax paid on dividends                                                              (269,168)          (269,168)

Comprehensive income                                                                       229,045            229,045
                                         -------------     ----------   ----------     -----------      -------------
Balance at December 31, 2002                10,906,498         40,219                      252,862         11,199,579

Transfer to legal reserve                                      11,452                      (11,452)
Recovered income tax paid
on dividends                                                                               107,990            107,990
Dividends paid                                                                            (155,965)          (155,965)
Income tax paid on dividends                                                               (80,348)           (80,348)
Comprehensive income                                                                       276,191            276,191
                                         -------------     ----------   ----------     -----------      -------------
Balance at December 31, 2003             Ps.10,906,498     Ps. 51,671   Ps.            Ps. 389,278      Ps.11,347,447
                                         =============     ==========   ==========     ===========      =============


            The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>


                                      F-5

<PAGE>

        GRUPO AEROPORTUARIO DEL SURESTE, S. A. DE C. V. AND SUBSIDIARIES

            CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
              FOR THE YEARS ENDED DECEMBER 31, 2001, 2002 AND 2003


             (Expressed in thousands of Mexican Pesos in purchasing
                         power as of December 31, 2003)



<TABLE>
                                                                            For the years
                                                                          ended December 31,
                                                             --------------------------------------------

                                                             2001                2002                2003
                                                             ----                ----                ----
Operating activities:
<S>                                                           <C>                <C>                 <C>
Net income before extraordinary items                     Ps. 285,135        Ps. 237,720         Ps. 294,111
Adjustments to reconcile net income to
  resources provided by (used in)
  operating activities:
Depreciation and amortization                                 332,941            348,425             354,625
Deferred income tax and employees'
  statutory profit sharing                                    167,820            127,047             186,742
Other                                                          (1,741)
Changes in operating assets and liabilities:
Trade receivables                                             (32,703)           (30,660)              2,335
Recoverable taxes and other current assets                    (45,487)             3,503             (78,840)
Recoverable asset tax                                                           (129,316)           (101,072)
Trade accounts payable                                        (11,735)             1,179               7,606
Accrued expenses and other liabilities                         13,910             34,298               8,988
                                                          -----------        -----------         -----------
Resources provided by operating activities
before extraordinary items                                    708,140            592,196             674,495
Contract termination fee                                       (7,352)            (5,000)            (16,298)
Loss on natural disaster                                                          (3,675)             (1,622)

Resources provided by operating activities                    700,788            583,521             656,575
                                                          -----------        -----------         -----------
Financing activities:
Dividends paid                                                                  (487,970)           (155,965)
Tax on dividends paid                                                           (269,168)            (80,348)
Recovered income tax paid on dividends                                                               107,990
                                                          -----------        -----------         -----------
Resources used in financing activities                                          (757,138)           (128,323)
                                                          -----------        -----------         -----------
Investing activities:
Purchase of machinery, furniture and
equipment                                                    (377,345)          (275,612)           (334,468)
                                                          -----------        -----------         -----------
Resources used in investing activities                       (377,345)          (275,612)           (334,468)
                                                          -----------        -----------         -----------
Increase (decrease) in cash and marketable
  securities                                                  323,443           (449,229)            193,784
Cash and marketable securities, beginning
  of period                                                   642,369            965,812             516,583
                                                          -----------        -----------         -----------
Cash and marketable securities, end of
  period                                                  Ps. 965,812        Ps. 516,583         Ps. 710,367
                                                          ===========        ===========         ===========


            The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>


                                      F-6

<PAGE>

        GRUPO AEROPORTUARIO DEL SURESTE, S. A. DE C. V. AND SUBSIDIARIES
                          NOTES TO FINANCIAL STATEMENTS

             (Expressed in thousands of Mexican Pesos in purchasing
       power as of December 31, 2003, except per share and share amounts)


1. Formation and Description of Business

Grupo Aeroportuario del Sureste, S. A. de C. V. ("ASUR"), a Mexican company, was
incorporated in April 1998, as a wholly-owned entity of the Mexican government
to operate, maintain and develop nine airports in the Southeast region of
Mexico. The nine airports are located in the following cities: Cancun, Cozumel,
Merida, Huatulco, Oaxaca, Veracruz, Villahermosa, Tapachula and Minatitlan. ASUR
and its subsidiaries are collectively referred to as the "Company".

The Company was formed as part of the Mexican government's plans to open the
Mexican airport system to investment under a two-stage program. Under guidelines
issued by the Ministry of Communications and Transportation, 35 of Mexico's 58
principal public airports were selected for the program and divided into four
groups: the Southeast group (consisting of the Company's nine airports), the
Mexico City group (currently consisting of one airport), the Pacific group
(consisting of 12 airports) and the Central-North group (consisting of 13
airports). In the first stage of the program, an investor for each airport group
would be selected through a series of public bidding processes. The investor
would be awarded an equity interest in the airport group and the right and
obligation to enter into several agreements, including an agreement to provide
certain technical assistance, on terms established during the public bidding
process. In the second stage of the program all or a portion of the remaining
equity interest in each airport group would be offered for sale to the public.

In June 1998, the Ministry of Communications and Transportation granted to
subsidiaries of ASUR the concessions to operate, maintain and develop the nine
airports of the Southeast group for a period of 50 years commencing on November
1, 1998, for Ps. 10,830,850 (December 31, 2003 pesos), excluding value added
tax. The concession period may be extended by the parties under certain
circumstances. The acquisition cost of the airport concessions was paid through
the issuance of capital stock of ASUR (see Note 7). The cost of the airport
concessions was determined by the Mexican government with reference to the price
paid by Inversiones y Tecnicas Aeroportuarias, S. A. de C. V. ("ITA") for its
investment in ASUR (see below). Beginning November 1, 1998, the Company is also
required to pay the Mexican government annual concession fees currently equal to
5% of each concession holder's gross annual revenues from the use of public
domain assets pursuant to the terms of its concessions. Payments against the
concession fees are made every two months.


                                      F-7

<PAGE>

Notwithstanding the Company's rights to operate, maintain and develop the nine
airports, pursuant to the Mexican General Law of National Assets, all the
permanent fixed assets in the airports are owned by the Mexican nation. Upon
expiration of the Company's concessions, these assets, including any
improvements made during the term of the concessions, automatically revert to
the Mexican nation.

In December 1998 and in March 1999, the Mexican government sold an aggregate 15%
equity interest in ASUR to ITA, pursuant to a public bidding process. ITA paid
the Mexican government an aggregate of Ps.1,165,076 (nominal), excluding
interest, in exchange for: (i) 45,000,000 Class I Series BB shares (see Note 7)
representing 15% of ASUR's capital stock; (ii) options to purchase newly issued
shares representing 2%, 2% and 1% of total shares outstanding at the time of
exercise, each determined on a fully diluted basis, from the Company; and (iii)
the right and obligation to enter into several agreements, including a technical
assistance agreement, under terms established during the bidding process. ITA is
a consortium consisting of Copenhagen Airports A/S (25.5%), Triturados
Basalticos y Derivados, S. A. de C. V. (25.5%), Groupe Vinci S. A. (24.5%) and
Cintra Concesiones de Infraestructura de Transporte, S.A. (24.5%). In 2002,
Cintra Concesiones de Infraestructura de Transporte, S. A. transferred its 24.5%
ownership in ITA to Ferrovial Aeropuertos, S. L. and in December 2003 Triturados
Besalticos y Derivados, S. A. de C. V. transferred its 25.5% ownership in ITA to
Nacional Financiera, S. N. C. ITA's Series "BB" shares provide it with certain
rights including the right to elect two members of the Company's board of
directors and veto rights with respect to certain corporate actions (see Note
15). The technical assistance agreement provides ITA with certain rights
including the right to appoint and remove the Company's chief executive officer
and half of its most senior members of management.

On October 3, 2000, the Mexican government sold 18,539,350 Series "B" shares and
20,319,978 American Depositary Shares, each of which represents ten Series "B"
shares, of the Company's common stock to public investors. Subsequent to this
sale, the Mexican government's direct interest in the Company was approximately
11.1%. The Company's Series "B" shares and American Depositary Shares are traded
on the Mexican Stock Exchange and the New York Stock Exchange, respectively.

2. Summary of significant accounting policies

The consolidated financial statements have been prepared in accordance with
generally accepted accounting principles in Mexico ("Mexican GAAP") as
promulgated by the Mexican Institute of Public Accountants ("MIPA").


                                      F-8

<PAGE>

The principal accounting policies followed by the Company are as follows:

a)  Basis of presentation

All significant intercompany balances and transactions have been eliminated. The
consolidated subsidiaries of the Company are:

               Subsidiary                                   Ownership interest
               ----------                                   ------------------

Aeropuerto de Cancun, S. A. de C. V.                                99.99%
Aeropuerto de Cozumel, S. A. de C. V.                               99.99%
Aeropuerto de Merida, S. A. de C. V.                                99.99%
Aeropuerto de Huatulco, S. A. de C. V.                              99.99%
Aeropuerto de Oaxaca, S. A. de C. V.                                99.99%
Aeropuerto de Veracruz, S. A. de C. V.                              99.99%
Aeropuerto de Villahermosa, S. A. de C. V.                          99.99%
Aeropuerto de Tapachula, S. A. de C. V.                             99.99%
Aeropuerto de Minatitlan, S. A. de C. V.                            99.99%
Servicios Aeroportuarios del Sureste, S. A. de C. V.                99.99%

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

b) Recognition of the effects of inflation

The consolidated financial statements have been prepared in accordance with
Bulletin B-10, "Recognition of the Effects of Inflation on Financial
Information" ("Bulletin B-10") issued by the MIPA, and determined as follows:

o    The statements of income and changes in stockholders' equity were restated
     applying Mexican National Consumer Price Index ("Mexican CPI") factors from
     the periods in which the transactions occurred. The financial statements of
     the Company for the years ended December 31, 2002 and 2003 have been
     restated for comparability purposes to December 31, 2003 purchasing power,
     by applying the restatement factors of 1.0570 and 1.0398, respectively.

o    The statements of changes in financial position present, in constant
     Mexican pesos, the resources provided by or used in operating, financing
     and investing activities.


                                      F-9

<PAGE>

The methodology for the restatement of the individual financial statement items
is as follows:

Restatement of non-monetary assets:
Machinery, furniture and equipment, net are recorded at acquisition cost,
restated using Mexican CPI factors from the date the asset was purchased to the
date of the financial statements. Depreciation expense is based on the restated
carrying value of the assets.

The rights to use the airport facilities, net and the airport concessions, net
were recorded based on the allocation of the purchase cost of the airport
concessions and the acquisition cost of the rights of Cancun Air, Dicas and
Aeropremier to the assets and liabilities acquired (see Notes 2(e), 5, and 6)
and are restated using Mexican CPI factors. Amortization expense is computed on
the restated carrying values of the rights to use the airport facilities and the
airport concessions.

Restatement of stockholders' equity:
The restatement of the Company's capital stock, contributed capital, legal
reserve, reserve for the repurchase of stock and retained earnings is determined
by applying Mexican CPI factors from the dates on which capital was contributed
and earnings were generated and reflects the amounts necessary to maintain the
stockholders' investment at the purchasing power of the original amounts.

Loss from monetary position:
Loss from monetary position represents the inflationary effect, measured by the
Mexican CPI, on the monetary assets and liabilities.

c) Cash and marketable securities

Cash and marketable securities includes cash, temporary investments and
marketable securities. As of December 31, 2002 and 2003, cash and marketable
securities consisted primarily of money market accounts and short-term Mexican
government bonds.

d) Machinery, furniture and equipment, net

Depreciation of machinery, furniture and equipment is based upon the restated
carrying value of the assets and is recognized using the straight-line method
over the estimated useful lives of the assets. The useful lives of the Company's
machinery, furniture and equipment is as follows:

                                                                   Years
                                                                   -----

           Improvements to concessioned assets                   50 and 10
           Machinery and equipment                                  10
           Office furniture and equipment                           10
           Computer equipment                                        3
           Automotive equipment                                      4
           Other                                                  various


                                      F-10

<PAGE>

When assets are retired or otherwise disposed of, the restated cost and
accumulated depreciation are removed from the accounts and any gain or loss is
recorded in results of operations.

e) Rights to use airport facilities, environmental liabilities and airport
concessions

Rights to use airport facilities and airport concessions include the acquisition
of the nine airport concessions and the rights acquired from Cancun Air, Dicas
and Aeropremier. Although the Company has, through its concessions, the rights
to operate, maintain and develop the nine airports, all the permanent fixed
assets in the airports are owned by the Mexican nation. Upon termination of the
Company's concessions, these assets, including any improvements made during the
term of the concessions automatically revert to the Mexican nation.

The acquisition cost of the nine airport concessions of Ps.10,830,850 (December
31, 2003 pesos) was allocated to the rights to use the airport facilities
(Ps.2,480,651) and to certain environmental liabilities assumed (Ps.13,232) with
the excess acquisition cost recorded as airport concessions (Ps.8,363,431). The
amounts allocated to the rights to use the airport facilities were based on the
depreciated replacement cost of the assets as determined by an independent
appraiser. The amounts allocated to the environmental liabilities assumed are
based on management's best estimate of the actual costs to be incurred and
reflect the terms of an agreement with the environmental authorities (see Note
13).

The acquisition cost of the rights acquired from Cancun Air, Dicas and
Aeropremier of Ps.478,920 was allocated to the rights to use the airport
facilities (Ps.57,164) with the excess acquisition cost recorded as airport
concessions (Ps.421,756). The amounts allocated to the rights to use the airport
facilities were based on the depreciated replacement cost of the assets as
determined by an independent appraiser.

The rights to use the airport facilities are being amortized on a straight-line
basis over the estimated remaining useful lives of the underlying assets. The
amounts allocated to the airport concessions are being amortized on a
straight-line basis over the life of the concessions and the rights acquired.

f) Review of the book value of long - lived assets

The Company estimates the recoverable value of the rights to use airport
facilities, airport concessions and improvements to concessioned assets to be
the estimated discounted future net cash flows from the nine airport concessions
in the aggregate. If the carrying value of the assets exceeds the recoverable
value an impairment loss is recognized. At December 31, 2002 and 2003, the
recoverable value exceeds the net book value.

The procedure and criterion used by the Company are in line with the provisions
of Statement C-15, "Impairment in the Value of Long-lived Assets and Their
Disposal", issued by the Accounting Principles Commission of the Mexican
Institute of Public Accountants, which went into effect on January 1, 2004,
although early application was recommended.


                                      F-11

<PAGE>

g) Seniority premiums

Seniority premiums to which employees are entitled after 15 years of service are
recorded as cost in the years in which the services are rendered, as required by
Statement D-3, "Labor Obligations", issued by the MIPA.

h)  Revenue recognition

Revenues are obtained from aeronautical services, which generally relate to the
use of airport infrastructure by air carriers and passengers, and from
non-aeronautical services.

Aeronautical services revenues consist of a passenger charge for each departing
passenger (excluding diplomats, infants, and transfer and transit passengers), a
landing charge based on the average between aircraft's maximum takeoff weight
and the zero-fuel weight and hour of arrival, aircraft parking charges based on
the time an aircraft is on the ground and hour of arrival, passenger walkway
charges for the connection of aircraft to the terminal, based on hour of
arrival, and airport security charges for each departing passenger. Aeronautical
services revenue is recognized as passengers depart, at the time of landings and
as services are provided, as the case may be.

Non-aeronautical services revenues consist primarily of the leasing of space in
the airport terminals, access fees received from third parties providing
handling, catering and other services at the airports and miscellaneous other
revenues.

Terminal space is leased through operating leases with either fixed monthly
rental fees or fees based on the greater of a minimum monthly fee, a specified
percentage of the lessee's monthly revenues or the number of departing
passengers. Access fees and other services revenues are recognized as services
are provided.

Under the Airport Law and its regulations, the Company's revenues are classified
as Airport Services, Complementary Services or Commercial Services. Airport
Services consist primarily of the use of runways, taxiways and aprons for
landings and departures, aircraft parking, the use of passenger walkways,
security services, hangars, automobile parking facilities as well as the general
use of terminal space and other infrastructure by aircraft, passengers and
cargo, including the lease of space essential for the operation of airlines and
complementary service providers. Complementary Services consist primarily of
ramp and handling services, catering, maintenance and repair and related
activities that provide support to air carriers. Revenues from access fees
charged to third parties providing complementary services are classified as
Airport Services. Commercial Services consist of services that are not
considered essential to the operation of an airport, such as the lease of space
to retailers, restaurants and banks. The following table presents the Company's
revenues for the years ended December 31, 2001, 2002 and 2003, using the
classifications established under the Airport Law and its regulations (see below
for discussion of revenue regulation):


                                      F-12

<PAGE>

<TABLE>
                                                                           Year ended
                                                                          December 31,
                                                          -------------------------------------------
                                                          2001                2002               2003
Regulated services:
  Airport services                                  Ps.   1,162,448     Ps.   1,111,235     Ps.   1,232,526
                                                    ---------------     ---------------     ---------------
<S>                                                 <C>                 <C>                 <C>
Non-regulated services:
  Airport services:
    Access fees from non-permanent
    ground transportation                                     3,269               2,340               5,136
    Car parking lots and related access fees                 13,419              15,835              20,378
    Other access fees                                           987               1,818               1,762
  Commercial services                                        92,039             151,997             200,696
  Other services                                              7,400               6,709               6,134
                                                    ---------------     ---------------     ---------------
Total non-regulated services                                117,114             178,699             234,106
                                                    ---------------     ---------------     ---------------
                                                    Ps.   1,279,562     Ps.   1,289,934     Ps.   1,466,632
                                                    ===============     ===============     ===============
</TABLE>

The maximum rate is determined by the Ministry of Communications and
Transportation based on projections of work load units, operating expenses and
pre-tax earnings from services subject to price regulation, capital
expenditures, reference amounts established in the concessions and a discount
rate to be determined by the Ministry of Communications and Transportation. The
projections are to be derived from each airport's approved five year Master
Development Plan. Once each airport's maximum rates are determined, they may
only be changed every six months or earlier if there has been a cumulative
increase of at least 5% in the Mexican producer price index (excluding
petroleum) or if a special adjustment event has occurred. In determining the
maximum rates for 1999 through 2003, the Ministry of Communications and
Transportation set the rates to include a 1% efficiency factor reduction (in
real terms) each year.

At December 31, 2003, in accordance with the Airport Law and the Regulations,
the Ministry of Communications and Transportation issued the maximum rates at
each airport from 2004 to 2008, considering a 0.75% efficiency factor reduction
(in real terms each year).

The Company received an official communication from the Ministry of
Communications and Transportation indicating compliance with the maximum rates
at each airport for periods from 1999 through 2002 and expects to receive an
official communication indicating compliance with the maximum rates at each
airport for the years ended December 31, 2003.


                                      F-13

<PAGE>

i) Transactions in foreign currency and exchange rate differences

Monetary assets and liabilities denominated in foreign currencies are translated
into Mexican pesos at the exchange rates in effect as of the balance sheet
dates. Currency exchange fluctuations are included in income for the period and
reflected in comprehensive financing cost.

j) Deferred income tax, employees' statutory profit sharing and tax on
dividendsDeferred income tax is recorded using the full-scope method of assets
and liabilities, which consist of determining deferred income tax by applying
the corresponding tax rate to the differences between the book and tax values of
assets and liabilities at the date of the financial statements.

Deferred employees' statutory profit sharing is calculated based on nonrecurring
temporary differences between the book profit and the profit subject to
employees'statutory profit sharing.

Deferred income tax and employees' statutory profit sharing assets are reduced,
if necessary, by the amount of any tax benefits for which evidence does not
indicate that there is a high probability of future taxable income to realize
the assets.

Tax on dividends is recorded against retained earnings in accordance with
Circular 35 issued by the MIPA.

k)  Comprehensive income

As of January 1, 2001 Bulletin B-4 "Comprehensive Income", became effective.
This bulletin requires that the various item-making up the capital gains
(losses) during the year be shown in the statements of stockholders' equity
under the heading of Comprehensive Income (loss). In the case of the Company,
there is no difference between net income for the year and comprehensive income
and is reported as comprehensive income in the income statements as well as the
statements of stockholders' equity.

l) Earnings per share

Basic earnings per share were computed by dividing income available to
stockholders by the weighted-average number of shares outstanding (see Note 7).
Weighted-average shares outstanding for calculating diluted earnings per share
reflects the potential dilution that could occur if dilutive securities and
other contracts to issue common stock were exercised or converted into shares,
using the treasury stock method. Under the treasury stock method, proceeds
received from the assumed exercise of the stock options would be used to
repurchase the Company's shares at the average market price during the period.

                                      F-14

<PAGE>

The weighted average shares outstanding for calculating both basic and diluted
earnings per share was 300 million shares for the years ended December 31, 2001,
2002 and 2003. Options to purchase newly issued shares representing 5%, 5% and
3% of total shares outstanding, at the time of exercise, each determined on a
fully diluted basis, were outstanding during the years ended December 31, 2002,
2002 and 2003 but were not included in the computation of diluted earnings per
share because the assumed exercise would be antidilutive.

m) Concentrations

Trade receivables consist primarily of receivables from major domestic and
international airlines. Approximately 48% and 50% of trade receivables as of
December 31, 2002 and 2003, respectively, were receivable from air carriers and
other entities controlled by Cintra S. A. de C. V. ("Cintra") including
Mexicana, Aeromexico, Aerocaribe, Aerocozumel and Aerolitoral. A majority of
Cintra's capital stock is owned by the Institute for the Protection of Bank
Savings, a decentralized entity within the Mexican federal public
administration, and by the Mexican government.

In addition, a significant portion of revenues is generated from services
provided to a small number of customers. Approximately 30%, 27% and 23% of total
revenues for the years ended December 31, 2001, 2002 and 2003, respectively,
were generated from services provided to the air carriers and other entities
controlled by Cintra.

Further, approximately 70%, 70% and 74% of revenues during the years ended
December 31, 2001, 2002 and 2003, respectively, were generated from operations
at the Cancun International Airport.

n) Recently issued accounting standards

In 2003, the MIPA issued new Statement C-12, "Financial Instruments Qualifying
as Liabilities, Capital or Both" ("Statement C-12"), which highlights the
differences between liabilities and stockholders' equity from the viewpoint of
the issuer, as a basis for identifying, classifying and recording the liability
and capital components of combined financial instruments in their initial
recognition.

The new Statement C-12 establishes the methodology for separating liabilities
and stockholder's equity from the price received from the placement of combined
financial instruments. That methodology is based on the residual nature of
stockholders' equity and avoids the use of fair values affecting stockholders'
equity in initial transactions. Additionally, it establishes that beginning on
January 1, 2004, the initial costs resulting from the issuance of the combined
instruments are assigned to liabilities and stockholders' equity in the same
proportion as the amounts of the components recognized as liabilities and
stockholders' equity; that the losses and incomes related to financial
instrument components classified as liabilities are recorded in overall
financing; and the yield distributions to owners of financial instrument
components classified as stockholders' equity are charged directly to a capital
account other than the income account for the year.

                                      F-15

<PAGE>

Although this Statement C-12 became effective on January 1, 2004, it is not
required when restating information for prior periods or when recognizing an
initial accrued effect on the income for the year it is adopted, in accordance
with the provisions established in the transitory paragraph of the Statement
C-12. The adoption of this Statement will not have a material effect on the
consolidated financial statements.

3. Trade receivables, net

As of December 31, 2002 and 2003, trade receivables, net consist of the
following:

                                                           December 31,
                                                     ------------------------
                                                     2002                2003
                                                     ----                ----

     Trade receivables                          Ps.   178,974      Ps.  176,226
     Less: allowance for doubtful accounts             (6,150)           (5,737)
                                                -------------      ------------
                                                Ps.   172,824      Ps.  170,489
                                                =============      ============

The following table presents the roll forward of the allowance for doubtful
accounts for the years ended December 31, 2001, 2002 and 2003:

<TABLE>
                                                                   December 31,
                                                      -----------------------------------------
                                                     2001              2002                2003
                                                     ----              ----                ----

<S>                                               <C>               <C>                 <C>
Balance at the beginning of the period           (Ps.  6,879)      (Ps.  6,588)       (Ps.   6,150)
Increase in the allowance
Write-offs                                                                  82                 178
Effects of inflation                                     291               356                 235
                                                  ----------        ----------         -----------
Balance at the end of the period                 (Ps.  6,588)      (Ps.  6,150)       (Ps.   5,737)
                                                  ==========        ==========         ===========
</TABLE>


                                      F-16

<PAGE>

4. Machinery, furniture and equipment

As of December 31, 2002 and 2003, machinery, furniture and equipment, net
consists of the following:

<TABLE>
                                                               December 31,
                                                         ------------------------
                                                         2002                2003

<S>                                                 <C>                <C>
Machinery and equipment                             Ps.     41,293     Ps.      63,668
Office furniture and equipment                              44,514              48,909
Automotive equipment                                        80,233              90,214
Improvements to concessioned assets (a)                    648,483           1,038,610
Others                                                       1,246               1,151
                                                    --------------     ---------------
Total                                                      815,769           1,242,552
Less: accumulated depreciation                            (122,376)           (179,965)
                                                    --------------     ---------------
                                                           693,393           1,062,587

Construction in progress                                   134,178              98,164
Advances to contractors                                     64,591               5,457
                                                    --------------     ---------------
                                                    Ps.    892,162     Ps.   1,166,208
                                                    ==============     ===============
</TABLE>

Depreciation expense for the years ended December 31, 2001, 2002 and 2003 was
Ps.27,532, Ps.43,016 and Ps.60,606, respectively.

(a)  Improvements to concessioned assets as of December 31, 2002 and 2003 were
     comprised of the following:

<TABLE>
                                                               December 31,
                                                         ------------------------
                                                         2002                2003
                                                         ----                ----

<S>                                                 <C>                <C>
Buildings                                           Ps.   293,868      Ps.     437,293
Air side                                                  210,994              286,338
IT equipment                                                                   109,316
Land side                                                  63,083               80,997
Technical installations                                    56,827               78,663
Machinery and equipment                                     6,986               12,292
Security equipment                                          9,428               22,655
Others                                                      7,297               11,056
                                                    -------------      ---------------
                                                    Ps.   648,483      Ps.   1,038,610
</TABLE>

5.  Airport concessions

As stated in Note 1, in June 1998, the Ministry of Communications and
Transportation granted to the Company the concessions to operate, maintain and
develop nine airports in the Southeast region of Mexico for Ps.10,830,850
(December 31, 2003 pesos). The total cost of the airport concessions, at the
acquisition date, were allocated to the rights to use the airport facilities
based on the assets' depreciated replacement cost, as determined by an
independent appraiser, and to certain environmental liabilities assumed based on
management's best estimate of the actual costs to be incurred, with the excess
acquisition cost allocated to the airport concessions as follows:


                                      F-17

                                                                     Remaining
                                                                     estimated
                                                                    useful life
                                                                    -----------
                                                                      (years)

Acquisition cost                              Ps.   10,830,850
allocated to:                                 ================
Rights to use airport facilities:
  Runways, taxiways, aprons                   Ps.    1,348,478         42-44
  Buildings                                            436,166         19-45
  Other infrastructure                                 112,538          26
  Land                                                 583,469          45
                                              ----------------
                                                     2,480,651
Environmental liabilities                              (13,232)
Airport concessions                                  8,363,431          45
                                              ----------------
Total                                         Ps.   10,830,850
                                              ================

Total amortization expense for the years ended December 31, 2001, 2002 and 2003
was Ps.251,275, Ps.251,275, and Ps.239,885, respectively.

Each of the Company's airport concessions contain the following basic terms and
conditions:

o    The concession holder has the right to administer, operate, maintain and
     use the airport facilities and undertake the construction, improvement or
     maintenance of the facilities in accordance with its Master Development
     Plan. The concession holder was required to submit, for approval, its
     Master Development Plan to the Ministry of Communications and
     Transportation by September 30, 1999, and is required to update the plan
     every five years. Each concession requires the Company to make minimum
     levels of investments at each airport through 2003 (see Note 13).

o    The concession holder may only use the airport facilities for the purposes
     specified in the concession and must provide services in accordance with
     all applicable law and regulations and is subject to statutory oversight by
     the Ministry of Communications and Transportation .

o    The concession holder must pay a concession fee (currently 5% of each
     concession holder's gross annual revenues from the use of public domain
     assets pursuant to the terms of its concessions) as required by applicable
     law.

o    The concession holder assumes the rights and obligations of the Mexican
     Airport and Auxiliary Services Agency under contracts with third parties
     relating to its airport. Each concession holder agreed to indemnify the
     Mexican Airport and Auxiliary Services Agency for any loss that may be
     suffered by the Mexican Airport and Auxiliary Services Agency due to the
     concession holders' breach of its obligations under an assigned agreement.


                                      F-18

<PAGE>

o    Fuel services and supply are to be provided by the Mexican Airport and
     Auxiliary Services Agency.

o    The concession holder must grant access to and the use of specific areas of
     the airport to government agencies to perform their activities inside the
     airports.

o    The concession may be terminated for non-performance if the concession
     holder fails to comply with certain of the obligations imposed by the
     concession as established in Article 27 of the Airport Law or for the
     reasons specified in Article 26 of the Airport Law and in the concession.
     Violations of certain terms of a concession can result in the immediate
     termination of a concession. Violations of other terms of a concession can
     result in the termination only if the relevant term has been violated at
     least three times. The terms of the concessions provide that all of the
     concessions may be revoked if any one of the nine concessions is revoked.

o    The terms and conditions of the regulations governing the operations of the
     Company may be modified by the Ministry of Communications and
     Transportation.

6. Other rights acquired

Effective June 30, 1999, the Company acquired the rights of Cancun Air and Dicas
to provide certain services at Cancun International Airport, the rights of
Aeropremier to provide certain services at Merida International Airport and
certain related machinery, furniture and equipment for cash and promissory notes
of approximately US$39.6 million.

Previously, the Mexican Airport and Auxiliary Services Agency granted Cancun Air
the right to construct, operate, maintain and develop the charter air terminal
and certain auxiliary facilities at Cancun International Airport through
December 19, 2006, for which Cancun Air was required to pay the Mexican Airport
and Auxiliary Services Agency fees equal to 12% of the charter air terminal's
passenger charges through December 31, 2001 and 13% of Cancun Air's total
revenues from the charter air terminal and certain auxiliary facilities from
January 1, 2002 through December 19, 2006.

The Mexican Airport and Auxiliary Services Agency also granted Dicas the right
to construct, maintain and collect the revenues from the commercial activities
and passenger walkway charges generated by the satellite wing of the main
terminal building at the Cancun International Airport through 2010. Under the
terms of the agreement, Dicas would pay the Mexican Airport and Auxiliary
Services Agency a percentage of its passenger walkway fees and a percentage of
its profits in excess of a specified rate of return.


                                      F-19

<PAGE>

In December 1991, the Mexican Airport and Auxiliary Services Agency granted
Aeropremier the right to construct and operate a general aviation terminal, a
first class lounge, a tourism office and other commercial areas at Merida
International Airport. The access fees earned from Aeropremier were not
material.

In accordance with the terms of the concessions for Cancun International Airport
and Merida International Airport, on November 1, 1998, the Company assumed the
rights and obligations of the Mexican Airport and Auxiliary Services Agency
under the above agreements.

Effective with the acquisition of the rights of Cancun Air, Dicas and
Aeropremier, the Company assumed the rights and obligations of Cancun Air, Dicas
and Aeropremier under their agreements with third parties.

The acquisition cost of the rights has been allocated to the rights to use the
underlying facilities based on the assets' depreciated replacement cost, as
determined by an independent appraiser, with the excess allocated to airport
concessions as follows:

                                                                    Remaining
                                                                    estimated
                                                                  useful lives
                                                                  ------------
                                                                     (years)

Acquisition cost                     Ps.   478,920
allocated to:                        =============
Rights to use:
Buildings                            Ps.    49,948                    22-45
Other infrastructure                         7,216                    7-12
                                     -------------
                                            57,164
Airport concessions                        421,756                    2.5-6
                                     -------------
Total                                Ps.   478,920
                                     =============

Amortization of the rights to use the underlying facilities is recorded on a
straight-line basis over the estimated remaining useful lives of the assets.
Amortization of amounts allocated to airport concessions is recorded over the
term of the rights acquired. Amortization expense for the years ended December
31, 2001, 2002 and 2003 was Ps.54,134, Ps.54,134 and Ps.54,134, respectively.

7.  Stockholders' equity


                                      F-20

<PAGE>

On October 12, 1999, the Company's stockholders: 1) authorized the issuance of
6,602,184,691 fixed capital Class I series B shares in exchange for the
1,000,000 fixed capital Class I Series "A" shares, the 3,960,310,815 variable
capital Class II Series "A" shares and the 2,640,873,876 variable capital Class
II Series "B" shares then outstanding; 2) authorized the issuance of
1,165,091,416 fixed capital Class I Series "BB" shares for the 1,165,091,416
variable capital Class II Series "BB" shares; and 3) declared a one for
25.89092035667 reverse stock split effective as of such date. The share exchange
results in the reclassification of all of the Company's variable capital stock
to fixed capital stock. The reverse split adjusted number of shares outstanding
as of December 31, 1999 and 2000 is 255,000,000 Class I Series "B" shares and
45,000,000 Class I Series "BB" shares. Basic and diluted earnings per share
amounts have been adjusted retroactively to give effect to the one for
25.89092035667 reverse stock split.

During 2003, the Company's stockholders authorized to change as follows: the
minimum fixed capital with no withdrawal rights is Ps.7,767,276 (nominal
figure), represented by 300,000,000 ordinary nominative Class I shares with no
par value, fully subscribed and paid in. The variable portion of the capital
stock is represented by ordinary nominative Class II shares. Both classes of
shares are determined by the stockholders at the meeting called to approve such
issuances.

As of December 31, 2002 and 2003, capital stock was restated as follows:

                           Nominal                                  Restated
                            value             Restatement             value
                            -----             -----------             -----
Capital stock:
Fixed                  Ps.  7,767,276       Ps.  3,139,222       Ps. 10,906,498
                       ==============       ==============       ==============

ASUR and each of its subsidiaries are legally required to allocate at least 5%
of their unconsolidated annual net income to a legal equity reserve fund. This
allocation must be continued until the equity reserve is equal to 20% of the
issued and outstanding capital stock of the relevant company. Mexican
corporations may pay dividends only out of earnings after such allocation to the
reserve fund. As of December 31, 2002 and 2003, the consolidated reserve fund
balance was Ps.40,219 and Ps.51,671, respectively.

At the April 27, 2001 general stockholders' meeting, the shareholders agreed to
apply 20% of net income generated in 2000 to establish a reserve within
stockholders' equity for the repurchase of shares amounting to Ps.47,323
(Ps.41,016 nominal).

At the December 25, 2002 general stockholders' meeting, the shareholders agreed
to reverse the repurchase of shares reserve amounting to Ps.47,323, against
retained earnings.

Stock Options
-------------

In connection with the sale of the 15% equity interest in the Company to ITA,
the Company issued to ITA options to purchase newly issued Series "B" shares
representing 2%, 2% and 1% of total shares outstanding at the time of each
exercise, determined on a fully diluted basis, from the Company during three
exercise periods provided that ITA has complied with its obligations under the
technical assistance agreement and the stock ownership restrictions set forth in
ASUR's bylaws.


                                      F-21

<PAGE>

The exercise periods and the percentage of equity that can be acquired are as
shown as follow:

                                                  Percentage of then outstanding
                                                  capital stock each determined
Exercise periods                                     on a fully diluted basis
----------------                                     ------------------------

December 18, 2001 to December 18, 2003 (1)                      2%
December 18, 2002 to December 18, 2004                          2%
December 18, 2003 to December 18, 2005                          1%

(1) ITA did not exercise the options in that period, nor did it assign that
right to its shareholders.

The exercise price of the options will equal US$2.64559301 on a split adjusted
basis per share, plus a premium of 5% per annum, starting from the grant date
(December 18, 1998). If for any reason the number of shares representing the
capital stock are modified without an increase or decrease to the capital stock,
as in the case of a stock split, the exercise price will be modified
proportionally. In addition the exercise price will be adjusted for any cash
dividends paid.

ITA is entitled to exercise all the options immediately if: i) any other
stockholder or group of related stockholders acquires at least 35% of ASUR's
capital stock; ii) a merger is approved which dilutes the holdings of ASUR's
stockholders by more than 35%, or iii) the price per share of ASUR's Series "B"
shares is at least US$5.29118603 on a split adjusted basis.

ITA is authorized to transfer or assign its options to any of its stockholders
or their related companies prior to the start of the first exercise period.
After the first exercise period, ITA or any holder of the options is entitled to
transfer its options to any party that is entitled to be a stockholder of a
concession holder under the Airport Law.

Dividends
---------

At the April 25, 2002 general stockholders' meeting, the Company's stockholders
agreed to pay net dividends after income tax of Ps.487,970 (Ps.444,000
(nominal)), or Ps.1.48 (nominal) per share, thus giving rise to an income tax on
dividends of Ps.269,168 (Ps.244,907 (nominal)), since they were not from the
After-tax Earnings Account (See Note 10).

At the April 28, 2003 general stockholders' meeting, the Company's stockholders
agreed to pay net dividends after income tax of Ps.155,965 (Ps.150,000
(nominal)), or Ps.0.50 (nominal) per share), thus giving rise to an income tax
on dividends of Ps.80,348 (Ps.77,275 (nominal)), since they were not from the
After-tax Earnings Account (See Note 10).

During 2002, the Company requested an injunction against Article 11 of the
Income Tax Law, which requires that dividends be grossed up in the event the
dividends are not paid from the After-tax Earnings Account. On August 29, 2003,
the Company was granted a favorable ruling and obtained the right to recover
Ps.107,990 (net of fees and expenses) which could be applied against current and
future tax obligations. This amount was credited against retained earnings.
During 2003, the Company utilized Ps.59,257 (nominal) against its tax
obligations.


                                      F-22

<PAGE>

8. Rentals under operating leases

The Company leases commercial space inside and outside the terminals to third
parties under operating leases. The following is a schedule by years of minimum
future rentals on noncancelable operating leases as of December 31, 2003
including minimum secured commercial lease agreements per passenger:

         Period ending December 31:

         2004                                                 Ps.     237,895
         2005                                                         260,873
         2006                                                         286,921
         2007                                                         314,117
         2008                                                         341,756
         Thereafter                                                 1,461,463
                                                              ---------------
                                                              Ps.   2,903,025
                                                              ===============

9. Foreign currency balances and transactions

The foreign currency position of monetary items at December 31, 2002 and 2003,
were as follows:

<TABLE>
                                              Foreign currency             Period end
                                                   amounts               exchange rate          Mexican pesos
                                                   -------               -------------          -------------
                                                 (thousands)                                     (thousands)

December 31, 2002
Assets:

<S>                                              <C>                        <C>                   <C>
Cash and marketable securities                   US$   1,342                Ps.10.439             Ps. 14,009
Prepaids                                               3,685                   10.439                 38,468
Deposits                                                 104                   10.439                  1,086
Liabilities:
Accrued expenses and
   other payables                                        377                   10.439                  3,936


                                      F-23

<PAGE>

                                              Foreign currency             Period end
                                                   amounts               exchange rate          Mexican pesos
                                                   -------               -------------          -------------
                                                 (thousands)                                     (thousands)

    December 31, 2003
    Assets:

Cash and marketable securities                   US$   3,713                Ps.11.237              Ps.41,723
Prepaids                                                 457                   11.237                  5,135
                                                          44                   11.237                    494

Liabilities:
Accrued expenses and
   other payables                                        495                   11.237                  5,562


The principal foreign currency transactions during the year ended December 31,
2001, 2002 and 2003, were as follows:


                                                  Foreign currency              Average
                                                       amounts               exchange rate         Mexican pesos
                                                       -------               -------------         -------------
                                                     (thousands)                                    (thousands)

Year ended December 31, 2001
Income statement:
 Technical assistance fees and
   related costs                                  US$  3,319                Ps. 9.323             Ps. 30,944
Professional services expenses                           404                    9.460                  3,822
Other                                                  1,340                    9.323                 12,493

Year ended December 31, 2002
Income statement:
 Technical assistance fees and
   related costs                                  US$  3,234                Ps.10.043              Ps.32,481

Professional services expenses                           487                    9.762                  4,754
Other                                                  1,027                    9.820                 10,084



                                                  Foreign currency              Average
                                                       amounts               exchange rate         Mexican pesos
                                                       -------               -------------         -------------
                                                     (thousands)                                    (thousands)

Year ended December 31, 2003
Income statement:
 Technical assistance fees and
   related costs                                 US$   2,196                Ps. 10.97              Ps.24,090
Professional services expenses                         1,111                    10.93                 12,143
Other                                                  1,240                    10.53                 13,057

</TABLE>

The prevailing exchange rate between the Mexican Peso and the US dollar at
December 31, 2002 and 2003 was Ps.10.4393 and Ps.11.2372, per US dollar,
respectively. The exchange rate was Ps.10.9627 per US dollar on February 16,
2004.


                                      F-24

<PAGE>

10. Income tax, asset tax and employees' statutory profit sharing

The Company does not currently prepare a consolidated tax return.
Under current Mexican Income Tax Law, ASUR and its subsidiaries must pay the
higher of the income tax or the asset tax. The asset tax is a minimum tax, which
is calculated as 1.8% of the average tax value of virtually all of the Company's
assets (including the airport concessions), less the average tax value of
certain liabilities (basically liabilities with Mexican residents excluding
those with financial institutions or their intermediaries). The average tax
value of each asset or liability is calculated differently depending on its
classification under the tax law. The Company's subsidiaries are exempt from the
asset tax through 2001, since they commenced operations in 1998. In 2002 and
2003, the Company incurred Ps.162,095 and Ps.146,266, respectively in asset
taxes of which Ps.32,779 and Ps.45,194, respectively were directly charged to
income for the year, since there was no certainty of its recoverability in the
future. The remaining asset taxes is estimated to be recovered in the following
ten years, when income tax incurred exceeds asset tax in any of those years, the
asset tax be restated by applying factors derived from the NCPI.

Employees' statutory profit sharing in Mexico is determined for each subsidiary,
rather than on a consolidated basis. Under Mexican law, the Company became
subject to the employees' statutory profit sharing beginning January 1, 2000.

The components of income tax and employees' statutory profit sharing expense for
the years ended December 31, 2001, 2002 and 2003 are as follows:

<TABLE>
                                                             For the years
                                                          ended December 31,
                                               ----------------------------------------
                                               2001               2002             2003
                                               ----               ----             ----

<S>                                      <C>                 <C>               <C>
Income tax deferred                      (Ps.   167,820)     (Ps.   123,211)   (Ps.   178,346)

Employees' statutory profit
   Sharing                                                           (1,549)
Deferred income tax on
   extraordinary item                                                (2,287)           (8,396)
Provision for income tax                  -------------       -------------     -------------
   and employees' statutory
   profit sharing                        (Ps.   167,820)     (Ps.   127,047)   (Ps.   186,742)
                                          =============       =============     =============
</TABLE>

The following items represent the principal differences between income tax
computed at the statutory tax rate and the Company's provision for income taxes
for the years ended December 31, 2001, 2002 and 2003:

                                                      For the
                                                    years ended
                                                     December 31,
                                     -----------------------------------------
                                     2001                2002             2003
                                     ----                ----             ----

Tax at statutory rate                (35%)               (35%)            (34%)
Non-deductible items and other
permanent differences                 (1%)                (2%)              1%
Increase in valuation allowance       (1%)                (7%)             (3%)
Change in income tax rate                                 12%               1%

Provision for income taxes           (37%)               (32%)            (35%)
                                      ===                 ===              ===


                                      F-25

<PAGE>

Under the amendments to the Income Tax Law in effect beginning January 1, 2002,
the income tax rate will be 35% in 2002 and will be gradually reduced by 1% a
year beginning in 2003 until it reaches 32% in 2005. As a result of the tax rate
reduction, the Company reduced its deferred tax liability by Ps.46,599 and
Ps.29,878 in 2002 and 2003 respectively with a corresponding credit to income.

The tax and employee's statutory profit sharing effects of temporary differences
that give rise to significant deferred tax and employee's statutory profit
sharing assets and liabilities at December 31, 2002 and 2003, are as follows:

<TABLE>
                                                                           December 31,
                                                                           ------------

                                                                     2002                 2003
                                                                     ----                 ----
<S>                                                                    <C>                 <C>
Deferred income tax
Deferred tax assets:
     Tax loss carryforwards                                     Ps.    386,047       Ps.   438,022
     Other                                                               7,707              13,701
     Valuation allowance                                               (39,008)            (53,265)
                                                                --------------       -------------
                                                                       354,746             398,458
Deferred tax liabilities:
     Airport concessions and rights to use
        airport facilities                                            (846,328)         (1,066,349)
     Other                                                              (2,913)             (3,266)
                                                                --------------       -------------

                                                                      (849,241)         (1,069,615)
                                                                --------------       -------------

Net deferred tax liabilities before recoverable asset tax             (494,495)           (671,157)

Recoverable asset tax, net of valuation
allowance of Ps.32,779 and Ps.77,973, respectively                     129,316             230,388
                                                                --------------       -------------

Net deferred tax liabilities                                   (Ps.    365,179)     (Ps.   440,769)
                                                                ==============       =============

Deferred employees' statutory profit sharing:
Net deferred employees' statutory profit sharing
   liabilities recognized in respect of all the non
   recurring temporary differences generated during
   the period, between the tax and the book basis              (Ps.     38,987)     (Ps.    37,496)
                                                                --------------       -------------

Net deferred income tax and employees'
   statutory profit sharing liabilities                        (Ps.    404,166)     (Ps.   478,265)
                                                                ==============       =============
</TABLE>


                                      F-26

<PAGE>

Based on the weight of available evidence as of December 31, 2002 and 2003,
valuation allowances were recognized for the amount of the net deferred tax
assets as of December 31, 2002 and 2003, for which evidence does not indicate
that there is a high probability of future taxable income to realize the assets.

The change in deferred income tax assets (liabilities) for the years ended
December 31, 2001, 2002 and 2003 were as follows:

<TABLE>
                                                                   For the years ended
                                                                        December 31
                                                         ------------------------------------------
                                                         2001               2002               2003

<S>                                               <C>                 <C>                <C>
Beginning balance                                 (Ps.    202,822)    (Ps.    370,642)   (Ps.   365,179)
Deferred income tax expense                              (167,820)           (124,760)         (186,742)
Change in deferred income taxes
  resulting from inflation effects on
  monetary deferred tax balances                                                  907            10,080
Increase in deferred asset tax                                                129,316           101,072
                                                   --------------       -------------     -------------
Ending balance                                    (Ps.    370,642)     (Ps.   365,179)   (Ps.   440,769)

</TABLE>

For tax purposes, the Company is currently amortizing the value of its airport
concessions at rates ranging from 6% to 10%. Tax losses (including those
generated from the tax amortization of the airport concessions) may be carried
forward until the expiration of the initial term of the concessions. As of
December 31, 2002 and 2003, the Company had tax loss carryforwards of
approximately Ps.1,206,397 and Ps.1,368,819, respectively.

Dividends paid from retained earnings are exempt from income tax provided they
arise from the After-tax Earnings Account, and any excess is subject to 34%, 33%
and 32% on the result of multiplying dividends paid by the factor of 1.5152,
1.4925 and 1.4706 if paid until December 31, 2003, 2004 and 2005, respectively.
The respective tax is payable by the Company and may be credited against income
tax for the same year in which the dividends are paid, or against income tax of
the following two years. Dividends paid are not subject to tax withholding. In
the event of a capital reduction, the amount exceeding capital contributions,
restated as provided in the Income Tax Law, is accorded the same tax treatment
as dividends, as required by the Income Tax Law. Through December 31, 2002, the
Company has generated minimal after tax earnings.

Substantially all of the Company's consolidated retained earnings were generated
by its subsidiaries. Retained earnings may be distributed to the Company's
shareholders to the extent the Company's subsidiaries have distributed earnings
to ASUR.


                                      F-27

<PAGE>

11. Technical assistance agreement

In connection with the sale of the Series "BB" shares to ITA, ASUR entered into
a technical assistance agreement with ITA in which ITA and its stockholders
agreed to provide management and consulting services and transfer industry
expertise and technology to ASUR in exchange for a technical assistance fee. The
agreement has an initial fifteen-year term and is automatically renewed for
successive five-year terms, unless one party provides the other a notice of
termination within a specified period prior to a scheduled expiration date. The
Company may only exercise its termination right pursuant to a stockholder's
resolution. ITA began providing assistance under the agreement on April 19,
1999.

Under the agreement, the Company agreed to pay an annual fee equal to the
greater of a fixed fee or 5% of the Company's earnings prior to deducting the
technical assistance fee and before comprehensive financing cost, income taxes
and depreciation and amortization, determined in accordance with Mexican GAAP.
For the years 1999, 2000, 2001, 2002 and 2003 and thereafter the fixed fee is
equal to US$5 million, US$5 million, US$3 million, US$3 million and US$2
million, respectively. Each year the fixed fee will be increased by the rate of
inflation in the US. ASUR must also pay the value-added tax on the payment
amount.

In the years ended on December 31, 2002 and 2003, technical assistance expenses
were $46,055 and $38,886, respectively.

ITA is also entitled to reimbursement for the out-of-pocket expenses it incurs
in its provision of services under the agreement.

ITA's Series "BB" shares were placed in a trust to, among other things, ensure
performance under the technical assistance agreement.

12. Related party transactions

In addition to the revenues earned from Cintra, the Company recorded revenues
from several Mexican federal and state government agencies. Revenues from
related parties excluding Cintra were Ps.7,156, Ps.2,826 and Ps.6,390 for the
years ended December 31, 2001, 2002 and 2003, respectively.

During the years ended December 31, 2001, 2002 and 2003, the Company recorded
expenses of Ps.55,831, Ps.55,692 and Ps.54,273, respectively, for electricity,
waste disposal, water and other services obtained from entities or agencies of
the Mexican government.

Also, see Notes 2(m), 7 and 11 for disclosures concerning certain other
transactions with related parties.


                                      F-28

<PAGE>

13. Commitments and contingencies

a)  In 2002, the Company entered into a 12 month operating lease for monthly
    payments of US$29,460. In 2003, the Company entered into a new 12 month
    operating lease for monthly payments of US$26,385.

    Rental expense was approximately Ps.3,647 , Ps.3,667 and Ps.3,775 for the
    years ended December 31, 2001, 2002 and 2003, respectively.

b)  On September 30, 1999, the Company submitted its Master Development Plans
    for each of the nine airports to the Ministry of Communications and
    Transportation for approval. These plans were approved by the Ministry of
    Communications and Transportation on July 28, 2000. Based on the Master
    Development Plans ("MDP"), the Company has committed to make aggregate
    improvements of Ps.146,517 from 1999 to 2003 as follows:

          Period                                                   Amount
          ------                                                   ------

          May 1, 1999 to December 31, 2000                      Ps.     588,294
          2001                                                          279,098
          2002                                                          198,778
          2003                                                           80,347
                                                                ---------------
          Total                                                 Ps.   1,146,517
                                                                ===============

    Based on the opinion of the external lawyers, the Company believes that it
    has been incompliance with the MDP for the 1999-2002 period. The Ministry of
    Communications and Transportation has not yet issued the certification of
    compliance with the MDP for the 2003 period.

    Aeronautica Civil ("DGAC") filed a lawsuit against Aeropuerto de Cancun, S.
    A. de C. V. for supposed failure to comply with the 2001 investment plan.
    The Company addressed all inquiries by the authorities in time and form and
    submitted evidence supporting the fact that there has been no such failure
    to comply with the plan. No resolution has been issued to date.

    On December 30, 2003, the Company received the Ministry of Communications
    and Transportation approval for its MDP for each of the nine airports for
    the period from 2004 through 2008. Based on the MDPs presented, the Company
    has agreed to make total improvements of $1,462,196 from 2004 through 2008,
    as follows:

           Period                                                     Amount
           ------                                                     ------

           2004                                                 Ps.     319,487
           2005                                                         582,396
           2006                                                         147,578
           2007                                                         244,700
           2008                                                         168,035
                                                                ---------------
                                                                Ps.   1,462,196
                                                                ===============


                                      F-29

<PAGE>

c)  The operations of the Company are subject to Mexican federal and state laws
    and regulations relating to the protection of the environment. Under these
    laws, regulations have been issued concerning water and air pollution,
    environmental impact studies, noise control and hazardous wastes. The
    Ministry of the Environment, Natural Resources and Fishing can bring
    administrative, civil and criminal proceedings against companies that
    violate environmental laws and has the power to close non-complying
    facilities.

d)  On June 30, 1999, the Company obtained the rights to operate the businesses
    of Cancun Air, Dicas and Aeropremier through the early termination of their
    agreements with the Company. Under Mexican tax law, the Company could be
    interpreted to be the successor to these businesses and thus could be
    jointly and severally liable for any tax contingencies relating to periods
    prior to June 30, 1999, up to the value of these businesses and until five
    years following the date the liability initially should have occurred. The
    Company is not able to determine the likelihood of any potential tax
    liability. The Company is entitled to indemnification from the prior
    operators of these businesses in the event that the Company is held
    responsible for any such tax liability.

e)  Claims have been asserted against the Company by the municipalities of
    Cancun, Cozumel, Merida, Villahermosa and Veracruz for the payment of
    property taxes in respect of the land comprising the airports in those
    communities. Based on the opinion of outside counsel, management believes
    that there is no legal basis for these claims and the Company intends to
    take legal action to have the claims dismissed. Management does not believe
    that any liabilities relating to these claims are likely to have a material
    adverse effect on the Company's consolidated financial condition or results
    of operations.

f)  On April 23, 2003, the Company was informed by the Ministry of Finance and
    Public Credit of claims for the payment of employees' statutory profit
    sharing for the years ended December 31, 1999 of approximately Ps.1.181
    (nominal) to employees of the Villahermosa Airport. Management believes that
    there is no legal basis for these claims and the Company management filed an
    appeal against said resolution, but no reply has been received yet.

14. Segment information

The Company evaluates and assesses its performance on an airport-by-airport
basis prior to the allocation of employee and other costs from Servicios
Aeroportuarios del Sureste, S.A. de C.V. ("Servicios"), the Company's
wholly-owned subsidiary which employs certain of the Company's employees. The
performance of Servicios is evaluated and assessed separately by management. All
of the airports provide substantially the same services to their customers.
Summarized financial information concerning the Company's reportable segments
including Cancun International Airport ("Cancun"), Cozumel Airport ("Cozumel"),
Merida International Airport ("Merida"), Villahermosa Airport ("Villahermosa")
and Servicios is shown in the following table. The financial information of the
remaining six airports and that of the parent holding company (including ASUR's
investment in its subsidiaries) have been aggregated and included as "Other".
The elimination of ASUR's investment in its subsidiaries is included in the
consolidation adjustments column.


                                      F-30

<PAGE>

<TABLE>

Year ended                                                     Consolidation
December 31, 2001    Cancun     Cozumel    Merida  Villahermosa   Servicios     Other     adjustments     Total
-----------------    ------     -------    ------  ------------   ---------     -----     -----------     -----

<S>                  <C>         <C>        <C>        <C>         <C>         <C>           <C>          <C>
Total revenues     Ps.898,949  Ps.61,865  Ps.99,577  Ps.54,756   Ps.145,913  Ps.164,415   (Ps.145,913)  Ps.1,279,562
Operating
income (loss)         399,515      8,809     15,113     10,959         (911)    127,946      (146,824)       414,607
Total assets        8,042,550    673,144    990,413    677,516       29,370  13,639,731   (11,825,715)    12,227,009
Capital
expenditures          223,633     42,149     32,295     17,064          755      61,449                      377,345
Depreciation and
  amortization        208,180     17,333     27,648     16,614        2,692      60,474                      332,941

Year ended                                                                              Consolidation
December 31, 2002    Cancun     Cozumel    Merida  Villahermosa  Servicios      Other     adjustments     Total
-----------------    ------     -------    ------  ------------  ---------      -----     -----------     -----

Total revenues     Ps.931,864  Ps.51,405  Ps.97,703  Ps.66,091   Ps.170,232  Ps.142,871   (Ps.170,232)  Ps.1,289,934
Operating
income (loss)         396,449     (4,889)     8,521      7,163        3,848     128,437      (170,232)       369,297
Total assets        7,679,713    708,714    952,130    648,089       42,846  13,078,117   (11,377,487)    11,732,122
Capital expenditures  144,865     48,230     21,762      7,735        2,073      50,947                      275,612
Depreciation and
  amortization        217,395     16,485     27,956     17,984        2,662      65,943                      348,425

Year ended                                                                              Consolidation
December 31, 2003    Cancun     Cozumel    Merida  Villahermosa  Servicios      Other     adjustments     Total
-----------------    ------     -------    ------  ------------  ---------      -----     -----------     -----

Total revenues   Ps.1,079,625  Ps.53,735 Ps.102,724  Ps.53,211   Ps.158,834  Ps.191,034   (Ps.172,531)  Ps.1,466,632
Operating
income (loss)         502,799     (2,520)    10,647     16,181        1,477     (26,750)                     501,834
Total assets        7,997,449    720,303    962,323    661,746       32,903  13,293,889   (11,686,359)    11,982,254
Capital expenditures   98,882     26,863     41,653     25,976        3,012     138,082                      334,468
Depreciation and
  amortization        223,724     17,776     29,711     18,381        1,863      63,170                      354,625

</TABLE>

The accounting policies of the reportable segments are the same as those
described in Note 2.

15. Subsequent event

On April 12, 2004, the Company was notified that Vinci, S. A. transferred its
24.5% ownership in ITA to Mr. Fernando Chico Pardo. In addition, on April 14,
2004, the Company was notified that Ferrovial Aeropuertos, S. L. transferred its
24.5% ownership in ITA to Copenhagen Airports and to Mr. Fernando Chico Pardo.

As a result of these transactions, ITA's stockholders currently are:

- Copenhagen Airports A/S                      36.5%
- Nacional Financiera, S. N. C.                25.5%
- Mr. Fernando Chico Pardo                     38.0%

16. Differences between Mexican GAAP and US GAAP

The Company's consolidated financial statements are prepared in accordance with
Mexican GAAP, which differ in certain significant respects from Generally
Accepted Accounting Principles in the United States of America ("US GAAP"). The
Mexican GAAP consolidated financial statements include the effects of inflation
as provided for under Bulletin B-10 and its amendments (see Note 2), whereas
financial statements prepared in accordance with US GAAP are presented on a
historical cost basis. The reconciliation does not include the reversal of
adjustments to the financial statements for the effects of inflation required
under Mexican GAAP because the application of Bulletin B-10 represents a
comprehensive measure of the effects of price level changes in the inflationary
Mexican economy and, as such, is considered a more meaningful presentation than
historical cost-based financial reporting for both Mexican and US accounting
purposes.


                                      F-31

<PAGE>

The principal differences between Mexican GAAP and US GAAP and the effect on the
Company's net income and stockholders' equity are presented below with an
explanation of the adjustments:
<TABLE>
                                                                        For the year ended December 31,
                                                              ---------------------------------------------------

                                                                    2001            2002               2003
                                                                    ----            ----               ----
Reconciliation of net income:

<S>                                                                 <C>                <C>               <C>
Net income as reported under
  Mexican GAAP                                                Ps.   277,783      Ps.   229,045     Ps.   276,191
                                                              -------------      -------------     -------------
US GAAP adjustments:
  Amortization of airport concessions                               167,290            167,290           167,290
  Amortization of rights to use airport facilities                   26,702             22,178            18,563
  Depreciation of machinery, furniture
  and equipment                                                       5,170              5,603             4,424
  Deferred technical assistance fees                                (27,809)           (15,332)           (4,686)
  Deferred employees' statutory profit sharing                      (65,082)           (96,873)          (94,428)
  Deferred income taxes, net of
  inflation effects                                                 (59,972)          (402,349)         (125,570)
  Tax on dividends, net                                                               (269,168)           34,427
  Professional fees for recovered tax
  on dividends                                                                                            (6,785)
                                                              -------------      -------------     -------------

Total US GAAP adjustments                                            46,299           (588,651)           (6,765)
                                                              -------------      -------------     -------------

Net income (loss) under US GAAP                               Ps.   324,082     (Ps.   359,606)    Ps.   269,426
                                                              =============      =============     =============

Basic and diluted earnings per share                          Ps.      1.08     (Ps.      1.20)    Ps.      0.90
                                                              =============      =============     =============

                                                                                     As of December 31,
                                                                                     ------------------

                                                                                 2002                  2003
                                                                                 ----                  ----
Reconciliation of stockholders' equity:
Total stockholders' equity reported under
  Mexican GAAP                                                            Ps.     11,199,579    Ps.     11,347,447
                                                                          ------------------    ------------------

US GAAP adjustments:
  Airport concessions                                                             (7,666,704)           (7,499,414)
  Rights to use airport facilities                                                  (471,254)             (452,691)
  Machinery, furniture and equipment                                                  (4,424)
  Deferred technical assistance fees                                                   4,686
  Deferred employees' statutory profit
  sharing                                                                            665,954               571,526
  Deferred income taxes                                                            2,493,532             2,367,962
                                                                          ------------------    ------------------

Total US GAAP adjustments                                                         (4,978,210)           (5,012,617)
                                                                          ------------------    ------------------

Total stockholders' equity under US GAAP                                  Ps.      6,221,369    Ps.      6,334,830
                                                                          ==================    ==================
</TABLE>


                                      F-32

<PAGE>

A summary of the Company's statement of changes in stockholders' equity with
balances determined under US GAAP are as follows:

Balance at December 31, 2001                Ps.    7,068,945
Net loss                                            (359,606)
Dividends paid                                      (487,970)
                                            ----------------

Balance at December 31, 2002                       6,221,369
Net income                                           269,426
Dividends paid                                      (155,965)
                                            ----------------

Balance at December 31, 2003                Ps.    6,334,830
                                            ================

The following tables on present the condensed balance sheets and statements of
income of the Company, including all US GAAP adjustments, as of December 31,
2002 and 2003, and for the years ended December 31, 2001, 2002 and 2003.

                                                    As of December 31,
                                                    ------------------

                                               2002                    2003
                                               ----                    ----
Assets
Current assets:
Cash and cash equivalents                 Ps.     457,225       Ps.     433,526
Other current assets                              294,262               588,250
                                          ---------------       ---------------

Total current assets                              751,487             1,021,776
                                          ---------------       ---------------
Deferred technical assistance fee                   4,686
Machinery, furniture and equipment - net          887,738             1,166,208
Airport concessions - net                         238,523               184,418
Rights to use airport facilities - net          1,713,426             1,657,747
Deferred employees' statutory profit
    sharing                                       624,833               530,405
Deferred income taxes                           2,129,053             1,927,893
                                          ---------------       ---------------

Total assets                              Ps.   6,349,746       Ps.   6,488,447
                                          ===============       ===============


                                      F-33

<PAGE>

                                                    As of December 31,
                                                    ------------------

                                               2002                    2003
                                               ----                    ----
Liabilities and Stockholders' Equity
Seniority premiums                        Ps.         678       Ps.         608
Other current liabilities                         127,699               153,009
                                          ---------------       ---------------
Total liabilities                                 128,377               153,617
                                          ---------------       ---------------

Capital                                         5,955,730             5,955,730
Legal reserve                                      40,219                51,671
Retained earnings                                 225,420               327,429
                                          ---------------       ---------------
Total stockholders' equity                      6,221,369             6,334,830
                                          ---------------       ---------------
Total liabilities and stockholders'
equity                                    Ps.   6,349,746       Ps.   6,488,447
                                          ===============       ===============


<TABLE>


                                                   For the years ended
                                                      December 31,
                                        --------------------------------------------
                                          2001             2002                 2003
                                          ----             ----                 ----

<S>                               <C>                <C>                  <C>
Net revenues                      Ps.   1,279,562    Ps.    1,289,934     Ps.   1,466,632
                                  ---------------    ----------------     ---------------

Cost of services                         (389,171)           (466,982)           (482,080)
General and administrative
  expenses                               (137,264)           (126,576)           (125,697)
Depreciation and amortization            (133,777)           (153,354)           (164,348)
Other expenses                           (105,825)           (103,371)           (119,430)
                                  ---------------    ----------------     ---------------

Operating expenses                       (766,037)           (850,283)           (891,555)
                                  ---------------    ----------------     ---------------

Operating income                          513,525             439,651             575,077
                                  ---------------    ----------------     ---------------
Net comprehensive financing
  (cost) income and other expenses         38,349              28,250               7,348
Income tax expense                       (227,792)           (827,507)           (312,999)
                                  ---------------    ----------------     ---------------

Net income (loss)                 Ps.     324,082   (Ps.      359,606)    Ps.     269,426
                                  ===============    ================     ===============
</TABLE>

Cash and marketable securities

Under Mexican GAAP, temporary investments and marketable securities, expected to
be held less than one year, are considered to be cash equivalents.

Under US GAAP, temporary investments and marketable securities with original
maturities greater than 90 days are considered to be short-term investments and,
accordingly, are shown separately from cash in the balance sheet and cash flow
statement.


                                      F-34

<PAGE>

Airport concessions, rights to use airport facilities and environmental
liabilities

Under Mexican GAAP, the acquisition cost of the airport concessions was
allocated to the rights to use the airport facilities and to the environmental
liabilities assumed, with the remainder allocated to airport concessions. The
amount allocated to the rights to use the airport facilities was based on the
results of an independent appraisal. The fair values of the environmental
liabilities assumed are based on management's best estimate of the actual costs
to be incurred and reflect the terms of a new agreement with the environmental
authorities.

The rights to use the airport facilities, environmental liabilities and the
airport concessions were transferred between entities under common control.
Under US GAAP, the rights to use the airport facilities and the environmental
liabilities were recorded equal to their historical book value (Ps.1,799,939 and
Ps.23,470, respectively, at November 1, 1998) and no value was assigned to the
airport concessions from the predecessor.

Machinery, furniture and equipment

Under Mexican GAAP, the value assigned to the machinery, furniture and equipment
acquired from the Mexican government was equal to the purchase cost. The
purchase cost was fully paid through the issuance of shares in the Company.

Under US GAAP, the value assigned to the machinery, furniture and equipment was
equal to the historical cost of the assets as recorded by the predecessor. At
December 31, 2003, the difference in value was fully depreciated.

Deferred technical assistance fee

Under Mexican GAAP, the fair value of stock based compensation is not recognized
in the financial statements.

Under US GAAP, Statement of Financial Accounting Standards ("SFAS") No. 123
"Accounting for Stock-Based Compensation" ("SFAS 123") requires that all
transactions with non-employees in which goods or services are received for the
issuance of equity instruments must be accounted for based on the fair value of
the consideration received or the fair value of the equity instrument issued,
whichever is more reliably measurable.

As disclosed in Note 7, ASUR granted ITA stock options to acquire additional
shares in ASUR provided that ITA has complied with its obligations under the
technical assistance agreement. Under US GAAP, the fair value of the options is
recognized as deferred technical assistance fee with a corresponding increase to
stockholders' equity. The deferred technical assistance fee is recognized as
additional compensation expense beginning from the date of grant through the
dates the options become exercisable. The estimated fair value of the options
was Ps.105,228 at


                                      F-35

<PAGE>

the date of grant. The fair value was based on an independent appraisal and
determined using the Black-Scholes model. During the years ended December 31,
2001, 2002 and 2003, the Company recognized additional compensation expense of
Ps.27,809, Ps.15,332 and Ps.4,686, respectively. Under US GAAP, at December 31,
2003 total compensation expense of Ps.105,228 has been recognized since all
grants are exercisable.

Deferred income taxes

Accounting for income taxes in accordance with Statement D-4 is similar to
accounting for income taxes in accordance with US GAAP, SFAS No. 109 ("SFAS
109"), "Accounting for Income Taxes" as they relate to the Company.

Bulletin D-4 requires that the change in net deferred income taxes during the
period resulting from inflation on monetary deferred tax assets and liabilities
be recorded against the gain or loss on monetary position. Under US GAAP, the
Company has chosen to reflect the change in net deferred income taxes during the
period resulting from inflation as a component of income tax (expense) benefit.

The deferred tax adjustments required to reconcile stockholders' equity and net
income under Mexican GAAP to US GAAP as of and for the years ended December 31,
2001, 2002 and 2003, result from the differences in accounting for the airport
concessions, the rights to use airport facilities, the deferred technical
assistance fee, the machinery, furniture and equipment and the difference in
presenting the effects of inflation.

For US GAAP purposes, the transfer of the airport concessions to ASUR's
subsidiaries generated an aggregate net deferred tax asset of Ps.3,027,091, for
the difference between the tax value and the book value of the airport
concessions at the transfer date. The net deferred tax asset was recorded as a
contribution to stockholders' equity.

The components of income tax expense, prepared after considering the impact of
US GAAP adjustments, for the years ended December 31, 2002, 2002 and 2003 are as
follows:

                                         For the years ended
                                            December 31,
                           ----------------------------------------------

                           2001                   2002              2003
                           ----                   ----              ----

Asset tax                                   (Ps.    32,779)   (Ps.     45,194)
Tax on dividends, net                             (269,168)            34,427
Deferred               (Ps.  227,792)             (525,560)          (302,232)
                        ------------        --------------     --------------

Income tax expense     (Ps.  227,792)       (Ps.   827,507)   (Ps.    312,999)
                        ------------        --------------     --------------


                                      F-36

<PAGE>

For the year ended December 31, 2002 as a result of the tax rate reduction, the
Company reduced its deferred tax asset by Ps.201,188 with a corresponding charge
to income.

The tax effects of temporary differences that give rise to significant deferred
tax assets and liabilities, prepared after considering the impact of US GAAP
adjustments, at December 31, 2002 and 2003 are as follows:

                                                        December 31,
                                                        ------------
                                                  2002                2003
                                                  ----                ----
Deferred tax assets:
     Airport concessions, rights to
     use airport facilities and machinery
     furniture and equipment                Ps.   1,760,229     Ps.   1,474,491
     Tax loss carryforwards                         386,047             438,022
     Recoverable asset tax                          162,095             308,361
     Recoverable tax on dividends                   269,165              80,348
     Other                                            4,383              10,434
     Valuation allowance                           (451,366)           (383,763)
                                            ---------------     ---------------

                                                  2,130,553           1,927,893
Deferred tax liabilities:

     Deferred technical assistance fees              (1,500)
                                            ---------------     ---------------

Net deferred income tax assets              Ps.   2,129,053     Ps.   1,927,893
                                            ===============     ===============

Based on the weight of available evidence as of December 31, 2002 and 2003,
valuation allowances were recognized for the amount of the net deferred tax
assets as of December 31, 2002 and 2003, that more likely than not will not be
realized. The Company recognized valuation allowances for the deferred tax
asset, asset tax and tax on dividends for the amounts estimated that will not be
realized by its subsidiaries.

Employees' Statutory Profit Sharing

As stated in Note 10, the Company became subject to the employees' statutory
profit sharing beginning January 1, 2000.

Under Mexican GAAP, Bulletin D-4 requires the recognition of employees'
statutory profit sharing for all nonrecurring temporary differences generated
during the period. Bulletin D-4, did not permit the recognition of deferred
assets or liabilities for temporary differences generated before Bulletin D-4
became effective.

Under US GAAP, employees' statutory profit sharing is recognized in accordance
with the requirements of SFAS 109. Under this method, employees' statutory
profit sharing is recognized in respect of all temporary differences in the
period in which the asset or liability arose. In addition, under US GAAP the
benefit or expense recognized during the period is recorded in operating
earnings.


                                      F-37

<PAGE>

For US GAAP purposes, the Company recognized a deferred employees' statutory
profit sharing asset of Ps.890,321, for the difference between the tax value and
the book value of the airport concessions at the transfer date. The net deferred
employees' statutory profit sharing asset was recorded as a contribution to
stockholders' equity.

The components of employees' statutory profit sharing expense, prepared after
considering the impact of US GAAP adjustments, for the years ended December 31,
2001, 2002 and 2003 are as follows:

                                      For the years ended
                                         December 31,
                       ---------------------------------------------------
                       2001                    2002                 2003
                       ----                    ----                 ----
Deferred          (Ps.    65,082)          (Ps.   98,422)     (Ps.   94,428)
                   -------------            ------------       ------------

                  (Ps.    65,082)          (Ps.   98,422)     (Ps.   94,428)
                   -------------            ------------       ------------

The effects of temporary differences that give rise to significant deferred
employees' statutory profit sharing assets and liabilities, prepared after
considering the impact of US GAAP adjustments, at December 31, 2002 and 2003 are
as follows:

                                                         December 31,
                                                         ------------

                                                     2002             2003
                                                     ----             ----
Deferred assets:
    Airport concessions, rights to use
    airport facilities and machinery, furniture
    and equipment                                Ps.   549,987   Ps.    460,778
    Tax loss carryforwards                             120,640          136,882
    Other                                                1,369            3,162
    Valuation allowance                                (46,694)         (70,417)
                                                 -------------   --------------

                                                       625,302          530,405
Deferred liabilities:
    Deferred technical assistance fees                    (469)
                                                 -------------   --------------

Net deferred employees' statutory
profit sharing asset                             Ps.   624,833   Ps.    530,405
                                                 =============   ==============
Tax on dividends

Under Mexican GAAP, tax on dividends is recorded as a reduction of retained
earnings. For the years ended December 31, 2002 and 2003, the Company paid tax
on dividends amounting to Ps.269,168 and Ps.80,348, respectively. Under US GAAP,
tax on dividends is recorded as a tax expense since in accordance with Mexican
Tax Law it can be used to reduce future taxable income in the year incurred and
the following two years. During the year ended December 31, 2003, the Company
recovered Ps.114,775, which under Mexican GAAP was recorded as a credit to
retained earnings. Under US GAAP, the recovered tax on dividends was recorded as
an income tax benefit in the income statement.


                                      F-38

<PAGE>

Professional fees for recovered tax on dividends

Under Mexican GAAP, the Company recorded professional fees incurred in
connection with the recovery of the tax on dividends against retained earnings.
Under US GAAP, these professional fees are not payments made to the tax
authorities and, accordingly, they are not classified in the income statement as
income tax expenses, but rather as other expenses.

Comprehensive Income

The Company has adopted SFAS No. 130, "Reporting Comprehensive Income" ("SFAS
130"), for US GAAP purposes. SFAS 130 establishes rules for the reporting and
display of comprehensive income and its components in a full set of general
purpose financial statements. SFAS 130 requires that all items that are
recognized under accounting standards as components of comprehensive income,
such as unrealized holding gains and foreign currency translation adjustments,
be reported in a financial statement that is displayed with the same prominence
as other financial statements. The adoption of this statement has not resulted
in any adjustment to US GAAP reported income.

Contract termination fee and loss on natural disaster

Under Mexican GAAP, the contract termination fee and loss on natural disaster
were charged against the results of operations as an extraordinary item. Under
US GAAP, the contract termination fee and loss from natural disaster would be
considered an operating expense. The contract termination fee and loss on
natural disaster have been reclassified as an operating expense in the US GAAP
condensed income statement.

Concentrations As of December 31, 2002 and 2003, the Company maintained its cash
and marketable securities with a major Mexican brokerage firm and other Mexican
financial institutions. The Company would be adversely affected in the event of
non-performance by any of these institutions. Management does not anticipate
non-performance.

Supplemental Cash Flow InformationMexican GAAP Bulletin B-12, "Statements of
Changes in Financial Position" ("Bulletin B-12"), specifies the appropriate
presentation of the statement of changes in financial position. Under Bulletin
B-12, the sources and uses of resources are determined based upon differences
between beginning and ending financial statement balances in constant pesos.
Under US GAAP, a statement of cash flows is required, which presents only cash
movements and excludes non-cash items.


                                      F-39

<PAGE>

Presented below are statements of cash flows of the Company for the years ended
December 31, 2001, 2002 and 2003, prepared after considering the impact of US
GAAP adjustments. The cash flow statements present nominal cash flows during the
periods, adjusted to December 31, 2003, purchasing power.

<TABLE>
                                                                  For the years ended
                                                                      December 31,
                                                         ---------------------------------------
                                                         2001             2002              2003
                                                         ----             ----              ----
<S>                                                       <C>               <C>              <C>

Operating activities:
Net income (loss) under US GAAP                     Ps.   324,082    (Ps.   359,606)  Ps.    269,426
Adjustments to reconcile net income to
cash flows provided  by operating activities:
     Loss from monetary position                           41,310            32,835           34,722
     Asset tax, tax on dividends and deferred
     income taxes                                         227,792           665,412          166,733
     Deferred employees' statutory profit sharing          65,082            98,422           94,428
     Depreciation and amortization                        133,777           153,354          164,348
     Other expenses                                        27,809            15,332            4,686
Changes in operating assets and liabilities:
   Trade receivables                                      (37,317)          (38,327)          (4,275)
   Recoverable taxes and other current assets             (46,396)            1,385          (32,681)
   Trade accounts payable                                 (11,182)            1,254            7,704
   Accrued expenses and other payables                     17,000            42,859           22,445
                                                    -------------    ---------------  --------------

Cash flows provided by operating activities               741,957           612,920          727,536
                                                    -------------    ---------------  --------------
Investing activities:
Short-term investments                                   (354,192)          275,736         (219,753)
Purchase of other rights and machinery
  furniture and equipment                                (377,345)         (275,612)        (334,468)
                                                    -------------    ---------------  --------------
ash flows (used in) provided by investing
  activities                                             (731,537)              124         (554,221)
                                                    -------------    ---------------  --------------

Financing activities:
Payment of dividends                                                       (487,970)        (155,965)
Payment of tax on dividends                                                (269,168)         (80,348)
                                                    -------------    ---------------  --------------

Cash flows used in financing activities                                    (757,138)        (236,313)
                                                    -------------    ---------------  --------------

Effects of inflation on cash and cash equivalents         (41,174)          (10,291)          39,299
                                                    -------------    ---------------  --------------

Decrease in cash and cash equivalents                     (30,754)         (154,385)         (23,699)

Cash and cash equivalents at beginning of
  period                                                  642,364           611,610          457,225
                                                    -------------    ---------------  --------------

Cash and cash equivalents at end of period          Ps.   611,610    Ps.    457,225   Ps.    433,526
                                                    =============    ==============   ==============
Supplemental cash disclosures:
Asset tax and tax on dividends paid                 Ps.              Ps.    414,880    Ps.   226,614

Supplemental non-cash disclosures:
Recovered tax on dividends                          Ps.              Ps.               Ps.   114,575
</TABLE>


                                      F-40

<PAGE>

Recently Issued Accounting Standards

In June 2001, the FASB issued SFAS No. 143, "Accounting for Asset Retirement
Obligations" ("SFAS 143"). SFAS 143 requires the recognition of a liability for
the legal obligations associated with the retirement of a tangible long-lived
asset that results from the acquisition, construction and (or) normal operation
of the asset. The liability is recognized at fair value in the period in which
it is incurred if a reasonable estimate of fair value can be made. A
corresponding asset retirement cost is added to the carrying value of the
long-lived asset and is depreciated to expense using a systematic and rational
method over its useful life. SFAS 143 is effective for fiscal year beginning
after June 15, 2002. Upon initial adoption, a liability is recognized for
existing asset retirement obligations and the associated asset retirement cost
is capitalized as an increase to the carrying value of the asset. The recognized
liability and asset are adjusted for cumulative accretion and accumulated
depreciation, respectively, from the time period when the asset retirement
obligation would have originally been recognized had this statement been in
effect to the date of initial adoption. The cumulative effect of initial
adoption of SFAS 143 is recorded as a change in accounting principle. The
adoption of SFAS 143 did not have a material impact on the consolidated
financial statements.

In January 2003, the FASB issued Interpretation No. 46 ("FIN 46"),
"Consolidation of Variable Interest Entities, an interpretation of ARB 51." The
primary objectives of FIN 46 are to provide guidance on the identification of
entities for which control is achieved through means other than through voting
rights ("variable interest entities" or "VIEs") and how to determine when and
which business enterprise should consolidate the VIE (the "primary
beneficiary"). This new model for consolidation applies to an entity which
either (1) the equity investors (if any) do not have a controlling financial
interest or (2) the equity investment at risk is insufficient to finance that
entity's activities without receiving additional subordinated financial support
from other parties. In addition, FIN 46 requires that both the primary
beneficiary and all other enterprises with a significant variable interest in a
VIE make additional disclosures. FIN 46 applies immediately to variable interest
entities created after January 31, 2003, and to variable interest entities in
which an enterprise obtains an interest after that date. It applies in the first
fiscal year or interim period beginning after June 15, 2003, to variable
interest entities in which an enterprise holds a variable interest that it
acquired before February 1, 2003. FIN 46 applies to public enterprises as of the
beginning of the applicable interim or annual period, and it applies to
nonpublic enterprises as of the end of the applicable annual period. In December
2003 the FASB redeliberated certain proposed modifications and revised FIN 46
("FIN 46-R"). The revised provisions are applicable no later than the first
reporting period ending after March 15, 2004. Company does not expect that the
adoption of FIN 46 and FIN 46-R will have a material impact on the consolidated
financial statements.


                                      F-41

<PAGE>

In April 2003, the FASB issued SFAS No. 149, "Amendment of SFAS No. 133 on
Derivative Instruments and Hedging Activities" (SFAS 149"). This statement
amends and clarifies the accounting for derivative instruments, including
certain derivative instruments embedded in other contracts, and for hedging
activities under SFAS 133, "Accounting for Derivative Instruments and Hedging
Activities". SFAS 149 is generally effective for contracts entered into or
modified after June 30, 2003 and for hedging relationships designed after June
30, 2003. The adoption of SFAS 149 did not have a material impact on the
consolidated financial statements.

In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity" ("SFAS 150").
This statement affects how an entity measures and reports financial instruments
that have characteristics of both liabilities and equity, and is effective for
financial instruments entered into or modified after May 31, 2003 and is
otherwise effective at the beginning of the first interim period beginning after
June 15, 2003. The adoption of SFAS 150 did no have a material impact on the
consolidated financial statements.


                                      F-42