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| Central North Airport Group                           | United Mexican States                           |
|-------------------------------------------------------|-------------------------------------------------|
| (Translation of registrant’s name into English) | (Jurisdiction of incorporation or organization) |

| Title of each class:                                           | Name of each exchangeon which registered |
|----------------------------------------------------------------|------------------------------------------|
| American Depositary Shares each representing 8 Series B shares | The NASDAQ Stock Market LLC              |
| Series B shares                                                | The NASDAQ Stock Market LLC*             |

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

| Title of each class: | Number of Shares |
|----------------------|------------------|
| Series B Shares      | 341,200,000      |
| Series BB Shares     | 58,800,000       |

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TABLE

|      |   |                                                       | 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                                             | 3      |
|      |   | Risk Factors                                               | 6      |
|      |   | Forward-Looking Statements                                 | 29     |
| ITEM 4.   |   | INFORMATION ON THE COMPANY                                 | 29     |
|      |   | History and Development of the Company                     | 29     |
|      |   | Business Overview                                          | 35     |
|      |   | Regulatory Framework                                       | 67     |
|      |   | Organizational Structure                                   | 87     |
|      |   | Property, Plant And Equipment                              | 88     |
| ITEM 4A.  |   | UNRESOLVED STAFF COMMENTS                                  | 89     |
| ITEM 5.   |   | OPERATING AND FINANCIAL REVIEW AND PROSPECTS               | 89     |
| ITEM 6.   |   | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES                 | 120    |
| ITEM 7.   |   | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS          | 130    |
|      |   | Major Shareholders                                         | 130    |
|      |   | Related Party Transactions                                 | 133    |
| ITEM 8.   |   | FINANCIAL INFORMATION                                      | 135    |
|      |   | Legal Proceedings                                          | 135    |
|      |   | Dividends                                                  | 139    |
| ITEM 9.   |   | THE OFFER AND LISTING                                      | 142    |
|      |   | Stock Price History                                        | 142    |
|      |   | Trading on the Mexican Stock Exchange                      | 143    |
| ITEM 10.  |   | ADDITIONAL INFORMATION                                     | 143    |
|      |   | Material Contracts                                         | 160    |
|      |   | Exchange Controls                                          | 160    |
|      |   | Taxation                                                   | 160    |
|      |   | Documents On Display                                       | 163    |
| ITEM 11.  |   | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 164    |
| ITEM 12.  |   | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES     | 164    |
| ITEM 12A. |   | DEBT SECURITIES                                            | 164    |

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Table of Contents

| ITEM 12B. |   | WARRANTS AND RIGHTS                                                          | 164 |
|-----------|--------|------------------------------------------------------------------------------|-----|
| ITEM 12C. |   | OTHER SECURITIES                                                             | 164 |
| ITEM 12D. |   | AMERICAN DEPOSITARY SHARES                                                   | 164 |
| ITEM 13.  |   | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                              | 166 |
| ITEM 14.  |   | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 166 |
| ITEM 15.  |   | CONTROLS AND PROCEDURES                                                      | 166 |
| ITEM 16.  |   | [RESERVED]                                                                   | 169 |
| ITEM 16A. |   | SPECIAL COMMITTEE RESPONSIBLE FOR AUDIT FUNCTIONS’ FINANCIAL EXPERT    | 169 |
| ITEM 16B. |   | CODE OF ETHICS                                                               | 169 |
| ITEM 16C. |   | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                       | 170 |
| ITEM 16D. |   | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                   | 170 |
| ITEM 16E. |   | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS       | 170 |
| ITEM 16F. |   | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT                           | 171 |
| ITEM 16G. |   | CORPORATE GOVERNANCE                                                         | 171 |
| ITEM 17.  |   | FINANCIAL STATEMENTS                                                         | 177 |
| ITEM 18.  |   | FINANCIAL STATEMENTS                                                         | 177 |
| ITEM 19.  |   | EXHIBITS                                                                     | 178 |

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Table of Contents

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

| Item 2. | Offer Statistics and Expected Timetable |
|---------|-----------------------------------------|

| Item 3. | Key Information |
|---------|-----------------|

SELECTED FINANCIAL DATA

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Table of Contents

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Table of Contents

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, 2006.

|                                                    |   | Year ended December 31,      |      |
|---------------------------------------------------------|--------|------------------------------|-----------|
|                                                    |   | 2006                         |      |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
|                                                    |   | (thousands of Mexican pesos) |      |   | (thousands of dollars) (1) |   |
| Statement of Income data:                               |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| MFRS:                                                   |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                               |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Aeronautical services(2)                                |   |                         | 1,370,968 |   |   |   | 1,549,827 |   |   |   | 1,617,195 |   |   |   | 1,526,965 |   |   |   | 1,652,626 |   |   |   | 133,492 |   |
| Non-aeronautical services(3)                            |   |                         | 316,343   |   |   |   | 347,526 |   |   |   | 371,281 |   |   |   | 354,001 |   |   |   | 391,974 |   |   |   | 31,662 |   |
| Hotel services                                          |   |                         | 0         |   |   |   | 0 |   |   |   | 0 |   |   |   | 15,311 |   |   |   | 99,823 |   |   |   | 8,063 |   |
| Construction services                                   |   |                         | 355,862   |   |   |   | 374,675 |   |   |   | 492,813 |   |   |   | 640,992 |   |   |   | 507,026 |   |   |   | 40,955 |   |
| Total revenues                                          |   |                         | 2,043,173 |   |   |   | 2,272,028 |   |   |   | 2,481,289 |   |   |   | 2,537,269 |   |   |   | 2,651,449 |   |   |   | 214,172 |   |
| Operating costs:                                        |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs of services                                       |   |                         | 397,465   |   |   |   | 420,777 |   |   |   | 507,214 |   |   |   | 447,568 |   |   |   | 673,632 |   |   |   | 54,413 |   |
| Construction costs                                      |   |                         | 355,862   |   |   |   | 374,675 |   |   |   | 492,813 |   |   |   | 640,992 |   |   |   | 507,026 |   |   |   | 40,955 |   |
| Administrative expenses                                 |   |                         | 237,475   |   |   |   | 256,730 |   |   |   | 269,929 |   |   |   | 330,969 |   |   |   | 379,314 |   |   |   | 30,639 |   |
| Technical assistance fee(4)                             |   |                         | 49,541    |   |   |   | 57,416 |   |   |   | 55,604 |   |   |   | 51,710 |   |   |   | 47,567 |   |   |   | 3,842 |   |
| Concession tax(5)                                       |   |                         | 84,635    |   |   |   | 98,307 |   |   |   | 101,642 |   |   |   | 94,756 |   |   |   | 103,067 |   |   |   | 8,325 |   |
| Depreciation and amortization:                          |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation(6)                                         |   |                         | 28,257    |   |   |   | 32,872 |   |   |   | 39,306 |   |   |   | 47,979 |   |   |   | 60,358 |   |   |   | 4,875 |   |
| Amortization(7)                                         |   |                         | 263,839   |   |   |   | 303,330 |   |   |   | 327,413 |   |   |   | 363,911 |   |   |   | 409,314 |   |   |   | 33,063 |   |
| Total depreciation and amortization                     |   |                         | 292,096   |   |   |   | 336,202 |   |   |   | 366,719 |   |   |   | 411,890 |   |   |   | 469,672 |   |   |   | 37,938 |   |
| Total operating costs                                   |   |                         | 1,417,074 |   |   |   | 1,544,107 |   |   |   | 1,793,921 |   |   |   | 1,977,885 |   |   |   | 2,180,278 |   |   |   | 176,112 |   |
| Income from operations                                  |   |                         | 626,099   |   |   |   | 727,921 |   |   |   | 687,368 |   |   |   | 559,384 |   |   |   | 471,171 |   |   |   | 38,060 |   |
| Other (expenses) income, net                            |   |                         | (30,679   | ) |   |   | (7,584 | ) |   |   | 104,792 |   |   |   | 10,051 |   |   |   | (3,090 | ) |   |   | (250 | ) |
| Net comprehensive financing income (cost)               |   |                         | 70,328    |   |   |   | 96,218 |   |   |   | (11,451 | ) |   |   | (22,126 | ) |   |   | (68,338 | ) |   |   | (5,521 | ) |
| Income before income taxes                              |   |                         | 665,748   |   |   |   | 816,555 |   |   |   | 780,709 |   |   |   | 547,309 |   |   |   | 399,743 |   |   |   | 32,289 |   |
| Income tax expense                                      |   |                         | 196,511   |   |   |   | 785,363 |   |   |   | 238,906 |   |   |   | 77,785 |   |   |   | (152,232 | ) |   |   | (12,297 | ) |
| Consolidated net income                                 |   |                         | 469,237   |   |   |   | 31,192 |   |   |   | 541,803 |   |   |   | 469,524 |   |   |   | 551,975 |   |   |   | 44,586 |   |
| Basic and diluted earnings per share(8)                 |   |                         | 1.1874    |   |   |   | 0.0781 |   |   |   | 1.3672 |   |   |   | 1.1889 |   |   |   | 1.3835 |   |   |   | 0.1118 |   |
| Basic and diluted earnings per ADS(8)                   |   |                         | 9.4992    |   |   |   | 0.6248 |   |   |   | 10.9376 |   |   |   | 9.5112 |   |   |   | 11.0680 |   |   |   | 0.8940 |   |
|                                                    |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. GAAP:                                              |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                |   |                         | 1,687,311 |   |   |   | 1,897,353 |   |   |   | 1,988,476 |   |   |   | 1,896,277 |   |   |   | 2,144,423 |   |   |   | 173,217 |   |
| Income from operations                                  |   |                         | 697,879   |   |   |   | 811,103 |   |   |   | 804,380 |   |   |   | 663,929 |   |   |   | 567,725 |   |   |   | 45,858 |   |
| Consolidated net income                                 |   |                         | 548,798   |   |   |   | (118,318 | ) |   |   | 1,013,454 |   |   |   | 302,380 |   |   |   | 566,653 |   |   |   | 45,772 |   |
| Basic (loss) earnings per share(8)                      |   |                         | 1.4013    |   |   |   | (0.2961 | ) |   |   | 2.5574 |   |   |   | 0.7656 |   |   |   | 1.4203 |   |   |   | 0.1147 |   |
| Diluted (loss) earnings per share(9)                    |   |                         | 1.3909    |   |   |   | (0.2961 | ) |   |   | 2.5386 |   |   |   | 0.7600 |   |   |   | 1.4099 |   |   |   | 0.1139 |   |
| Basic (loss) earnings per ADS(8)                        |   |                         | 11.2110   |   |   |   | (2.3688 | ) |   |   | 20.4592 |   |   |   | 6.1248 |   |   |   | 11.3264 |   |   |   | 0.9178 |   |
| Diluted (loss) earnings per ADS(9)                      |   |                         | 11.1271   |   |   |   | (2.3688 | ) |   |   | 20.3088 |   |   |   | 6.0800 |   |   |   | 11.2792 |   |   |   | 0.9111 |   |
|                                                    |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other operating data:                                   |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total terminal passengers (thousands of passengers)(10) |   |                         | 11,784    |   |   |   | 14,212 |   |   |   | 14,061 |   |   |   | 11,518 |   |   |   | 11,588 |   |   |   |   |   |
| Total air traffic movements (thousands of movements)    |   |                         | 383       |   |   |   | 424 |   |   |   | 387 |   |   |   | 327 |   |   |   | 345 |   |   |   |   |   |
| Total revenues per terminalpassenger(11)                |   |                         | 143       |   |   |   | 134 |   |   |   | 141 |   |   |   | 165 |   |   |   | 229 |   |   |   |   |   |

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Table of Contents

|                                                                                |   | Year ended December 31,      |      |
|-------------------------------------------------------------------------------------|--------|------------------------------|-----------|
|                                                                                |   | 2006                         |      |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
|                                                                                |   | (thousands of Mexican pesos) |      |   |   |   |   |   |   |   | (thousands of dollars) (1) |   |
| Balance Sheet data:                                                                 |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| MFRS:                                                                               |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                           |   |                         | 1,672,994 |   |   |   | 1,756,704 |   |   |   | 257,420 |   |   |   | 267,734 |   |   |   | 312,838 |   |   |   | 25,270 |   |
| Total current assets                                                                |   |                         | 2,143,271 |   |   |   | 2,084,057 |   |   |   | 926,245 |   |   |   | 884,405 |   |   |   | 841,575 |   |   |   | 67,976 |   |
| Land, buildings, machinery and equipment- net....                               |   |                         | 163,067   |   |   |   | 316,947 |   |   |   | 1,935,641 |   |   |   | 2,183,613 |   |   |   | 2,310,848 |   |   |   | 186,660 |   |
| Investments in airport concessions                                                  |   |                         | 6,551,579 |   |   |   | 6,722876 |   |   |   | 6,955,015 |   |   |   | 7,164,874 |   |   |   | 7,266,560 |   |   |   | 586,960 |   |
| Total assets                                                                        |   |                         | 8,873,950 |   |   |   | 9,134,388 |   |   |   | 9,859,832 |   |   |   | 10,276,678 |   |   |   | 10,453,679 |   |   |   | 844,399 |   |
| Current liabilities                                                                 |   |                         | 184,236   |   |   |   | 407,096 |   |   |   | 1,145,793 |   |   |   | 1,037,603 |   |   |   | 740,792 |   |   |   | 59,837 |   |
| Total liabilities                                                                   |   |                         | 891,999   |   |   |   | 1,660,046 |   |   |   | 2,330,072 |   |   |   | 2,601,715 |   |   |   | 2,608,270 |   |   |   | 210,683 |   |
| Total stockholders’ equity(12)                                           |   |                         | 7,981,951 |   |   |   | 7,474,342 |   |   |   | 7,529,760 |   |   |   | 7,674,963 |   |   |   | 7,845,409 |   |   |   | 633,716 |   |
| U.S. GAAP:                                                                          |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                           |   |                         | 1,672,994 |   |   |   | 1,756,704 |   |   |   | 257,420 |   |   |   | 267,734 |   |   |   | 312,838 |   |   |   | 25,270 |   |
| Total current assets                                                                |   |                         | 2,143,271 |   |   |   | 2,084,057 |   |   |   | 929,695 |   |   |   | 910,802 |   |   |   | 922,921 |   |   |   | 74,549 |   |
| Assets under concession (“Rights to use airport facilities” under MFRS) |   |                         | 917,497   |   |   |   | 877,388 |   |   |   | 837,291 |   |   |   | 797,545 |   |   |   | 757,799 |   |   |   | 61,212 |   |
| Total assets                                                                        |   |                         | 5,495,086 |   |   |   | 5,263,692 |   |   |   | 6,292,200 |   |   |   | 6,640,657 |   |   |   | 7,015,749 |   |   |   | 566,700 |   |
| Current liabilities                                                                 |   |                         | 203,844   |   |   |   | 421,398 |   |   |   | 1,158,298 |   |   |   | 1,037,603 |   |   |   | 740,792 |   |   |   | 59,838 |   |
| Total liabilities                                                                   |   |                         | 264,653   |   |   |   | 680,277 |   |   |   | 1,203,591 |   |   |   | 1,564,618 |   |   |   | 1,747,445 |   |   |   | 141,151 |   |
| Total stockholders’ equity                                                    |   |                         | 5,230,433 |   |   |   | 4,583,415 |   |   |   | 5,088,609 |   |   |   | 5,076,039 |   |   |   | 5,268,304 |   |   |   | 425,550 |   |
| Dividend per share                                                                  |   |                         | 1.1167    |   |   |   | 1.1103 |   |   |   | 1.0856 |   |   |   | 1.0000 |   |   |   | 1.0000 |   |   |   |   |   |
| Other data:                                                                         |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| MFRS:                                                                               |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash flows from operating activities                                            |   |                         |      |   |   |   |   |   |   |   | 735,464 |   |   |   | 448,811 |   |   |   | 610,683 |   |   |   | 49,330 |   |
| Net cash flows provided by financing activities                                     |   |                         |      |   |   |   |   |   |   |   | (352,146 | ) |   |   | 158,637 |   |   |   | (38,356 | ) |   |   | (3,099 | ) |
| Net cash flows generated by (used in) investing activities                          |   |                         |      |   |   |   |   |   |   |   | (1,882,602 | ) |   |   | (597,134 | ) |   |   | (527,223 | ) |   |   | (42,587 | ) |
| (Decrease) increase in cash and cash equivalents                                    |   |                         |      |   |   |   |   |   |   |   | (1,499,284 | ) |   |   | 10,314 |   |   |   | 45,104 |   |   |   | 3,644 |   |
| Net resources generated by operating activities                                     |   |                         | 729,090   |   |   |   | 1,070,588 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net resources used in financing activities                                          |   |                         | (322,465  | ) |   |   | (328,868 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net resources used in investing activities                                          |   |                         | (440,235  | ) |   |   | (658,010 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase (decrease) in cash and cash equivalents                                    |   |                         | (33,610   | ) |   |   | 83,710 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. GAAP(13):                                                                      |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by operating activities                                           |   |                         | 694,103   |   |   |   | 1,036,011 |   |   |   | 799,809 |   |   |   | 431,757 |   |   |   | 540,783 |   |   |   | 46,105 |   |
| Net cash used in investing activities                                               |   |                         | (458,262  | ) |   |   | (657,018 | ) |   |   | (1,948,393 | ) |   |   | (619,227 | ) |   |   | (544,412 | ) |   |   | (43,975 | ) |
| Net cash (used in) provided by financing activities                                 |   |                         | (322,465  | ) |   |   | (328,868 | ) |   |   | (350,700 | ) |   |   | 197,784 |   |   |   | 48,733 |   |   |   | 3,936 |   |
| Effect of inflation accounting                                                      |   |                         | 53,014    |   |   |   | 33,585 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| (Decrease) increase in cash and cash equivalents                                    |   |                         | (33,610   | ) |   |   | 83,710 |   |   |   | (1,499,284 | ) |   |   | 10,314 |   |   |   | 45,104 |   |   |   | 3,643 |   |

| (1) | Translated into dollars at the rate of Ps. 12.38 per U.S. dollar, the U.S. Federal Reserve noon buying rate for Mexican pesos at December 30, 2010.  Per share dollar amounts are expressed in dollars (not thousands of dollars).  Operating data is expressed in units indicated. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Revenues from aeronautical services principally consist of a fee for each departing passenger, aircraft landing fees based on the aircraft’s weight and arrival time, an aircraft parking fee, a fee for the transfer of passengers from the aircraft to the terminal building, a security charge for each departing passenger and other sources of revenues subject to regulation under our maximum rates. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Revenues from non-aeronautical services represent sources of revenues not subject to regulation under our maximum rates, and consist of revenues from car parking charges, leasing of commercial space to tenants, advertising, taxis and other ground transportation providers and other miscellaneous sources of revenues.  Pursuant to our concessions and to the Airport Law and the regulations thereunder, parking services are currently excluded from aeronautical services under our maximum rates, although the Ministry of Communications and Transportation could decide to regulate such rates, and such rates may be regulated by other authorities. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | On January 1, 2001, we began paying SETA a technical assistance fee under the technical assistance agreement entered into in connection with SETA’s purchase of its Series BB shares.  This fee is described in “Item 7. Major Shareholders and Related Party Transaction – Related Party Transactions – Arrangements with SETA.” |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Each of our subsidiary concession holders is required to pay a concession tax to the Mexican government under the Mexican Federal Duties Law for the use of public domain assets pursuant to the terms of its concession.  The concession tax is currently equal to 5% of each concession holder’s gross annual revenues. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Reflects depreciation of fixed assets. |
|-----|----------------------------------------|

| (7) | Reflects amortization of airport concessions and rights to use airport facilities. |
|-----|------------------------------------------------------------------------------------|

| (8) | For MFRS purposes, 395,173,149 weighted average common shares outstanding in 2006, 399,611,578 weighted average common shares outstanding in 2007, 396,284,313 weighted average common shares outstanding in 2008, 394,934,855 weighted average common shares in 2009 and 398,967,756 weighted average common shares in 2010.  For U.S. GAAP purposes, based on 391,624,384 weighted average common shares outstanding in 2006, 399,611,578 weighted average common shares outstanding in 2007, 396,284,313 weighted average common shares outstanding in 2008, 394,934,855 weighted average common shares in 2009 and 398,967,756 weighted average common shares in 2010.  Earnings per ADS are based on the ratio of 8 Series B shares per ADS. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Based on 399,224,413, 397,874,855 and 401,907,756 weighted average common shares and common share equivalents outstanding for the year ended December 31, 2008, 2009 and 2010, respectively.  Earnings per ADS are based on the ratio of 8 Series B shares per ADS. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Arriving and departing passengers as well as transfer passengers (passengers who arrive at our airports on one aircraft and depart on a different aircraft).  Excludes transit passengers (passengers who arrive at our airports but generally depart without changing aircraft). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Total revenues for the period divided by terminal passengers for the period.  Expressed in pesos (not thousands of pesos). |
|------|--------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Total stockholders’ equity under MFRS reflects the value assigned to our concessions.  Under U.S. GAAP, no value has been assigned to our concessions. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | U.S. GAAP cash flow data is expressed in nominal Mexican pesos. |
|------|-----------------------------------------------------------------|

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|                                                                                                                                                                                                                                                                      |   | Exchange Rate |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|
| Year Ended December 31,                                                                                                                                                                                                                                                   |   | High          |   |   | Low |   |   | Period End |   |   | Average(1) |   |
| 2006                                                                                                                                                                                                                                                                      |   |          | 11.46  |   |   |   | 10.43 |   |   |   | 10.80 |   |   |   | 10.91 |   |
| 2007                                                                                                                                                                                                                                                                      |   |          | 11.27  |   |   |   | 10.67 |   |   |   | 10.92 |   |   |   | 10.93 |   |
| 2008                                                                                                                                                                                                                                                                      |   |          | 13.94  |   |   |   | 9.92 |   |   |   | 13.83 |   |   |   | 11.14 |   |
| 2009                                                                                                                                                                                                                                                                      |   |          | 15.41  |   |   |   | 12.63 |   |   |   | 13.06 |   |   |   | 13.50 |   |
| 2010                                                                                                                                                                                                                                                                      |   |          | 13.19  |   |   |   | 12.16 |   |   |   | 12.38 |   |   |   | 12.62 |   |
| December 2010                                           |   |          | 12.47  |   |   |   | 12.33 |   |   |   | 12.38 |   |   |   | 12.39 |   |
| 2011:                                                                                                                                                                                                                                                                     |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January 2011                                            |   |          | 12.25  |   |   |   | 12.04 |   |   |   | 12.15 |   |   |   | 12.13 |   |
| February 2011                                           |   |          | 12.18  |   |   |   | 11.97 |   |   |   | 12.11 |   |   |   | 12.06 |   |
| March 2011                                              |   |          | 12.11  |   |   |   | 11.92 |   |   |   | 11.92 |   |   |   | 12.00 |   |
| April 2011                                              |   |          | 11.86  |   |   |   | 11.52 |   |   |   | 11.71 |   |   |   | 11.52 |   |

| (1) | Average of month-end rates or daily rates, as applicable. |
|-----|-----------------------------------------------------------|

| Source:  Federal Reserve noon buying rate. |
|------------------------------------------------------|

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RISK FACTORS

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| Airport                                     |   | For year ended December 31, 2010 |   |
|---------------------------------------------|--------|----------------------------------|--------|
| Monterrey International Airport             |   |                             | 41.8   | % |
| Culiacán International Airport         |   |                             | 7.8    | % |
| Mazatlán International Airport         |   |                             | 8.1    | % |
| Acapulco International Airport              |   |                             | 7.4    | % |
| Nine other airports and Terminal 2 NH Hotel |   |                             | 34.9   | % |
| Total                                       |   |                             | 100.0  | % |

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|   | a) | Effects of inflation – In accordance with IFRS, the effects of inflation are recognized when the inflation accumulated during the last three years approximates to or exceeds 100%. Given that the Mexican environment ceased to be hyperinflationary since 1999, the effects of inflation recorded up to 2007 were cancelled, except for the inflation included in certain items of property, machinery and equipment, for which the deemed cost exception (indexed cost) included in IFRS 1, “First-time Adoption of International Financial Reporting Standards,” was used. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | Amortization of the Concessioned Asset – In accordance with IFRS, the amortization of the concessioned asset is determined considering the term of the concession, which is 50 years. In accordance with MFRS, the amortization was determined based on the estimated useful life of the various components of the concessioned asset. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | Maintenance expenses – According to the policy adopted pursuant to IFRS, airport maintenance costs, which are approved in the Master Development Plan, are provisioned and recorded in our results of operations.  In acordance with MFRS, such costs are capitalized as part of the asset as incurred. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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FORWARD-LOOKING STATEMENTS

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

|   | · | statements of our plans, objectives or goals, |
|--------|--------|-----------------------------------------------|

|   | · | statements about our future economic performance or that of México, and |
|--------|--------|------------------------------------------------------------------------------|

|   | · | statements of assumptions underlying such statements. |
|--------|--------|-------------------------------------------------------|

| Item 4. | Information on the Company |
|---------|----------------------------|

HISTORY AND DEVELOPMENT OF THE COMPANY

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|   | · | all of our Series BB shares, which currently represent 14.7% of our outstanding capital stock; |
|--------|--------|------------------------------------------------------------------------------------------------|

|   | · | an option to acquire from the Mexican government shares currently representing 35.3% of our capital stock (which subsequently was assigned to and exercised by Aeroinvest, S.A. de C.V., a principal shareholder of SETA); |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an option to subscribe for up to 3% of newly issued Series B shares (1% of which expired unexercised on June 14, 2005 and 2% of which was subscribed for in September 2006); and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the right and obligation to enter into various agreements with us and the Mexican government, including a participation agreement setting forth the rights and obligations of each of the parties involved in the privatization (including SETA), a 15-year technical assistance agreement setting forth SETA’s right and obligation to provide technical assistance to us in exchange for an annual fee, and a shareholders’ agreement under terms established during the public bidding process.  These agreements are described in greater detail under “Item 7.  Principal Stockholders and Selling Stockholder” and “Related Party Transactions.” |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Aeroinvest, S.A. de C.V. (“Aeroinvest”), which owns 74.5% of SETA.  Aeroinvest is a wholly owned subsidiary of Empresas ICA, S.A.B. de C.V. Aeroinvest also directly owns 42.0% of our Series B shares as a result of its exercise of an option to acquire these shares from the Mexican government and its subsequent purchase of additional Series B shares representing 6.7% of our capital stock.  Aeroinvest’s Series B shares were acquired in December 2005 from the Mexican government at an aggregate cost of U.S.$ 203.3 million (determined based on an initial price per share of U.S.$ 1.28 plus an annual 5% premium, subject to decreases corresponding to dividends declared and paid by us).  Empresas ICA, the parent of Aeroinvest, is the largest engineering, construction and procurement company in México.  Empresas ICA’s principal lines of business are construction and engineering, housing and infrastructure operations, including the operation of airports (through SETA), toll roads and municipal services.  Empresas ICA is listed on the Mexican Stock Exchange and the New York Stock Exchange.  Through Aeroinvest, Empresas ICA controls a majority of our capital stock. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Aéroports de Paris Management, S.A., which owns 25.5% of SETA.  Aéroports de Paris Management is a wholly owned subsidiary of Aéroports de Paris, S.A., a French company recognized as a leading European airport group.  Aéroports de Paris, S.A. was previously the direct owner of the 25.5% participation in SETA until August 2006 when it transferred its participation in SETA to Aéroports de Paris Management.  For more than 40 years, Aéroports de Paris has operated the Charles de Gaulle and Orly airports in France, which processed 83 million passengers in 2009.  Aéroports de Paris is listed on the Eurolist Market of Euronext Paris S.A. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                 |   | Year ended December 31, |    |
|----------------------|--------|-------------------------|---------|
|                 |   | 2008                    |    |   | 2009 |   |   | 2010 |   |   | Total2008-2010 |   |
|                 |   | (thousands of pesos)    |    |
| Acapulco             |   |                    | 33,601  |   |   |   | 15,670 |   |   |   | 15,888 |   |   |   | 65,159 |   |
| Ciudad Juárez   |   |                    | 23,755  |   |   |   | 20,591 |   |   |   | 12,894 |   |   |   | 57,240 |   |
| Culiacán        |   |                    | 8,966   |   |   |   | 23,942 |   |   |   | 2,563 |   |   |   | 35,471 |   |
| Chihuahua            |   |                    | 32,474  |   |   |   | 8,154 |   |   |   | 11,062 |   |   |   | 51,690 |   |
| Durango              |   |                    | 21,492  |   |   |   | 25,439 |   |   |   | 9,788 |   |   |   | 56,719 |   |
| Mazatlán        |   |                    | 10,818  |   |   |   | 20,125 |   |   |   | 2,383 |   |   |   | 33,326 |   |
| Monterrey            |   |                    | 277,568 |   |   |   | 89,447 |   |   |   | 25,362 |   |   |   | 392,377 |   |
| Reynosa              |   |                    | 12,137  |   |   |   | 9,956 |   |   |   | 1,859 |   |   |   | 23,952 |   |
| San Luis Potosí |   |                    | 21,868  |   |   |   | 26,086 |   |   |   | 3,289 |   |   |   | 51,243 |   |
| Tampico              |   |                    | 13,186  |   |   |   | 16,562 |   |   |   | 4,770 |   |   |   | 34,518 |   |
| Torreón         |   |                    | 32,551  |   |   |   | 6,657 |   |   |   | 8,634 |   |   |   | 47,842 |   |
| Zacatecas            |   |                    | 4,791   |   |   |   | 25,904 |   |   |   | 8,271 |   |   |   | 38,966 |   |
| Zihuatanejo          |   |                    | 22,836  |   |   |   | 29,472 |   |   |   | 13,816 |   |   |   | 66,124 |   |
| Total                |   |                    | 516,043 |   |   |   | 318,005 |   |   |   | 120,579 |   |   |   | 954,627 |   |

|                                                                                                                                                                                                                                                                                   |   | Year ended December 31, |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|-----------|
|                                                                                                                                                                                                                                                                                   |   | 2008                    |      |   | 2009 |   |   | 2010 |   |
|                                                                                                                                                                                                                                                                                   |   | (thousands of pesos)    |      |
| Acapulco                                                                                                |   |                    | 36,275    |   |   |   | 37,366 |   |   |   | 58,191 |   |
| Ciudad Juárez                                              |   |                    | 52,641    |   |   |   | 18,465 |   |   |   | 47,348 |   |
| Culiacán                                                   |   |                    | 37,111    |   |   |   | 35,743 |   |   |   | 38,679 |   |
| Chihuahua                                                       |   |                    | 23,102    |   |   |   | 21,132 |   |   |   | 42,225 |   |
| Durango                                                         |   |                    | 30,548    |   |   |   | 10,285 |   |   |   | 11,329 |   |
| Mazatlán                                                   |   |                    | 24,021    |   |   |   | 10,324 |   |   |   | 62,124 |   |
| Monterrey                                                       |   |                    | 1,743,039 |   |   |   | 395,964 |   |   |   | 306,417 |   |
| Reynosa                                                         |   |                    | 13,644    |   |   |   | 19,386 |   |   |   | 11,240 |   |
| San Luis Potosí                                            |   |                    | 23,050    |   |   |   | 26,273 |   |   |   | 8,786 |   |
| Tampico                                                         |   |                    | 25,028    |   |   |   | 18,430 |   |   |   | 11,739 |   |
| Torreón                                                    |   |                    | 24,516    |   |   |   | 30,998 |   |   |   | 6,808 |   |
| Zacatecas                                                       |   |                    | 15,177    |   |   |   | 17,222 |   |   |   | 35,929 |   |
| Zihuatanejo                                                     |   |                    | 22,613    |   |   |   | 32,269 |   |   |   | 29,065 |   |
| Other                                                           |   |                    | 156,796   |   |   |   | 193,799 |   |   |   | 25,609 |   |
| Total                                                                     |   |                    | 2,227,561 |   |   |   | 867,656 |   |   |   | 695,489 |   |

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|                                                                                                                                                                                                                                                                                                                        |   | Year ended December 31, |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|-----------|
|                                                                                                                                                                                                                                                                                                                        |   | 2008                    |      |   | 2009 |   |   | 2010 |   |
|                                                                                                                                                                                                                                                                                                                        |   | (thousands of pesos)    |      |
| Terminals                                                    |   |                    | 232,961   |   |   |   | 328,271 |   |   |   | 380,674 |   |
| Runways and aprons                                                                                                                                                                                                                                                                                                          |   |                    | 263,000   |   |   |   | 181,465 |   |   |   | 91,896 |   |
| Machinery and equipment                                                                                                                                                                                                                                                                                                     |   |                    | 35,796    |   |   |   | 38,988 |   |   |   | 68,392 |   |
| Land                                                                                                                                                                                                                                                                                                                        |   |                    | 1,455,904 |   |   |   | 62,725 |   |   |   | 90,906 |   |
| Other                                                        |   |                    | 239,900   |   |   |   | 256,207 |   |   |   | 63,621 |   |
| Total                                                             |   |                    | 2,227,561 |   |   |   | 867,656 |   |   |   | 695,489 |   |

|   | · | Terminals.  We remodeled many of the terminals at our airports by expanding departure areas (concourses and lounges), baggage claim areas and arrival areas, by improving lighting systems, adding office space, adding taxi and other ground transportation waiting areas, and by increasing handicapped services and remodeling restrooms. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Runways, access roads and aircraft parking.  We improved our runways and access roads (including their lighting systems), expanded aircraft parking areas, and made improvements and renovations to the fences on the outlying areas of our properties subject to our concessions. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Machinery and equipment.  We invested in machinery and equipment such as fire extinguishing vehicles, emergency back-up electricity generators, metal detectors and other security-related equipment, ambulances, moving walkways and public information systems. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Land.  As part of our strategic investments, in 2010, 2009 and 2008 territorial reserves of Ps. 90,906 Ps. 62,725 and Ps. 1,455,904, respectively, were purchased to develop and expand our key airports. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Utility-related infrastructure.  We installed sewage treatment plants and systems at several of our airports, improved drainage systems, and installed underground electric wiring systems at several of our airports. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Developments at México City International Airport.  In October 2008, we acquired 90% of the shares of Consorcio Grupo Hotelero Terminal 2, S.A. de C.V., which has the rights to develop and operate a 287-room hotel and approximately 5,000 square meters of commercial space inside the new Terminal 2 of the México City International Airport, under a 20-year lease agreement with the México City International Airport.  The Spanish company NH Hoteles, S.A. de C.V. owns the other 10%.  The Terminal 2 NH Hotel opened in August 2009. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                 |   | Year ended December 31, |    |
|----------------------|--------|-------------------------|---------|
|                 |   | 2011                    |    |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |   | Total2011-2015 |   |
|                 |   | (thousands of pesos)    |    |
| Acapulco             |   |                    | 28,345  |   |   |   | 55,170 |   |   |   | 53,006 |   |   |   | 107,116 |   |   |   | 29,216 |   |   |   | 272,853 |   |
| Ciudad Juárez   |   |                    | 16,484  |   |   |   | 34,201 |   |   |   | 81,920 |   |   |   | 17,891 |   |   |   | 14,530 |   |   |   | 165,026 |   |
| Culiacán        |   |                    | 50,577  |   |   |   | 51,232 |   |   |   | 84,439 |   |   |   | 65,849 |   |   |   | 50,905 |   |   |   | 303,002 |   |
| Chihuahua            |   |                    | 22,378  |   |   |   | 34,144 |   |   |   | 51,136 |   |   |   | 13,570 |   |   |   | 9,811 |   |   |   | 131,039 |   |
| Durango              |   |                    | 34,412  |   |   |   | 20,886 |   |   |   | 11,163 |   |   |   | 20,294 |   |   |   | 3,573 |   |   |   | 90,328 |   |
| Mazatlán        |   |                    | 18,317  |   |   |   | 26,187 |   |   |   | 45,842 |   |   |   | 95,208 |   |   |   | 26,597 |   |   |   | 212,151 |   |
| Monterrey            |   |                    | 249,695 |   |   |   | 83,777 |   |   |   | 225,747 |   |   |   | 229,260 |   |   |   | 109,412 |   |   |   | 897,891 |   |
| Reynosa              |   |                    | 31,000  |   |   |   | 36,042 |   |   |   | 32,473 |   |   |   | 23,592 |   |   |   | 5,859 |   |   |   | 128,966 |   |
| San Luis Potosí |   |                    | 18,168  |   |   |   | 19,471 |   |   |   | 51,507 |   |   |   | 47,139 |   |   |   | 39,201 |   |   |   | 175,486 |   |
| Tampico              |   |                    | 29,908  |   |   |   | 43,278 |   |   |   | 41,940 |   |   |   | 16,486 |   |   |   | 12,528 |   |   |   | 144,140 |   |
| Torreón         |   |                    | 29,228  |   |   |   | 12,704 |   |   |   | 33,202 |   |   |   | 23,519 |   |   |   | 3,939 |   |   |   | 102,592 |   |
| Zacatecas            |   |                    | 16,943  |   |   |   | 36,371 |   |   |   | 24,396 |   |   |   | 9,787 |   |   |   | 10,649 |   |   |   | 98,146 |   |
| Zihuatanejo          |   |                    | 16,577  |   |   |   | 43,080 |   |   |   | 24,335 |   |   |   | 46,157 |   |   |   | 25,216 |   |   |   | 155,365 |   |
| Total                |   |                    | 562,032 |   |   |   | 496,543 |   |   |   | 761,106 |   |   |   | 715,868 |   |   |   | 341,436 |   |   |   | 2,876,985 |   |

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|                                         |   | Year ended December 31, |    |
|----------------------------------------------|--------|-------------------------|---------|
|                                         |   | 2011                    |    |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |   | Total2011-2015 |   |
|                                         |   | (thousands of pesos)    |    |
| Terminals                                    |   |                    | 45,772  |   |   |   | 63,265 |   |   |   | 163,617 |   |   |   | 212,988 |   |   |   | 65,602 |   |   |   | 551,244 |   |
| Runways and aprons                           |   |                    | 62,137  |   |   |   | 141,573 |   |   |   | 261,233 |   |   |   | 233,614 |   |   |   | 142,732 |   |   |   | 841,289 |   |
| Machinery and equipment                      |   |                    | 133,799 |   |   |   | 74,527 |   |   |   | 175,786 |   |   |   | 127,136 |   |   |   | 49,624 |   |   |   | 560,872 |   |
| Baggage screening system – investments |   |                    | 137,554 |   |   |   | 14,615 |   |   |   | 6,317 |   |   |   | 2,977 |   |   |   | 50,628 |   |   |   | 212,091 |   |
| Security Airports – investments        |   |                    | 161,585 |   |   |   | 93,258 |   |   |   | 119,396 |   |   |   | 113,555 |   |   |   | 22,361 |   |   |   | 510,155 |   |
| Other                                        |   |                    | 21,185  |   |   |   | 109,305 |   |   |   | 34,757 |   |   |   | 25,598 |   |   |   | 10,489 |   |   |   | 201,334 |   |
| Total                                        |   |                    | 562,032 |   |   |   | 496,543 |   |   |   | 761,106 |   |   |   | 715,868 |   |   |   | 341,436 |   |   |   | 2,876,985 |   |

BUSINESS OVERVIEW

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|                                       |   | Year ended December 31, 2009 |   |   | Year ended December 31, 2010 |   |
|--------------------------------------------|--------|------------------------------|--------|--------|------------------------------|--------|
| Airport                                    |   | TerminalPassengers           |   |   | Total Revenues(1)            |   |   | Total Revenues per terminal passenger(2) |   |   | Terminalpassengers |   |   | Total Revenues(1) |   |   | Total Revenues per terminal passenger(2) |   |
|                                       |   | Number (in millions)         |   |   | %                            |   |   | (millions of pesos) |   |   | % |   |   | (pesos) |   |   | Number (in millions) |   |   | % |   |   | (millions of pesos) |   |   | % |   |   | (pesos) |   |
| Metropolitan area:                         |   |                         |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Monterrey International Airport            |   |                         | 5.2    |   |                         |   | 45.1 |   |   |   | 1,246.1 |   |   |   | 49.3 |   |   |   | 239.6 |   |   |   | 5.4 |   |   |   | 46.4 |   |   |   | 1,109.4 |   |   |   | 43.3 |   |   |   | 206.2 |   |
| Tourist destinations:                      |   |                         |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Acapulco International Airport             |   |                         | 0.8    |   |                         |   | 7.3 |   |   |   | 173.3 |   |   |   | 6.9 |   |   |   | 206.6 |   |   |   | 0.7 |   |   |   | 6.4 |   |   |   | 195.6 |   |   |   | 7.6 |   |   |   | 265.4 |   |
| Mazatlán International Airport        |   |                         | 0.7    |   |                         |   | 6.5 |   |   |   | 152.8 |   |   |   | 6.0 |   |   |   | 205.5 |   |   |   | 0.8 |   |   |   | 6.5 |   |   |   | 214.5 |   |   |   | 8.4 |   |   |   | 283.7 |   |
| Zihuatanejo International Airport          |   |                         | 0.5    |   |                         |   | 4.7 |   |   |   | 138.5 |   |   |   | 5.5 |   |   |   | 254.2 |   |   |   | 0.5 |   |   |   | 4.3 |   |   |   | 115.7 |   |   |   | 4.5 |   |   |   | 233.1 |   |
| Total tourist destinations                 |   |                         | 2.1    |   |                         |   | 18.5 |   |   |   | 464.7 |   |   |   | 18.4 |   |   |   | 218.4 |   |   |   | 2.0 |   |   |   | 17.2 |   |   |   | 525.8 |   |   |   | 20.5 |   |   |   | 264.3 |   |
| Regional cities:                           |   |                         |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Chihuahua International Airport            |   |                         | 0.7    |   |                         |   | 6.5 |   |   |   | 134.6 |   |   |   | 5.3 |   |   |   | 180.6 |   |   |   | 0.8 |   |   |   | 7.1 |   |   |   | 179.9 |   |   |   | 7.0 |   |   |   | 217.2 |   |
| Culiacán International Airport        |   |                         | 1.1    |   |                         |   | 9.2 |   |   |   | 165.4 |   |   |   | 6.5 |   |   |   | 155.6 |   |   |   | 1.1 |   |   |   | 9.1 |   |   |   | 206.9 |   |   |   | 8.1 |   |   |   | 195.2 |   |
| Durango International Airport              |   |                         | 0.2    |   |                         |   | 1.9 |   |   |   | 42.9 |   |   |   | 1.7 |   |   |   | 201.1 |   |   |   | 0.2 |   |   |   | 1.9 |   |   |   | 50.4 |   |   |   | 2.0 |   |   |   | 231.8 |   |
| San Luis Potosí International Airport |   |                         | 0.2    |   |                         |   | 1.8 |   |   |   | 69.8 |   |   |   | 2.8 |   |   |   | 338.1 |   |   |   | 0.2 |   |   |   | 1.9 |   |   |   | 60.3 |   |   |   | 2.4 |   |   |   | 270.4 |   |
| Tampico International Airport              |   |                         | 0.5    |   |                         |   | 4.1 |   |   |   | 88.5 |   |   |   | 3.5 |   |   |   | 188.2 |   |   |   | 0.5 |   |   |   | 3.9 |   |   |   | 90.4 |   |   |   | 3.5 |   |   |   | 200.4 |   |
| Torreón International Airport         |   |                         | 0.4    |   |                         |   | 3.4 |   |   |   | 101.6 |   |   |   | 4.0 |   |   |   | 257.6 |   |   |   | 0.3 |   |   |   | 2.9 |   |   |   | 69.5 |   |   |   | 2.7 |   |   |   | 205.5 |   |
| Zacatecas International Airport            |   |                         | 0.3    |   |                         |   | 2.2 |   |   |   | 56.9 |   |   |   | 2.3 |   |   |   | 226.3 |   |   |   | 0.3 |   |   |   | 2.3 |   |   |   | 83.4 |   |   |   | 3.3 |   |   |   | 310.5 |   |
| Total regional destinations                |   |                         | 3.3    |   |                         |   | 29.0 |   |   |   | 659.8 |   |   |   | 26.1 |   |   |   | 197.3 |   |   |   | 3.4 |   |   |   | 29.2 |   |   |   | 740.6 |   |   |   | 28.9 |   |   |   | 218.8 |   |
| Border cities:                             |   |                         |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ciudad Juárez International Airport   |   |                         | 0.6    |   |                         |   | 5.5 |   |   |   | 106.7 |   |   |   | 4.2 |   |   |   | 169.0 |   |   |   | 0.6 |   |   |   | 5.5 |   |   |   | 138.1 |   |   |   | 5.4 |   |   |   | 217.8 |   |
| Reynosa International Airport              |   |                         | 0.2    |   |                         |   | 1.9 |   |   |   | 49.9 |   |   |   | 2.0 |   |   |   | 231.8 |   |   |   | 0.2 |   |   |   | 1.7 |   |   |   | 45.5 |   |   |   | 1.8 |   |   |   | 229.9 |   |
| Total border city destinations             |   |                         | 0.8    |   |                         |   | 7.3 |   |   |   | 156.6 |   |   |   | 6.2 |   |   |   | 185.0 |   |   |   | 0.8 |   |   |   | 7.2 |   |   |   | 183.6 |   |   |   | 7.2 |   |   |   | 220.7 |   |
| TOTAL AIRPORT REVENUES (1):                |   |                         | 11.5   |   |                         |   | 100.0 |   |   |   | 2,527.2 |   |   |   | 100.0 |   |   |   | 219.4 |   |   |   | 11.6 |   |   |   | 100.0 |   |   |   | 2,559.5 |   |   |   | 100.0 |   |   |   | 220.9 |   |

| (1) | Total Revenues in millions rounded to the decimal, which does not include eliminations of transactions among our subsidiaries. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

| (2) | Revenues per terminal passenger are calculated by dividing the total revenues for each airport by the number of terminal passengers for each airport. The result has been rounded to the decimal. |
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|   | · | updating and amending our emergency security and contingency plans and the responsibilities of security personnel relating thereto; |
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|   | · | segregating flows of arriving and departing passengers; |
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|   | · | improving security supervision committees at each of our airports, particularly those with significant international traffic; |
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|   | · | updating our security screening technology, including increasing the sensitivity of metal detectors and introducing new procedures for x-ray inspection of luggage; |
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|   | · | increasing and improving the training of security personnel; |
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|   | · | coordinating security measures and emergency plans with operators of complementary and commercial services at our airports; |
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|   | · | implementing a higher security employee identification system; and |
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|   | · | increased collaboration with providers of security equipment installation services. |
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|   | · | Expanding and reconfiguring the commercial space available in our airport terminals.  In order to increase our revenues from commercial activities, we have expanded and redesigned the layout of certain terminals in our airports to allow for the inclusion of more commercial businesses and larger individual commercial spaces, as well as to redirect the flow of passengers through our airports so as to increase our exposure to the commercial businesses operating in our airports.  As a result, between 2000 and 2010, we increased the total area available for commercial activity in our 13 airports by approximately 50%, and have more than doubled the commercial area in the Monterrey International Airport. |
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|   | · | Renegotiating agreements with terminal tenants to be more consistent with market practice.  We have also improved our lease arrangements with existing tenants by adopting a new type of contract that provides for royalty payments based on a percentage of revenues, subject to a minimum fixed amount based partly on square-footage, as opposed to the leases based solely on square footage that were used historically in Mexican airports.  We estimate, based on the nature of our tenant operations, that approximately half of our commercial space is suitable for royalty-based leasing arrangements.  As of December 31, 2010, substantially all of the eligible contracts were represented by royalty-based leasing arrangements. |
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|   | · | Improving the quality of retail offerings in our airports.  Historically, commercial tenants in our terminals consisted of small, often similar, local businesses offering goods and services of limited variety.  We have leased redesigned space formerly occupied by such tenants, as well as newly available space, to more established, internationally recognized businesses in order to improve the quality, diversity and brand recognition of commercial goods and services available to our passengers, which we believe, based in part on market surveys conducted at several of our airports, will increase the sales revenues of our commercial tenants, thereby increasing our revenues from commercial activities.  As a result, our food and beverage service tenants currently offer internationally recognized brands such as Starbucks and Carl’s Jr.  In order to promote commercial development at all of our airports, we encourage commercial tenants to lease bundles of commercial spaces among multiple airports that we operate. |
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|   | · | Development and promotion of “OMA Plaza” retail brand.  In order to enhance our passengers’ confidence in the retailers operating in our airports, we have developed the “OMA Plaza” brand for our commercial spaces.  As part of this initiative, we have begun to standardize certain merchandising and design elements of our commercial spaces in order to create a more uniform and elegant image that is more appealing to retail customers.  In addition, we have developed promotional programs focusing on the further development of the OMA Plaza brand that are intended to stimulate retail sales in our airports.  We believe that a recognizable brand and familiar aesthetic for our commercial spaces will make passengers more likely to take advantage of the commercial goods and services available in our airports. |
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|   | · | Developments at México City International Airport.  In October 2008, we acquired 90% of the shares of Consorcio Grupo Hotelero Terminal 2, S.A. de C.V., which has the rights to develop and operate a 287-room hotel and approximately 5,000 square meters of commercial space inside the new Terminal 2 of the México City International Airport, under a 20-year lease agreement with the México City International Airport.  The Spanish company NH Hoteles, S.A. de C.V. owns the other 10%.  The Terminal 2 NH Hotel opened in August 2009.  As of December 31, 2010, net income amounted to Ps. 99,823 and annual average occupancy increased to 62.0%.  The annual average rate per room was Ps. 1,157.5. |
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|   | · | Parking facilities – Our concessions provide us the right to operate the car parking facilities at all of our airports.  Revenues from parking facilities at our airports currently are not regulated under our maximum rates, although they are subject to the regulatory oversight of the Ministry of Communications and Transportation.  As of October 25, 2010, we started a new Premium Parking Service, which provides higher security, larger and more exclusive parking lots situated next to Terminal B at Monterrey International Airport.  These lots will offer a valet parking service, which will reduce the amount of time it takes to get to the terminal.  We are commited to satisfying both our domestic and international passengers with the highest quality service and security standards in order to improve the overall passenger experience. |
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|   | · | Advertising – In 2002, we entered into a contract with a subsidiary of Corporación Interamericana de Entretenimiento, S.A. de C.V., or CIE, pursuant to which we have developed a greater number of and more strategically located billboards, screens (projection and plasma) and other advertising space at our airports.  Under the agreement, CIE places advertising in our airports and we collect a percentage of the revenues that CIE receives from individual advertisers. |
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|   | · | Leasing of space – Revenues that we derive from leasing of space in our terminals to airlines and complementary service providers for certain activities that are not essential to airport operations, such as first class/VIP lounges, are not subject to price regulation under our maximum rates and are classified as non-regulated commercial activities. |
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|   | · | Retail stores – We have completed several renovation projects as part of our overall effort, described above, to improve the product mix and brand recognition of retail stores in the commercial areas at our airports.  Our retailer tenants currently offer such internationally recognized product brands as Hermès, Mont Blanc, Swatch, Christian Dior, Lancôme, L’Oreal, Swarovski, Lacoste, Cartier, Bulgari and Hugo Boss.  We also have several duty-free retailers that cater to international passengers. |
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|   | · | Car rentals – We recently increased the presence of internationally known name-brand car rental providers at our airports, and have encouraged car rental companies to establish on-site automobile pick-up and drop-off facilities at our airports. |
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|   | · | Food and beverage services – In recent years, we have completed “clean-up” projects with respect to our restaurant and bar leases, in order to attract world-class providers of high-quality food and beverage services offering a wider variety of cuisine options and service concepts. |
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|   | · | Communications – We have consolidated most of the telephone and internet service at our airports with one provider and offer internet access (either wireless internet access or internet service kiosks) at all of our airports. |
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|   | · | Financial services – We lease space to financial services providers (such as currency exchange bureaus, banks and ATMs), at our airports, and we charge providers of these financial services fees based partly on a percentage of the revenues recorded by their operations.  ATM service is currently available at all of our airports. |
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|   | · | Ground transportation – Our revenues from providers of ground transportation services deemed “non-permanent” under applicable Mexican law, such as access fees charged to charter buses, are not subject to price regulation under our maximum rates and are classified as non-regulated commercial activities. |
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|   | · | Time-share marketing and sales – We receive revenues from time-share developers to whom we rent space in our airports for the purpose of marketing and sales of time-share units. |
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|                 |   | Year Ended December 31, |       |
|----------------------|--------|-------------------------|------------|
|                 |   | 2006                    |       |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
|                 |   | Terminal(1)             |       |   | Transit(2) |   |   | Total |   |   | Terminal(1) |   |   | Transit(2) |   |   | Total |   |   | Terminal(1) |   |   | Transit(2) |   |   | Total |   |   | Terminal(1) |   |   | Transit(2) |   |   | Total |   |   | Terminal(1) |   |   | Transit(2) |   |   | Total |   |
| Total passengers:    |   |                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Acapulco             |   |                    | 994,286    |   |   |   | 45,445 |   |   |   | 1,039,731 |   |   |   | 1,057,347 |   |   |   | 49,444 |   |   |   | 1,106,791 |   |   |   | 1,087,974 |   |   |   | 26,098 |   |   |   | 1,114,072 |   |   |   | 839,048 |   |   |   | 7,186 |   |   |   | 846,234 |   |   |   | 736,878 |   |   |   | 3,461 |   |   |   | 740,339 |   |
| Chihuahua            |   |                    | 664,392    |   |   |   | 80,257 |   |   |   | 744,649 |   |   |   | 854,757 |   |   |   | 60,231 |   |   |   | 914,988 |   |   |   | 833,793 |   |   |   | 46,451 |   |   |   | 880,244 |   |   |   | 745,165 |   |   |   | 27,078 |   |   |   | 772,243 |   |   |   | 828,123 |   |   |   | 27,276 |   |   |   | 855,399 |   |
| Ciudad Juárez   |   |                    | 698,765    |   |   |   | 44,856 |   |   |   | 743,621 |   |   |   | 908,835 |   |   |   | 26,033 |   |   |   | 934,868 |   |   |   | 903,129 |   |   |   | 23,212 |   |   |   | 926,341 |   |   |   | 631,111 |   |   |   | 15,163 |   |   |   | 646,274 |   |   |   | 633,919 |   |   |   | 17,613 |   |   |   | 651,532 |   |
| Culiacán        |   |                    | 843,989    |   |   |   | 138,637 |   |   |   | 982,626 |   |   |   | 1,137,571 |   |   |   | 167,684 |   |   |   | 1,305,255 |   |   |   | 1,099,038 |   |   |   | 138,456 |   |   |   | 1,237,494 |   |   |   | 1,062,893 |   |   |   | 96,621 |   |   |   | 1,159,514 |   |   |   | 1,059,904 |   |   |   | 73,643 |   |   |   | 1,133,547 |   |
| Durango              |   |                    | 236,200    |   |   |   | 24,933 |   |   |   | 261,133 |   |   |   | 279,310 |   |   |   | 36,405 |   |   |   | 315,715 |   |   |   | 233,471 |   |   |   | 23,709 |   |   |   | 257,180 |   |   |   | 213,394 |   |   |   | 1,339 |   |   |   | 214,733 |   |   |   | 217,230 |   |   |   | 1,392 |   |   |   | 218,622 |   |
| Mazatlán        |   |                    | 819,214    |   |   |   | 91,839 |   |   |   | 911,053 |   |   |   | 905,010 |   |   |   | 120,261 |   |   |   | 1,025,271 |   |   |   | 833,714 |   |   |   | 109,124 |   |   |   | 942,838 |   |   |   | 743,556 |   |   |   | 54,638 |   |   |   | 798,194 |   |   |   | 756,122 |   |   |   | 38,416 |   |   |   | 794,538 |   |
| Monterrey            |   |                    | 5,253,600  |   |   |   | 300,737 |   |   |   | 5,554,337 |   |   |   | 6,559,613 |   |   |   | 304,195 |   |   |   | 6,863,808 |   |   |   | 6,586,190 |   |   |   | 163,050 |   |   |   | 6,749,240 |   |   |   | 5,199,895 |   |   |   | 93,411 |   |   |   | 5,293,306 |   |   |   | 5,380,412 |   |   |   | 80,632 |   |   |   | 5,461,044 |   |
| Reynosa              |   |                    | 136,991    |   |   |   | 1,417 |   |   |   | 138,408 |   |   |   | 191,326 |   |   |   | 1,208 |   |   |   | 192,534 |   |   |   | 247,339 |   |   |   | 991 |   |   |   | 248,330 |   |   |   | 215,392 |   |   |   | 384 |   |   |   | 215,776 |   |   |   | 198,138 |   |   |   | 449 |   |   |   | 198,587 |   |
| San Luis Potosí |   |                    | 227,102    |   |   |   | 1,160 |   |   |   | 228,262 |   |   |   | 264,349 |   |   |   | 1,973 |   |   |   | 266,322 |   |   |   | 261,049 |   |   |   | 2,007 |   |   |   | 263,056 |   |   |   | 206,500 |   |   |   | 1,480 |   |   |   | 207,980 |   |   |   | 222,854 |   |   |   | 1,997 |   |   |   | 224,851 |   |
| Tampico              |   |                    | 485,125    |   |   |   | 12,570 |   |   |   | 497,695 |   |   |   | 580,117 |   |   |   | 14,880 |   |   |   | 594,997 |   |   |   | 582,328 |   |   |   | 13,452 |   |   |   | 595,780 |   |   |   | 470,304 |   |   |   | 3,825 |   |   |   | 474,129 |   |   |   | 451,005 |   |   |   | 4,134 |   |   |   | 455,139 |   |
| Torreón         |   |                    | 410,124    |   |   |   | 52,479 |   |   |   | 462,603 |   |   |   | 522,295 |   |   |   | 80,903 |   |   |   | 603,198 |   |   |   | 481,265 |   |   |   | 56,173 |   |   |   | 537,438 |   |   |   | 394,377 |   |   |   | 12,995 |   |   |   | 407,372 |   |   |   | 338,003 |   |   |   | 5,068 |   |   |   | 343,071 |   |
| Zacatecas            |   |                    | 332,224    |   |   |   | 122,865 |   |   |   | 455,089 |   |   |   | 277,339 |   |   |   | 57,191 |   |   |   | 334,530 |   |   |   | 267,344 |   |   |   | 40,791 |   |   |   | 308,135 |   |   |   | 251,602 |   |   |   | 7,888 |   |   |   | 259,490 |   |   |   | 268,577 |   |   |   | 2,690 |   |   |   | 271,267 |   |
| Zihuatanejo          |   |                    | 681,581    |   |   |   | 4,150 |   |   |   | 685,731 |   |   |   | 674,612 |   |   |   | 8,352 |   |   |   | 682,964 |   |   |   | 644,029 |   |   |   | 6,105 |   |   |   | 650,134 |   |   |   | 545,051 |   |   |   | 4,098 |   |   |   | 549,149 |   |   |   | 496,523 |   |   |   | 2,383 |   |   |   | 498,906 |   |
| Total                |   |                    | 11,783,593 |   |   |   | 921,345 |   |   |   | 12,704,938 |   |   |   | 14,212,481 |   |   |   | 928,760 |   |   |   | 15,141,241 |   |   |   | 14,060,663 |   |   |   | 649,619 |   |   |   | 14,710,282 |   |   |   | 11,518,288 |   |   |   | 326,106 |   |   |   | 11,844,394 |   |   |   | 11,587,688 |   |   |   | 259,154 |   |   |   | 11,846,842 |   |

| (1) | Includes arriving and departing passengers as well as transfer passengers (passengers who arrive at our airports on one aircraft and depart on a different aircraft). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Terminal passengers who arrive at our airports but generally depart without changing aircraft. |
|-----|------------------------------------------------------------------------------------------------|

|                           |   | Year Ended December 31, |      |
|--------------------------------|--------|-------------------------|-----------|
|                           |   | 2006                    |      |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
|                           |   | Domestic                |      |   | International |   |   | Total |   |   | Domestic |   |   | International |   |   | Total |   |   | Domestic |   |   | International |   |   | Total |   |   | Domestic |   |   | International |   |   | Total |   |   | Domestic |   |   | International |   |   | Total |   |
| Terminal departing passengers: |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Acapulco                       |   |                    | 296,841   |   |   |   | 207,896 |   |   |   | 504,737 |   |   |   | 348,822 |   |   |   | 189,869 |   |   |   | 538,691 |   |   |   | 382,157 |   |   |   | 167,744 |   |   |   | 549,901 |   |   |   | 296,995 |   |   |   | 122,194 |   |   |   | 419,189 |   |   |   | 254,117 |   |   |   | 116,107 |   |   |   | 370,224 |   |
| Chihuahua                      |   |                    | 290,516   |   |   |   | 41,988 |   |   |   | 332,504 |   |   |   | 380,161 |   |   |   | 46,424 |   |   |   | 426,585 |   |   |   | 366,151 |   |   |   | 48,949 |   |   |   | 415,100 |   |   |   | 330,430 |   |   |   | 39,504 |   |   |   | 369,934 |   |   |   | 373,103 |   |   |   | 39,686 |   |   |   | 412,789 |   |
| Ciudad Juárez             |   |                    | 314,698   |   |   |   | 552 |   |   |   | 315,250 |   |   |   | 424,456 |   |   |   | 794 |   |   |   | 425,250 |   |   |   | 422,987 |   |   |   | 767 |   |   |   | 423,754 |   |   |   | 302,401 |   |   |   | 433 |   |   |   | 302,834 |   |   |   | 303,974 |   |   |   | 890 |   |   |   | 304,864 |   |
| Culiacán                  |   |                    | 407,618   |   |   |   | 20,651 |   |   |   | 428,269 |   |   |   | 549,967 |   |   |   | 28,322 |   |   |   | 578,289 |   |   |   | 534,556 |   |   |   | 25,463 |   |   |   | 560,019 |   |   |   | 525,464 |   |   |   | 14,629 |   |   |   | 540,093 |   |   |   | 525,301 |   |   |   | 14,234 |   |   |   | 539,535 |   |
| Durango                        |   |                    | 91,989    |   |   |   | 26,132 |   |   |   | 118,121 |   |   |   | 121,291 |   |   |   | 18,695 |   |   |   | 139,986 |   |   |   | 101,108 |   |   |   | 15,174 |   |   |   | 116,282 |   |   |   | 94,040 |   |   |   | 11,312 |   |   |   | 105,352 |   |   |   | 93,895 |   |   |   | 12,649 |   |   |   | 106,544 |   |
| Mazatlán                  |   |                    | 173,150   |   |   |   | 237,725 |   |   |   | 410,875 |   |   |   | 221,627 |   |   |   | 233,579 |   |   |   | 455,206 |   |   |   | 212,322 |   |   |   | 208,419 |   |   |   | 420,741 |   |   |   | 194,543 |   |   |   | 178,082 |   |   |   | 372,625 |   |   |   | 197,648 |   |   |   | 183,320 |   |   |   | 380,968 |   |
| Monterrey                      |   |                    | 2,042,616 |   |   |   | 497,271 |   |   |   | 2,539,887 |   |   |   | 2,668,059 |   |   |   | 509,709 |   |   |   | 3,177,768 |   |   |   | 2,732,645 |   |   |   | 517,040 |   |   |   | 3,249,685 |   |   |   | 2,200,697 |   |   |   | 384,942 |   |   |   | 2,585,639 |   |   |   | 2,244,797 |   |   |   | 444,353 |   |   |   | 2,689,150 |   |
| Reynosa                        |   |                    | 65,008    |   |   |   | 68 |   |   |   | 65,076 |   |   |   | 90,877 |   |   |   | 488 |   |   |   | 91,365 |   |   |   | 116,668 |   |   |   | 1,101 |   |   |   | 117,769 |   |   |   | 103,818 |   |   |   | 1,322 |   |   |   | 105,140 |   |   |   | 95,622 |   |   |   | 792 |   |   |   | 96,414 |   |
| San Luis Potosí           |   |                    | 70,550    |   |   |   | 42,681 |   |   |   | 113,231 |   |   |   | 87,299 |   |   |   | 45,123 |   |   |   | 132,422 |   |   |   | 84,508 |   |   |   | 45,750 |   |   |   | 130,258 |   |   |   | 69,634 |   |   |   | 33,364 |   |   |   | 102,998 |   |   |   | 70,398 |   |   |   | 40,854 |   |   |   | 111,252 |   |
| Tampico                        |   |                    | 208,718   |   |   |   | 33,604 |   |   |   | 242,322 |   |   |   | 259,532 |   |   |   | 30,346 |   |   |   | 289,878 |   |   |   | 259,107 |   |   |   | 30,483 |   |   |   | 289,590 |   |   |   | 209,326 |   |   |   | 25,088 |   |   |   | 234,414 |   |   |   | 198,462 |   |   |   | 28,119 |   |   |   | 226,581 |   |
| Torreón                   |   |                    | 162,828   |   |   |   | 42,378 |   |   |   | 205,206 |   |   |   | 216,027 |   |   |   | 46,060 |   |   |   | 262,087 |   |   |   | 196,318 |   |   |   | 44,330 |   |   |   | 240,648 |   |   |   | 165,160 |   |   |   | 30,914 |   |   |   | 196,074 |   |   |   | 141,279 |   |   |   | 27,173 |   |   |   | 168,452 |   |
| Zacatecas                      |   |                    | 118,673   |   |   |   | 52,517 |   |   |   | 171,190 |   |   |   | 91,539 |   |   |   | 50,736 |   |   |   | 142,275 |   |   |   | 92,056 |   |   |   | 44,394 |   |   |   | 136,450 |   |   |   | 81,436 |   |   |   | 46,203 |   |   |   | 127,639 |   |   |   | 90,214 |   |   |   | 45,785 |   |   |   | 135,999 |   |
| Zihuatanejo                    |   |                    | 165,047   |   |   |   | 176,772 |   |   |   | 341,819 |   |   |   | 176,019 |   |   |   | 164,000 |   |   |   | 340,019 |   |   |   | 171,832 |   |   |   | 151,826 |   |   |   | 323,658 |   |   |   | 152,093 |   |   |   | 123,025 |   |   |   | 275,118 |   |   |   | 134,396 |   |   |   | 115,342 |   |   |   | 249,738 |   |
| Total                          |   |                    | 4,408,252 |   |   |   | 1,380,235 |   |   |   | 5,788,487 |   |   |   | 5,635,676 |   |   |   | 1,364,145 |   |   |   | 6,999,821 |   |   |   | 5,672,415 |   |   |   | 1,301,440 |   |   |   | 6,973,855 |   |   |   | 4,726,037 |   |   |   | 1,011,012 |   |   |   | 5,737,049 |   |   |   | 4,723,206 |   |   |   | 1,069,304 |   |   |   | 5,792,510 |   |

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|                               |   | Year ended December 31, |      |
|------------------------------------|--------|-------------------------|-----------|
|                               |   | 2006                    |      |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
|                               |   | Domestic                |      |   | International |   |   | Total |   |   | Domestic |   |   | International |   |   | Total |   |   | Domestic |   |   | International |   |   | Total |   |   | Domestic |   |   | International |   |   | Total |   |   | Domestic |   |   | International |   |   | Total |   |
|                               |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Terminal arriving passengers: |   |
| Acapulco                           |   |                    | 341,685   |   |   |   | 147,864 |   |   |   | 489,549 |   |   |   | 391,401 |   |   |   | 127,255 |   |   |   | 518,656 |   |   |   | 436,514 |   |   |   | 101,559 |   |   |   | 538,073 |   |   |   | 339,423 |   |   |   | 80,436 |   |   |   | 419,859 |   |   |   | 293,303 |   |   |   | 73,351 |   |   |   | 366,654 |   |
| Chihuahua                          |   |                    | 297,980   |   |   |   | 33,908 |   |   |   | 331,888 |   |   |   | 392,448 |   |   |   | 35,724 |   |   |   | 428,172 |   |   |   | 381,821 |   |   |   | 36,872 |   |   |   | 418,693 |   |   |   | 346,314 |   |   |   | 28,917 |   |   |   | 375,231 |   |   |   | 386,192 |   |   |   | 29,142 |   |   |   | 415,334 |   |
| Ciudad Juárez                 |   |                    | 382,757   |   |   |   | 758 |   |   |   | 383,515 |   |   |   | 482,572 |   |   |   | 1,013 |   |   |   | 483,585 |   |   |   | 478,597 |   |   |   | 778 |   |   |   | 479,375 |   |   |   | 327,740 |   |   |   | 537 |   |   |   | 328,277 |   |   |   | 328,836 |   |   |   | 219 |   |   |   | 329,055 |   |
| Culiacán                      |   |                    | 410,628   |   |   |   | 5,092 |   |   |   | 415,720 |   |   |   | 547,829 |   |   |   | 11,453 |   |   |   | 559,282 |   |   |   | 533,082 |   |   |   | 5,937 |   |   |   | 539,019 |   |   |   | 522,094 |   |   |   | 706 |   |   |   | 522,800 |   |   |   | 519,617 |   |   |   | 752 |   |   |   | 520,369 |   |
| Durango                            |   |                    | 99,989    |   |   |   | 18,090 |   |   |   | 118,079 |   |   |   | 127,370 |   |   |   | 11,954 |   |   |   | 139,324 |   |   |   | 109,796 |   |   |   | 7,393 |   |   |   | 117,189 |   |   |   | 102,348 |   |   |   | 5,694 |   |   |   | 108,042 |   |   |   | 103,924 |   |   |   | 6,762 |   |   |   | 110,686 |   |
| Mazatlán                      |   |                    | 191,529   |   |   |   | 216,810 |   |   |   | 408,339 |   |   |   | 234,667 |   |   |   | 215,137 |   |   |   | 449,804 |   |   |   | 224,663 |   |   |   | 188,310 |   |   |   | 412,973 |   |   |   | 200,326 |   |   |   | 170,605 |   |   |   | 370,931 |   |   |   | 198,206 |   |   |   | 176,948 |   |   |   | 375,154 |   |
| Monterrey                          |   |                    | 2,271,885 |   |   |   | 441,828 |   |   |   | 2,713,713 |   |   |   | 2,948,821 |   |   |   | 433,024 |   |   |   | 3,381,845 |   |   |   | 2,898,749 |   |   |   | 437,756 |   |   |   | 3,336,505 |   |   |   | 2,315,744 |   |   |   | 298,512 |   |   |   | 2,614,256 |   |   |   | 2,332,544 |   |   |   | 358,718 |   |   |   | 2,691,262 |   |
| Reynosa                            |   |                    | 71,903    |   |   |   | 12 |   |   |   | 71,915 |   |   |   | 99,822 |   |   |   | 139 |   |   |   | 99,961 |   |   |   | 129,484 |   |   |   | 86 |   |   |   | 129,570 |   |   |   | 109,952 |   |   |   | 300 |   |   |   | 110,252 |   |   |   | 101,566 |   |   |   | 158 |   |   |   | 101,724 |   |
| San Luis Potosí               |   |                    | 80,207    |   |   |   | 33,664 |   |   |   | 113,871 |   |   |   | 96,062 |   |   |   | 35,865 |   |   |   | 131,927 |   |   |   | 94,096 |   |   |   | 36,695 |   |   |   | 130,791 |   |   |   | 75,213 |   |   |   | 28,289 |   |   |   | 103,502 |   |   |   | 75,346 |   |   |   | 36,256 |   |   |   | 111,602 |   |
| Tampico                            |   |                    | 223,699   |   |   |   | 19,104 |   |   |   | 242,803 |   |   |   | 272,511 |   |   |   | 17,728 |   |   |   | 290,239 |   |   |   | 271,800 |   |   |   | 20,938 |   |   |   | 292,738 |   |   |   | 221,332 |   |   |   | 14,558 |   |   |   | 235,890 |   |   |   | 206,835 |   |   |   | 17,589 |   |   |   | 224,424 |   |
| Torreón                       |   |                    | 173,396   |   |   |   | 31,522 |   |   |   | 204,918 |   |   |   | 225,526 |   |   |   | 34,682 |   |   |   | 260,208 |   |   |   | 207,748 |   |   |   | 32,869 |   |   |   | 240,617 |   |   |   | 176,105 |   |   |   | 22,198 |   |   |   | 198,303 |   |   |   | 145,486 |   |   |   | 24,065 |   |   |   | 169,551 |   |
| Zacatecas                          |   |                    | 116,784   |   |   |   | 44,250 |   |   |   | 161,034 |   |   |   | 93,788 |   |   |   | 41,276 |   |   |   | 135,064 |   |   |   | 95,619 |   |   |   | 35,275 |   |   |   | 130,894 |   |   |   | 84,398 |   |   |   | 39,565 |   |   |   | 123,963 |   |   |   | 95,886 |   |   |   | 36,692 |   |   |   | 132,578 |   |
| Zihuatanejo                        |   |                    | 187,620   |   |   |   | 152,142 |   |   |   | 339,762 |   |   |   | 192,041 |   |   |   | 142,552 |   |   |   | 334,593 |   |   |   | 198,440 |   |   |   | 121,931 |   |   |   | 320,371 |   |   |   | 165,157 |   |   |   | 104,776 |   |   |   | 269,933 |   |   |   | 149,212 |   |   |   | 97,573 |   |   |   | 246,785 |   |
| Total                              |   |                    | 4,850,062 |   |   |   | 1,145,044 |   |   |   | 5,995,106 |   |   |   | 6,104,858 |   |   |   | 1,107,802 |   |   |   | 7,212,660 |   |   |   | 6,060,409 |   |   |   | 1,026,399 |   |   |   | 7,086,808 |   |   |   | 4,986,146 |   |   |   | 795,093 |   |   |   | 5,781,239 |   |   |   | 4,936,953 |   |   |   | 858,225 |   |   |   | 5,795,178 |   |

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|  Airport        |   | Peak air traffic movements per hour |   |   | Runway Capacity(2) |   |
|----------------------|--------|-------------------------------------|--------|--------|--------------------|--------|
| Acapulco             |   |                                | 7      |   |               |   | 40 |   |
| Chihuahua            |   |                                | 10     |   |               |   | 40 |   |
| Ciudad Juárez   |   |                                | 6      |   |               |   | 20 |   |
| Culiacán        |   |                                | 9      |   |               |   | 20 |   |
| Durango              |   |                                | 3      |   |               |   | 40 |   |
| Mazatlán        |   |                                | 7      |   |               |   | 22 |   |
| Monterrey            |   |                                | 24     |   |               |   | 38 |   |
| Reynosa              |   |                                | 4      |   |               |   | 18 |   |
| San Luis Potosí |   |                                | 5      |   |               |   | 20 |   |
| Tampico              |   |                                | 6      |   |               |   | 22 |   |
| Torreón         |   |                                | 5      |   |               |   | 20 |   |
| Zacatecas            |   |                                | 3      |   |               |   | 20 |   |
| Zihuatanejo          |   |                                | 6      |   |               |   | 20 |   |

| (1) | 2010 figures. |
|-----|---------------|

| (2) | Air traffic movements per hour. |
|-----|---------------------------------|

|                                                                                                                                                                                                                                                                       |   | Year ended December 31, |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|
|                                                                                                                                                                                                                                                                       |   | 2006                    |    |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
| Acapulco                                                      |   |                    | 28,015  |   |   |   | 30,016 |   |   |   | 30,248 |   |   |   | 26,671 |   |   |   | 25,843 |   |
| Chihuahua                                                     |   |                    | 36,681  |   |   |   | 37,992 |   |   |   | 35,989 |   |   |   | 33,635 |   |   |   | 35,829 |   |
| Ciudad Juárez                                            |   |                    | 19,612  |   |   |   | 23,567 |   |   |   | 21,059 |   |   |   | 15,114 |   |   |   | 15,756 |   |
| Culiacán                                                 |   |                    | 55,691  |   |   |   | 61,675 |   |   |   | 43,771 |   |   |   | 39,044 |   |   |   | 46,226 |   |
| Durango                                                       |   |                    | 15,672  |   |   |   | 17,112 |   |   |   | 16,255 |   |   |   | 15,981 |   |   |   | 19,455 |   |
| Mazatlán                                                 |   |                    | 24,046  |   |   |   | 25,292 |   |   |   | 25,942 |   |   |   | 23,514 |   |   |   | 22,687 |   |
| Monterrey                                                     |   |                    | 101,736 |   |   |   | 116,826 |   |   |   | 110,150 |   |   |   | 85,260 |   |   |   | 90,216 |   |
| Reynosa                                                       |   |                    | 7,877   |   |   |   | 9,483 |   |   |   | 10,403 |   |   |   | 8,388 |   |   |   | 8,267 |   |
| San Luis Potosí                                          |   |                    | 22,150  |   |   |   | 23,696 |   |   |   | 22,184 |   |   |   | 20,236 |   |   |   | 21,212 |   |
| Tampico                                                       |   |                    | 22,730  |   |   |   | 27,938 |   |   |   | 24,453 |   |   |   | 20,575 |   |   |   | 21,348 |   |
| Torreón                                                  |   |                    | 21,546  |   |   |   | 25,101 |   |   |   | 22,923 |   |   |   | 15,861 |   |   |   | 15,436 |   |
| Zacatecas                                                     |   |                    | 10,381  |   |   |   | 9,169 |   |   |   | 9,001 |   |   |   | 8,742 |   |   |   | 9,936 |   |
| Zihuatanejo                                                   |   |                    | 16,474  |   |   |   | 16,190 |   |   |   | 14,856 |   |   |   | 13,710 |   |   |   | 12,616 |   |
| Total                                                                        |   |                    | 382,611 |   |   |   | 424,057 |   |   |   | 387,234 |   |   |   | 326,731 |   |   |   | 344,827 |   |

| (1) | Includes departures and landings. |
|-----|-----------------------------------|

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|                    |   | Year ended December 31, |   |
|-------------------------|--------|-------------------------|--------|
|                    |   | 2006                    |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
| Acapulco                |   |                    | 35.5   |   |   |   | 35.2 |   |   |   | 36.0 |   |   |   | 31.5 |   |   |   | 28.5 |   |
| Chihuahua               |   |                    | 18.1   |   |   |   | 22.5 |   |   |   | 23.2 |   |   |   | 22.2 |   |   |   | 23.1 |   |
| Ciudad Juárez      |   |                    | 35.6   |   |   |   | 38.6 |   |   |   | 42.9 |   |   |   | 41.8 |   |   |   | 40.2 |   |
| Culiacán           |   |                    | 15.2   |   |   |   | 18.4 |   |   |   | 25.1 |   |   |   | 27.2 |   |   |   | 22.9 |   |
| Durango                 |   |                    | 15.1   |   |   |   | 16.3 |   |   |   | 14.4 |   |   |   | 13.4 |   |   |   | 11.2 |   |
| Mazatlán           |   |                    | 34.1   |   |   |   | 35.8 |   |   |   | 32.1 |   |   |   | 31.6 |   |   |   | 33.3 |   |
| Monterrey               |   |                    | 51.6   |   |   |   | 56.1 |   |   |   | 59.8 |   |   |   | 61.0 |   |   |   | 59.6 |   |
| Reynosa                 |   |                    | 17.4   |   |   |   | 20.2 |   |   |   | 23.8 |   |   |   | 25.7 |   |   |   | 24.0 |   |
| San Luis Potosí    |   |                    | 10.3   |   |   |   | 11.2 |   |   |   | 11.8 |   |   |   | 10.2 |   |   |   | 10.5 |   |
| Tampico                 |   |                    | 21.3   |   |   |   | 20.8 |   |   |   | 23.8 |   |   |   | 22.9 |   |   |   | 21.1 |   |
| Torreón            |   |                    | 19.0   |   |   |   | 20.8 |   |   |   | 21.0 |   |   |   | 24.9 |   |   |   | 21.9 |   |
| Zacatecas               |   |                    | 32.0   |   |   |   | 30.2 |   |   |   | 29.7 |   |   |   | 28.8 |   |   |   | 27.0 |   |
| Zihuatanejo             |   |                    | 41.4   |   |   |   | 41.7 |   |   |   | 43.4 |   |   |   | 39.8 |   |   |   | 39.4 |   |
| Average of all airports |   |                    | 30.8   |   |   |   | 33.5 |   |   |   | 36.3 |   |   |   | 35.3 |   |   |   | 33.6 |   |

|  (1) | Includes total passengers divided by total air traffic movements. |
|-----------|-------------------------------------------------------------------|

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| Principal Air Traffic Customers                                     |   | Percentage of 2009 Aeronautical Revenues |   |   | Percentage of 2010 Aeronautical Revenues |   |
|---------------------------------------------------------------------|--------|------------------------------------------|--------|--------|------------------------------------------|--------|
| Domestic:                                                           |   |                                     |   |   |                                     |   |
| Grupo Aeroméxico (Aeroméxico and Aeroméxico Connect) |   |                                     | 27.8   | %      |                                     |   | 29.6 | % |
| VivaAerobus                                                         |   |                                     | 11.0   | %      |                                     |   | 14.1 | % |
| Grupo Mexicana (Mexicana, Click Mexicana and MexicanaLink)          |   |                                     | 15.7   | %      |                                     |   | 10.5 | % |
| Interjet                                                            |   |                                     | 9.4    | %      |                                     |   | 9.7 | % |
| Volaris                                                             |   |                                     | 4.7    | %      |                                     |   | 5.6 | % |
| Grupo Aeromonterrey                                                 |   |                                     | 1.8    | %      |                                     |   | 2.4 | % |
| Aviacsa                                                             |   |                                     | 3.1    | %      |                                     |   | 0.5 | % |
| Other                                                               |   |                                     | 10.0   | %      |                                     |   | 10.3 | % |
| Total Domestic                                                      |   |                                     | 83.7   | %      |                                     |   | 82.7 | % |
|                                                                |   |                                     |   |   |                                     |   |   |   |
| International:                                                      |   |                                     |   |   |                                     |   |   |   |
| Continental                                                         |   |                                     | 5.8    | %      |                                     |   | 6.1 | % |
| American Airlines (including American Eagle)                        |   |                                     | 3.9    | %      |                                     |   | 4.0 | % |
| Alaska Airlines                                                     |   |                                     | 1.9    | %      |                                     |   | 1.7 | % |
| Delta                                                               |   |                                     | 0.8    | %      |                                     |   | 1.2 | % |
| America West (including Mesa Airlines)                              |   |                                     | 0.1    | %      |                                     |   | 0.2 | % |
| Charters                                                            |   |                                     | 1.2    | %      |                                     |   | 0.7 | % |
| Other                                                               |   |                                     | 2.6    | %      |                                     |   | 3.4 | % |
| Total International                                                 |   |                                     | 16.3   | %      |                                     |   | 17.3 | % |
| Total                                                               |   |                                     | 100.0  | %      |                                     |   | 100.0 | % |

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REGULATORY FRAMEWORK

|   | · | the Mexican Airport Law (Ley de Aeropuertos), enacted December 22, 1995; |
|--------|--------|--------------------------------------------------------------------------|

|   | · | the regulations under the Mexican Airport Law (Reglamento del la Ley de Aeropuertos), enacted February 17, 2000; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | the Mexican Communications Law (Ley de Vias Generales de Comunicación), enacted February 19, 1940; |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | the Mexican Civil Aviation Law (Ley de Aviación Civil), enacted May 12, 1995; |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | the regulations under the Mexican Civil Aviation Law (Reglamento de la Ley de Aviación Civil), enacted December 7, 1998; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------|

|   | · | the Mexican Federal Duties Law (Ley Federal de Derechos), enacted December 31, 1981, which may be revised on an annual basis and stipulates the applicable basis and rate for calculating the concession fee and duties payable under the current budget; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the Mexican National Assets Law (Ley de Bienes Nacionales), enacted May 20, 2004; |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | the concessions that entitle our subsidiaries to operate our 13 airports for a term of fifty years beginning on November 1, 1998; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | the Mexican Federal Economic Competition Law (Ley Federal de Competencia Económica), enacted December 24, 1992; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

|   | · | the regulations under the Mexican Federal Economic Competition Law (Reglamento de la Ley Federal de Competencia Económica), enacted October 12, 2007. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | plan, formulate and establish the policies and programs for the development of the national airport system; |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

|   | · | construct, administer and operate airports and airport-related services for the public interest; |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | grant, modify and revoke concessions for the operation of airports; |
|--------|--------|---------------------------------------------------------------------|

|   | · | establish air transit rules and rules regulating take-off and landing schedules through the Mexican air traffic control authority; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | take all necessary action to create an efficient, competitive and non-discriminatory market for airport-related services, and set forth the minimum operating conditions for airports; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | establish safety regulations; |
|--------|--------|-------------------------------|

|   | · | close airports entirely or partially when safety requirements are not being satisfied; |
|--------|--------|----------------------------------------------------------------------------------------|

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

|   | · | maintain the Mexican aeronautical registry for registrations relating to airports; |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | impose penalties for failure to observe and perform the rules under the Mexican Airport Law, the regulations thereunder and the concessions; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | approve any transaction or transactions that directly or indirectly may result in a change of control of a concession holder; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------|

|   | · | approve the master development programs prepared by each concession holder every five years; |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | determine each airport’s maximum rates; |
|--------|--------|-----------------------------------------------|

|   | · | approve any agreements entered into between a concession holder and a third party providing airport or complementary services at its airport; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | perform any other function specified by the Mexican Airport Law. |
|--------|--------|------------------------------------------------------------------|

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|   | · | 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 following: |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the use of airport runways, taxiways and aprons for landing, aircraft parking and departure; |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | the use of hangars, passenger walkways, transport buses and car 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 transportation services (such as taxis). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Complementary Services.  Complementary services for which the airlines are responsible may be rendered by an airline, by the airport operator or by a third party under agreements with airlines and the airport operator.  These services include:  ramp and handling services, checked baggage screening, aircraft security, catering, cleaning, maintenance, repair and fuel supply (provided exclusively by the Mexican government’s Aeropuertos y Servicios Auxiliares, or ASA) and related activities that provide support to air carriers. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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|   | · | airport growth and development expectations; |
|--------|--------|----------------------------------------------|

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

|   | · | construction, conservation, maintenance, expansion and modernization programs for infrastructure, facilities and equipment; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | · | a binding five-year detailed investment program and planned major investments for the following ten years; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | · | descriptive airport plans specifying the distinct uses for the corresponding airport areas; |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | any financing sources; and |
|--------|--------|----------------------------|

|   | · | environmental protection measures. |
|--------|--------|------------------------------------|

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|                 |   | Year Ended December 31, |   |
|----------------------|--------|-------------------------|--------|
|                 |   | 2006                    |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
| Acapulco             |   |                    | 157.46 |   |   |   | 156.26 |   |   |   | 155.10 |   |   |   | 153.93 |   |   |   | 152.78 |   |
| Ciudad Juárez   |   |                    | 123.03 |   |   |   | 122.10 |   |   |   | 121.19 |   |   |   | 120.28 |   |   |   | 119.38 |   |
| Culiacán        |   |                    | 136.16 |   |   |   | 135.14 |   |   |   | 134.13 |   |   |   | 133.12 |   |   |   | 132.12 |   |
| Chihuahua            |   |                    | 133.45 |   |   |   | 132.45 |   |   |   | 131.45 |   |   |   | 130.46 |   |   |   | 129.49 |   |
| Durango              |   |                    | 152.06 |   |   |   | 150.92 |   |   |   | 149.78 |   |   |   | 148.66 |   |   |   | 147.54 |   |
| Mazatlán        |   |                    | 156.28 |   |   |   | 155.11 |   |   |   | 153.94 |   |   |   | 152.79 |   |   |   | 151.65 |   |
| Monterrey            |   |                    | 125.94 |   |   |   | 124.99 |   |   |   | 124.05 |   |   |   | 123.13 |   |   |   | 122.21 |   |
| Reynosa              |   |                    | 142.62 |   |   |   | 141.56 |   |   |   | 140.49 |   |   |   | 139.44 |   |   |   | 138.39 |   |
| San Luis Potosí |   |                    | 106.47 |   |   |   | 105.68 |   |   |   | 104.88 |   |   |   | 104.10 |   |   |   | 103.32 |   |
| Tampico              |   |                    | 150.84 |   |   |   | 149.71 |   |   |   | 148.60 |   |   |   | 147.48 |   |   |   | 146.36 |   |
| Torreón         |   |                    | 153.96 |   |   |   | 152.79 |   |   |   | 151.65 |   |   |   | 150.51 |   |   |   | 149.38 |   |
| Zacatecas            |   |                    | 159.53 |   |   |   | 158.34 |   |   |   | 157.15 |   |   |   | 155.97 |   |   |   | 154.80 |   |
| Zihuatanejo          |   |                    | 160.73 |   |   |   | 159.52 |   |   |   | 158.32 |   |   |   | 157.14 |   |   |   | 155.96 |   |

| (1) | Expressed in constant pesos as of December 31, 2010, as required by the maximum rate regulation. The maximum rate for each succeeding year from 2006 is reduced by the efficiency factor of 0.75% per year. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                 |   | Year ended December 31, |   |
|----------------------|--------|-------------------------|--------|
|                 |   | 2011                    |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |
| Acapulco             |   |                    | 180.47 |   |   |   | 179.21 |   |   |   | 177.95 |   |   |   | 176.71 |   |   |   | 175.48 |   |
| Ciudad Juárez   |   |                    | 141.19 |   |   |   | 140.20 |   |   |   | 139.21 |   |   |   | 138.24 |   |   |   | 137.27 |   |
| Culiacán        |   |                    | 150.62 |   |   |   | 149.57 |   |   |   | 148.53 |   |   |   | 147.48 |   |   |   | 146.45 |   |
| Chihuahua            |   |                    | 143.95 |   |   |   | 142.94 |   |   |   | 141.94 |   |   |   | 140.95 |   |   |   | 139.96 |   |
| Durango              |   |                    | 172.46 |   |   |   | 171.25 |   |   |   | 170.05 |   |   |   | 168.86 |   |   |   | 167.68 |   |
| Mazatlán        |   |                    | 167.75 |   |   |   | 166.59 |   |   |   | 165.42 |   |   |   | 164.26 |   |   |   | 163.11 |   |
| Monterrey            |   |                    | 140.71 |   |   |   | 139.73 |   |   |   | 138.74 |   |   |   | 137.77 |   |   |   | 136.81 |   |
| Reynosa              |   |                    | 163.06 |   |   |   | 161.92 |   |   |   | 160.78 |   |   |   | 159.65 |   |   |   | 158.54 |   |
| San Luis Potosí |   |                    | 121.45 |   |   |   | 120.60 |   |   |   | 119.76 |   |   |   | 118.92 |   |   |   | 118.09 |   |
| Tampico              |   |                    | 163.83 |   |   |   | 162.68 |   |   |   | 161.54 |   |   |   | 160.42 |   |   |   | 159.29 |   |
| Torreón         |   |                    | 171.22 |   |   |   | 170.02 |   |   |   | 168.83 |   |   |   | 167.65 |   |   |   | 166.48 |   |
| Zacatecas            |   |                    | 182.69 |   |   |   | 181.41 |   |   |   | 180.14 |   |   |   | 178.87 |   |   |   | 177.62 |   |
| Zihuatanejo          |   |                    | 182.04 |   |   |   | 180.76 |   |   |   | 179.50 |   |   |   | 178.25 |   |   |   | 176.99 |   |

| (1) | Expressed in constant pesos as of December 31, 2010, as required by the maximum rate regulation. The maximum rate for each succeeding year from 2011 is reduced by the efficiency factor of 0.70% per year. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Projections for the following fifteen years of workload units (each of which is equivalent to one terminal passenger or 100 kilograms (220 pounds) of commercial cargo), operating costs and expenses related to services subject to price regulation and pre-tax earnings from services subject to price regulation.  The concessions provide that projections for workload units and expenses related to regulated services are to be derived from the terms of the relevant concession holder’s master development program for the following fifteen years. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | Projections for the following fifteen years 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 programs. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reference values, which initially 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. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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 México. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | An efficiency factor to be determined by the Ministry of Communications and Transportation.  For the five-year period ending December 31, 2010, the maximum rates applicable to our airports reflect a projected annual efficiency improvement of 0.75%.  For the five-year period ending December 31, 2015, the maximum rates applicable to our airports reflect a projected annual efficiency improvement of 0.70%. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | 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. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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 workload units processed in the concession holder’s airport are less than that projected when its master development program was approved.  To grant an adjustment under these circumstances, the Ministry of Communications and Transportation under the master development program 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. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increase in concession tax 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. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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 program (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 program, the Ministry of Communications and Transportation is entitled to decrease the concession holder’s maximum rates and assess penalties. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Excess revenues.  In the event that revenues subject to price regulation per workload 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. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | if a person acquires 35% or more of the shares of a concession holder; |
|--------|--------|------------------------------------------------------------------------|

|   | · | if a person has the ability to control the outcome of meetings of the stockholders of a concession holder; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | · | if a person has the ability to appoint a majority of the members of the Board of Directors of a concession holder; or |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | if a person by any other means acquires control of an airport. |
|--------|--------|----------------------------------------------------------------|

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|   | · | the expiration of its term; |
|--------|--------|-----------------------------|

|   | · | the surrender by the concession holder; |
|--------|--------|-----------------------------------------|

|   | · | the revocation of the concession by the Ministry of Communications and Transportation; |
|--------|--------|----------------------------------------------------------------------------------------|

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

|   | · | the inability to achieve the purpose of the concession, except in the event of force majeure; |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | · | the dissolution, liquidation or bankruptcy of the concession holder; or |
|--------|--------|-------------------------------------------------------------------------|

|   | · | the failure by the concession holder to satisfy the shareholding obligations set forth in the concession. |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | the failure by a concession holder to begin operating, maintaining and developing an airport pursuant to the terms established in the concession; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the failure by a concession holder to maintain insurance as required under the Mexican Airport Law; |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | · | 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; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any alteration of the nature or condition of an airport’s facilities without the authorization of the Ministry of Communications and Transportation; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | use, with a concession holder’s consent and 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; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | the failure by the concession holder to pay the Mexican government the concession tax; |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | our failure to beneficially own at least 51% of the capital stock of its subsidiary concession holders; |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | a violation of the safety regulations established in the Mexican Airport Law and other applicable laws; |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | a total or partial interruption of the operation of an airport or its airport or complementary services without justified cause; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------|

|   | · | the failure to maintain the airport’s facilities; |
|--------|--------|---------------------------------------------------------|

|   | · | the provision of unauthorized services; |
|--------|--------|-----------------------------------------|

|   | · | 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; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | charging prices higher than those registered with the Ministry of Communications and Transportation for regulated services or exceeding the applicable maximum rate; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any act or omission that impedes the ability of other service providers or authorities to carry out their functions within the airport; or |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

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

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|   | · | parties who hold permits to operate civil aerodromes and intend to transform the aerodrome into an airport so long as (i) the proposed change is consistent with the national airport development programs and policies, (ii) the civil aerodrome has been in continuous operation for the previous 5 years and (iii) the permit holder complies with all requirements of the concession; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | current concession holders when necessary to meet increased demand so long as (i) a new airport is necessary to increase existing capacity, (ii) the operation of both airports by a single concession holder is more efficient than other options, and (iii) the concession holder complies with all requirements of the concession; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | current concession holders when it is in the public interest for their airport to be relocated; |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | entities in the federal public administration; and |
|--------|--------|----------------------------------------------------|

|   | · | commercial entities in which local or municipal governments have a majority equity interest if the entities’ corporate purpose is to manage, operate, develop and/or construct airports. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | make economic efficiency a basis of tariff regulation for new concessions; |
|--------|--------|----------------------------------------------------------------------------|

|   | · | include income from commercial services as one of the factors in determining tariffs for new concessions; |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | strengthen the independence of the regulatory agency and increase the transparency of airport regulation; |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | promote greater efficiency in scheduling at airports with heavy volumes of passenger traffic; |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | · | promote greater competition between airports; |
|--------|--------|-----------------------------------------------|

|   | · | eliminate Aeropuertos y Servicios Auxiliares’ (“ASA”) role as exclusive fuel service provider; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | eliminate barriers to entry for taxi providers at airports; and |
|--------|--------|-----------------------------------------------------------------|

|   | · | be mindful of vertical integration among airports and airlines. |
|--------|--------|-----------------------------------------------------------------|

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ORGANIZATIONAL STRUCTURE

| Name of Company                                         |   | Jurisdiction of Establishment |   | PercentageOwned |   | Description                                                               |
|---------------------------------------------------------|--------|-------------------------------|--------|-----------------|--------|---------------------------------------------------------------------------|
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Acapulco, S.A. de C.V.                    |   | México                   |   | 100             |   | Holds concession for Acapulco International Airport                       |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Ciudad Juárez, S.A. de C.V.          |   | México                   |   | 100             |   | Holds concession for Ciudad Juárez International Airport             |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Culiacán, S.A. de C.V.               |   | México                   |   | 100             |   | Holds concession for CuliacánInternational Airport                   |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Chihuahua, S.A. de C.V.                   |   | México                   |   | 100             |   | Holds concession for Chihuahua International Airport                      |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Durango, S.A. de C.V.                     |   | México                   |   | 100             |   | Holds concession for DurangoInternational Airport                         |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Mazatlán, S.A. de C.V                |   | México                   |   | 100             |   | Holds concession for MazatlánInternational Airport                   |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Monterrey, S.A. de C.V.                   |   | México                   |   | 100             |   | Holds concession for MonterreyInternational Airport                       |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Reynosa, S.A. de C.V.                     |   | México                   |   | 100             |   | Holds concession for ReynosaInternational Airport                         |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de San Luis Potosí, S.A. de C.V.        |   | México                   |   | 100             |   | Holds concession for San Luis Potosí International Airport           |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Tampico, S.A. de C.V.                     |   | México                   |   | 100             |   | Holds concession for TampicoInternational Airport                         |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Torreón, S.A. de C.V.                |   | México                   |   | 100             |   | Holds concession for Torreón International Airport                   |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Zacatecas, S.A. de C.V.                   |   | México                   |   | 100             |   | Holds concession for ZacatecasInternational Airport                       |
|                                                    |   |                          |   |            |   |                                                                      |
| Aeropuerto de Zihuatanejo, S.A. de C.V.                 |   | México                   |   | 100             |   | Holds concession for Zihuatanejo International Airport                    |
|                                                    |   |                          |   |            |   |                                                                      |
| Servicios Aeroportuarios del Centro Norte, S.A. de C.V. |   | México                   |   | 100             |   | Provider of administrative and other services at certain of our airports. |

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| Name of Company                                         |   | Jurisdiction of Establishment |   | Percentage Owned |   | Description                                                                                                                                                                                                                                                                                               |
|---------------------------------------------------------|--------|-------------------------------|--------|------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                    |   |                          |   |             |   |                                                                                                                                                                                                                                                                                                      |
| Operadora de Aeropuertos del Centro Norte, S.A. de C.V. |   | México                   |   | 100              |   | Provider of operational services to our concessionaries.                                                                                                                                                                                                                                                  |
|                                                    |   |                          |   |             |   |                                                                                                                                                                                                                                                                                                      |
| Holding Consorcio Grupo Hotelero T2, S.A. de C.V.       |   | México                   |   | 100              |   | Holds 90% of the shares of Consorcio Grupo Hotelero T2, S.A. de C.V. (the Consortium) to develop and operate an NH-branded hotel and commercial areas inside the new Terminal 2 of the México City International Airport.  The Spanish company NH Hoteles, S.A. de C.V.owns the other 10%. |
|                                                    |   |                          |   |             |   |                                                                                                                                                                                                                                                                                                      |
| Consorcio Grupo Hotelero T2, S.A. de C.V.               |   | México                   |   | 90               |   | Holds a 20 year lease agreement with the México City International Airport to develop and operate a 287-room, 5-star hotel and more than 5,000 square meters in commercial space inside Terminal 2.                                                                                                  |
|                                                    |   |                          |   |             |   |                                                                                                                                                                                                                                                                                                      |
| Servicios Corporativos Terminal T2, S.A. de C.V.        |   | México                   |   | 90               |   | Provider of administrative and other services to Consorcio Grupo Hotelero T2, S.A. de C.V.                                                                                                                                                                                                                |

PROPERTY, PLANT AND EQUIPMENT

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| Item 4A. | Unresolved Staff Comments |
|----------|---------------------------|

|   |   |
|--------|--------|

| Item 5. | Operating and Financial Review and Prospects |
|---------|----------------------------------------------|

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|   | · | New category of revenues and cost. Under INIF 17, an operator of a service concession that is required to make capital improvements to concessioned assets, such as us, is deemed to provide construction or upgrade services. As a result, the operator is required to account for the revenues and expenses relating to those services. In our case, because we hire a third party to provide construction and upgrade services, our revenues relating to construction or upgrade services are equal to our expenses for those services. Revenues related to construction and upgrade services are presented in a new category of revenues called “Construction services” and expenses related to construction and upgrade services are presented in a new category of expenses called “Construction costs.” |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | Intangible assets and change in amortization rates. Under INIF 17, all infrastructure to which an operator of a service concession is given access by the grantor of the concession service agreement and the upgrades to that infrastructure made by the operator are recognized as an intangible asset. These assets are amortized over the concession period. As a result, we are required to include all fixed assets and subsequent capital expenditures under Investment in Airport Concessions and to modify amortization rates in accordance with the remaining period of the concession, using the straight line method for those fixed assets constructed or acquired in the past. Previously we amortized fixed assets based on the estimated remaining useful life of the particular asset. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                    |   | Year ended December 31, |     |
|--------------------------------------------------------------|--------|-------------------------|----------|
|                                                         |   | 2008                    |     |   | 2009 |   |   | 2010 |   |
| Domestic terminal passengers(1)                              |   |                    | 11,732.8 |   |   |   | 9,712.2 |   |   |   | 9,660.2 |   |
| International terminal passengers(1)                         |   |                    | 2,327.8  |   |   |   | 1,806.1 |   |   |   | 1,927.5 |   |
| Total terminal passengers(1)                                 |   |                    | 14,060.7 |   |   |   | 11,518.3 |   |   |   | 11,587.7 |   |
| Cargo units(1)                                               |   |                    | 790.3    |   |   |   | 722.0 |   |   |   | 908.5 |   |
| Total workload units(1)                                      |   |                    | 14,851.0 |   |   |   | 12,240.3 |   |   |   | 12,496.2 |   |
| Change in total terminal passengers(2)                       |   |                    | (1.1     | ) % |   |   | (18.1 | )% |   |   | 0.6 | % |
| Change in workload units(2)                                  |   |                    | (1.2     | ) % |   |   | (17.6 | )% |   |   | 2.1 | % |
|                                                         |   |                    |     |   |   |   |   |   |   |   |   |   |
| Aeronautical revenue(3)                                      |   |                    | 1,617.2  |   |   |   | 1,527.0 |   |   |   | 1,652.6 |   |
| Change in aeronautical revenue(2)                            |   |                    | 4.3      | % |   |   | (5.6 | )% |   |   | 8.2 | % |
| Aeronautical revenue per workload unit                       |   |                    | 115.12   |   |   |   | 124.75 |   |   |   | 132.25 |   |
| Change in aeronautical revenue per workload unit(1)( 2)      |   |                    | 11.7     | % |   |   | 8.4 | % |   |   | 6.0 | % |
|                                                         |   |                    |     |   |   |   |   |   |   |   |   |   |
| Non-aeronautical revenue(3) (4)                              |   |                    | 371.3    |   |   |   | 354.0 |   |   |   | 392.0 |   |
| Change in non-aeronautical revenue(2)                        |   |                    | 6.8      | % |   |   | (4.7 | )% |   |   | 10.7 | % |
| Non-aeronautical revenue per terminal passenger(4)           |   |                    | 26.4     |   |   |   | 30.7 |   |   |   | 33.8 |   |
| Change in non-aeronautical revenue per terminal passenger(2) |   |                    | 7.8      | % |   |   | 16.3 | % |   |   | 10.1 | % |

| (1) | In thousands.  One cargo unit is equivalent to 100 kilograms (220 pounds) of cargo.  Under the regulation applicable to our aeronautical revenues, one workload unit is equivalent to one terminal passenger or 100 kilograms (220 pounds) of cargo. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In each case, as compared to previous period. |
|-----|-----------------------------------------------|

| (3) | In millions of pesos. |
|-----|-----------------------|

| (4) | Non-aeronautical revenues excluding revenues from the Hotel. |
|-----|--------------------------------------------------------------|

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|                         |   | Year ended December 31,                 |    |
|------------------------------|--------|-----------------------------------------|---------|
|                         |   | 2008                                    |    |   | 2009 |   |   | 2010 |   |
|                         |   | Amount                                  |    |   | % change |   |   | Amount |   |   | % change |   |   | Amount |   |   | % change |   |
|                         |   | (millions of pesos, except percentages) |    |
| Aeronautical Revenues:       |   |                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Passenger charges            |   |                                    | 1,234.0 |   |   |   | 76.3 |   |   |   | 1,189.8 |   |   |   | 77.9 |   |   |   | 1,288.7 |   |   |   | 78.0 |   |
| Landing charges              |   |                                    | 111.7   |   |   |   | 6.9 |   |   |   | 94.9 |   |   |   | 6.2 |   |   |   | 102.8 |   |   |   | 6.2 |   |
| Aircraft parking charges     |   |                                    | 95.2    |   |   |   | 5.9 |   |   |   | 76.0 |   |   |   | 5.0 |   |   |   | 88.1 |   |   |   | 5.3 |   |
| Airport security charges     |   |                                    | 22.8    |   |   |   | 1.4 |   |   |   | 19.6 |   |   |   | 1.3 |   |   |   | 20.7 |   |   |   | 1.3 |   |
| Passenger walkway charges    |   |                                    | 23.9    |   |   |   | 1.5 |   |   |   | 17.2 |   |   |   | 1.1 |   |   |   | 19.0 |   |   |   | 1.1 |   |
| Leasing of space to airlines |   |                                    | 129.6   |   |   |   | 8.0 |   |   |   | 129.5 |   |   |   | 8.5 |   |   |   | 133.3 |   |   |   | 8.1 |   |
|                         |   |                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Aeronautical Revenues  |   |                                    | 1,617.2 |   |   |   | 100.0 |   |   |   | 1,527.0 |   |   |   | 100.0 |   |   |   | 1,652.6 |   |   |   | 100.0 |   |

| (1) | Revenues from complementary service providers consist of access and other fees charged to third parties providing handling, catering and other services at our airports and makes up less than 0.01% of our total aeronautical revenue. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                            |   | Year ended December 31,                 |   |
|---------------------------------|--------|-----------------------------------------|--------|
|                            |   | 2008                                    |   |   | 2009 |   |   | 2010 |   |
|                            |   | Amount                                  |   |   | % change |   |   | Amount |   |   | % change |   |   | Amount |   |   | % change |   |
|                            |   | (millions of pesos, except percentages) |   |
| Non-aeronautical Revenues:      |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial Activities:          |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Car parking charges             |   |                                    | 112.7  |   |   |   | 30.4 |   |   |   | 104.5 |   |   |   | 29.5 |   |   |   | 110.7 |   |   |   | 28.2 |   |
| Advertising                     |   |                                    | 39.3   |   |   |   | 10.6 |   |   |   | 39.4 |   |   |   | 11.1 |   |   |   | 46.6 |   |   |   | 11.9 |   |
| Leasing of space(1)             |   |                                    | 36.6   |   |   |   | 9.8 |   |   |   | 39.9 |   |   |   | 11.3 |   |   |   | 42.3 |   |   |   | 10.8 |   |
| Car rentals                     |   |                                    | 32.2   |   |   |   | 8.7 |   |   |   | 31.3 |   |   |   | 8.8 |   |   |   | 32.4 |   |   |   | 8.3 |   |
| Food and beverage operations    |   |                                    | 35.0   |   |   |   | 9.4 |   |   |   | 28.8 |   |   |   | 8.1 |   |   |   | 32.8 |   |   |   | 8.4 |   |
| Retail operations               |   |                                    | 36.2   |   |   |   | 9.7 |   |   |   | 33.1 |   |   |   | 9.3 |   |   |   | 39.8 |   |   |   | 10.1 |   |
| Duty-free operations            |   |                                    | 13.6   |   |   |   | 3.7 |   |   |   | 11.0 |   |   |   | 3.1 |   |   |   | 11.1 |   |   |   | 2.8 |   |
| Communications                  |   |                                    | 4.3    |   |   |   | 1.2 |   |   |   | 4.4 |   |   |   | 1.2 |   |   |   | 3.0 |   |   |   | 0.8 |   |
| Financial services              |   |                                    | 1.9    |   |   |   | 0.5 |   |   |   | 2.5 |   |   |   | 0.7 |   |   |   | 3.6 |   |   |   | 0.9 |   |
| Time share                      |   |                                    | 18.1   |   |   |   | 4.9 |   |   |   | 18.1 |   |   |   | 5.1 |   |   |   | 15.6 |   |   |   | 4.0 |   |
| Other                           |   |                                    | 20.6   |   |   |   | 5.5 |   |   |   | 21.0 |   |   |   | 5.9 |   |   |   | 31.3 |   |   |   | 8.0 |   |
| Total commercial activities     |   |                                    | 350.5  |   |   |   | 94.4 |   |   |   | 334.0 |   |   |   | 94.3 |   |   |   | 369.2 |   |   |   | 94.2 |   |
| Recovery of costs(2)            |   |                                    | 20.8   |   |   |   | 5.6 |   |   |   | 20.0 |   |   |   | 5.7 |   |   |   | 22.8 |   |   |   | 5.8 |   |
|                            |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Non-aeronautical Revenues |   |                                    | 371.3  |   |   |   | 100.0 |   |   |   | 354.0 |   |   |   | 100.0 |   |   |   | 392.0 |   |   |   | 100.0 |   |

| (1) | Includes leasing of space in our airports to airlines and complementary service providers (for first class/VIP lounges and other similar non-essential activities). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Recovery of costs consists of utility and maintenance charges that are transferred to airlines and other tenants in our airports. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

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|                                |   | Year ended December 31,                   |    |
|-------------------------------------|--------|-------------------------------------------|---------|
|                                |   | 2008                                      |    |   | 2009 |   |   | 2010 |   |
|                                |   | Amount                                    |    |   | % change |   |   | Amount |   |   | % change |   |   | Amount |   |   | % change |   |
|                                |   | (In millions of Pesos except percentages) |    |
| Operating Costs:                    |   |                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of services:                   |   |                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Employee costs                      |   |                                      | 169.8   |   |   |   | 9.1 |   |   |   | 121.2 |   |   |   | (28.6 | ) |   |   | 137.4 |   |   |   | 13.4 |   |
| Maintenance                         |   |                                      | 54.0    |   |   |   | 0.2 |   |   |   | 63.2 |   |   |   | 17.0 |   |   |   | 61.2 |   |   |   | (3.2 | ) |
| Safety, security & insurance    |   |                                      | 81.0    |   |   |   | 8.1 |   |   |   | 86.1 |   |   |   | 6.3 |   |   |   | 86.0 |   |   |   | 0.0 |   |
| Utilities                           |   |                                      | 112.8   |   |   |   | 19.5 |   |   |   | 99.2 |   |   |   | (12.1 | ) |   |   | 115.9 |   |   |   | 16.8 |   |
| Allowance for doubtful accounts     |   |                                      | 33.5    |   |   |   | 1,367.1 |   |   |   | 14.5 |   |   |   | (56.7 | ) |   |   | 174.5 |   |   |   | 1,103.4 |   |
| Other                               |   |                                      | 56.1    |   |   |   | 2.9 |   |   |   | 63.4 |   |   |   | 13.0 |   |   |   | 98.6 |   |   |   | 55.5 |   |
| Total cost of services              |   |                                      | 507.2   |   |   |   | 9.3 |   |   |   | 447.6 |   |   |   | (11.7 | ) |   |   | 673.6 |   |   |   | 50.5 |   |
| Construction costs                  |   |                                      | 492.8   |   |   |   | N/A |   |   |   | 641.0 |   |   |   | 30.1 |   |   |   | 507.0 |   |   |   | (20.9 | ) |
| Administrative expenses             |   |                                      | 269.9   |   |   |   | 23.5 |   |   |   | 331.0 |   |   |   | 1.2 |   |   |   | 379.3 |   |   |   | 14.6 |   |
| Technical assistance fees           |   |                                      | 55.6    |   |   |   | (3.1 | ) |   |   | 51.7 |   |   |   | (7.0 | ) |   |   | 47.6 |   |   |   | (7.9 | ) |
| Concession taxes                    |   |                                      | 101.7   |   |   |   | 3.4 |   |   |   | 94.8 |   |   |   | (6.8 | ) |   |   | 103.1 |   |   |   | 8.8 |   |
| Depreciation and amortization:      |   |                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation(1)                     |   |                                      | 39.3    |   |   |   | 19.5 |   |   |   | 47.9 |   |   |   | 21.9 |   |   |   | 60.5 |   |   |   | 26.3 |   |
| Amortization(2)                     |   |                                      | 327.4   |   |   |   | 8.0 |   |   |   | 363.9 |   |   |   | 11.1 |   |   |   | 409.2 |   |   |   | 12.4 |   |
| Total depreciation and amortization |   |                                      | 366.7   |   |   |   | 9.1 |   |   |   | 411.8 |   |   |   | 12.3 |   |   |   | 469.7 |   |   |   | 14.1 |   |
| Total operating costs               |   |                                      | 1,793.9 |   |   |   | 53.4 |   |   |   | 1,977.9 |   |   |   | 10.3 |   |   |   | 2,180.3 |   |   |   | 10.2 |   |

| (1) | Reflects depreciation of fixed assets. |
|-----|----------------------------------------|

| (2) | Reflects amortization of our concessions and rights to use airport facilities. |
|-----|--------------------------------------------------------------------------------|

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|                                                                              |   | Year ended December 31, |   |
|-----------------------------------------------------------------------------------|--------|-------------------------|--------|
|                                                                              |   | 2008                    |   |   | 2009 |   |   | 2010 |   |
| Depreciation (appreciation) of the Mexican peso as computed to the U.S. dollar(1) |   |                    | 26.7   | % |   |   | (5.6 | )% |   |   | (5.2 | )% |
| Mexican inflation rate(2)                                                         |   |                    | 6.5    | % |   |   | 3.6 | % |   |   | 4.4 | % |
| U.S. inflation rate(3)                                                            |   |                    | 0.1    | % |   |   | 2.7 | % |   |   | 1.5 | % |
| Increase (decrease) in Mexican gross domestic product(4)                          |   |                    | 1.5    | % |   |   | (6.1 | )% |   |   | 5.5 | % |

| (1) | Based on changes in the rates for calculating foreign exchange liabilities, as reported by Banco de México, or the Mexican Central Bank, at the end of each period, which were as follows: Ps. 13.83 per U.S. dollar as of December 31, 2008, Ps. 13.06 per U.S. dollar as of December 31, 2009 and Ps. 12.38 per U.S. dollar as of December 30, 2010. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Based on changes in the Mexican Consumer Price Index from the previous period, as reported by the Mexican Central Bank.  The year-end Mexican Consumer Price Index was 133.761 in 2008, 138.541 in 2009 and 144.639 in 2010. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | As reported by the U.S. Department of Labor, Bureau of Labor Statistics. |
|-----|--------------------------------------------------------------------------|

| (4) | In real terms, as reported by the Mexican Central Bank. |
|-----|---------------------------------------------------------|

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Year ended December 31,                 |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2008                                    |    |   | 2009 |   |   | 2010 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (millions of pesos, except percentages) |    |
| Monterrey:                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                    |    |   |   |   |   |   |   |
| Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                    |    |   |   |   |   |   |   |
| Aeronautical services                                                                                                  |   |                                    | 728.4   |   |   |   | 675.4 |   |   |   | 731.4 |   |
| Non-aeronautical services                                                                                              |   |                                    | 195.8   |   |   |   | 183.2 |   |   |   | 209.6 |   |
| Construction Services                                                                                                  |   |                                    | 261.2   |   |   |   | 387.5 |   |   |   | 168.4 |   |
| Total revenues                                                                                |   |                                    | 1,185.4 |   |   |   | 1,246.1 |   |   |   | 1,109.4 |   |
| Operating costs:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Costs of services and Administrative expenses                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                    | 726.1   |   |   |   | 640.8 |   |   |   | 741.1 |   |
| Construction Costs                                                                                                     |   |                                    | 261.2   |   |   |   | 387.5 |   |   |   | 168.4 |   |
| Depreciation and amortization                                                                                          |   |                                    | 93.4    |   |   |   | 101.1 |   |   |   | 115.5 |   |
| Total operating costs                                                                         |   |                                    | 1,128.9 |   |   |   | 1,172.7 |   |   |   | 1,072.3 |   |
| Income from operations                                                                        |   |                                    | 56.5    |   |   |   | 73.5 |   |   |   | 37.1 |   |
| Operating margin(1)                                                                           |   |                                    | 4.8     | % |   |   | 5.9 | % |   |   | 3.3 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Acapulco:                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Aeronautical services                                                                                                  |   |                                    | 133.9   |   |   |   | 119.9 |   |   |   | 115.4 |   |
| Non-aeronautical services                                                                                              |   |                                    | 23.7    |   |   |   | 21.4 |   |   |   | 22.1 |   |
| Construction Services                                                                                                  |   |                                    | 22.0    |   |   |   | 32.0 |   |   |   | 58.0 |   |
| Total revenues                                                                                |   |                                    | 179.6   |   |   |   | 173.3 |   |   |   | 195.6 |   |
| Operating costs:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Costs of services and Administrative expenses                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                    | 95.1    |   |   |   | 72.7 |   |   |   | 76.2 |   |
| Construction Costs                                                                                                     |   |                                    | 22.0    |   |   |   | 32.1 |   |   |   | 58.0 |   |
| Depreciation and amortization                                                                                          |   |                                    | 44.9    |   |   |   | 48.8 |   |   |   | 49.6 |   |
| Total operating costs                                                                         |   |                                    | 170.0   |   |   |   | 160.7 |   |   |   | 190.8 |   |
| Income from operations                                                                        |   |                                    | 9.6     |   |   |   | 12.6 |   |   |   | 4.8 |   |
| Operating margin(1)                                                                           |   |                                    | 5.4     | % |   |   | 7.3 | % |   |   | 2.4 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Mazatlán:                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Aeronautical services                                                                                                  |   |                                    | 106.6   |   |   |   | 111.3 |   |   |   | 117.6 |   |
| Non-aeronautical services                                                                                              |   |                                    | 32.6    |   |   |   | 33.2 |   |   |   | 34.9 |   |
| Construction Services                                                                                                  |   |                                    | 9.3     |   |   |   | 8.3 |   |   |   | 62.0 |   |
| Total revenues                                                                                |   |                                    | 148.5   |   |   |   | 152.8 |   |   |   | 214.5 |   |
| Operating costs:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Costs of services and Administrative expenses                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                    | 91.7    |   |   |   | 83.8 |   |   |   | 101.2 |   |
| Construction Costs                                                                                                     |   |                                    | 9.3     |   |   |   | 8.3 |   |   |   | 62.0 |   |
| Depreciation and amortization                                                                                          |   |                                    | 32.0    |   |   |   | 33.3 |   |   |   | 34.0 |   |
| Total operating costs                                                                         |   |                                    | 140.0   |   |   |   | 132.6 |   |   |   | 204.8 |   |
| Income from operations                                                                                                 |   |                                    | 8.5     |   |   |   | 20.2 |   |   |   | 9.7 |   |
| Operating margin(1)                                                                           |   |                                    | 5.7     | % |   |   | 13.2 | % |   |   | 4.5 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Culiacán:                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Aeronautical services                                                                                                  |   |                                    | 121.0   |   |   |   | 129.8 |   |   |   | 147.4 |   |
| Non-aeronautical services                                                                                              |   |                                    | 19.4    |   |   |   | 20.3 |   |   |   | 20.3 |   |
| Construction Services                                                                                                  |   |                                    | 14.2    |   |   |   | 15.4 |   |   |   | 39.2 |   |
| Total revenues                                                                                |   |                                    | 154.7   |   |   |   | 165.4 |   |   |   | 206.9 |   |
| Operating costs:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Costs of services and Administrative expenses                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                    | 106.5   |   |   |   | 105.0 |   |   |   | 123.3 |   |
| Construction Costs                                                                                                     |   |                                    | 14.2    |   |   |   | 15.4 |   |   |   | 39.2 |   |
| Depreciation and amortization                                                                                          |   |                                    | 24.4    |   |   |   | 26.2 |   |   |   | 27.2 |   |
| Total operating costs                                                                         |   |                                    | 152.1   |   |   |   | 154.1 |   |   |   | 198.1 |   |
| Income from operations                                                                                                 |   |                                    | 2.6     |   |   |   | 11.4 |   |   |   | 8.9 |   |
| Operating margin(1)                                                                           |   |                                    | 1.7     | % |   |   | 6.9 | % |   |   | 4.3 | % |

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| Chihuahua:                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |    |   |   |   |    |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |    |   |   |
| Aeronautical services                                                                                                  |   |   | 100.0   |   |   |   | 96.2    |   |   |   | 116.0 |   |
| Non-aeronautical services                                                                                              |   |   | 20.4    |   |   |   | 19.9    |   |   |   | 23.3 |   |
| Construction Services                                                                                                  |   |   | 23.1    |   |   |   | 18.5    |   |   |   | 40.7 |   |
| Total revenues                                                                                |   |   | 143.5   |   |   |   | 134.6   |   |   |   | 179.9 |   |
| Operating costs:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |    |   |   |   |    |   |   |   |   |   |
| Costs of services and Administrative expenses                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 76.4    |   |   |   | 66.0    |   |   |   | 98.8 |   |
| Construction Costs                                                                                                     |   |   | 23.1    |   |   |   | 18.5    |   |   |   | 40.7 |   |
| Depreciation and amortization                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 22.4    |   |   |   | 24.4    |   |   |   | 25.4 |   |
| Total operating costs                                                                         |   |   | 127.9   |   |   |   | 114.7   |   |   |   | 171.8 |   |
| Income from operations                                                                        |   |   | 15.7    |   |   |   | 19.9    |   |   |   | 8.1 |   |
| Operating margin(1)                                                                           |   |   | 10.9    | %      |   |   | 14.8    | %      |   |   | 4.5 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |    |   |   |   |    |   |   |   |   |   |
| Zihuatanejo:                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |    |   |   |   |    |   |   |   |   |   |
| Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |    |   |   |   |   |   |
| Aeronautical services                                                                                                  |   |   | 80.0    |   |   |   | 83.2    |   |   |   | 78.6 |   |
| Non-aeronautical services                                                                                              |   |   | 16.6    |   |   |   | 15.1    |   |   |   | 16.5 |   |
| Construction Services                                                                                                  |   |   | 11.0    |   |   |   | 40.2    |   |   |   | 20.6 |   |
| Total revenues                                                                                                                                       |   |   | 107.6   |   |   |   | 138.5   |   |   |   | 115.7 |   |
| Operating costs:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |    |   |   |   |    |   |   |   |   |   |
| Costs of services and Administrative expenses                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 58.7    |   |   |   | 55.1    |   |   |   | 48.9 |   |
| Construction Costs                                                                                           |   |   | 11.0    |   |   |   | 40.2    |   |   |   | 20.6 |   |
| Depreciation and amortization                                                                                |   |   | 27.4    |   |   |   | 30.5    |   |   |   | 36.9 |   |
| Total operating costs                                                                         |   |   | 102.0   |   |   |   | 130.7   |   |   |   | 111.1 |   |
| Income from operations                                                                                       |   |   | 5.6     |   |   |   | 7.9     |   |   |   | 4.7 |   |
| Operating margin(1)                                                                           |   |   | 5.2     | %      |   |   | 5.7     | %      |   |   | 4.0 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |    |   |   |   |    |   |   |   |   |   |
| Other Airports:(2)                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |    |   |   |   |    |   |   |   |   |   |
| Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |    |   |   |   |   |   |
| Aeronautical services                                                                                                  |   |   | 347.2   |   |   |   | 311.2   |   |   |   | 346.1 |   |
| Non-aeronautical services                                                                                              |   |   | 68.5    |   |   |   | 66.0    |   |   |   | 73.0 |   |
| Construction Services                                                                                                  |   |   | 152.0   |   |   |   | 139.1   |   |   |   | 118.3 |   |
| Total revenues                                                                                                                                       |   |   | 567.7   |   |   |   | 516.3   |   |   |   | 537.5 |   |
| Operating costs:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |    |   |   |   |    |   |   |   |   |   |
| Costs of services and Administrative expenses                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 252.5   |   |   |   | 189.7   |   |   |   | 214.0 |   |
| Construction Costs                                                                                           |   |   | 152.0   |   |   |   | 139.1   |   |   |   | 118.3 |   |
| Depreciation and amortization                                                                                |   |   | 117.9   |   |   |   | 136.3   |   |   |   | 158.0 |   |
| Total operating costs                                                                         |   |   | 543.2   |   |   |   | 484.0   |   |   |   | 511.3 |   |
| Income from operations                                                                                       |   |   | 24.5    |   |   |   | 32.3    |   |   |   | 26.2 |   |
| Operating margin(1)                                                                           |   |   | 4.3     | %      |   |   | 6.3     | %      |   |   | 4.9 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |    |   |   |   |    |   |   |   |   |   |
| Total:(3)                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |    |   |   |   |   |   |
| Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |    |   |   |   |   |   |
| Aeronautical services                                                                                                  |   |   | 1,617.2 |   |   |   | 1,527.0 |   |   |   | 1,652.6 |   |
| Non-aeronautical services                                                                                              |   |   | 377.0   |   |   |   | 359.2   |   |   |   | 399.8 |   |
| Construction Services                                                                                                  |   |   | 492.8   |   |   |   | 641.0   |   |   |   | 507.0 |   |
| Total revenues                                                                                                                                       |   |   | 2,487.0 |   |   |   | 2,527.2 |   |   |   | 2,559.5 |   |
| Operating costs:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |    |   |   |   |    |   |   |   |   |   |
| Costs of services and Administrative expenses                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 1,407.1 |   |   |   | 1,213.1 |   |   |   | 1,403.5 |   |
| Construction Costs                                                                                           |   |   | 492.8   |   |   |   | 641.0   |   |   |   | 507.0 |   |
| Depreciation and amortization                                                                                |   |   | 362.5   |   |   |   | 400.6   |   |   |   | 446.5 |   |
| Total operating costs                                                                         |   |   | 2,364.0 |   |   |   | 2,349.5 |   |   |   | 2,460.1 |   |
| Income from operations                                                                                       |   |   | 123.0   |   |   |   | 177.7   |   |   |   | 99.4 |   |
| Operating margin(1)                                                                           |   |   | 4.9     | %      |   |   | 7.0     | %      |   |   | 3.9 | % |

| (1) | We determine operating margin per airport by dividing income from operations at each airport or group of airports by total revenues for that airport or group of airports. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Reflects the results of operations of our airports located in Ciudad Juárez, Durango, Reynosa, San Luis Potosí, Tampico, Torreón and Zacatecas. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Total Revenues includes intercompany transactions between our subsidiaries and us and among our subsidiaries.  In 2006 we implemented a new method for allocating revenues among our airports, treated as one single integrated economic entity.  This new method consists of intercompany charges and credits for corporate expense that were designed to help less profitable airports in meeting their financial obligations.  The implementation of this method affects the operating income results reported by the individual airports but does not affect our consolidated results. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                |   | Summary Consolidated Operating ResultsYear ended December 31, |      |
|-------------------------------------|--------|---------------------------------------------------------------|-----------|
|                                |   | 2008                                                          |      |   | 2009 |   |   | 2010 |   |
|                                |   | Amount                                                        |      |   | % change |   |   | Amount |   |   | % change |   |   | Amount |   |   | % change |   |
|                                |   | (thousands of pesos, except percentages)                      |      |
| Revenues:                           |   |                                                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Aeronautical services               |   |                                                          | 1,617,195 |   |   |   | 4.3 | % |   |   | 1,526,965 |   |   |   | (5.6 | )% |   |   | 1,652,626 |   |   |   | 8.2 | % |
| Non-aeronautical services           |   |                                                          | 371,281   |   |   |   | 6.8 | % |   |   | 354,001 |   |   |   | (4.6 | )% |   |   | 391,974 |   |   |   | 10.7 | % |
| Hotel services                      |   |                                                          |      |   |   |   |   |   |   |   | 15,311 |   |   |   | N/A |   |   |   | 99,823 |   |   |   | 552.0 | % |
| Construction services(1)       |   |                                                          | 492,813   |   |   |   | 31.5 | % |   |   | 640,992 |   |   |   | 30.1 | % |   |   | 507,026 |   |   |   | (20.9 | )% |
| Total revenues                      |   |                                                          | 2,481,289 |   |   |   | 9.2 | % |   |   | 2,537,269 |   |   |   | (2.3 | )% |   |   | 2,651,449 |   |   |   | 4.5 | % |
| Operating costs:                    |   |                                                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of services                    |   |                                                          | 507,214   |   |   |   | 20.5 | % |   |   | 447,568 |   |   |   | (11.7 | )% |   |   | 673,632 |   |   |   | 50.5 | % |
| Construction costs(1)          |   |                                                          | 492,813   |   |   |   | 31.5 | % |   |   | 640,992 |   |   |   | 30.1 | % |   |   | 507,026 |   |   |   | (20.9 | )% |
| Administrative expenses             |   |                                                          | 269,929   |   |   |   | 5.1 | % |   |   | 330,969 |   |   |   | 22.6 | % |   |   | 379,314 |   |   |   | 14.6 | % |
| Technical assistance fees           |   |                                                          | 55,604    |   |   |   | (3.2 | )% |   |   | 51,710 |   |   |   | (7.0 | )% |   |   | 47,567 |   |   |   | (8.0 | )% |
| Concession taxes                    |   |                                                          | 101,642   |   |   |   | 3.4 | % |   |   | 94,756 |   |   |   | (6.8 | )% |   |   | 103,067 |   |   |   | 8.8 | % |
| Depreciation and amortization       |   |                                                          | 366,719   |   |   |   | 9.1 | % |   |   | 411,890 |   |   |   | 12.3 | % |   |   | 469,672 |   |   |   | 14.0 | % |
| Total operating costs               |   |                                                          | 1,793,921 |   |   |   | 53.4 | % |   |   | 1,977,885 |   |   |   | 10.2 | % |   |   | 2,180,278 |   |   |   | 10.2 | % |
| Income from operations              |   |                                                          | 687,368   |   |   |   | (5.6 | )% |   |   | 559,384 |   |   |   | (18.6 | )% |   |   | 471,171 |   |   |   | (15.8 | )% |
| Other income (expense)              |   |                                                          | 104,792   |   |   |   | N/A |   |   |   | 10,051 |   |   |   | (90.4 | )% |   |   | (3,090 | ) |   |   | N/A |   |
| Net comprehensive financing income: |   |                                                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income, net                |   |                                                          | 63,167    |   |   |   | (50.1 | )% |   |   | (26,195 | ) |   |   | N/A |   |   |   | (69,900 | ) |   |   | (166.8 | )% |
| Exchange gain (loss), net           |   |                                                          | (74,618   | ) |   |   | N/A |   |   |   | 4,069 |   |   |   | N/A |   |   |   | 1,562 |   |   |   | (61.6 | )% |
| Net comprehensive financing income  |   |                                                          | (11,451   | ) |   |   | N/A |   |   |   | (22,126 | ) |   |   | (93.2 | )% |   |   | (68,338 | ) |   |   | (208.9 | )% |
| Income before income taxes          |   |                                                          | 780,709   |   |   |   | (4.4 | )% |   |   | 547,309 |   |   |   | (29.9 | )% |   |   | 399,743 |   |   |   | (27.0 | )% |
| Income taxes                        |   |                                                          | 238,906   |   |   |   | (69.6 | )% |   |   | 77,785 |   |   |   | (67.4 | )% |   |   | (152,232 | ) |   |   | N/A |   |
| Consolidated net income             |   |                                                          | 541,803   |   |   |   | 1,636.9 | % |   |   | 469,524 |   |   |   | (13.3 | )% |   |   | 551,975 |   |   |   | 17.6 | % |
|                                |   |                                                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other operating data (unaudited):   |   |                                                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating margin(2)            |   |                                                          | 27.7      |   |   |   |   |   |   |   | 22.0 |   |   |   |   |   |   |   | 17.8 |   |   |   |   |   |
| Net margin(3)                  |   |                                                          | 21.8      |   |   |   |   |   |   |   | 18.5 |   |   |   |   |   |   |   | 20.8 |   |   |   |   |   |

| (1) | In 2010 we adopted Mexican Interpretacion de Norma de Informacion Financiera 17, or INIF 17, “Service Concession Contracts”, which provides that an operator of a service concession that is required to make capital improvements to concessioned assets, such as us, is deemed to provide construction or upgrade services. As a result, we are required to account for the revenues and expenses relating to those services. In our case, because we hire a third party to provide construction and upgrade services, our revenues relating to construction or upgrade services are equal to our expenses for those services. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Income from operations divided by total revenue, expressed as a percentage. |
|-----|-----------------------------------------------------------------------------|

| (3) | Net income divided by total revenues, expressed as a percentage. |
|-----|------------------------------------------------------------------|

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|                        |   | Payments due by period |    |
|-----------------------------|--------|------------------------|---------|
|                        |   | Total                  |    |   | Less than 1year(2) |   |   | 1-3 years |   |   | 3-5 years |   |   | More than5 years |   |
|                        |   | (in millions of pesos) |    |
| Contractual Obligations     |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |
|                        |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Master development programs |   | Ps. 3,096.8            |    |   | Ps. 781.9 |   |   |   | Ps. 1,973.5 | (3) |   |   | Ps. 341.4 | (3) |   |   | N/A | (3) |
| Purchase obligations(1)     |   |                   | 209.3   |   |   |   | 40.6 |   |   |   | 125.6 |   |   |   | 43.1 |   |   |   | N/A |   |
| Long Term Debt              |   |                   | 1,094.9 |   |   |   | 135.5 |   |   |   | 444.1 |   |   |   | 434.7 |   |   |   | Ps. 80.6 |   |
| Total                       |   | Ps. 4,401.0            |    |   | Ps. 958.0 |   |   |   | Ps. 2,543.2 |   |   |   | Ps. 819.2 |   |   |   | Ps. 80.6 |   |

| (1) | Reflects minimum fixed annual payment of U.S.$ 3 million required to be paid under our Technical Assistance Agreement, assuming an exchange rate of Ps. 12.38 per U.S. dollar which is the exchange rate as of December 30, 2010 published by the Federal Reserve Bank of New York and an annual U.S. inflation rate of 1.50% as reported by the U.S. Department of Labor, Bureau of Labor Statistics for 2010.  The amount ultimately to be paid in any year will depend on our profitability. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Amount for less than one year corresponds to obligations for the remainder of 2011. |
|-----|-------------------------------------------------------------------------------------|

| (3) | In 2010, the fifth year of our previous master development program, a negotiation took place with the Ministry of Communications and Transportation to determine the new master development program commitments for the 2011-2015 period. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| Item 6. | Directors, Senior Management and Employees |
|---------|--------------------------------------------|

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|  Name                                 |   | Title                 |   | Director since     |   | Age |
|--------------------------------------------|--------|-----------------------|--------|--------------------|--------|-----|
| José Luis Guerrero Álvarez  |   | Chairman and Director |   | December 21, 2005  |   | 67  |
| Luis Guillermo Zazueta Domínguez      |   | Independent Director  |   | October 2, 2006    |   | 65  |
| Alberto Felipe Mulás Alonso           |   | Independent Director  |   | October 2, 2006    |   | 50  |
| Salvador Alva Gómez                   |   | Independent Director  |   | October 2, 2006    |   | 60  |
| Cristina Gil White                         |   | Independent Director  |   | April 14, 2011     |   | 34  |
| Fernando Flores Pérez                 |   | Independent Director  |   | April 29, 2007     |   | 65  |
| Sergio Fernando Montaño León     |   | Director              |   | December 21, 2005  |   | 63  |
| Diego Quintana Kawage                      |   | Director              |   | April 14, 2011     |   | 40  |
| Luis Fernando Zárate Rocha*           |   | Director              |   | September 22, 2000 |   | 67  |
| Alonso Quintana Kawage*                    |   | Director              |   | March 14, 2003     |   | 37  |
| Jean Marie Chevallier*                     |   | Director              |   | December 13, 2006  |   | 66  |
| Jacques Follain*                           |   | Alternate Director    |   | December 13, 2006  |   | 55  |

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|  Name                                 |   | Current position                        |   | Executiveofficer since(2) |   | Age |
|--------------------------------------------|--------|-----------------------------------------|--------|---------------------------|--------|-----|
| Víctor Humberto Bravo Martín(1)  |   | Chief Executive Officer                 |   | March 20, 2006            |   | 45  |
| Stéphane Laurent Christian Lemoine(1) |   | Chief Operating Officer                 |   | July 19, 2010             |   | 49  |
| José Luis Guerrero Cortés(1)     |   | Chief Financial Officer                 |   | July 1, 2009              |   | 30  |
| Manuel de la Torre Meléndez           |   | General Counsel                         |   | January 1, 2004           |   | 47  |
| Roberto Ontiveros Chávez              |   | Infrastructure and Maintenance Director |   | July 22, 2008             |   | 46  |
| Stéphane Taysse (1)                   |   | Commercial and Marketing Director       |   | December 1,2009           |   | 38  |
| Porfirio González Álvarez        |   | Airports Director                       |   | April 26, 2006            |   | 60  |

| (1) | Appointed by SETA as holder of Series BB shares. |
|-----|--------------------------------------------------|

| (2) | Date of Appointment. |
|-----|----------------------|

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| Name                                       |   | Current position                        |   | Executiveofficer since(2) |   | Age |
|--------------------------------------------|--------|-----------------------------------------|--------|---------------------------|--------|-----|
| Porfirio González Álvarez(1)     |   | Chief Executive Officer                 |   | July 1, 2011              |   | 60  |
| Stéphane Laurent Christian Lemoine(1) |   | Chief Operating Officer                 |   | July 19, 2010             |   | 49  |
| José Luis Guerrero Cortés(1)     |   | Chief Financial Officer                 |   | July 1, 2009              |   | 30  |
| Manuel de la Torre Meléndez           |   | General Counsel                         |   | January 1, 2004           |   | 47  |
| Roberto Ontiveros Chávez              |   | Infrastructure and Maintenance Director |   | July 22, 2008             |   | 46  |
| Stéphane Taysse (1)                   |   | Commercial and Marketing Director       |   | December 1,2009           |   | 38  |

| (1) | Appointed by SETA as holder of Series BB shares. |
|-----|--------------------------------------------------|

| (2) | Date of Appointment. |
|-----|----------------------|

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|                                                    |   | December 31, |   |
|---------------------------------------------------------|--------|--------------|--------|
|                                                    |   | 2008         |   |   | 2009(2) |   |   | 2010 |   |
| Categories of activity:                                 |   |         |   |   |   |   |   |   |   |
| Airport operations                                      |   |         | 510    |   |   |   | 515 |   |   |   | 523 |   |
| Airport maintenance                                     |   |         | 151    |   |   |   | 159 |   |   |   | 167 |   |
| Administration(1)                                  |   |         | 302    |   |   |   | 298 |   |   |   | 306 |   |
|                                                    |   |         |   |   |   |   |   |   |   |   |   |   |
| Geographic location:                                    |   |         |   |   |   |   |   |   |   |   |   |   |
| Acapulco                                                |   |         | 93     |   |   |   | 90 |   |   |   | 89 |   |
| Ciudad Juárez                                      |   |         | 51     |   |   |   | 52 |   |   |   | 50 |   |
| Culiacán                                           |   |         | 56     |   |   |   | 57 |   |   |   | 55 |   |
| Chihuahua                                               |   |         | 62     |   |   |   | 62 |   |   |   | 63 |   |
| Durango                                                 |   |         | 41     |   |   |   | 42 |   |   |   | 41 |   |
| Mazatlán                                           |   |         | 71     |   |   |   | 68 |   |   |   | 68 |   |
| Monterrey                                               |   |         | 182    |   |   |   | 192 |   |   |   | 218 |   |
| Reynosa                                                 |   |         | 34     |   |   |   | 34 |   |   |   | 33 |   |
| San Luis Potosí                                    |   |         | 43     |   |   |   | 42 |   |   |   | 43 |   |
| Tampico                                                 |   |         | 58     |   |   |   | 58 |   |   |   | 58 |   |
| Torreón                                            |   |         | 50     |   |   |   | 50 |   |   |   | 51 |   |
| Zacatecas                                               |   |         | 43     |   |   |   | 42 |   |   |   | 43 |   |
| Zihuatanejo                                             |   |         | 47     |   |   |   | 48 |   |   |   | 47 |   |
| Servicios Aeroportuarios del Centro Norte, S.A. de C.V. |   |         | 140    |   |   |   | 135 |   |   |   | 137 |   |
| Total(1)                                           |   |         | 971    |   |   |   | 972 |   |   |   | 996 |   |

|   | (1) | As of December 31, 2008, 2009 and 2010, includes 411, 457 and 416 persons respectively, employed by Servicios Aeroportuarios del Centro Norte, S.A. de C.V., our administrative services subsidiary. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | As of June 2008, Operadora de Aeropuertos del Centro Norte S.A de C.V. and Servicios Aeroportuarios del Centro Norte S.A. de C.V., due to a corporate reorganization, employed the operative and administrative employees of all airports |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   |
|--------|--------|

| Item 7. | Major Shareholders and Related Party Transactions |
|---------|---------------------------------------------------|

MAJOR SHAREHOLDERS

|                                                                                                                                                                                                                                                                                                                                                                                     |   | Number of shares |        |   | Percentage of totalshare capital |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|-------------|--------|----------------------------------|--------|
| Identity of stockholder                                                                                                                                                                                                                                                                                                                                                                  |   | B Shares         |        |   | BB Shares                        |   |   | B Shares |   |   | BB Shares |   |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |             |        |   |                             |   |   |   |   |   |   |   |
| Aeroinvest(1)                                                                     |   |             | 167,702,700 |   |                             |   | ----- |   |   |   | 41.9 | % |   |   | ----- |   |
| SETA(2)                                                                           |   |             | 8,000,000   |   |                             |   | 58,800,000 |   |   |   | 2.00 | % |   |   | 14.7 | % |
| Public                                                                            |   |             | 165,009,400 |   |                             |   | ----- |   |   |   | 41.3 | % |   |   | ----- |   |
| Officers and Directors                                                            |   |             | 487,900     |   |                             |   | ----- |   |   |   | 0.1 | % |   |   | ----- |   |

| (1) | In addition to the Series B shares it directly owns, Aeroinvest may be deemed to beneficially own all of our shares owned by SETA by virtue of its ownership of 74.5% of SETA’s capital stock.  Aeroinvest and SETA are subsidiaries of ICA. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Held in trust with Bancomext.  Aeroinvest and SETA are subsidiaries of ICA. |
|-----|---------------------------------------------------------------------------------------|

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|   | · | Aeroinvest will select two members of our Special Committee responsible for Audit Functions; and |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   | · | Aeroinvest and ADPM will jointly select at least one member of our Special Committee responsible for Corporate Practices Functions. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

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RELATED PARTY TRANSACTIONS

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| Airport                                          | Month      | Amount (million of pesos) |
|--------------------------------------------------|------------|---------------------------|
| Aeropuerto de Mazatlán, S.A. de C.V.        | April      | 1.2                       |
| Aeropuerto de Monterrey, S.A. de C.V.            | Jan to Nov | 36.3                      |
| Aeropuerto de San Luis Potosí, S.A. de C.V. | April      | 0.4                       |
| Aeropuerto de Zacatecas, S.A. de C.V.            | January    | 13.9                      |
| Total                                            |       | 51.8                      |

| Item 8. | Financial Information |
|---------|-----------------------|

LEGAL PROCEEDINGS

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|   | · | Aerocalifornia operated at the Culiacán, Ciudad Juárez, Chihuahua, Durango, Mazatlán, Monterrey and Torreón airports and suspended its operations as a result of a suspension by the Mexican regulatory authorities on July 24, 2008. As of March 31, 2011, this airline owed us a total amount of Ps. 4.2 million. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Avolar operated at the Acapulco, Culiacán, Durango and Zacatecas airports and suspended its operations as a result of a suspension by the Mexican regulatory authorities on August 5, 2008.  As of March 31, 2011, this airline owed us a total of Ps. 0.5 million. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Azteca Airlines operated at the Acapulco, Ciudad Juárez, Culiacán, Chihuahua, Monterrey and Zacatecas airports and suspended its operations as a result of a suspension by the Mexican regulatory authorities on March 26, 2007. This airline also completely suspended its operations on October 10, 2007, which could further affect its financial conditions and its ability to repay us. As of March 31, 2011, this airline owed us a total amount of Ps. 3.6 million. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Aladia operated at the Monterrey airport throughout the year and at the Ciudad Juárez, Chihuahua and Mazatlán airports in the summer months and suspended its operations on October 21, 2008. As of March 31, 2011, this airline owed us a total amount of Ps. 0.7 million.  Aladia paid us a total of Ps. 4.0 million of airport services and passenger charges on November 6, 2008. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Alma operated at the Ciudad Juárez, Chihuahua, Mazatlán, Reynosa, Tampico, Torreón and Zihuatanejo airports and suspended its operations on November 7, 2008.  As of March 31, 2011, this airline owed us a total amount of Ps. 21.9 million.  A Federal Court declared this airline’s bankruptcy on March 20, 2009, which could further affect its financial conditions and its ability to repay us. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On June 3, 2009, the Ministry of Communications and Transportation, acting through the General Director for Civil Aviation, temporarily suspended the operation of 25 Aviacsa aircraft.  Aviacsa received a judicial injunction that enabled it to continue to operate, and it resumed operations on June 12.  On July 6, 2009 the Ministry of Communications and Transportation suspended Aviacsa’s right to use Mexican airspace, based on non-payment of royalties owed to the Navigation Services for Mexican Airspace.  Aviacsa filed for insolvency protection on October 30, 2009.  Aviacsa accounted for 7.0% of our total passenger traffic during the January-June 2009 period and 96.7% of such passengers were domestic. As of December 31, 2010, this airline owed us a total amount of Ps. 19.8 million, and as of March 31, 2011, the total amount increased to Ps. 22.7 million. Currently we are in the process of negotiating the collection of the amounts owed to us by Aviacsa. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | On August 3, 2010, Mexicana de Aviación announced that it filed for bankruptcy protection (Concurso Mercantil) in México and that it also sought bankruptcy protection in the United States.  On August 27, 2010, Grupo Mexicana announced the indefinite suspension of operations of Mexicana de Aviación, Click Mexicana, and Mexicana Link.  On September 7, 2010, Mexicana Click and Mexicana Link (subsidiaries of Grupo Mexicana) filed for bankruptcy protection in México.  During the first six months of 2010, Grupo Mexicana generated 16.6% of our total passenger traffic, of which 7.6% was accounted for solely by Mexicana de Aviación.  Grupo Mexicana generated 17.3% of our domestic passenger traffic, including 7.2% from Mexicana de Aviación.  In terms of international traffic, Grupo Mexicana generated 13.1% of traffic, of which Mexicana de Aviación accounted for 9.3%.  Grupo Mexicana generated 12.2% of our revenues during the first six months of 2010, of which Mexicana de Aviación accounted for 5.9%.  In November 2010, we filed a motion (incidente de separaciòn de bienes) against Grupo Mexicana to recover the passenger charges that Grupo Mexicana collected for us.  As of December 31, 2010, the total amount owed to us by Grupo Mexicana amounted to Ps. 143.1 million, 93% of which represented passenger charges, and as of March 31, 2011, the total amount owed increased to Ps. 144.2 million.  There can be no assurance that these amounts will be recovered. |
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DIVIDENDS

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|   | · | compliance with applicable law regarding the declaration and payment of dividends with respect to any year including the establishment of the statutory legal reserve fund of 5%; |
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|   | · | maintaining sufficient cash reserves, as determined by our Board of Directors, necessary to cover our projected investments for the subsequent twelve months and our expected operating expenses for the subsequent six months; |
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|   | · | the amount of dividends to be paid may be limited to the extent necessary to avoid generating a tax liability that cannot be credited against our expected income tax liability in the subsequent two years (which is the period during which Mexican law allows us to credit the corporate level dividend tax against our income tax liability); and |
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|   | · | we must maintain sufficient cash reserves, as determined by our Board of Directors, as to allow us to react to or prevent any adverse financial change in the operations of the business. |
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|   | · | dividends are subject to the approval of our shareholders, based on the recommendation of our Board of Directors; |
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|   | · | compliance with applicable law regarding the declaration and payment of dividends with respect to any year including the establishment of the statutory legal reserve fund of 5%; |
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|   | · | both the fixed and the variable amount of dividends will be subject to our financial position and that there be no adverse financial changes; and |
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|   | · | the payment of dividends must be tax efficient. |
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| Item 9. | The Offer and Listing |
|---------|-----------------------|

STOCK PRICE HISTORY

|                                                                                                                                                                                   |   | U.S.$ per ADS(1) |   |   | Pesos per Series B Share |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|--------------------------|--------|
|                                                                                                                                                                                   |   | Lowest                |   |   | Highest                  |   |   | Lowest |   |   | Highest |   |
| 2008                                                                                                                                                                                   |   |                  |   |   |                     |   |   |   |   |   |   |   |
| First Quarter                                                                                                                                                                          |   |                  | 20.94  |   |                     |   | 24.75 |   |   |   | 28.56 |   |   |   | 34.20 |   |
| Second Quarter                                                                                                                                                                         |   |                  | 16.58  |   |                     |   | 23.98 |   |   |   | 21.51 |   |   |   | 31.72 |   |
| Third Quarter                                                                                                                                                                          |   |                  | 11.29  |   |                     |   | 17.96 |   |   |   | 15.52 |   |   |   | 22.55 |   |
| Fourth Quarter                                                                                                                                                                         |   |                  | 7.06   |   |                     |   | 11.60 |   |   |   | 12.29 |   |   |   | 19.25 |   |
|                                                                                                                                                                                   |   |                  |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| 2009                                                                                                                                                                                   |   |                  |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| First Quarter                              |   |                  | 6.52   |   |                     |   | 11.36 |   |   |   | 12.53 |   |   |   | 19.30 |   |
| Second Quarter                             |   |                  | 7.37   |   |                     |   | 11.30 |   |   |   | 12.77 |   |   |   | 19.02 |   |
| Third Quarter                              |   |                  | 9.35   |   |                     |   | 13.28 |   |   |   | 15.99 |   |   |   | 21.75 |   |
| Fourth Quarter                             |   |                  | 11.39  |   |                     |   | 14.02 |   |   |   | 18.97 |   |   |   | 22.98 |   |
|                                                                                                                                                                                   |   |                  |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| 2010                                                                                                                                                                                   |   |                  |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| First Quarter                              |   |                  | 11.51  |   |                     |   | 15.37 |   |   |   | 18.71 |   |   |   | 24.33 |   |
| Second Quarter                             |   |                  | 12.25  |   |                     |   | 15.82 |   |   |   | 20.28 |   |   |   | 24.25 |   |
| Third Quarter                              |   |                  | 11.55  |   |                     |   | 14.60 |   |   |   | 18.89 |   |   |   | 22.83 |   |
| Fourth Quarter                             |   |                  | 14.61  |   |                     |   | 16.27 |   |   |   | 22.50 |   |   |   | 24.98 |   |

|                                                                                                                                                                                   |   | U.S.$ per ADS(1) |   |   | Pesos per Series B Share |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|--------------------------|--------|
|                                                                                                                                                                                   |   | Lowest                |   |   | Highest                  |   |   | Lowest |   |   | Highest |   |
| Monthly Prices                                                                                                                                                                         |   |                  |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| December, 2010                             |   |                  | 15.26  |   |                     |   | 16.27 |   |   |   | 23.54 |   |   |   | 24.98 |   |
| January, 2011                              |   |                  | 15.17  |   |                     |   | 15.98 |   |   |   | 22.81 |   |   |   | 24.07 |   |
| February, 2011                             |   |                  | 13.96  |   |                     |   | 15.66 |   |   |   | 21.15 |   |   |   | 23.20 |   |
| March, 2011                                |   |                  | 14.15  |   |                     |   | 15.06 |   |   |   | 21.49 |   |   |   | 22.43 |   |
| April, 2011                                |   |                  | 15.32  |   |                     |   | 16.80 |   |   |   | 22.58 |   |   |   | 24.14 |   |

| (1) | 8 Series B shares per ADS. |
|-----|----------------------------|

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TRADING ON THE MEXICAN STOCK EXCHANGE

|   |   |
|--------|--------|

| Item 10. | Additional Information |
|----------|------------------------|

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|   | · | to acquire, as founder or through acquisitions, shares of or interests or participations in privately- or state-owned companies engaged in the management, operation (including the provision of aeronautical, complementary, commercial and construction services) and/or development of civilian airports pursuant to the Airport Law and its Regulations; to participate in the capital stock of companies engaged in the provision of all types of services; to vote, as a group and in the same manner, as prescribed by these bylaws or as directed by the Board of Directors, the shareholders’ meeting or any other person authorized by these bylaws to issue such a directive, any shares of stock of any other company owned thereby; and to sell, transfer or dispose of any such shares, participations or other securities in accordance with the applicable law; |
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|   | · | to receive from any other Mexican or foreign entity, company or individual, and to provide to any company in which it may hold any interest or participation or to any other entity, company or individual, any services required to achieve its or their purposes, including, without limitation, any industrial, administrative, accounting, marketing or financial consulting services associated with the management, operation, construction and/or development of airports; |
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|   | · | to apply for and obtain, by any means, directly or through its subsidiaries, concessions and permits to manage, operate, build and/or develop airports, provide airport development services or conduct other related activities, including, without limitation, storage and other activities to supplement or improve its service offerings, and grant guaranties in respect of such concessions and permits.  Subject to the applicable law and the terms of the relevant concessions, we may also receive, directly or through its subsidiaries, the proceeds from the use of any civilian airport infrastructure, the execution of any agreement, the provision of any service or the conduction of any business activity.  We may also provide merchandise handling, storage and custody services at bonded facilities in the manner prescribed by the applicable law and subject to any necessary concessions or authorizations.  We may also provide, coordinate, direct, supervise and/or render merchandise loading, unloading and handling services as provided by the applicable law; |
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|   | · | to obtain, acquire, use, transfer and grant or secure licenses in respect of all types of patents, invention certificates, registered trademarks, trade names, copyrights or any rights associated therewith, whether in the United Mexican States or abroad; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | to obtain all types of secured and unsecured loans or credit facilities, and to grant loans to any association, company, entity or individual in which it holds more than 50% (fifty percent) of the capital stock with voting rights or which is otherwise under its control; |
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|   | · | to provide all types of collateral and guaranties in respect of any credit instrument issued or obligation assumed thereby or by any entity in which it holds more than 50% (fifty percent) of the shares of stock with voting rights or which is otherwise under its control; |
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|   | · | to issue, subscribe, accept and endorse all types of credit instruments, including secured and unsecured debentures; |
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|   | · | to issue unsubscribed shares of any series of stock, which will be maintained as treasury shares for their delivery upon subscription, and to enter into option agreements with third parties providing for the right to subscribe and pay for any such shares.  We may also issue unsubscribed shares pursuant to Article 53 and other related provisions of the Securities Market Law; |
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|   | · | to maintain, hold, sell, transfer, dispose of or lease all types of assets, personal and real property and rights thereto as may be necessary or convenient to achieve its corporate purpose or the purpose of any association or company in which it holds an interest or participation; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | generally, to carry out and execute any related, incidental or ancillary activities, agreements and transactions that may be necessary or convenient to achieve the abovementioned purposes. |
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|   | · | our general strategy; |
|--------|--------|-----------------------|

|   | · | annual approval of the business plan and the investment budget; |
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|   | · | capital investments not considered in the approved annual budget for each fiscal year; |
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|   | · | the proposal to increase our capital or that of our subsidiaries; |
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|   | · | the approval of our five-year master development program and any amendments thereto for each of our airports to be submitted to the Ministry of Communications and Transportation; |
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|   | · | the voting of the shares we hold in our subsidiaries; |
|--------|--------|-------------------------------------------------------|

|   | · | our management structure and any amendments thereto; |
|--------|--------|------------------------------------------------------|

|   | · | the election of our Chief Executive Officer from the candidates proposed by the Series BB Directors and the approval of his compensation or his removal for cause; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any transfer by us of shares in our subsidiaries; |
|--------|--------|---------------------------------------------------|

|   | · | subject to the recommendation of the Special Committee responsible for Corporate Practices Functions, among other matters (i) the guidelines for the use or enjoyment of the goods that are part of our patrimony or that of our subsidiaries, by any related party, (ii) any transaction with related parties, subject to certain limited exceptions, (iii) the authorization for any member of our board, relevant officers or person with power of command, to take advantage of business opportunities for his own benefit or for the benefit of third parties, that originally corresponded to us or the companies under our control or in which we have a significant influence, and that exceed the limits set forth under item (iii) of the next paragraph, and (iv) the establishment of guidelines for the appointment and compensation of executive officers, which must be consistent with the guidelines established in the Technical Assistance Agreement; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | subject to the recommendation of the Special Committee responsible for Audit Functions, among other matters (i) our financial statements and those of our subsidiaries, (ii) subject to certain limited exceptions, the acquisition and alienation by us, of our own stock, (iii) the guidelines for the granting of loans or any type of credits or guarantees to any related party, (iv) the guidelines regarding our internal controls, internal audits and those of our subsidiaries, (v) our accounting policies, including adjustments to our accounting principles to conform to or recognize those issued by the Commission, (vi) the hiring and termination of our external auditors, and (vii) unusual or non-recurrent transactions and any transactions or series of related transactions during any calendar year that involve (a) the acquisition or sale of assets with a value equal to or exceeding 5% of our consolidated assets or U.S.$ 20 million, or (b) the giving of collateral or guarantees or the assumption of liabilities equal to or exceeding 5% of our consolidated assets, U.S.$ 40 million or in excess of the debt level set forth in the annual business plan, which must not exceed a 50% debt to capital ratio; |
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|   | · | the appointment and delegation of responsibilities, the creation of new committees or changing the responsibilities assigned to existing committees; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the appointment of members of the Special Committee responsible for Corporate Practices and for Audit Functions; with the understanding that at least one of its members shall be appointed from those proposed by the members of the board appointed by the holders of Series BB shares; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | proposals to the shareholders’ meetings regarding (a) our dividend policy and (b) the use of our earnings; |
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|   | · | subject to certain conditions, the appointment of provisional members of the board, without the need for a shareholders’ meeting; |
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|   | · | public tender offers; |
|--------|--------|-----------------------|

|   | · | the presentation at a general ordinary shareholders’ meeting of any of the following agenda items: (i) the annual reports of the Special Committee responsible for the Audit and the Corporate Practices Functions, (ii) the annual report given by the chief executive officer, the opinion of the external auditor and the opinion of the board on the content of such report, (iii) the report containing the main accounting and information guidelines used for the preparation of our financial information, and (iv) the report on the operations and activities in which the board had intervened pursuant to the Mexican Securities Market Law; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the appointment, removal, duties and responsibilities of our internal auditor; |
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|   | · | communication policies with regards to providing information to our shareholders, the market and to other members of the board and relevant officers as well as decisions with regards to specific information to be released; |
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|   | · | actions to be taken in order to rectify any known irregularity and to implement any corrective measures; |
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|   | · | the terms and conditions subject to which the chief executive officer shall exercise his power and duties; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | · | resolutions instructing our chief executive officer to disclose material information to the general public. |
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|             |   | As of May 20, 2011 |        |
|------------------|--------|--------------------|-------------|
|             |   | Authorized         |        |   | Issued and outstanding |   |
| Capital Stock:   |   |               |        |   |   |   |
| Series B shares  |   |               | 341,200,000 |   |   |   | 341,200,000 |   |
| Series BB shares |   |               | 58,800,000  |   |   |   | 58,800,000 |   |
| Total            |   |               | 400,000,000 |   |   |   | 400,000,000 |   |

|   | · | Series B.  Series B shares currently represent 85.3% of our capital.  Series B shares may be held by any Mexican or foreign natural person, company or entity. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Series BB.  Series BB shares currently represent 14.7% of our capital.  Series BB shares, which are issued pursuant to Article 112 of the Mexican General Law of Business Corporations, may be held by any Mexican or foreign natural person, company or entity. |
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|   | · | extension of a company’s duration or voluntary dissolution; |
|--------|--------|-------------------------------------------------------------------|

|   | · | an increase or decrease in a company’s minimum fixed capital; |
|--------|--------|---------------------------------------------------------------------|

|   | · | change in corporate purpose or nationality; |
|--------|--------|---------------------------------------------|

|   | · | any transformation, merger or spin-off involving the company; |
|--------|--------|---------------------------------------------------------------|

|   | · | any stock redemption or issuance of preferred stock or bonds; |
|--------|--------|---------------------------------------------------------------|

|   | · | the cancellation of the listing of our shares with the National Registry of Securities or on any stock exchange; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | amendments to a company’s bylaws; and |
|--------|--------|---------------------------------------------|

|   | · | any other matters for which applicable Mexican law or the bylaws specifically require an extraordinary meeting. |
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|   | · | any amendment to our bylaws which:  (i) changes or deletes the authorities of our committees or  (ii) eliminates or modifies any minority rights; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | termination of the participation agreement that was entered into by SETA and the Mexican government in connection with the Mexican government’s sale of the Series BB shares to SETA; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a merger by us with an entity the business of which is not related to the business of us or our subsidiaries; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | · | a spin-off, dissolution or liquidation of us. |
|--------|--------|-----------------------------------------------|

|   | · | approval of our financial statements and those of our subsidiaries; |
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|   | · | anticipated liquidation or dissolution; |
|--------|--------|-----------------------------------------|

|   | · | capital increases or decreases of us or of our subsidiaries; |
|--------|--------|--------------------------------------------------------------|

|   | · | declaration and payment of dividends; |
|--------|--------|---------------------------------------|

|   | · | amendment to our bylaws; |
|--------|--------|--------------------------|

|   | · | mergers, spin-offs, reclassifications, consolidations or share-splits; |
|--------|--------|------------------------------------------------------------------------|

|   | · | grant or amendment of special rights of any series of shares of our capital stock; |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | any decision amending or nullifying a resolution validly taken by the Board of Directors with respect to decisions of the Board of Directors that require the affirmative vote of the directors elected by the holders of our Series BB shares; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any shareholder resolution with respect to a matter requiring the affirmative vote of the directors appointed by the holders of our Series BB shares. |
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|   | · | SETA was required to retain at least 51% of its Series BB shares until June 14, 2007.  Since June 14, 2007, SETA is free to sell in any year up to one eighth of such 51% interest in Series BB shares.  To date, SETA has not elected to transfer any such shares. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If SETA owns Series BB shares that represent less than 7.65% of our capital stock after June 14, 2015, those remaining Series BB shares will be automatically converted into freely transferable Series B shares. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If SETA owns Series BB shares representing at least 7.65% of our capital stock after June 14, 2015, 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 SETA and any of its “related persons”) approve such conversion. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any corporation or person, directly or indirectly, controlling, controlled by or under common control with such person; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

|   | · | any corporation or person having the capacity to determine the business guidelines and policies of such person; |
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|   | · | 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 degree with such person; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SETA; or |
|--------|--------|----------|

|   | · | with respect to SETA, its shareholders, persons related to it or any party to the operating agreement pursuant to which SETA fulfills its obligations under the technical assistance agreement. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the ownership, directly or indirectly of 20% or more of the capital stock with voting rights of such person, |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | the contractual right to elect the majority of the members of the Board of Directors of the person, |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | · | the ability to veto resolutions that could otherwise be adopted by the majority of the person’s shareholders, or |
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|   | · | existence of commercial relations representing the purchase of more than 15% of the total annual sales of such person. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

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

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

|   | · | The Mexican government, prior to the consummation of this offering, |
|--------|--------|---------------------------------------------------------------------|

|   | · | NAFIN, including in its capacity as trustee of the selling stockholder, |
|--------|--------|-------------------------------------------------------------------------|

|   | · | Institutions that act as depositaries for securities, and |
|--------|--------|-----------------------------------------------------------|

|   | · | Financial and other authorized institutions that hold securities for the account of beneficial owners (including the ADS depositary), provided that such beneficial owners are not exempt from the ownership restrictions. |
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|   | · | the acquisition must be carried out through the Mexican Stock Exchange; |
|--------|--------|-------------------------------------------------------------------------|

|   | · | the acquisition must be carried out at market price, unless a public offer or auction has been authorized by the National Banking and Securities Commission; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the acquisition must be carried out against our paid in capital, and shares acquired will be held as treasury stock without any requirement to adopt a reduction in capital stock or to count them against capital stock, in which case, such shares will be converted to unsubscribed shares.  No shareholder consent is required for such purchases; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the amount and price paid in all share repurchases shall be made public; |
|--------|--------|--------------------------------------------------------------------------|

|   | · | the annual ordinary shareholders meeting shall determine the maximum amount of resources to be used in the fiscal year for the repurchase of shares; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | we may not be delinquent on payments due on any outstanding debt issued by us that is registered with the National Securities Registry; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any acquisition of shares must be in conformity with the requirements of Article 54 of the Securities Market Law and we must maintain a sufficient number of outstanding shares to meet the minimum trading volumes required by the stock markets on which our shares are listed. |
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|   | · | negligence resulting in the loss of more than two-thirds of our capital stock and which results in our dissolution; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

|   | · | bankruptcy, subject to certain conditions, when the actions taken by the Board of Directors results in a declaration of insolvency (concurso mercantil); |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | breaching any of the duties set forth under our bylaws; and |
|--------|--------|-------------------------------------------------------------|

|   | · | failure to report irregularities in the actions of former board members. |
|--------|--------|--------------------------------------------------------------------------|

|   | · | 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; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a report explaining the principal accounting and information policies and criteria followed in the preparation of the financial information; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a statement of the financial condition of the company at the end of the fiscal year; |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | 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; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the notes which are required to complete or clarify the above mentioned information; and |
|--------|--------|------------------------------------------------------------------------------------------|

|   | · | the report prepared by the Special Committee responsible for the Audit Functions with respect to the accuracy and reasonability of the above mentioned information presented by the Board of Directors. |
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|   | · | prior to the date of the transaction in which the shareholder became an interested shareholder, the Board of Directors of the corporation approves either the business combination or the transaction that resulted in the shareholder becoming an interested shareholder; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owns at least 85% of the voting stock of the corporation, excluding shares held by directors, officers, and employee stock plans; or |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | at or after the date of the transaction in which the shareholder became an interested shareholder, the business combination is approved by the Board of Directors and authorized at a shareholders’ meeting by at least 66 2/3 of the voting stock, which is not owned by the interested shareholder. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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MATERIAL CONTRACTS

EXCHANGE CONTROLS

TAXATION

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DOCUMENTS ON DISPLAY

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| Item 11. | Quantitative and Qualitative Disclosures About Market Risk |
|----------|------------------------------------------------------------|

|   |   |
|--------|--------|

| Item 12. | Description of Securities Other Than Equity Securities |
|----------|--------------------------------------------------------|

| Item 12A. | Debt Securities |
|-----------|-----------------|

| Item 12B. | Warrants and Rights |
|-----------|---------------------|

| Item 12C. | Other Securities |
|-----------|------------------|

| Item 12D. | American Depositary Shares |
|-----------|----------------------------|

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| Service                                                                                                                                          |   | Fee or Charge Amount                                                                                                                                                                                   |   | Payee                   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|
|                                                                                                                                             |   |                                                                                                                                                                                                   |   |                    |
| Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property                                        |   | $5.00 (or less) per 100 ADSs (or portion of 100 ADSs)                                                                                                                                                  |   | Bank of New York Mellon |
|                                                                                                                                             |   |                                                                                                                                                                                                   |   |                    |
| Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates                                                |   | $5.00 (or less) per 100 ADSs (or portion of 100 ADSs)                                                                                                                                                  |   | Bank of New York Mellon |
|                                                                                                                                             |   |                                                                                                                                                                                                   |   |                    |
| Any cash distribution to ADS registered holders                                                                                                  |   | $0.02 (or less) per ADS                                                                                                                                                                                |   | Bank of New York Mellon |
|                                                                                                                                             |   |                                                                                                                                                                                                   |   |                    |
| Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS registered holders      |   | A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs                                              |   | Bank of New York Mellon |
|                                                                                                                                             |   |                                                                                                                                                                                                   |   |                    |
| Depositary services                                                                                                                              |   | $0.02 (or less) per ADSs per calendar year                                                                                                                                                             |   | Bank of New York Mellon |
|                                                                                                                                             |   |                                                                                                                                                                                                   |   |                    |
| Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares |   | Registration or transfer fees                                                                                                                                                                          |   | Bank of New York Mellon |
|                                                                                                                                             |   |                                                                                                                                                                                                   |   |                    |
| Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement)                                                      |   | Expenses of the depositary                                                                                                                                                                             |   | Bank of New York Mellon |
|                                                                                                                                             |   |                                                                                                                                                                                                   |   |                    |
| Converting foreign currency to U.S. dollars                                                                                                      |   | Expenses of the depositary                                                                                                                                                                             |   | Bank of New York Mellon |
|                                                                                                                                             |   |                                                                                                                                                                                                   |   |                    |
| Other fees, as necessary                                                                                                                         |   | Taxes and other governmental charges the Bank of New York Mellon or the custodian has to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes |   | Bank of New York Mellon |
|                                                                                                                                             |   |                                                                                                                                                                                                   |   |                    |
| Other fees, as necessary                                                                                                                         |   | Any charges incurred by Bank of New York Mellon or its agents for servicing the deposited securities                                                                                                   |   | Bank of New York Mellon |

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| Description                                                                                                                                                                                                  |   | Amount |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|                                                                                                                                                                                                         |   |   |   |   |   |
| For expenses related to the establishment of the facility including, but not limited to, investor relations expenses, the initial NASDAQ application and listing fees or any other program related expenses. |   | U.S.   |   | $ | 0 |   |
|                                                                                                                                                                                                         |   |   |   |   |   |   |
| For expenses related to the administration and maintenance of the facility including, but not limited to, investor relations expenses, the annual NASDAQ listing fees or any other program related expenses. |   | U.S.   |   | $ | 90,472.1 |   |

|   |   |
|--------|--------|

| Item 13. | Defaults, Dividend Arrearages and Delinquencies |
|----------|-------------------------------------------------|

|   |   |
|--------|--------|

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

|   |   |
|--------|--------|

| Item 15. | Controls and Procedures |
|----------|-------------------------|

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| (b) | Management’s Annual Report on Internal Control Over Financial Reporting |
|-----|-------------------------------------------------------------------------------|

|   | 1. | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Report of Independent Registered Public Accounting Firm |
|-----|---------------------------------------------------------|

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| (d) | Changes in Internal Control over Financial Reporting |
|-----|------------------------------------------------------|

|   |   |
|--------|--------|

| Item 16. | [Reserved] |
|----------|------------|

|   |   |
|--------|--------|

| Item 16A. | Special Committee responsible for Audit Functions’ Financial Expert |
|-----------|---------------------------------------------------------------------------|

| Item 16B. | Code of Ethics |
|-----------|----------------|

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| Item 16C. | Principal Accountant Fees and Services |
|-----------|----------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2009      |   |   | 2010      |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|--------|-----------|--------|
| Audit fees                                                                                           |   | Ps. 5,036 |   |   | Ps. 6,352 |   |
| Audit-related fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |      | 0      |   |      |   | 0 |   |
| Tax fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |      | 0      |   |      |   | 0 |   |
| Other fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |      | 1,680  |   |      |   | 450 |   |
| Total fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Ps. 6,716 |   |   | Ps. 6,802 |   |

| Item 16D. | Exemptions from the Listing Standards for Audit Committees |
|-----------|------------------------------------------------------------|

| Item 16E. | Purchases of Equity Securities by the Issuer and Affiliated Purchasers |
|-----------|------------------------------------------------------------------------|

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|   2010      |   | (a) Total number of shares purchased |     |   | (b) Average price paid per share in Pesos |   |   | (c) Total number of shares purchased as part of publicly announced plans or programs |   |   | (d) Maximum number of shares that may yet be purchased under the plans or programs |   |
|-----------------------|--------|-------------------------------------------|----------|--------|------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------|--------|
| January 1-31          |   |                                      | 0        |   |                                           |   | 0      |                                                                                      |   |   | 0                                                                                       |   |   |   | N/A |   |
| February 1-28         |   |                                      | (127,000 | )      |                                           |   | 21     |                                                                                      |   |   | (127,000                                                                                | )      |   |   | N/A |   |
| March 1-31            |   |                                      | (503,600 | )      |                                           |   | 23     |                                                                                      |   |   | (503,600                                                                                | )      |   |   | N/A |   |
| April 1-30            |   |                                      | 0        |   |                                           |   | 0      |                                                                                      |   |   | 0                                                                                       |   |   |   | N/A |   |
| May 1-31              |   |                                      | (194,800 | )      |                                           |   | 21     |                                                                                      |   |   | (194,800                                                                                | )      |   |   | N/A |   |
| June 1-30             |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | 0                                                                                       |   |   |   | N/A |   |
| July 1-31             |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | 0                                                                                       |   |   |   | N/A |   |
| August 1-31           |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | 0                                                                                       |   |   |   | N/A |   |
| September 1-30        |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | 0                                                                                       |   |   |   | N/A |   |
| October 1-31          |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | 0                                                                                       |   |   |   | N/A |   |
| November 1-30         |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | 0                                                                                       |   |   |   | N/A |   |
| December 1-31         |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | 0                                                                                       |   |   |   | N/A |   |
| 2010  Total |   |                                      | (825,400 | )      |                                           |   |   |                                                                                      |   |   | (825,400                                                                                | )      |   |   | N/A |   |

|  2010     |   | (a) Total number of shares purchased |     |   | (b) Average price paid per share in Pesos |   |   | (c) Total number of shares purchased as part of publicly announced plans or programs |   |   | (d) Maximum number of shares that may yet be purchased under the plans or programs |   |
|----------------|--------|-------------------------------------------|----------|--------|------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------|--------|
| January 1-31   |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| February 1-28  |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| March 1-31     |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| April 1-30     |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| May 1-31       |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| June 1-30      |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| July 1-31      |   |                                      | (100,000 | )      |                                           |   | 20.54  |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| August 1-31    |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| September 1-30 |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| October 1-31   |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| November 1-30  |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| December 1-31  |   |                                      | 0        |   |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
| 2010 Total     |   |                                      | (100,000 | )      |                                           |   | N/A    |                                                                                      |   |   | N/A                                                                                     |   |   |   | N/A |   |
|           |   |

| Item 16F. | Change in Registrant’s Certifying Accountant |
|-----------|----------------------------------------------------|

| Item 16G. | Corporate Governance |
|-----------|----------------------|

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| NASDAQ Standards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Our Corporate Governance Practice                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Director Independence.  Majority of Board of Directors must be independent and directors deemed independent must be identified in a listed company’s proxy statement (or annual report on Form 10-K or 20-F if the issuer does not file a proxy statement).  “Controlled companies,” which would include our company if we were a U.S. issuer, are exempt from this requirement.  A controlled company is one in which more than 50% of the voting power is held by an individual, group or another company, rather than the public.  Rules 5605(b)(1), 5615(c)(1) & (c)(2). |   | Director Independence.  Pursuant to the Mexican Securities Market Law, we are required to have a Board of Directors composed of a maximum of 21 members, 25% of whom must be independent.  One alternate director may be appointed for each principal director; provided that the alternates for the independent director must also be independent.  Certain persons are per se non-independent, including insiders, control persons, major suppliers, and any relatives of such persons.  In accordance with the Mexican Securities and Market Law, our shareholders’ meeting is required to make a determination as to the independence of our directors, though such determination may be challenged by the National Banking and Securities Commission.  There is no exemption from the independence requirement for controlled companies. Our by-laws provide that our Board of Directors shall be composed of at least 11 members.  Currently, our board has eleven members, of which five are independent under the Mexican Securities Market Law and the Sarbanes-Oxley Act of 2002. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Executive Sessions.  Independent directors must meet regularly in executive sessions at which only independent directors are present.  Rule 5605(b)(2).                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Executive Sessions.  Our non-management and independent directors are not required to meet in executive sessions and generally do not do so.  Under our bylaws and applicable Mexican law, executive sessions are not required.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Audit Committee.  Audit committee satisfying the independence and other requirements of Rule 10A-3 under the Exchange Act and the more stringent requirements under the NASDAQ standards is required.  Rule 5605(c)(1).                                                                                                                                                                                                                                                                                                                                                                                                |   | Special Committee responsible for the Audit Functions.  We previously had an Audit Committee, which our shareholders’ meeting of April 24, 2009 combined with the Corporate Practices Committee to form a sole Special Committee.  We are in compliance with the independence requirements of Rule 10A-3.  Marketplace Rule 4350(a)(1) permits us to follow our home country governance practices in lieu of certain NASDAQ requirements, and as such the members of our Special Committee responsible for Audit Functions are not required to satisfy the NASDAQ independence and other Audit Committee standards that are not prescribed by Rule 10A-3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

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| NASDAQ Standards |   | Our Corporate Governance Practice                                                              |
|------------------|--------|------------------------------------------------------------------------------------------------|
|             |   |                                                                                           |   |   |
|             |   |                                                                                           |
|             |   | The principal characteristics of our Committee responsible for Audit Functions are as follows: |
|             |   |                                                                                           |   |   |
|             |   | ·                                                                                         | Our Special Committee is composed of four members, all of whom are members of our Board of Directors. |
|             |   |                                                                                           |   |   |
|             |   | ·                                                                                         | All of the members of our Special Committee and the committee’s chairman are independent. |
|             |   |                                                                                           |   |   |
|             |   | ·                                                                                         | The Chairman of the Special Committee is appointed and/or removed exclusively by the general shareholders’ meeting. |
|             |   |                                                                                           |   |   |
|             |   | ·                                                                                         | Our Special Committee operates pursuant to provisions in the Mexican Securities Market Law and our bylaws. |
|             |   |                                                                                           |   |   |
|             |   | ·                                                                                         | Our Special Committee submits an annual report regarding its activities to our Board of Directors. |
|             |   |                                                                                           |   |   |
|             |   | ·                                                                                         | The duties of our Special Committee include, among others, the following: |
|             |   |                                                                                           |   |   |
|             |   |                                                                                           | · | selecting the external auditor of the Company, recommending to the Board of Directors the appointment of such external auditor and providing an opinion about any removal of such external auditor; |
|             |   |                                                                                           |   |   |
|             |   |                                                                                           | · | supervising our external auditors and analyzing their reports; |
|             |   |                                                                                           |   |   |
|             |   |                                                                                           | · | analyzing and supervising the preparation of our financial statements; |
|             |   |                                                                                           |   |   |
|             |   |                                                                                           | · | informing the board of our internal controls and their adequacy; |
|             |   |                                                                                           |   |   |
|             |   |                                                                                           | · |  requesting reports from our executive officers whenever the committee deems appropriate, providing assistance to our Board of Directors in the preparation of the reports containing the main accounting and information guidelines used for the preparation of the financial information, and assistance to our Board of Directors in the preparation of the report on the operations and activities in which the Board of Directors had intervened pursuant to the Securities Market Law; |

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| NASDAQ Standards |   | Our Corporate Governance Practice |
|------------------|--------|-----------------------------------|
|             |   |                              |   |   |

|   |   |   | · | informing the board of any irregularities that it may encounter;                                                                                                                                                   |
|--------|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                                                                                                                               |
|   |   |   | · | receiving and analyzing recommendations and observations made by the shareholders, members of the Board, executive officers, our external auditors or any third party and taking the necessary actions;            |
|   |   |   |   |                                                                                                                                                                                                               |
|   |   |   | · | calling shareholders’ meetings;                                                                                                                                                                              |
|   |   |   |   |                                                                                                                                                                                                               |
|   |   |   | · | overseeing the execution of the shareholders’ and directors’ resolutions by the Chief Executive Officer in accordance with the instructions provided thereto by the shareholders or the directors; and |
|   |   |   |   |                                                                                                                                                                                                               |
|   |   |   | · |  providing an annual report to the Board.                                                                                                                                                                     |

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| NASDAQ Standards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Our Corporate Governance Practice                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Compensation Committee.  CEO compensation must be determined, or recommended to the board for determination, either by compensation committee comprised solely of independent directors or a majority of the independent directors and the CEO may not be present during voting or deliberations.  Compensation of all other executive officers must be determined in the same manner, except that the CEO, and any other executive officers, may be present.  “Controlled companies” are exempt from this requirement.  Rules 5605(e)(1)(B) & 5615(c)(2). |   | Special Committee responsible for the Corporate Practices Functions.  Pursuant to the Mexican Securities Market Law, we are required to have a committee responsible for Corporate Practices Functions, although we are not required to have a separate compensation committee.  The Mexican Securities Market Law requires that committees consist of at least 3 independent directors appointed by the Board of Directors.  All committee members must be independent (except to the extent a controlling shareholder or shareholders own 50% or more of our outstanding capital stock, in which case the majority must be independent). |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Pursuant to our bylaws and the Mexican Securities Market Law, the duties of our Special Committee responsible for Corporate Practices Functions include, among others, the following:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (i)    providing opinions to our Board of Directors;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (ii)   requesting and obtaining opinions from independent experts;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (iii)  calling shareholders’ meeting; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (iv)  assisting the board in the preparation of annual reports and other reporting obligations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | The duties of our Special Committee responsible for Corporate Practices Functions are, among others, the following:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | ·                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | evaluating the performance of relevant officers, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | ·                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | reviewing related-party transactions, and |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | ·                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | determining the total compensation package of the chief executive officer. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Equity Compensation Plans.  Equity compensation plans require shareholder approval, subject to limited exemptions.  Rule 5635(c).                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Equity Compensation Plans.  Shareholder approval is not expressly required under our bylaws for the adoption and amendment of an equity-compensation plan.  Such plans must provide from similar treatment of executives in comparable positions.  No equity-compensation plans have been approved by our shareholders.                                                                                                                                                                                                                                                                                                                    |

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| NASDAQ Standards                                                                                                                                                                                                                                                                                                                                                                           |   | Our Corporate Governance Practice                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Shareholder Approval for Issuance of Securities.  Issuances of securities (1) that will result in a change of control of the issuer, (2) in connection with certain acquisitions of the stock or assets of another company, or (3) in connection with certain transactions other than public offerings require shareholder approval.  Rules 5635(a)(2), (b) & (d)(1-2). |   | Shareholder Approval for Issuance of Securities.  Mexican law and our bylaws require us to obtain shareholder approval for the issuance of equity securities.  Treasury stock, however, may be issued by the Board of Directors without shareholder approval.                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Code of Business Conduct and Ethics.  Corporate governance guidelines and a code of business conduct and ethics is required, with disclosure of any waiver and the reasons for such waiver for directors or executive officers.  The code must include an enforcement mechanism.  Rule 5610.                                                                      |   | Code of Business Conduct and Ethics.  We have adopted a code of ethics applicable to all of our directors and executive officers, which is available to you free of charge upon request and at www.oma.aero.  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.                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Conflicts of Interest.  Appropriate review of all related party transactions for potential conflict of interest situations and approval by an Audit Committee or another independent body of the Board of Directors of such transactions is required.  Rule 5630(a-b).                                                                                                 |   | Conflicts of Interest.  In accordance with Mexican law and our bylaws, the Special Committee responsible for Audit Functions must provide an opinion regarding any transaction with a related party that is outside of the ordinary course of business, and such transactions must be approved by the Board of Directors.  Pursuant to the Mexican Securities Market Law, our Board of Directors and our Special Committee responsible for Audit Functions are required to establish certain guidelines regarding related party transactions that do not require board approval.                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Solicitation of Proxies.  Solicitation of proxies and provision of proxy materials is required for all meetings of shareholders.  Copies of such proxy solicitations are to be provided to NASDAQ.  Rule 5620(b).                                                                                                                                            |   | Solicitation of Proxies.  Under the Mexican Securities Market Law, we are obligated to make available proxy materials for meetings of shareholders.  In accordance with Mexican law and our bylaws, we inform shareholders of all meetings by public notice, which states the requirements for admission to the meeting and provides a mechanism by which shareholders can vote by proxy.  Under the deposit agreement relating to our ADSs, holders of our ADSs receive notices of shareholders’ meetings and, where applicable, requests for instructions to the ADS depositary for the voting of shares represented by ADSs. |

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| NASDAQ Standards                                                                                                                                                                                                                 |   | Our Corporate Governance Practice                                                                                                                                                                                                                                                                                                                                                                                                              |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Peer Review.  A listed company must be audited by an independent public accounting firm that is registered as a public accounting firm with the Public Company Accounting Oversight Board.  Rule 5250(c)(3). |   | Peer Review.  Under Mexican law, we must be audited by an independent public accountant that has received a “quality control review” as defined by the National Banking and Securities Commission.  Galaz, Yamazaki, Ruiz Urquiza, S.C., a member of Deloitte & Touche Tohmatsu, our independent auditor, is not subject to “peer review” as such term is defined in Marketplace Rule 4350(k). |

| Item 17. | Financial Statements |
|----------|----------------------|

|   |   |
|--------|--------|

| Item 18. | Financial Statements |
|----------|----------------------|

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Table of Contents

| Item 19. | Exhibits |
|----------|----------|

| Exhibit No. |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 1.1         |   | An English translation of our Amended and Restated Bylaws (Estatutos Sociales) of GACN.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 2.1         |   | Deposit Agreement among GACN, 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 amended registration statement on Form F-1/A (File No. 333-138710) filed on November 22, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 3.1         |   | Trust Agreement among GACN, Operadora Mexicana de Aeropuertos, S.A. de C.V. (now Servicios de Tecnología Aeroportuaria, S.A. de C.V.), or SETA, and Banco Nacional de Comercio Exterior, S.N.C., División Fiduciaria, or Bancomext, English translation (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 3.2         |   | Amendment to the Trust Agreement among GACN, SETA, and Bancomext, English translation (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 3.3         |   | Voting Agreement among Aeroinvest, ADPM, SETA, Banco Nacional de Comercio Exterior, S.N.C., División Fiduciaria and Banca Múltiple, J.P.  Morgan Grupo Financiero, División Fuduciaria, English translation (incorporated by reference to our annual report on Form 20-F for the year ended December 31, 2006, filed on July 2, 2007).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4.1         |   | Amended and Restated Monterrey Airport Concession Agreement and annexes thereto, English translation and a schedule highlighting the differences between this concession and GACN’s other concessions (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4.2         |   | Participation Agreement among GACN, the Mexican Federal Government through the Ministry of Communications and Transportation, Nacional Financiera, S.N.C., Dirección Fiduciaria, or NAFIN, Servicios Aeroportuarios del Centro Norte, S.A. de C.V., Aeropuerto de Acapulco, S.A. de C.V., Aeropuerto de Chihuahua, S.A. de C.V., Aeropuerto de Ciudad Juárez, S.A. de C.V., Aeropuerto de Culiacán, S.A. de C.V., Aeropuerto de Durango, S.A. de C.V., Aeropuerto de Mazatlán, S.A. de C.V., Aeropuerto de Monterrey, S.A. de C.V., Aeropuerto de Reynosa, S.A. de C.V., Aeropuerto de Tampico, S.A. de C.V., Aeropuerto de Torreón, S.A. de C.V., Aeropuerto de San Luis Potosí, S.A. de C.V., Aeropuerto de Zacatecas, S.A. de C.V.and Aeropuerto de Zihuatanejo, S.A. de C.V. (collectively, the “Concession Companies”), SETA, Constructoras ICA, S.A. de C.V., Aéroports de Paris and Vinci, S.A., with the appearance of Bancomext, English translation (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006). |

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| Exhibit No. |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4.3         |   | Amendment to Participation Agreement among GACN, the Mexican Federal Government through the Ministry of Communications and Transportation, NAFIN, Servicios Aeroportuarios del Centro Norte, S.A. de C.V., the Concession Companies, SETA, Constructoras ICA, S.A. de C.V.and Aéroports de Paris, with the appearance of Bancomext, English translation (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006). |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4.4         |   | Agreement entered into among NAFIN, Aeroinvest, SETA and the Mexican Federal Government through the Ministry of Communications and Transportation with respect to certain provisions of the Participation Agreement, English translation (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006).                                                                                                                     |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4.5         |   | Technical Assistance and Transfer of Technology Agreement among the Registrant, Servicios Aeroportuarios del Centro Norte, S.A. de C.V., the Concession Companies, SETA and Constructoras ICA, S.A. de C.V., Aéroports de Paris and Vinci, S.A., English translation (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006).                                                                                    |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4.6         |   | Shareholders Agreement among NAFIN, SETA and Bancomext, with the appearance of the Registrant and the Mexican Federal Government through the Ministry of Communications and Transportation, English translation (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006).                                                                                                                                              |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4.7         |   | Termination Agreement in respect of the Shareholders Agreement among NAFIN, SETA and Bancomext, with the appearance of GACN and the Mexican Federal Government through the Ministry of Communications and Transportation, English translation (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006).                                                                                                                |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4.8         |   | Stock Purchase Agreement between the Mexican Federal Government through the Ministry of Communications and Transportation and SETA, with the appearance of Constructoras ICA, S.A. de C.V., Aéroports de Paris and Vinci, S.A., and the Mexican Federal Treasury, English translation (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006).                                                                   |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4.9         |   | Shareholders Agreement among NAFIN, SETA and Bancomext, with the appearance of the Registrant and the Mexican Federal Government through the Ministry of Communications and Transportation, English translation (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006).                                                                                                                                              |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4.10        |   | Termination Agreement in respect of the Shareholders Agreement among NAFIN, SETA and Bancomext, with the appearance of GACN and the Mexican Federal Government through the Ministry of Communications and Transportation, English translation (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006).                                                                                                                |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4.11        |   | Lease Agreement among Aereopuerto Internacional de la Ciudad de México S.A. de C.V. and Consorcio Grupo Hotelero T2 S.A. de C.V. dated as of March 22, 2007.                                                                                                                                                                                                                                                                                                                    |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 8.1         |   | List of subsidiaries of GACN (incorporated by reference to our registration statement on Form F-1 (File No. 333-138710) filed on November 15, 2006).                                                                                                                                                                                                                                                                                                                                 |

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| Exhibit No. |   | Description                                                                                                                                              |
|-------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                     |
| 11.1        |   | Code of Ethics of the Company (incorporated by reference to our annual report on Form 20-F for the year ended December 31, 2006, filed on July 2, 2007). |
|        |   |                                                                                                                                                     |
| 12.1        |   | Certification 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        |   | Certification of Chief Financial Officer and Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*                         |

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|   | GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V. |
|--------|------------------------------------------------------|
|   |                                                 |   |   |
|   |                                                 |   |   |
|   | By: /s/ José Luis Guerrero Cortés          |   |
|   |                                                 | Name: José Luis Guerrero Cortés |   |
|   |                                                 | Title:   Chief Financial Officer |   |

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| Report of Independent Registered Public Accounting Firm to the Board of Directors and Stockholders of Grupo Aeroportuario del Centro Norte, S.A.B de C.V | F-3    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                     |   |
| Consolidated Balance Sheets as of December 31, 2010 and 2009                                                                                             | F-4    |
|                                                                                                                                                     |   |
| Consolidated Statements of Income for the Years Ended December 31, 2010, 2009 and 2008                                                                   | F-5    |
|                                                                                                                                                     |   |
| Consolidated Statements of Changes in Stockholder’s Equity for the Years Ended December 31, 2010, 2009 and 2008                                    | F-6    |
|                                                                                                                                                     |   |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2010 and 2009                                                                     | F-8    |
|                                                                                                                                                     |   |
| Notes to Consolidated Financial Statements for the Years Ended December 31, 2010, 2009 and 2008                                                          | F-9    |

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|   |    Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. and Subsidiaries(Subsidiary of Aeroinvest, S.A. de C.V.) Consolidated Financial Statements for the Years Ended December 31, 2010, 2009 and 2008, and Report of Independent Registered Public Accounting Firm Dated June 1, 2011   |   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

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|                                                          |   | 2010(Convenience Translation; See Note 2) |    |   | 2010   |             |      | 2009   |             |
|---------------------------------------------------------------|--------|-------------------------------------------|---------|--------|--------|------------------|-----------|--------|------------------|
| Assets                                                        |   |                                      |    |   |   |             |      |   |             |
| Current assets:                                               |   |                                      |    |   |   |             |      |   |             |
| Cash and cash equivalents (Note 4)                            |   | $                                         | 25,270  |   |   | Ps. 312,838 |      |   | Ps. 267,734 |   |
| Trade accounts receivable –  net (Note 5)     |   |                                      | 18,937  |   |   |             | 234,441   |   |             |   | 423,236 |   |
| Recoverable taxes                                             |   |                                      | 15,189  |   |   |             | 188,071   |   |             |   | 94,194 |   |
| Accounts receivable from related parties (Note 13)            |   |                                      | 7,193   |   |   |             | 89,053    |   |             |   | 80,712 |   |
| Other current assets                                          |   |                                      | 1,387   |   |   |             | 17,172    |   |             |   | 18,529 |   |
| Total current assets                                          |   |                                      | 67,976  |   |   |             | 841,575   |   |             |   | 884,405 |   |
| Land, buildings, machinery and equipment – net (Note 6) |   |                                      | 186,660 |   |   |             | 2,310,848 |   |             |   | 2,183,613 |   |
| Investment in airport concessions – net (Note 7)        |   |                                      | 586,960 |   |   |             | 7,266,560 |   |             |   | 7,164,874 |   |
| Other assets – net                                      |   |                                      | 2,803   |   |   |             | 34,696    |   |             |   | 43,786 |   |
| Total                                                         |   | $                                         | 844,399 |   |   | Ps.10,453,679    |      |   | Ps.10,276,678    |   |
| Liabilities and stockholders’ equity                    |   |                                      |    |   |   |             |      |   |             |   |   |   |
| Current liabilities:                                          |   |                                      |    |   |   |             |      |   |             |   |   |   |
| Short-term debt (Note 8)                                      |   | $                                         | 633     |   |   | Ps. 7,840   |      |   | Ps. 203,057 |   |
| Current portion of long-term debt (Note 9)                    |   |                                      | 10,944  |   |   |             | 135,490   |   |             |   | 58,824 |   |
| Trade accounts payable                                        |   |                                      | 16,668  |   |   |             | 206,350   |   |             |   | 303,418 |   |
| Accrued expenses and taxes payable                            |   |                                      | 9,285   |   |   |             | 114,952   |   |             |   | 97,909 |   |
| Accounts payable to related parties (Note 13)                 |   |                                      | 14,475  |   |   |             | 179,195   |   |             |   | 278,820 |   |
| Advances from customers                                       |   |                                      | 18      |   |   |             | 223       |   |             |   | 1,094 |   |
| Dividends payable                                             |   |                                      | 7,529   |   |   |             | 93,208    |   |             |   | 92,085 |   |
| Statutory employee profit sharing                             |   |                                      | 285     |   |   |             | 3,534     |   |             |   | 2,396 |   |
| Total current liabilities                                     |   |                                      | 59,837  |   |   |             | 740,792   |   |             |   | 1,037,603 |   |
| Guarantee deposits                                            |   |                                      | 1,523   |   |   |             | 18,857    |   |             |   | 19,258 |   |
| Long–term debt (Note 9)                                 |   |                                      | 77,504  |   |   |             | 959,505   |   |             |   | 411,765 |   |
| Employee benefits (Note 10)                                   |   |                                      | 2,385   |   |   |             | 29,527    |   |             |   | 24,991 |   |
| Deferred income taxes (Note 15)                               |   |                                      | 69,434  |   |   |             | 859,589   |   |             |   | 1,108,098 |   |
| Total liabilities                                             |   |                                      | 210,683 |   |   |             | 2,608,270 |   |             |   | 2,601,715 |   |
| Commitments and contingencies (Notes 7, 16 and 17)            |   |                                      |    |   |   |             |      |   |             |   |   |   |
| Stockholders’ equity (Note 11):                         |   |                                      |    |   |   |             |      |   |             |   |   |   |
| Capital stock – nominal value                           |   |                                      | 355,379 |   |   |             | 4,399,590 |   |             |   | 4,390,474 |   |
| Restatement for inflation of capital stock                    |   |                                      | 143,456 |   |   |             | 1,775,981 |   |             |   | 1,772,299 |   |
| Additional paid in capital                                    |   |                                      | 2,406   |   |   |             | 29,785    |   |             |   | 29,785 |   |
| Retained earnings                                             |   |                                      | 99,104  |   |   |             | 1,226,913 |   |             |   | 1,121,733 |   |
| Reserve for repurchase of shares                              |   |                                      | 32,768  |   |   |             | 405,674   |   |             |   | 351,836 |   |
| Noncontrolling interest                                       |   |                                      | 603     |   |   |             | 7,466     |   |             |   | 8,836 |   |
| Total stockholders’ equity                              |   |                                      | 633,716 |   |   |             | 7,845,409 |   |             |   | 7,674,963 |   |
| Total                                                         |   | $                                         | 844,399 |   |   | Ps.10,453,679    |      |   | Ps.10,276,678    |   |

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|                                                             |   | 2010 (Convenience Translation; See Note 2) |        |   | 2010   |             |        | 2009   |             |   | 2008        |             |
|------------------------------------------------------------------|--------|--------------------------------------------|-------------|--------|--------|------------------|-------------|--------|------------------|--------|-------------|------------------|
| Revenues:                                                        |   |                                       |        |   |   |             |        |   |             |   |        |             |
| Aeronautical services (Note 19)                                  |   | $                                          | 133,492     |   |   | Ps. 1,652,626    |        |   | Ps. 1,526,965    |   |        | Ps. 1,617,195    |   |
| Non-aeronautical services (Note 19)                              |   |                                       | 31,662      |   |   |             | 391,974     |   |             |   | 354,001     |             |   |   | 371,281 |   |
| Hotel and catering services                                      |   |                                       | 8,063       |   |   |             | 99,823      |   |             |   | 15,311      |             |   |   | - |   |
| Construction services                                            |   |                                       | 40,955      |   |   |             | 507,026     |   |             |   | 640,992     |             |   |   | 492,813 |   |
|                                                             |   |                                       | 214,172     |   |   |             | 2,651,449   |   |             |   | 2,537,269   |             |   |   | 2,481,289 |   |
| Operating costs:                                                 |   |                                       |        |   |   |             |        |   |             |   |        |             |   |   |   |   |
| Cost of services (Note 20)                                       |   |                                       | 54,413      |   |   |             | 673,632     |   |             |   | 447,568     |             |   |   | 507,214 |   |
| Cost of construction                                             |   |                                       | 40,955      |   |   |             | 507,026     |   |             |   | 640,992     |             |   |   | 492,813 |   |
| Administrative expenses                                          |   |                                       | 30,639      |   |   |             | 379,314     |   |             |   | 330,969     |             |   |   | 269,929 |   |
| Concession taxes                                                 |   |                                       | 8,325       |   |   |             | 103,067     |   |             |   | 94,756      |             |   |   | 101,642 |   |
| Technical assistance fees (Note 13)                              |   |                                       | 3,842       |   |   |             | 47,567      |   |             |   | 51,710      |             |   |   | 55,604 |   |
| Depreciation and amortization                                    |   |                                       | 37,938      |   |   |             | 469,672     |   |             |   | 411,890     |             |   |   | 366,719 |   |
|                                                             |   |                                       | 176,112     |   |   |             | 2,180,278   |   |             |   | 1,977,885   |             |   |   | 1,793,921 |   |
| Income from operations                                           |   |                                       | 38,060      |   |   |             | 471,171     |   |             |   | 559,384     |             |   |   | 687,368 |   |
| Other (expenses) income – net (Note 14)                    |   |                                       | (250        | )      |   |             | (3,090      | )      |             |   | 10,051      |             |   |   | 104,792 |   |
| Net comprehensive financing cost:                                |   |                                       |        |   |   |             |        |   |             |   |        |             |   |   |   |   |
| Interest (expense) income – net                            |   |                                       | (5,646      | )      |   |             | (69,900     | )      |             |   | (26,195     | )                |   |   | 63,167 |   |
| Exchange gain (loss) – net                                 |   |                                       | 125         |   |   |             | 1,562       |   |             |   | 4,069       |             |   |   | (74,618 | ) |
|                                                             |   |                                       | (5,521      | )      |   |             | (68,338     | )      |             |   | (22,126     | )                |   |   | (11,451 | ) |
| Income before income taxes                                       |   |                                       | 32,289      |   |   |             | 399,743     |   |             |   | 547,309     |             |   |   | 780,709 |   |
| Income tax (Note 15)                                             |   |                                       | (12,297     | )      |   |             | (152,232    | )      |             |   | 77,785      |             |   |   | 238,906 |   |
| Consolidated net income                                          |   | $                                          | 44,586      |   |   | Ps. 551,975 |        |   | Ps. 469,524 |   |        | Ps. 541,803 |   |
| Controlling interest                                             |   | $                                          | 44,697      |   |   | Ps 553,345  |        |   | Ps. 470,988 |   |        | Ps. 541,844 |   |
| Noncontrolling interest                                          |   |                                       | (111        | )      |   |             | (1,370      | )      |             |   | (1,464      | )                |   |   | (41 | ) |
| Consolidated net income                                          |   | $                                          | 44,586      |   |   | Ps. 551,975 |        |   | Ps. 469,524 |   |        | Ps. 541,803 |   |
| Weighted average number of common shares outstanding (Note 11c.) |   |                                       | 398,967,756 |   |   |             | 398,967,756 |   |             |   | 394,934,855 |             |   |   | 396,284,313 |   |
| Basic and diluted earnings per share:                            |   |                                       |        |   |   |             |        |   |             |   |        |             |   |   |   |   |
| Controlling interest                                             |   | $                                          | 0.1121      |   |   | Ps. 1.3869  |        |   | Ps. 1.1926  |   |        | Ps. 1.3673  |   |
| Noncontrolling  interest                               |   |                                       | (0.0003     | )      |   |             | (0.0034     | )      |             |   | (0.0037     | )                |   |   | (0.0001 | ) |
| Basic and diluted earnings per share                             |   | $                                          | 0.1118      |   |   | Ps. 1.3835  |        |   | Ps. 1.1889  |   |        | Ps. 1.3672  |   |

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|                                                                                                                                               |   |             |        |   | Capital stock |         |      |                                            |         |   |                       |      |   |              |         |   |                             |       |      |                                       |           |   |                    |           |   |                                               |        |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|-------------|--------|---------------|--------------|-----------|-------------------------------------------------|--------------|--------|----------------------------|-----------|--------|-------------------|--------------|--------|----------------------------------|------------|-----------|--------------------------------------------|----------------|--------|-------------------------|----------------|--------|----------------------------------------------------|-------------|
|                                                                                                                                               |   | Number of shares |        |   | Nominalvalue  |         |      | Restatement for inflation of capital stock |         |   | Additional paid-in capital |      |   | Retained earnings |         |   | Reserve for repurchase of shares |       |      | Additional liability for employee benefits |           |   | Noncontrolling interest |           |   | Cumulative initial effect of deferred income taxes |        |   | Total stockholders’ equity |   |
| Balances as of January 1, 2008                                                                                                                     |   |             | 397,395,300 |   |          | Ps.4,379,741 |      |                                            | Ps.1,768,157 |   |                       | Ps.29,785 |   |              | Ps.664,312   |   |                             | Ps.353,518 |      |                                       | Ps. 4,968 |   |                    | Ps. -     |   |                                               | Ps. 273,861 |   |   | Ps.7,474,342 |   |
| Dividends declared (Ps. 1.0856 per share)                                                                                                          |   |             | -           |   |          |         | -         |                                            |         |   | -                          |      |   |              | -            |   |                             |       | (434,240  | )                                          |           |   | -                       |           |   |                                               | -           |   |   |   | - |   |   |   | - |   |   |   | (434,240 | ) |
| (Reserve for repurchase) reissuance of shares, net                                                                                                 |   |             | (2,121,400  | )      |          |         | (23,380   | )                                               |         |   | (9,633                     | )         |   |              | -            |   |                             |       | -         |                                       |           |   | (20,332                 | )              |   |                                               | -           |   |   |   | - |   |   |   | - |   |   |   | (53,345 | ) |
| Reclassification of  the cumulative initial effect of deferred income taxes and the effect of additional liability for employee benefits |   |             | -           |   |          |         | -         |                                            |         |   | -                          |      |   |              | -            |   |                             |       | 278,829   |                                       |           |   | -                       |           |   |                                               | (4,968      | ) |   |   | - |   |   |   | (273,861 | ) |   |   | - |   |
| Increase of noncontrolling  interest                                                                                                     |   |             | -           |   |          |         | -         |                                            |         |   | -                          |      |   |              | -            |   |                             |       | -         |                                       |           |   | -                       |           |   |                                               | -           |   |   |   | 1,200 |   |   |   | - |   |   |   | 1,200 |   |
| Net income                                                                                                                                         |   |             | -           |   |          |         | -         |                                            |         |   | -                          |      |   |              | -            |   |                             |       | 541,844   |                                       |           |   | -                       |           |   |                                               | -           |   |   |   | (41 | ) |   |   | - |   |   |   | 541,803 |   |
| Balances as of December 31, 2008                                                                                                                   |   |             | 395,273,900 |   |          |         | 4,356,361 |                                            |         |   | 1,758,524                  |      |   |              | 29,785       |   |                             |       | 1,050,745 |                                       |           |   | 333,186                 |           |   |                                               | -           |   |   |   | 1,159 |   |   |   | - |   |   |   | 7,529,760 |   |
| Dividends declared (Ps.1.0000 per share)                                                                                                           |   |             | -           |   |          |         | -         |                                            |         |   | -                          |      |   |              | -            |   |                             |       | (400,000  | )                                          |           |   | -                       |           |   |                                               | -           |   |   |   | - |   |   |   | - |   |   |   | (400,000 | ) |
| Reissuance (reserve for repurchase) of shares, net                                                                                                 |   |             | 3,082,700   |   |          |         | 34,113    |                                            |         |   | 13,775                     |      |   |              | -            |   |                             |       | -         |                                       |           |   | 18,650                  |           |   |                                               | -           |   |   |   | - |   |   |   | - |   |   |   | 66,538 |   |
| Increase of noncontrolling  interest                                                                                                     |   |             | -           |   |          |         | -         |                                            |         |   | -                          |      |   |              | -            |   |                             |       | -         |                                       |           |   | -                       |           |   |                                               | -           |   |   |   | 9,141 |   |   |   | - |   |   |   | 9,141 |   |
| Net income                                                                                                                                         |   |             | -           |   |          |         | -         |                                            |         |   | -                          |      |   |              | -            |   |                             |       | 470,988   |                                       |           |   | -                       |           |   |                                               |        |   |   |   | (1,464 | ) |   |   | - |   |   |   | 469,524 |   |
| Balances as of December 31, 2009                                                                                                                   |   |             | 398,356,600 |   |          |         | 4,390,474 |                                            |         |   | 1,772,299                  |      |   |              | 29,785       |   |                             |       | 1,121,733 |                                       |           |   | 351,836                 |           |   |                                               | -           |   |   |   | 8,836 |   |   |   | - |   |   |   | 7,674,963 |   |
| Dividends declared (Ps.1.0000 per share)                                                                                                           |   |             | -           |   |          |         | -         |                                            |         |   | -                          |      |   |              | -            |   |                             |       | (400,000  | )                                          |           |   | -                       |           |   |                                               | -           |   |   |   | - |   |   |   | - |   |   |   | (400,000 | ) |
| Reissuance (reserve for repurchase) of shares, net                                                                                                 |   |             | 825,400     |   |          |         | 9,116     |                                            |         |   | 3,682                      |      |   |              | -            |   |                             |       | -         |                                       |           |   | 5,673                   |           |   |                                               | -           |   |   |   | - |   |   |   | - |   |   |   | 18,471 |   |
| Increase in reserve for repurchase of shares                                                                                                       |   |             | -           |   |          |         | -         |                                            |         |   | -                          |      |   |              | -            |   |                             |       | (48,165   | )                                          |           |   | 48,165                  |           |   |                                               | -           |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net income                                                                                                                                         |   |             | -           |   |          |         | -         |                                            |         |   | -                          |      |   |              | -            |   |                             |       | 553,345   |                                       |           |   | -                       |           |   |                                               | -           |   |   |   | (1,370 | ) |   |   | - |   |   |   | 551,975 |   |
| Balances as of December 31, 2010                                                                                                                   |   |             | 399,182,00  |   |          | Ps.4,399,590 |      |                                            | Ps.1,775,981 |   |                       | Ps.29,785 |   |              | Ps.1,226,913 |   |                             | Ps.405,674 |      |                                       | Ps. -     |   |                    | Ps. 7,466 |   |                                               | Ps. -  |   |   | Ps. 7,845,409 |   |

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Table of Contents

|                                                                                     |   |             |        |   | Capital Stock |   |    |                                            |   |   |                       |   |   |              |   |   |                             |   |    |                         |   |
|------------------------------------------------------------------------------------------|--------|------------------|-------------|--------|---------------|--------|---------|-------------------------------------------------|--------|--------|----------------------------|--------|--------|-------------------|--------|--------|----------------------------------|--------|---------|------------------------------|--------|
|                                                                                     |   | Number of shares |        |   | Nominalvalue  |   |    | Restatement for inflation of capital stock |   |   | Additional paid-in capital |   |   | Retained earnings |   |   | Reserve for repurchase of shares |   |    | Noncontrolling interest |   |   | Total stockholders’ equity |   |
|                                                                                     |   |             |        |   |          |   |    |                                            |   |   |                       |   |   |              |   |   |                             |   |    |                         |   |   |   |   |
| Balances as of December 31,  2009 (Convenience translation;  Note 2) |   |             | 398,356,600 |   |          | $      | 354,644 |                                            |   | $      | 143,158                    |   |   | $                 | 2,406  |   |                             | $      | 90,608  |                         |   | $ | 28,420 |   |   | $ | 714 |   |   | $ | 619,950 |   |
| Dividends declared ($0.0808 per share)                                                   |   |             | -           |   |          |   | -       |                                            |   |   | -                          |   |   |              | -      |   |                             |   | (32,310 | )                            |   |   | - |   |   |   | - |   |   |   | (32,310 | ) |
| Reissuance (reserve for repurchase) of shares, net                                       |   |             | 825,400     |   |          |   | 735     |                                            |   |   | 298                        |   |   |              | -      |   |                             |   | -       |                         |   |   | 457 |   |   |   | - |   |   |   | 1,490 |   |
| Increase in reserve for repurchase of shares                                             |   |             | -           |   |          |   | -       |                                            |   |   | -                          |   |   |              | -      |   |                             |   | (3,891  | )                            |   |   | 3,891 |   |   |   | - |   |   |   | - |   |
| Net income                                                                               |   |             | -           |   |          |   | -       |                                            |   |   | -                          |   |   |              | -      |   |                             |   | 44,697  |                         |   |   | - |   |   |   | (111 | ) |   |   | 44,586 |   |
| Balances as of December 31, 2010                                                         |   |             | 399,182,000 |   |          | $      | 355,379 |                                            |   | $      | 143,456                    |   |   | $                 | 2,406  |   |                             | $      | 99,104  |                         |   | $ | 32,768 |   |   | $ | 603 |   |   | $ | 633,716 |   |

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Table of Contents

|                                                              |   | 2010 (Convenience Translation; See Note 2) |    |   | 2010   |       |     | 2009   |       |   | 2008     |       |
|-------------------------------------------------------------------|--------|--------------------------------------------|---------|--------|--------|------------|----------|--------|------------|--------|----------|------------|
| Operating activities:                                             |   |                                       |    |   |   |       |     |   |       |   |     |       |
| Income before income taxes                                        |   | $                                          | 32,289  |   |   | Ps.399,743 |     |   | Ps.547,309 |   |     | Ps.780,709 |   |
| Items related to investment activities:                           |   |                                       |    |   |   |       |     |   |       |   |     |       |   |
| Depreciation and amortization                                     |   |                                       | 37,938  |   |   |       | 469,672  |   |       |   | 411,890  |       |   |   | 366,719 |   |
| Interest income                                                   |   |                                       | (1,389  | )      |   |       | (17,189  | )      |       |   | (22,093  | )          |   |   | (65,813 | ) |
| Items related to financing activities:                            |   |                                       |    |   |   |       |     |   |       |   |     |       |   |   |   |   |
| Interest expense                                                  |   |                                       | 7,035   |   |   |       | 87,089   |   |       |   | 48,288   |       |   |   | 2,646 |   |
| Exchange (gain) loss                                              |   |                                       | -       |   |   |       | -        |   |       |   | (5,119   | )          |   |   | 67,835 |   |
|                                                              |   |                                       | 75,873  |   |   |       | 939,315  |   |       |   | 980,275  |       |   |   | 1,152,096 |   |
| Changes in working capital:                                       |   |                                       |    |   |   |       |     |   |       |   |     |       |   |   |   |   |
| Trade accounts receivables                                        |   |                                       | 15,250  |   |   |       | 188,795  |   |       |   | (34,671  | )          |   |   | (127,965 | ) |
| Recoverable taxes                                                 |   |                                       | (14,094 | )      |   |       | (174,488 | )      |       |   | (142,384 | )          |   |   | (274,323 | ) |
| Other receivables                                                 |   |                                       | 111     |   |   |       | 1,357    |   |       |   | 10,869   |       |   |   | 2,387 |   |
| Trade accounts payable                                            |   |                                       | (18,914 | )      |   |       | (234,159 | )      |       |   | (237,676 | )          |   |   | (11,574 | ) |
| Accrued expenses and taxes                                        |   |                                       | 111     |   |   |       | 1,375    |   |       |   | 764      |       |   |   | (40,896 | ) |
| Accounts payable to related parties                               |   |                                       | (9,363  | )      |   |       | (115,914 | )      |       |   | (125,437 | )          |   |   | 158,101 |   |
| Advances from customers                                           |   |                                       | (70     | )      |   |       | (871     | )      |       |   | (2,873   | )          |   |   | 1,666 |   |
| Guarantee deposits                                                |   |                                       | (32     | )      |   |       | (401     | )      |       |   | (1,203   | )          |   |   | 984 |   |
| Employee benefits                                                 |   |                                       | 366     |   |   |       | 4,536    |   |       |   | 1,589    |       |   |   | (14,273 | ) |
| Employee profit sharing                                           |   |                                       | 92      |   |   |       | 1,138    |   |       |   | (442     | )          |   |   | (6,509 | ) |
| Deferred employee profit sharing                                  |   |                                       | -       |   |   |       | -        |   |       |   | -        |       |   |   | (104,230 | ) |
| Net cash provided by operating activities                         |   |                                       | 49,330  |   |   |       | 610,683  |   |       |   | 448,811  |       |   |   | 735,464 |   |
| Investing activities:                                             |   |                                       |    |   |   |       |     |   |       |   |     |       |   |   |   |   |
| Payments for purchase of land, machinery and equipment            |   |                                       | (8,478  | )      |   |       | (104,953 | )      |       |   | (216,777 | )          |   |   | (1,375,586 | ) |
| Payments for improvements to concessioned properties              |   |                                       | (35,989 | )      |   |       | (445,546 | )      |       |   | (398,592 | )          |   |   | (558,310 | ) |
| Other investing activities                                        |   |                                       | 492     |   |   |       | 6,087    |   |       |   | (3,858   | )          |   |   | (14,519 | ) |
| Interest collected                                                |   |                                       | 1,388   |   |   |       | 17,189   |   |       |   | 22,093   |       |   |   | 65,813 |   |
| Net cash used in investing activities                             |   |                                       | (42,587 | )      |   |       | (527,223 | )      |       |   | (597,134 | )          |   |   | (1,882,602 | ) |
| Excess cash to be applied to (obtained from) financing activities |   |                                       | 6,743   |   |   |       | 83,460   |   |       |   | (148,323 | )          |   |   | (1,147,138 | ) |
| Financing activities:                                             |   |                                       |    |   |   |       |     |   |       |   |     |       |   |   |   |   |
| (Payment of) proceeds from short-term debt                        |   |                                       | (15,769 | )      |   |       | (195,217 | )      |       |   | 72,194   |       |   |   | 130,863 |   |
| Proceeds from long term debt                                      |   |                                       | 50,437  |   |   |       | 624,406  |   |       |   | 470,589  |       |   |   | - |   |
| Noncontrolling  interest                                |   |                                       | -       |   |   |       | -        |   |       |   | 9,141    |       |   |   | 1,200 |   |
| Interest paid                                                     |   |                                       | (7,035  | )      |   |       | (87,089  | )      |       |   | (48,288  | )          |   |   | (2,646 | ) |
| Dividends paid                                                    |   |                                       | (32,224 | )      |   |       | (398,927 | )      |       |   | (411,537 | )          |   |   | (428,218 | ) |
| Reissuance (repurchase) of shares, net                            |   |                                       | 1,492   |   |   |       | 18,471   |   |       |   | 66,538   |       |   |   | (53,345 | ) |
| Net cash (used in) provided by financing activities               |   |                                       | (3,099  | )      |   |       | (38,356  | )      |       |   | 158,637  |       |   |   | (352,146 | ) |
| Net increase (decrease) in cash and cash equivalents              |   |                                       | 3,644   |   |   |       | 45,104   |   |       |   | 10,314   |       |   |   | (1,499,284 | ) |
| Cash and cash equivalents at beginning of year                    |   |                                       | 21,626  |   |   |       | 267,734  |   |       |   | 257,420  |       |   |   | 1,756,704 |   |
| Cash and cash equivalents at end of year                          |   | $                                          | 25,270  |   |   | Ps.312,838 |     |   | Ps.267,734 |   |     | Ps.257,420 |   |

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|   |   |
|--------|--------|

| 1. | Activities and significant events |
|----|-----------------------------------|

|   | a) | Adoption of International Financial Reporting Standards – In January 2009, the National Banking and Securities Commission (“CNBV”) published the amendments to its National Securities Law to include the enforceability of filing financial statements prepared according to the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) beginning in the year ending December 31, 2012, permitting their early adoption. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | b) | On December 22, 2010 Aeroinvest prepaid a loan amounting to Ps.2,275,257 by obtaining a new loan from Bank of America for the same amount. On February 11, 2011, it paid off the entire balance of the new loan amounting to Ps.2,257,530 with proceeds received through capital contributions from Controladora de Operación de Infraestructura, S. A. de C. V. (Aeroinvest’s holding company) of Ps.2,080,170 and Ps.177,360 of its own resources. As a result of the payment made by Aeroinvest, the previous financial restrictions on the Company have been eliminated. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | In October 2008, the Company acquired 90% of the common stock of Consorcio Grupo Hotelero T2, S.A. de C.V, (Consorcio). This entity held a lease agreement with the Mexico City International Airport to construct and operate a five-star hotel and commercial premises at the Mexico City Airport Terminal 2. The partner operating the hotel is Nacional Hispana Hoteles, S. de R.L de C.V., (“NH Hoteles”), with a 10% partnership interest. The hotel initiated operations during August 2009. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| 2. | Basis of presentation and consolidation |
|----|-----------------------------------------|

| Aeropuerto de Acapulco, S.A. de C.V.                                                 |   |   | 100 | %     |
|--------------------------------------------------------------------------------------|--------|--------|-----|-------|
| Aeropuerto de Ciudad Juárez, S.A. de C.V.                                       |   |   | 100 | %     |
| Aeropuerto de Culiacán, S.A. de C.V.                                            |   |   | 100 | %     |
| Aeropuerto de Chihuahua, S.A. de C.V.                                                |   |   | 100 | %     |
| Aeropuerto de Durango, S.A. de C.V.                                                  |   |   | 100 | %     |
| Aeropuerto de Mazatlán, S.A. de C.V.                                            |   |   | 100 | %     |
| Aeropuerto de Monterrey, S.A. de C.V.                                                |   |   | 100 | %     |
| Aeropuerto de Reynosa, S.A. de C.V.                                                  |   |   | 100 | %     |
| Aeropuerto de San Luis Potosí, S.A. de C.V.                                     |   |   | 100 | %     |
| Aeropuerto de Tampico, S.A. de C.V.                                                  |   |   | 100 | %     |
| Aeropuerto de Torreón, S.A. de C.V.                                             |   |   | 100 | %     |
| Aeropuerto de Zacatecas, S.A. de C.V.                                                |   |   | 100 | %     |
| Aeropuerto de Zihuatanejo, S.A. de C.V.                                              |   |   | 100 | %     |
| Servicios Aeroportuarios del Centro Norte, S.A. de C.V. (“SACN”)         |   |   | 100 | %     |
| Operadora de Aeropuertos del Centro Norte, S.A. de C.V. (“OACN”)         |   |   | 100 | % (1) |
| Holding Consorcio Grupo Hotelero T2, S.A. de C.V.  (“Holding”) |   |   | 100 | % (2) |
| Consorcio Grupo Hotelero T2, S.A de C.V. (“Consorcio”)                   |   |   | 90  | % (2) |

|   | (1) | This company incorporated in August 2008. The operating personnel from all the airports and related employee benefits were transferred to this entity and SACN. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | In October 2008, the Company acquired the shares of Holding Consorcio Grupo Hotelero T2, S.A de C.V., which owns an equity share of 90% in Consorcio Grupo Hotelero T2, S.A. de C.V. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| 3. | Summary of significant accounting policies |
|----|--------------------------------------------|

|   | a. | Accounting changes: |
|--------|----|---------------------|

| Statement of income: |   | As reported for the year ended December 31, 2009 |       |   | Adjustment for adoption of INIF 17 |   |     | Restated amounts as of December 31, 2009 |   |
|----------------------|--------|-------------------------------------------------------|------------|--------|------------------------------------|--------|----------|------------------------------------------|--------|
| Revenues             |   | Ps. 1,896,277                                    |       |   | Ps. 640,992                        |   |     | Ps. 2,537,269                            |   |
| Operating costs      |   |                                                  | (1,336,893 | )      |                               |   | (640,992 | )                                        |   |   | (1,977,885 | ) |

|  Statement of income: |   | As reported for the year ended December 31, 2008 |       |   | Adjustment for adoption of INIF 17 |   |     | Restated amounts as of December 31, 2008 |   |
|----------------------------|--------|-------------------------------------------------------|------------|--------|------------------------------------|--------|----------|------------------------------------------|--------|
| Revenues                   |   | Ps. 1,988,476                                    |       |   | Ps. 492,813                        |   |     | Ps. 2,481,289                            |   |
| Operating costs            |   |                                                  | (1,301,108 | )      |                               |   | (492,813 | )                                        |   |   | (1,793,921 | ) |

|   | b. | Recognition of the effects of inflation – Since the cumulative inflation for the three fiscal years prior to those ended December 31, 2010 and 2009 was 14.48% and 15.01%, respectively, the economic environment may be considered non-inflationary in both years and, consequently, no inflationary effects are recognized in the accompanying consolidated financial statements.Inflation rates for the years ended 2010 and 2009 were 4.40% and 3.57%, respectively. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | Cash and cash equivalents – Cash and cash equivalents consist mainly of bank deposits in checking accounts and short-term investments, highly liquid and easily convertible into cash, which are subject to insignificant value change risks. Cash is stated at nominal value and cash equivalents are valued at fair value; any fluctuations in value are recognized in comprehensive financing (cost) income of the period. Cash equivalents are represented mainly by investments in Mexican Treasury Certificates (CETES), investment funds and money market funds. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | d. | Property, machinery and equipment – These amounts are recorded at acquisition cost. Balances from acquisitions made through December 31, 2007 were restated for the effects of inflation by applying factors derived from the National Consumer Price Index (“NCPI”) through that date. Expenditures for property, machinery and equipment, including improvements that increase the value of assets by increasing their service capacity, improving their efficiency or prolonging their useful lives, are capitalized.  Depreciation is calculated using the straight-line method beginning with the month following the purchase date, using final restated balances, based on the estimated remaining useful lives of the related assets, as follows: |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                           |   | Totalyears |   |
|--------------------------------|--------|------------|--------|
| Building                       |   |       | 20     |   |
| Machinery and equipment        |   |       | 10     |   |
| Office furniture and equipment |   |       | 10     |   |
| Vehicles                       |   |       | 4      |   |
| Computers                      |   |       | 3.3    |   |

|   | e. | Investment in airport concessions – This item consists of the rights to use airport facilities, airport concessions and improvements to concessioned properties and represents the amount allocated by the SCT, to each one of the airport concessions, in addition to capitalizable improvements. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | Impairment of long-lived assets in use – The Company reviews the carrying amounts of long-lived assets in use when an impairment indicator suggests that such amounts might not be recoverable, considering the greater of the present value of future net cash flows or the net sales price upon disposal. Impairment is recorded when the carrying amounts exceed the greater of the amounts mentioned above. Impairment indicators considered for these purposes are, among others, operating losses or negative cash flows in the period if they are combined with a history or projection of losses, depreciation and amortization charged to results, which in percentage terms in relation to revenues are substantially higher than that of previous years, obsolescence, and other legal and economic factors. In accordance with Bulletin C-15 “Impairment of Long-lived Assets and their Disposal”, management considers that GACN, together with its 13 airport subsidiaries, can be considered an “independent cash generating unit”, as all formed part of the Central-North package included in the Mexican government’s bidding process.  In accordance with the terms established by the Mexican government, all of the Company’s 13 airports must be in operation, regardless of their individual results and are therefore evaluated for impairment on a consolidated basis.  For the years ended December 31, 2010, 2009 and 2008, based on the analysis performed, the Company did not recognize any impairment losses. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g. | Direct employee benefits – Direct employee benefits are calculated based on the services rendered by employees, considering their most recent salaries. The liability is recognized as it accrues.  These benefits primarily include PTU payable, compensated absences, such as vacation and vacation premiums, and incentive bonuses. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | h. | Employee benefits from termination and retirement – Seniority premiums and severance payments, are recognized as costs over employee years of service and are calculated by independent actuaries using the projected unit credit method using nominal rates. Accordingly, the liability is being accrued which, at present value, will cover the obligation from benefits projected to the estimated retirement date of the Company’s employees. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i. | Goodwill – Goodwill represents the excess of cost over the fair value of the subsidiary’s shares, as of the date of acquisition. It is presented at cost and at least once a year is subject to impairment tests. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | j. | Provisions – Provisions are recognized for current obligations that result from past events, that are probable to result in the use of economic resources, and that can be reasonably estimated. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | k. | Statutory employee profit sharing – Statutory employee profit sharing is recorded in the results of the year in which it is incurred and presented under other income and expenses in the accompanying consolidated statements of income.  Deferred PTU is recognized applying a 10% rate to the temporary differences that resulted from comparing the accounting and tax basis of assets and liabilities. Deferred PTU is recognized only when it can be reasonably assumed that such difference will generate a liability or benefit, and there is no indication that circumstances will change in such a way that the liabilities will not be paid or benefits will not be realized. PTU is determined based on taxable income, according to Section I of Article 10 of the Income Tax Law. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | l. | Income taxes – Income taxes are recorded in the results of the year in which they are incurred. Corporate income tax (ISR) and the the business flat tax (“IETU”) are recorded in the results of the year they are incurred. To recognize deferred income taxes, based on its financial projections, the Company determines whether it expects to incur ISR or IETU in the future and, accordingly, recognizes deferred taxes based on the tax it expects to pay. Deferred taxes are calculated by applying the corresponding tax rate to temporary differences resulting from comparing the accounting and tax bases of assets and liabilities and including, if any, future benefits from tax loss carryforwards and certain tax credits. Deferred tax assets are recorded only when there is a high probability of recovery. According to NIF D-4, “Income Taxes,” the balance of the initial cumulative effect of deferred income taxes was reclassified to retained earnings as of January 1, 2008. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | m. | Foreign currency transactions – Foreign currency transactions are recorded at the applicable exchange rate in effect at the transaction date.  Monetary assets and liabilities denominated in foreign currency are translated into Mexican pesos at the applicable exchange rate in effect at the balance sheet date. Exchange fluctuations are recorded as a component of net comprehensive financing income (cost) in the consolidated statements of income. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | n. | Concentrations of credit risk – Financial instruments that are subject to a potential credit risk due to non–compliance by the counterparty primarily consist of cash and cash equivalents and trade receivables from the Company’s principal domestic and international airline customers.  Cash and cash equivalents are maintained in different prominent financial institutions in Mexico and mainly refer to bank deposits and immediately realizable investments. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | o. | Revenue recognition – Revenue is generated mainly from the rendering of aeronautical services (regulated revenues), which refer to the use of the airport facilities by airlines and passengers.  Aeronautical services consist of services that generate revenues necessary for the operation and proper functioning of an airport.  These revenues are subject to a system of prices regulated by the SCT, which establishes a maximum rate for such aeronautical and complementary services provided at each airport.  Such revenues are recognized when the services are rendered. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|   | p. | Earnings per share – Basic earnings per common share are calculated by dividing consolidated net income by the weighted average number of shares outstanding during the year.  The Company does not have diluted shares for purposes of MFRS; therefore basic and diluted earnings per share are the same. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | q. | Treasury stock – Pursuant to decisions made at its stockholders’ meetings, the Company has been authorized to repurchase its own shares as deemed necessary. Repurchased shares are held as treasury stock, with the amount paid reflected in stockholders’ equity at the purchase price reducing issued historical capital stock and the balance of the repurchase reserve, which is a component of retained earnings. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Cash and cash equivalents |
|----|---------------------------|

|             |   | 2010       |   |   | 2009       |   |
|------------------|--------|------------|--------|--------|------------|--------|
| Cash equivalents |   | Ps.265,280 |   |   | Ps.185,282 |   |
| Cash             |   |       | 47,558 |   |       |   | 82,452 |   |
|             |   | Ps.312,838 |   |   | Ps.267,734 |   |

| 5. | Trade accounts receivable |
|----|---------------------------|

|                            |   | 2010       |     |   | 2009       |   |
|---------------------------------|--------|------------|----------|--------|------------|--------|
| Accounts receivable             |   | Ps.450,986 |     |   | Ps.475,396 |   |
| Allowance for doubtful accounts |   |       | (216,545 | )      |       |   | (52,160 | ) |
|                            |   | Ps.234,441 |     |   | Ps.423,236 |   |

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Table of Contents

| Trade accounts receivable:                                 |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                       |   |   |   |   | %      |   |   |   |   |
| Compañía Mexicana de Aviación, S.A. de C.V. |   |   | 15.18  |   |   |   | 10.00  |   |   |   | 9.11 |   |
| Aerovías Caribe, S. A. de C.V.                        |   |   | 13.84  |   |   |   | 10.00  |   |   |   | 6.80 |   |
| Aerolitoral, S. A. de C. V.                                |   |   | 13.36  |   |   |   | 21.20  |   |   |   | 16.80 |   |
| Aerovías de Mexico, S. A. de C. V.                    |   |   | 6.84   |   |   |   | 16.80  |   |   |   | 18.20 |   |

| Revenues by client:                                        |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                       |   |   |   |   | %      |   |   |   |   |
| Compañía Mexicana de Aviación, S.A. de C.V. |   |   | 3.79   |   |   |   | 6.50   |   |   |   | 8.50 |   |
| Aerovías Caribe, S. A. de C.V.                        |   |   | 3.39   |   |   |   | 5.50   |   |   |   | 3.50 |   |
| Aerolitoral, S. A. de C. V.                                |   |   | 14.16  |   |   |   | 11.90  |   |   |   | 9.10 |   |
| Aerovías de Mexico, S. A. de C. V.                    |   |   | 9.74   |   |   |   | 11.20  |   |   |   | 11.40 |   |
| Aeroenlaces Nacionales, S. A. de C. V.                     |   |   | 11.15  |   |   |   | 8.70   |   |   |   | 7.00 |   |
| ABC Aerolineas, S. A. de C. V.                             |   |   | 7.60   |   |   |   | 7.39   |   |   |   | 7.47 |   |

| 6. | Land, buildings, machinery and equipment – net |
|----|------------------------------------------------------|

|                           |   | 2010         |      |   | 2009         |   |
|--------------------------------|--------|--------------|-----------|--------|--------------|--------|
| Land                           |   | Ps.1,731,754 |      |   | Ps.1,640,847 |   |
| Buildings                      |   |         | 323,343   |   |         |   | 294,483 |   |
| Machinery and equipment        |   |         | 389,371   |   |         |   | 318,613 |   |
| Office furniture and equipment |   |         | 78,741    |   |         |   | 73,698 |   |
| Vehicles                       |   |         | 116,116   |   |         |   | 95,685 |   |
| Computers                      |   |         | 30,285    |   |         |   | 26,791 |   |
|                           |   |         | 2,669,610 |   |         |   | 2,450,117 |   |
| Accumulated depreciation       |   |         | (359,809  | )      |         |   | (272,225 | ) |
|                           |   |         | 2,309,801 |   |         |   | 2,177,892 |   |
| Construction in-progress       |   |         | 1,047     |   |         |   | 5,721 |   |
|                           |   | Ps.2,310,848 |      |   | Ps.2,183,613 |   |

| 7. | Investment in airport concessions – net |
|----|-----------------------------------------------|

|                                                 |   |          |      |   | Remaining AmortizationPeriod in Years |   |
|------------------------------------------------------|--------|---------------|-----------|--------|---------------------------------------|--------|
| Cost of the concession from the SCT (Note 1 and 3e.) |   | Ps. 5,813,656 |      |   |                                  |   |
| Appraised amount assigned to:                        |   |          |      |   |                                  |   |
| Rights to use airport facilities:                    |   |          |      |   |                                  |   |
| Runways, aprons and platforms                        |   | Ps. 1,528,878 |      |   |                                  | 24     |   |
| Buildings                                            |   |          | 1,002,794 |   |                                  |   | 26 |   |
| Other infrastructure                                 |   |          | 349,935   |   |                                  |   | 18 |   |
| Land                                                 |   |          | 2,043,447 |   |                                  |   | 39 |   |
|                                                 |   |          | 4,925,054 |   |                                  |   |   |   |
| Airport concessions                                  |   |          | 888,602   |   |                                  |   | 39 |   |
| Total cost                                           |   | Ps. 5,813,656 |      |   |                                  |   |   |

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Table of Contents

|                                    |   | 2010             |       |   | 2009             |   |
|-----------------------------------------|--------|------------------|------------|--------|------------------|--------|
| Rights to use airport facilities        |   | Ps.4,925,054     |       |   | Ps.4,925,054     |   |
| Less – Accumulated amortization   |   |             | (1,302,127 | )      |             |   | (1,176,292 | ) |
|                                    |   | Ps.3,622,927     |       |   | Ps.3,748,762     |   |
|                                    |   |             |       |   |             |   |   |   |
| Airport concessions                     |   | Ps. 888,602 |       |   | Ps. 888,602 |   |
| Less – Accumulated amortization   |   |             | (195,492   | )      |             |   | (177,720 | ) |
|                                    |   | Ps. 693,110 |       |   | Ps. 710,882 |   |
|                                    |   |             |       |   |             |   |   |   |
| Improvements to concessioned properties |   | Ps.4,068,980     |       |   | Ps.3,561,157     |   |
| Less – Accumulated amortization   |   |             | (1,118,457 | )      |             |   | (855,927 | ) |
|                                    |   | Ps.2,950,523     |       |   | Ps.2,705,230     |   |
| Total investment in airport concessions |   | Ps.7,266,560     |       |   | Ps.7,164,874     |   |

|   | · | The concessionaire has the right to manage, operate, maintain and use the airport facilities and carry out any construction, improvements or maintenance of the related facilities in accordance with its Master Development Program, and to provide airport, complementary and commercial services. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The concessionaire will use the airport facilities only for the purposes specified in the concession agreement, will provide services in conformity with the law and applicable regulations and will be subject to inspections by the SCT. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The concessionaire must pay a tax for the operation of the assets under concession (currently 5% of the concessionaire’s annual gross revenues derived from the use of public property), in conformity with the Mexican Federal Duties Law. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Aeropuerto y Servicios Auxiliares (“ASA”) has the exclusive right to supply fuel at the concessionaire’s airports. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The concessionaire must grant free access to specific airport areas to certain Mexican government agencies, so that they may carry out their activities within the airports. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | According to Article 27 of the General Law on Airports, the concession may be revoked if the concessionaire breaches any of its obligations established therein or falls under any of the causes for revocation referred to in Article 26 of the law and in the concession agreement.  The breach of certain concession terms may be cause for revocation if the SCT has applied sanctions in three different instances with respect to the same concession term. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The SCT may modify concession terms and conditions that regulate the Company’s operations. |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | The concession may be renewed in one or more instances, for terms not to exceed an additional 50 years. |
|--------|--------|---------------------------------------------------------------------------------------------------------|

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| Year   |   | Amount           |    |
|--------|--------|------------------|---------|
| 2011   |   | Ps. 562,032 |    |
| 2012   |   |             | 496,543 |   |
| 2013   |   |             | 761,106 |   |
| 2014   |   |             | 715,868 |   |
| 2015   |   |             | 341,436 |   |
|   |   | Ps.2,876,985     |    |

| 8. | Short-term debt |
|----|-----------------|

| 9. | Long-term debt |
|----|----------------|

|                                                                                                                                                                                                                                                                                                                                                |   | 2010       |      |   | 2009       |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|-----------|--------|------------|--------|
| Unsecured bank line of credit with Inbursa bank of Ps.700,000,  bearing interest at TIIE plus 4.5 points, with equal semiannual principal payments maturing in August 2017.  As of December 31, 2010 and 2009 the rate was 9.38% and 9.42%, respectively.                                                                       |   | Ps.598,431 |      |   | Ps.470,589 |   |
|                                                                                                                                                                                                                                                                                                                                                |   |       |      |   |       |   |
| Unsecured bank credit line with Bank HSBC of Ps.400,000, bearing interest of TIIE plus 3.25 points payable in annual installments, and maturing in April 2018. As of December 31, 2010, the rate was 7.895%                                                                                                                                         |   |       | 400,000   |   |       |   | - |   |
|                                                                                                                                                                                                                                                                                                                                                |   |       |      |   |       |   |   |   |
| Fixed-asset line of credit with Exim Bank of 22,900 thousand U.S. dollars secured by luggage review equipment, bearing interest at three-month Libor plus 1.25 points payable in quarterly installments and maturing in March 2021. As of December 31, 2010, 7,614 thousands U.S. dollars has been utilized. On that same date, the rate was 1.55%. |   |       | 96,564    |   |       |   | - |   |
|                                                                                                                                                                                                                                                                                                                                                |   |       | 1,094,995 |   |       |   | 470,589 |   |
| Less – Current portion                                                                                                                                                                                                                                                                                                                        |   |       | (135,490  | )      |       |   | (58,824 | ) |
|                                                                                                                                                                                                                                                                                                                                                |   | Ps.959,505 |      |   | Ps.411,765 |   |

| 2012       |   | Ps.154,297 |    |
|------------|--------|------------|---------|
| 2013       |   |       | 144,915 |   |
| 2014       |   |       | 144,915 |   |
| 2015       |   |       | 144,915 |   |
| 2016       |   |       | 144,915 |   |
| Thereafter |   |       | 225,548 |   |
|       |   | Ps.959,505 |    |

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Table of Contents

| 10. | Employee benefits |
|-----|-------------------|

|                      |   | 2010        |   |   | 2009        |   |
|---------------------------|--------|-------------|--------|--------|-------------|--------|
| Vested benefit obligation |   | Ps.(29,361) |   |   | Ps.(24,664) |   |
| Unrecognized items:       |   |        |   |   |        |   |
| Changes to the plan       |   |        | (1,201 | )      |        |   | (1,802 | ) |
| Initial transition asset  |   |        | 1,035  |   |        |   | 1,475 |   |
| Projected net liability   |   | Ps.(29,527) |   |   | Ps.(24,991) |   |

|                                                       |   | 2010   |   |   | 2009   |   |
|------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                       |   | %      |   |   | %      |   |
| Discount of projected benefit obligations at present value |   |   | 7.97   |   |   |   | 8.50 |   |
| Wage increase                                              |   |   | 5.50   |   |   |   | 5.50 |   |
| Minimum wage increase                                      |   |   | 4.00   |   |   |   | 4.50 |   |

| 11. | Stockholders’ equity |
|-----|----------------------------|

|   | a. | As of December 31, 2010, 2009 and 2008, authorized Class I shares consist of 400,000,000, of which 58,800,000 are Series “BB” and 341,200,000 Series “B”. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | The subscribed and paid-in capital stock at December 31, 2010, 2009 and 2008 is solely comprised of fixed   capital and is represented by ordinary, registered no-par shares and is comprised as follows: |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|               |   | 2010             |        |
|--------------------|--------|------------------|-------------|
|               |   | Number of shares |        |   | Historicalvalue |   |   | Restatement effect |   |   | Restated capital stock |   |
| Fixed capital:     |   |             |        |   |   |   |   |   |   |   |   |   |
| Series B, Class I  |   |             | 341,200,000 |   |   | Ps.3,763,828 |   |   | Ps.1,515,334 |   |   | Ps.5,279,162 |   |
| Series BB, Class I |   |             | 58,800,000  |   |   |   | 644,619 |   |   |   | 264,651 |   |   |   | 909,270 |   |
| Treasury shares    |   |             | (818,000    | ) |   |   | (8,857 | ) |   |   | (4,004 | ) |   |   | (12,861 | ) |
| Total              |   |             | 399,182,000 |   |   | Ps.4,399,590 |   |   | Ps.1,775,981 |   |   | Ps.6,175,571 |   |

|               |   | 2009             |        |
|--------------------|--------|------------------|-------------|
|               |   | Number of shares |        |   | Historicalvalue |   |   | Restatement effect |   |   | Restated capital stock |   |
| Fixed capital:     |   |             |        |   |   |   |   |   |   |   |   |   |
| Series B, Class I  |   |             | 341,200,000 |   |   | Ps.3,763,828 |   |   | Ps.1,515,334 |   |   | Ps.5,279,162 |   |
| Series BB, Class I |   |             | 58,800,000  |   |   |   | 644,619 |   |   |   | 264,651 |   |   |   | 909,270 |   |
| Treasury shares    |   |             | (1,643,400  | ) |   |   | (17,973 | ) |   |   | (7,686 | ) |   |   | (25,659 | ) |
| Total              |   |             | 398,356,600 |   |   | Ps.4,390,474 |   |   | Ps.1,772,299 |   |   | Ps.6,162,773 |   |

|               |   | 2008             |        |
|--------------------|--------|------------------|-------------|
|               |   | Number of shares |        |   | Historicalvalue |   |   | Restatement effect |   |   | Restated capital stock |   |
| Fixed capital:     |   |             |        |   |   |   |   |   |   |   |   |   |
| Series B, Class I  |   |             | 341,200,000 |   |   | Ps.3,763,828 |   |   | Ps.1,515,334 |   |   | Ps.5,279,162 |   |
| Series BB, Class I |   |             | 58,800,000  |   |   |   | 644,619 |   |   |   | 264,651 |   |   |   | 909,270 |   |
| Treasury shares    |   |             | (4,726,100  | ) |   |   | (52,086 | ) |   |   | (21,461 | ) |   |   | (73,547 | ) |
| Total              |   |             | 395,273,900 |   |   | Ps.4,356,361 |   |   | Ps.1,758,524 |   |   | Ps.6,114,885 |   |

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Table of Contents

|   | c. | As of December 31, 2010, the Company held in treasury, shares repurchased with a cost basis of Ps.67,980. This amount is represented by 818,000 Series “B” shares, which appear in the Statement of Changes in Stockholders’ Equity reducing the capital stock and the reserve for the repurchase of shares by Ps.12,861 and Ps.55,119, respectively. The weighted average number of shares outstanding during the year as disclosed in Note 3p is affected considering the dates in which the shares were repurchased.  On December 31, 2010, the market value of the Company’s shares as listed on the Mexican Stock Exchange at the close of business was 23.66 pesos. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | Pursuant to a resolution of the general ordinary stockholders’ meeting on April 16, 2010, the legal reserve was increased by Ps.23,549; the share repurchase reserve increased by Ps.48,165, and a dividend of Ps.400,000 was paid, of which Ps.200,000 is outstanding  as of December 31, 2010. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | On April 24, 2009, at the Stockholders’ Ordinary and Extraordinary General Meeting, the following matters were approved: to increase the legal reserve by Ps.27,092; to declare dividends of Ps.400,000. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | On April 3, 2008, at the Stockholders’ Ordinary and Extraordinary General Meeting, the following matters were approved: to increase the legal reserve by Ps.1,560; to declare dividends of Ps.434,240. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g. | Mexican General Corporate Law requires that at least 5% of net income of the year be transferred to the legal reserve until the reserve equals 20% of capital stock at par value in historical pesos.  The legal reserve may be capitalized but may not be distributed, except in the form of a stock dividend, unless the entity is dissolved.  The legal reserve must be replenished if it is reduced for any reason.  On December 31, 2010, 2009 and 2008 the legal reserve amounted to Ps.147,755, Ps.124,206 and Ps.97,114, respectively. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | h. | Stockholders’ equity, except restated paid-in capital and tax retained earnings will be subject to income taxes payable by the Company at the rate in effect upon distribution.  Any tax paid on such distribution may be credited against annual and estimated income taxes of the year in which the tax on dividends is paid and the following two fiscal years. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                  |   | 2010         |   |   | 2009         |   |
|---------------------------------------|--------|--------------|--------|--------|--------------|--------|
| Contributed capital account           |   | Ps.6,719,278 |   |   | Ps.6,436,090 |   |
| Net taxable income account            |   |         | 53,025 |   |         |   | 69,458 |   |
| Reinvested net taxable income account |   |         | -      |   |         |   | 36,962 |   |
| Total                                 |   | Ps.6,772,303 |   |   | Ps.6,542,510 |   |

| 12. | Foreign currency balances and transactions |
|-----|--------------------------------------------|

|                        |   | 2010         |    |   | 2009        |   |
|-----------------------------|--------|--------------|---------|--------|-------------|--------|
| Monetary assets             |   | $            | 734     |   |        | $      | 3,484 |   |
| Monetary liabilities        |   |         | (19,254 | )      |        |   | (9,412 | ) |
| Monetary asset position     |   | $            | (18,520 | )      |        | $      | (5,928 | ) |
| Equivalent in Mexican pesos |   | Ps.(229,255) |    |   | Ps.(77,795) |   |

|                                                    |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|---------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Technical assistance fee                                |   | $      | 3,850  |   |   | $      | 3,235  |   |   | $ | 4,063 |   |
| Payment of insurance policies                           |   |   | 1,329  |   |   |   | 1,249  |   |   |   | 1,347 |   |
| Payments for machinery and maintenance safety equipment |   |   | 13,623 |   |   |   | 2,881  |   |   |   | 4,780 |   |
| Professional services and fees                          |   |   | 1,365  |   |   |   | 1,498  |   |   |   | 684 |   |
| Purchase of land                                        |   |   | 8,330  |   |   |   | -      |   |   |   | 36,082 |   |
| Other                                                   |   |   | 1,438  |   |   |   | 2,866  |   |   |   | 583 |   |

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Table of Contents

|      |   | December 31, |        |
|-----------|--------|--------------|-------------|
|      |   | 2010         |        |   | 2009 |   |
|      |   | Purchase     |        |   | Sale |   |   | Purchase |   |   | Sale |   |
| Interbank |   |         | Ps. 12.3542 |   |   |   | Ps. 12.3792 |   |   |   | Ps. 13.0525 |   |   |   | Ps. 13.1040 |   |

|                                                         |   | 2010            |   |   | 2009            |   |
|--------------------------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|
| Accounts receivable – Empresas ICA, S.A.B. de C.V. (1) |   | Ps. 89,053 |   |   | Ps. 80,712 |   |
| Accounts payable:                                            |   |            |   |   |            |   |
| SETA (2)                                                     |   | Ps. 53,804 |   |   | Ps. 56,480 |   |
| Dividends payable to Aeroinvest, S.A. de C.V.                |   |            | 83,851 |   |            |   | 83,901 |   |
| Nacional Hispana Hoteles, S.R.L. de C.V. (3)                 |   |            | 33,541 |   |            |   | 24,053 |   |
| Ingenieros Civiles Asociados, S.A. de C.V. (4)               |   |            | 7,999  |   |            |   | 114,386 |   |
|                                                         |   | Ps.179,195      |   |   | Ps.278,820      |   |

|                                                          |   | 2010      |    |   | 2009            |   |    | 2008            |   |
|---------------------------------------------------------------|--------|-----------|---------|--------|-----------------|--------|---------|-----------------|--------|
| Expenses:                                                     |   |      |    |   |            |   |    |            |   |
| Technical assistance fees and related out-of-pocket costs (2) |   | Ps.47,567 |    |   | Ps. 51,710 |   |    | Ps. 55,604 |   |
| Administrative services provided by Grupo ICA, S.A. de C.V.   |   |      | -       |   |            |   | -       |            |   |   | 3,014 |   |
| Capital expenditures (4)                                      |   |      | 170,631 |   |            |   | 421,260 |            |   |   | 333,465 |   |

|   | (1) | The accounts receivable is related to ISR payments. |
|--------|-----|-----------------------------------------------------|

|   | (2) | The accounts payable to SETA include dividends of Ps.33,400 in 2010 and 2009, respectively. The expenses are related to the technical support service provided and travel expenses. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Loan received from NH Hotels to pay contractors related to the construction of the hotel located at the Mexico City International Airport Terminal 2. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | The expenditures for the year ended December 31, 2010 consist of Ps.3,974 for a platform constructed at the Mazatlán Airport, Ps.2,984 related to the construction of Terminal B at the Monterrey Airport, and Ps.1,041 for the construction of a runway at the Zihuatanejo Airport. The expenditures for the year ended December 31, 2009, consist of Ps.39,008 related to the construction of Terminal B at the Monterrey Airport, Ps.43,647 for the construction of the NH T2 Hotel, and Ps.31,731 for other construction services. The expenditures for the year ended December 31, 2008 refer to the construction of Terminal B and construction of the hotel. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                 |   | 2010   |      |   | 2009   |   |      | 2008   |   |
|--------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Short- and long-term direct benefits |   |   | Ps.49,615 |   |   |   | Ps.45,754 |   |   |   | Ps.48,964 |   |

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Table of Contents

| 14. | Other income (expenses) – net |
|-----|-------------------------------------|

|                                               |   | 2010        |   |   | 2009             |   |   | 2008             |   |
|----------------------------------------------------|--------|-------------|--------|--------|------------------|--------|--------|------------------|--------|
| Statutory employee profit sharing – current  |   | Ps. (3,501) |   |   | Ps. (1,321) |   |   | Ps. (2,626) |   |
| Statutory employee profit sharing – deferred |   |        | -      |   |             |   | -      |             |   |   | 104,230 |   |
| Other income (expenses)                            |   |        | 411    |   |             |   | 11,372 |             |   |   | 3,188 |   |
|                                               |   | Ps. (3,090) |   |   | Ps. 10,051  |   |   | Ps.104,792       |   |

| 15. | Taxes on income |
|-----|-----------------|

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Table of Contents

|     |   | 2010            |     |   | 2009            |   |    | 2008        |   |
|----------|--------|-----------------|----------|--------|-----------------|--------|---------|-------------|--------|
| Current: |   |            |     |   |            |   |    |        |   |
| ISR      |   | Ps. 90,883 |     |   | Ps. 88,455 |   |    | Ps. 180,504 |   |
| IETU     |   |            | 4,304    |   |            |   | 19,214  |        |   |   | 5,385 |   |
| Deferred |   |            | (247,419 | )      |            |   | (29,884 | )           |   |   | 53,017 |   |
|     |   | Ps. (152,232)   |     |   | Ps. 77,785 |   |    | Ps. 238,906 |   |

|                                                                                                                                          |   | 2010%  |   |   | 2009%  |   |   | 2008%  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Statutory rate                                                                                                                                |   |   | 30.00  |   |   |   | 28.00  |   |   |   | 28.00 |   |
| Effect of permanent differences, mainly non-deductible expenses, restatement of taxes and effects of inflation for financial and tax purposes |   |   | (6.18  | )      |   |   | (14.77 | )      |   |   | (9.18 | ) |
| Effect of change in projections                                                                                                               |   |   | (61.90 | )      |   |   | -      |   |   |   | - |   |
| Effect of deferred IETU liability                                                                                                             |   |   | -      |   |   |   | 0.98   |   |   |   | 11.78 |   |
| Effective rate                                                                                                                                |   |   | (38.08 | )      |   |   | 14.21  |   |   |   | 30.60 |   |

|                                                                                       |   | 2010   |       |   | 2009   |   |
|--------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                                                       |   |   |       |   |   |   |
| Labor obligations and allowance                                                            |   | $      | 71,153     |   |   | $      | 21,866 |   |
| Investment in airport concessions, land, machinery and equipment                           |   |   | (1,467,306 | )      |   |   | (1,502,918 | ) |
| Tax loss carryforwards                                                                     |   |   | 795,755    |   |   |   | 851,083 |   |
| Recoverable tax on assets                                                                  |   |   | 254,209    |   |   |   | 243,488 |   |
| IETU credits                                                                               |   |   | 495,903    |   |   |   | 380,480 |   |
| Valuation allowance for tax loss carryforwards, IETU credits and recoverable tax on assets |   |   | (1,009,303 | )      |   |   | (1,102,097 | ) |
| Total deferred tax                                                                         |   | $      | (859,589   | )      |   | $      | (1,108,098 | ) |

| Year of origin |   | Tax loss carryforwards |    |
|----------------|--------|------------------------|---------|
| 1999           |   | Ps. 29,054        |    |
| 2000           |   |                   | 241,923 |   |
| 2001           |   |                   | 502,479 |   |
| 2002           |   |                   | 680,725 |   |
| 2003           |   |                   | 573,452 |   |
| 2004           |   |                   | 495,336 |   |
| 2005           |   |                   | 54,895  |   |
| 2006           |   |                   | 77,589  |   |
| 2008           |   |                   | 76,918  |   |
| 2009           |   |                   | 56,782  |   |
| 2010           |   |                   | 52,832  |   |
|           |   | Ps.2,841,985           |    |

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Table of Contents

| Year of expiration |   | Recoverable tax on assets |   |
|--------------------|--------|---------------------------|--------|
| 2012               |   | Ps. 80,732           |   |
| 2013               |   |                      | 72,357 |   |
| 2014               |   |                      | 63,285 |   |
| 2015               |   |                      | 17,524 |   |
| 2016               |   |                      | 9,652  |   |
| 2017               |   |                      | 10,659 |   |
|               |   | Ps. 254,209               |   |

| 16. | Contingencies |
|-----|---------------|

|   | a. | Lawsuit against Aeropuerto de Ciudad Juárez, S. A. de C. V., filed on November 15, 1995, claiming for the recovery of a portion of the lands (240 hectares) where the International Airport of Ciudad Juárez is located, as they believe the lands were transferred to the Mexican government incorrectly. The plaintiff demands the payment of 120 million U.S. dollars (Ps.1,485,576) for the failure to recover in its favor the land allocated to an airport. In May 2005, the Courtroom of Appeals ordered Aeropuerto de Ciudad Juárez, S. A. de C. V. to return such lands.  A writ of relief was filed against such verdict, which was granted for the Courtroom of Appeals to analyze again certain evidence, and based thereon, it issued a new verdict. On November 8, 2007, the Courtroom of Appeals issued a verdict whereby it stated the verdict was null and void. The plaintiffs filed a writ of injunction, which was granted, in order to continue the trial before the representative of the Federal Government. The SCT appeared at the trial, responding to the complaint and requesting the incompetence of the Common Law Court that knows the trial, intending that the trial be resolved by a Federal Judge. On May 11, 2010, the Courtroom declared the incompetence proposed by the SCT applicable, determining the Federal Courts competent to oversee and resolve the trial. As a result of the verdict, on June 2, 2010, the plaintiffs filed a writ of relief with the First District Court in the State of Chihuahua, which, through the verdict dated November 10, 2010, confirmed the verdict. The plaintiff filed a motion of review against such verdict on November 29, 2010, which will be resolved by a Circuit Appeals Court. Such resolution has not been resolved. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | There are administrative procedure executions against Aeropuerto de Reynosa, S. A. de C. V., Aeropuerto de Zihuatanejo, S. A. de C. V., Aeropuerto de Tampico, S. A. de C. V and Aeropuerto de Ciudad Juárez, S. A. de C. V., to settle tax liabilities for property tax. The liabilities restated as of December 2009 amount to Ps.59,500; Ps.2,800, Ps.1,020 and Ps.1,800, respectively (approximate amounts). Writs of relief were filed against such settlements. In January, February and March 2009, the liabilities were declared null and void by the Administrative Court for the Airports of Zihuatanejo, Tampico and Ciudad Juárez, respectively. In November 2009, the Municipality of Ciudad Juárez required again the payment from the Airport of Ciudad Juárez, indicating the existence of a liability of Ps.7,500 against which an action for annulment was filed, which has not been resolved. In June 2010, the Municipality of Culiacán required the payment of the property tax from Aeropuerto de Culiacán, S. A. de C. V. of Ps.4,310, against which an action for annulment was filed with the Administrative-Law Court of the State of Sinaloa, and the trial has not been resolved. In October 2010, the Municipality of Zihuatanejo required from the Zihuatanejo Airport the payment of Ps.2,177, against which an action for annulment was filed with the Tax Court of the State of Guerrero, which has not been resolved. In February 2011, the Municipality of Reynosa required again the payment of property tax from Aeropuerto de Reynosa, S.A. de C.V. of Ps.117,600, against which an action for annulment will be filed again. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|   | c. | The Company determines PTU based on Section I of Article 10 of the Mexican Income Tax Law; however, the tax authorities and/or the employees may disagree with this treatment, in which case the Company will file the necessary appeals in order to continue calculating PTU using its current methodology. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | On November 5, 2009, the Local Tax Audit Administration of the Tax Administration Service in Acapulco conducted a direct audit of Aeropuerto de Acapulco, S. A. de C. V., and determined a tax liability of Ps.43,967 for supposed revenue omissions, excess deductions detected, surcharges and fines. The Company will file a motion for reconsideration against such determination.  The Company has not recorded any provision related to this claim as the probability of incurring a loss is remote. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | Commitments |
|-----|-------------|

|   | a. | As discussed in Note 13, the Company has executed a technical assistance and transfer-of-technology contract with SETA, which will be in effect for 15 years. Currently, the Company is required to pay the greater of the fixed $3,000 component or 5% of consolidated operating income (as defined in the contract) annually for such services.  Beginning in 2007, the fixed $3,000 component will be updated according to the consumer price index of the United States of America. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | In October 2008, the Company acquired the shares of Consorcio (see Note 1). As a result of the acquisition, the Company assumed the commitments set forth in the lease agreement signed with the Mexico City Airport for a 20-year period to construct, prepare and operate a hotel, and manage the commercial premises at Terminal 2 of the Mexico City International Airport, establishing a minimum guaranteed income (MGI) of Ps.18,453 annually as rent, plus a share of the 18% of the hotel’s gross income obtained. The MGI will be adjusted on an annual basis using the NCPI.  For the year ended December 31, 2010 the amount was Ps.22,073. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | Information by industry segments |
|-----|----------------------------------|

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Table of Contents

| December 31,  2010     |   | Monterrey    |      |   | Acapulco   |   |    | Mazatlán |   |   | Culiacán |   |   | Chihuahua  |    |   | Zihuatanejo |   |    | Other        |   |   | Eliminations   |   |   | Total        |       |
|----------------------------------|--------|--------------|-----------|--------|------------|--------|---------|---------------|--------|--------|---------------|--------|--------|------------|---------|--------|-------------|--------|---------|--------------|--------|--------|----------------|--------|--------|--------------|------------|
| Total revenues                   |   | Ps.1,109,412 |      |   | Ps.195,561 |   |    | Ps.214,502    |   |   | Ps.206,915    |   |   | Ps.179,870 |    |   | Ps.115,731  |   |    | Ps.2,515,532 |   |   | Ps.(1,886,074) |   |   | Ps.2,651,449 |       |
| Operating income                 |   |         | 37,123    |   |       |   | 4,758   |          |   |   | 9,722         |   |   |       | 8,852   |   |        |   | 8,113   |         |   |   | 4,657          |   |   |         | 754,725    |   |   |   | (356,779 | ) |   |   | 471,171 |   |
| Interest expenses - net          |   |         | (21,755   | )      |       |   | 13,289  |          |   |   | 18,651        |   |   |       | 3,241   |   |        |   | 9,765   |         |   |   | 3,649          |   |   |         | (98,137    | ) |   |   | 1,397 |   |   |   | (69,900 | ) |
| Income tax                       |   |         | (32,881   | )      |       |   | (29,019 | )             |   |   | (13,528       | )      |   |       | (46,232 | )      |        |   | (7,997  | )            |   |   | (46,578        | )      |   |         | 24,003     |   |   |   | - |   |   |   | (152,232 | ) |
| Total assets                     |   |         | 4,854,478 |   |       |   | 933,802 |          |   |   | 857,697       |   |   |       | 627,000 |   |        |   | 628,319 |         |   |   | 586,210        |   |   |         | 11,697,054 |   |   |   | (9,730,881 | ) |   |   | 10,453,679 |   |
| Total liabilities                |   |         | 1,128,715 |   |       |   | 123,581 |          |   |   | 107,139       |   |   |       | 89,525  |   |        |   | 95,345  |         |   |   | 52,866         |   |   |         | 2,107,347  |   |   |   | (1,096,248 | ) |   |   | 2,608,270 |   |
| Capital expenditures             |   |         | 170,051   |   |       |   | 88,192  |          |   |   | 109,124       |   |   |       | 78,679  |   |        |   | 87,225  |         |   |   | 50,065         |   |   |         | 158,786    |   |   |   | (46,633 | ) |   |   | 695,489 |   |
| Investment in airport concesions |   |         | 3,017,142 |   |       |   | 629,352 |          |   |   | 504,933       |   |   |       | 486,666 |   |        |   | 439,249 |         |   |   | 496,178        |   |   |         | 1,693,040  |   |   |   | - |   |   |   | 7,266,560 |   |
| Depreciation and amortization    |   |         | 115,532   |   |       |   | 49,577  |          |   |   | 33,973        |   |   |       | 27,193  |   |        |   | 25,360  |         |   |   | 36,867         |   |   |         | 181,170    |   |   |   | - |   |   |   | 469,672 |   |

| December 31, 2009                |   | Monterrey    |      |   | Acapulco   |   |    | Mazatlán |   |   | Culiacán |   |   | Chihuahua  |    |   | Zihuatanejo |   |    | Other        |   |   | Eliminations   |   |   | Total        |       |
|----------------------------------|--------|--------------|-----------|--------|------------|--------|---------|---------------|--------|--------|---------------|--------|--------|------------|---------|--------|-------------|--------|---------|--------------|--------|--------|----------------|--------|--------|--------------|------------|
| Total revenues                   |   | Ps.1,246,129 |      |   | Ps.173,327 |   |    | Ps.152,804    |   |   | Ps.165,435    |   |   | Ps.134,612 |    |   | Ps.138,538  |   |    | Ps.2,158,770 |   |   | Ps.(1,632,346) |   |   | Ps.2,537,269 |       |
| Operating income                 |   |         | 73,450    |   |       |   | 12,649  |          |   |   | 20,157        |   |   |       | 11,357  |   |        |   | 19,943  |         |   |   | 7,857          |   |   |         | 600,039    |   |   |   | (186,068 | ) |   |   | 559,384 |   |
| Interest expenses - net          |   |         | (6,045    | )      |       |   | 17,732  |          |   |   | 23,431        |   |   |       | 2,040   |   |        |   | 11,528  |         |   |   | 3,502          |   |   |         | (78,383    | ) |   |   | - |   |   |   | (26,195 | ) |
| Income tax                       |   |         | 11,810    |   |       |   | (1,369  | )             |   |   | 1,645         |   |   |       | (16     | )      |        |   | (604    | )            |   |   | 1,133          |   |   |         | 65,186     |   |   |   | - |   |   |   | 77,785 |   |
| Total assets                     |   |         | 4,885,854 |   |       |   | 890,176 |          |   |   | 800,162       |   |   |       | 574,229 |   |        |   | 589,015 |         |   |   | 575,977        |   |   |         | 11,070,664 |   |   |   | (9,109,399 | ) |   |   | 10,276,678 |   |
| Total liabilities                |   |         | 1,509,447 |   |       |   | 127,603 |          |   |   | 91,213        |   |   |       | 94,981  |   |        |   | 82,127  |         |   |   | 100,014        |   |   |         | 1,974,601  |   |   |   | (1,378,271 | ) |   |   | 2,601,715 |   |
| Capital expenditures             |   |         | 419,964   |   |       |   | 37,366  |          |   |   | 10,324        |   |   |       | 35,743  |   |        |   | 21,132  |         |   |   | 32,269         |   |   |         | 310,858    |   |   |   | - |   |   |   | 867,656 |   |
| Investment in airport concesions |   |         | 2,960,558 |   |       |   | 613,343 |          |   |   | 472,650       |   |   |       | 473,197 |   |        |   | 422,417 |         |   |   | 501,957        |   |   |         | 1,720,752  |   |   |   | - |   |   |   | 7,164,874 |   |
| Depreciation and amortization    |   |         | 101,089   |   |       |   | 48,810  |          |   |   | 33,279        |   |   |       | 26,197  |   |        |   | 24,358  |         |   |   | 30,500         |   |   |         | 147,657    |   |   |   | - |   |   |   | 411,890 |   |

| December 31, 2008                      |   | Monterrey    |      |   | Acapulco   |   |    | Mazatlán |   |   | Culiacán |   |   | Chihuahua  |    |   | Zihuatanejo |   |    | Other        |   |   | Eliminations   |   |   | Total        |       |
|----------------------------------------|--------|--------------|-----------|--------|------------|--------|---------|---------------|--------|--------|---------------|--------|--------|------------|---------|--------|-------------|--------|---------|--------------|--------|--------|----------------|--------|--------|--------------|------------|
| Total revenues                         |   | Ps.1,185,341 |      |   | Ps.179,581 |   |    | Ps.148,522    |   |   | Ps.154,716    |   |   | Ps.143,531 |    |   | Ps.107,599  |   |    | Ps.2,066,655 |   |   | Ps.(1,504,656) |   |   | Ps.2,481,289 |       |
| Operating income                       |   |         | 56,479    |   |       |   | 9,609   |          |   |   | 8,491         |   |   |       | 2,577   |   |        |   | 15,657  |         |   |   | 5,643          |   |   |         | 709,239    |   |   |   | (120,327 | ) |   |   | 687,368 |   |
| Interest income - net                  |   |         | 38,118    |   |       |   | 12,618  |          |   |   | 16,481        |   |   |       | 2,655   |   |        |   | 8,701   |         |   |   | 3,183          |   |   |         | (18,589    | ) |   |   | - |   |   |   | 63,167 |   |
| Income tax                             |   |         | 58,482    |   |       |   | 5,689   |          |   |   | 747           |   |   |       | 2,358   |   |        |   | 7,260   |         |   |   | 3,822          |   |   |         | 160,548    |   |   |   | - |   |   |   | 238,906 |   |
| Total assets                           |   |         | 4,699,129 |   |       |   | 859,262 |          |   |   | 791,498       |   |   |       | 565,413 |   |        |   | 555,556 |         |   |   | 565,718        |   |   |         | 10,366,875 |   |   |   | (8,543,619 | ) |   |   | 9,859,832 |   |
| Total liabilities                      |   |         | 1,384,797 |   |       |   | 129,040 |          |   |   | 124,798       |   |   |       | 99,490  |   |        |   | 80,919  |         |   |   | 100,262        |   |   |         | 1,584,684  |   |   |   | (1,173,918 | ) |   |   | 2,330,072 |   |
| Capital expenditures                   |   |         | 1,743,039 |   |       |   | 36,275  |          |   |   | 24,021        |   |   |       | 37,111  |   |        |   | 23,102  |         |   |   | 22,613         |   |   |         | 341,401    |   |   |   | - |   |   |   | 2,227,562 |   |
|  Investment in airport concesions |   |         | 2,723,142 |   |       |   | 624,383 |          |   |   | 492,430       |   |   |       | 481,295 |   |        |   | 426,699 |         |   |   | 498,153        |   |   |         | 1,708,913  |   |   |   | - |   |   |   | 6,955,015 |   |
| Depreciation and amortization          |   |         | 93,434    |   |       |   | 44,947  |          |   |   | 32,042        |   |   |       | 24,379  |   |        |   | 22,361  |         |   |   | 27,411         |   |   |         | 122,145    |   |   |   | - |   |   |   | 366,719 |   |

| 19. | Revenues (excluding Hotel and Construction Services) |
|-----|------------------------------------------------------|

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Table of Contents

|                                                                                                                                          |   | 2010             |    |   | 2009             |   |    | 2008             |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|------------------|--------|---------|------------------|--------|
| Aeronautical services                                                                                                                         |   |             |    |   |             |   |    |             |   |
| Airport services:                                                                                                                             |   |             |    |   |             |   |    |             |   |
| Landing                                                                                                                                       |   | Ps. 102,788 |    |   | Ps. 94,915  |   |    | Ps. 111,693 |   |
| Parking on embarking/disembarking platform                                                                                                    |   |             | 66,280  |   |             |   | 56,953  |             |   |   | 72,911 |   |
| Parking on extended stay or overnight platform                                                                                                |   |             | 21,831  |   |             |   | 19,031  |             |   |   | 22,293 |   |
| Aerocars and jetways                                                                                                                          |   |             | 19,014  |   |             |   | 17,172  |             |   |   | 23,847 |   |
| Passenger and carry-on baggage check, national and international                                                                              |   |             | 20,650  |   |             |   | 19,580  |             |   |   | 22,796 |   |
| Domestic passenger charges                                                                                                                    |   |             | 971,805 |   |             |   | 894,113 |             |   |   | 955,466 |   |
| International passenger charges                                                                                                               |   |             | 316,900 |   |             |   | 295,711 |             |   |   | 278,579 |   |
| Complementary services – Airport real estate services and  rights of access to other operators and complementary services (1) |   |             | 133,358 |   |             |   | 129,490 |             |   |   | 129,610 |   |
| Total aeronautical services revenues                                                                                                          |   | Ps.1,652,626     |    |   | Ps. 1,526,965    |   |    | Ps. 1,617,195    |   |
| Non-aeronautical services                                                                                                                     |   |             |    |   |             |   |    |             |   |   |   |   |
| Car parking charges                                                                                                                           |   | Ps. 110,725 |    |   | Ps. 104,465 |   |    | Ps. 112,694 |   |
| Commercial concessions  (1):                                                                                                        |   |             |    |   |             |   |    |             |   |   |   |   |
| Retail operations                                                                                                                             |   |             | 39,837  |   |             |   | 33,119  |             |   |   | 36,197 |   |
| Food and beverages                                                                                                                            |   |             | 32,790  |   |             |   | 28,777  |             |   |   | 35,001 |   |
| Duty free                                                                                                                                     |   |             | 11,083  |   |             |   | 10,950  |             |   |   | 13,567 |   |
| VIP lounges                                                                                                                                   |   |             | 42,348  |   |             |   | 39,917  |             |   |   | 36,644 |   |
| Financial services                                                                                                                            |   |             | 3,592   |   |             |   | 2,464   |             |   |   | 1,877 |   |
| Communications and networks                                                                                                                   |   |             | 3,034   |   |             |   | 4,361   |             |   |   | 4,350 |   |
| Car rentals                                                                                                                                   |   |             | 32,374  |   |             |   | 31,338  |             |   |   | 32,175 |   |
| Advertising                                                                                                                                   |   |             | 46,607  |   |             |   | 39,444  |             |   |   | 39,304 |   |
| Time share                                                                                                                                    |   |             | 15,611  |   |             |   | 18,081  |             |   |   | 18,068 |   |
| Complementary service providers                                                                                                               |   |             | 2,846   |   |             |   | 2,374   |             |   |   | 2,475 |   |
| Attention to passengers                                                                                                                       |   |             | 2,321   |   |             |   | 1,697   |             |   |   | - |   |
| Expense recovery                                                                                                                              |   |             | 22,779  |   |             |   | 20,086  |             |   |   | 20,777 |   |
| OMA freight                                                                                                                                   |   |             | 21,648  |   |             |   | 13,537  |             |   |   | 14,578 |   |
| Diversification                                                                                                                               |   |             | 348     |   |             |   | -       |             |   |   | - |   |
| Non-airport access fees                                                                                                                       |   |             | 4,031   |   |             |   | 3,391   |             |   |   | 3,574 |   |
| Total non-aeronautical services                                                                                                               |   | Ps. 391,974 |    |   | Ps. 354,001 |   |    | Ps. 371,281 |   |

|   | (1) | Non-aeronautical service revenues are earned based on the terms of Company’s operating lease agreements.  Lease agreements are based on either a monthly rent (which generally increases each year based on the INPC) or the greater of a monthly minimum guaranteed rent or a percentage of the lessee’s monthly revenues.  Monthly rent and minimum guaranteed rent earned on the Company’s operating lease agreements are included under the caption “Commercial concessions” above. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Year       |   | Amount     |    |
|------------|--------|------------|---------|
| 2011       |   | Ps.284,069 |    |
| 2012       |   |       | 146,943 |   |
| 2013       |   |       | 126,152 |   |
| 2014       |   |       | 100,815 |   |
| Thereafter |   |       | 139,545 |   |
| Total      |   | Ps.797,524 |    |

----

Table of Contents

| 20. | Cost of services |
|-----|------------------|

|                            |   | 2010        |    |   | 2009        |   |   | 2008        |   |
|---------------------------------|--------|-------------|---------|--------|-------------|--------|--------|-------------|--------|
| Employee cost                   |   | Ps. 137,426 |    |   | Ps. 121,206 |   |   | Ps. 169,798 |   |
| Maintenance                     |   |        | 61,249  |   |        |   | 63,177 |        |   |   | 54,020 |   |
| Safety, security and insurance  |   |        | 86,056  |   |        |   | 86,106 |        |   |   | 80,992 |   |
| Utilities                       |   |        | 115,876 |   |        |   | 99,225 |        |   |   | 112,793 |   |
| Real property leases            |   |        | 22,432  |   |        |   | 12,414 |        |   |   | 1,183 |   |
| Allowance for doubtful accounts |   |        | 174,451 |   |        |   | 14,454 |        |   |   | 33,524 |   |
| Hotel service cost              |   |        | 70,181  |   |        |   | 26,607 |        |   |   | - |   |
| Other                           |   |        | 5,961   |   |        |   | 24,379 |        |   |   | 54,904 |   |
|                            |   | Ps. 673,632 |    |   | Ps. 447,568 |   |   | Ps. 507,214 |   |

| 21. | Subsequent event |
|-----|------------------|

|   | a) | Effects of inflation – In accordance with IFRS, the effects of inflation are recognized when the inflation accumulated during the last three years approximates to or exceeds 100%. Given that the Mexican environment ceased to be hyperinflationary since 1999, the effects of inflation recorded up to 2007 were cancelled, except for the inflation included in certain items of property, machinery and equipment , for which the deemed cost exception (indexed cost) included in IFRS 1, “First-time Adoption of International Financial Reporting Standards,” was used. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | Amortization of the Concession Asset – In accordance with IFRS, the amortization of the concession asset is determined considering the term of the concession, which is 50 years. In accordance with MFRS, the amortization was determined based on the estimated useful life of the various components of the concession asset. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | Maintenance expenses – According to the policy adopted pursuant to IFRS, airport maintenance costs, which are approved in the Master Development Plan, are provisioned and recorded in results of operations.  In accordance with MFRS, such costs are capitalized as part of the asset as incurred. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| Balance Sheet                                         |   | NIF Amounts as of December 31, 2010 |      |   | Effect         |   |       | IFRS Amounts as of December 31, 2010 |   |
|-------------------------------------------------------|--------|-------------------------------------|-----------|--------|----------------|--------|------------|--------------------------------------|--------|
| Investment in concessions                             |   | Ps.7,266,560                        |      |   | Ps.(1,994,857) |   |       | Ps.5,271,703                         |   |
| Lands, buildings, machinery and equipment – net |   |                                | 2,310,848 |   |           |   | (224,229   | )                                    |   |   | 2,086,619 |   |
| Provisions                                            |   |                                | -         |   |           |   | 429,062    |                                 |   |   | 429,062 |   |
| Deferred taxes                                        |   |                                | 859,589   |   |           |   | (706,027   | )                                    |   |   | 153,562 |   |
| Stockholders’ equity                            |   |                                | 7,845,409 |   |           |   | (1,945,125 | )                                    |   |   | 5,900,284 |   |

| Statement of Income    |   | NIF Amounts as of December 31, 2010 |    |   | Effect            |   |    | IFRS Amounts as of December 31, 2010 |   |
|------------------------|--------|-------------------------------------|---------|--------|-------------------|--------|---------|--------------------------------------|--------|
| Revenues               |   | Ps.2,651,449                        |    |   | Ps. (76,997) |   |    | Ps.2,574,452                         |   |
| Income from operations |   |                                | 471,171 |   |              |   | 251,180 |                                 |   |   | 722,351 |   |
| Net income             |   |                                | 551,975 |   |              |   | 107,605 |                                 |   |   | 659,580 |   |

| 22. | Authorization for issuance of financial statements |
|-----|----------------------------------------------------|

| 23. | Differences between MFRS and U.S. GAAP |
|-----|----------------------------------------|

|                                                                                       |   | 2010       |     |   | 2009             |   |     | 2008             |   |
|--------------------------------------------------------------------------------------------|--------|------------|----------|--------|------------------|--------|----------|------------------|--------|
| Reconciliation of net income (loss):                                                       |   |       |     |   |             |   |     |             |   |
| Consolidated net income according to MFRS                                                  |   | Ps.551,975 |     |   | Ps. 469,524 |   |     | Ps. 541,803 |   |
| U.S. GAAP adjustments:                                                                     |   |       |     |   |             |   |     |             |   |
| (i)    Revenues from construction services                             |   |       | (507,026 | )      |             |   | (640,992 | )                |   |   | (492,813 | ) |
| (i)    Cost of construction                                            |   |       | 507,026  |   |             |   | 640,992  |             |   |   | 492,813 |   |
| (ii)    Amortization of assets under concession                        |   |       | 86,089   |   |             |   | 85,734   |             |   |   | 85,734 |   |
| (iii)   Amortization of airport concession                                  |   |       | 17,772   |   |             |   | 17,772   |             |   |   | 17,772 |   |
| (iv)  Depreciation of fixed assets recorded at predecessor cost  basis |   |       | -        |   |             |   | -        |             |   |   | (2,903 | ) |
| (v)  Deferred fees for technical assistance services                             |   |       | (11,000  | )      |             |   | (10,811  | )                |   |   | 30,696 |   |
| (vi)   Accrued vacation                                                     |   |       | -        |   |             |   | 9,055    |             |   |   | (2,817 | ) |
| (vii)  Provisions for seniority premiums and severance payments                  |   |       | 7,194    |   |             |   | 4,116    |             |   |   | (8,844 | ) |
| (viii) Deferred statutory employee profit sharing                                          |   |       | -        |   |             |   | -        |             |   |   | (104,230 | ) |
| Total U.S. GAAP adjustments before the effect of income taxes                              |   |       | 100,055  |   |             |   | 105,866  |             |   |   | 15,408 |   |
| (ix) Income taxes                                                                          |   |       | (85,377  | )      |             |   | (273,010 | )                |   |   | 456,243 |   |
| Consolidated net income according to U.S. GAAP                                             |   | Ps.566,653 |     |   | Ps. 302,380 |   |     | Ps.1,013,454     |   |

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Table of Contents

|                                                                            |   | 2010         |       |   | 2009         |   |
|---------------------------------------------------------------------------------|--------|--------------|------------|--------|--------------|--------|
| Reconciliation of stockholders’ equity:                                   |   |         |       |   |         |   |
| Consolidated stockholders’ equity according to MFRS                       |   | Ps.7,845,409 |       |   | Ps.7,674,963 |   |
| U.S. GAAP adjustments:                                                          |   |         |       |   |         |   |
| (iii)    Cost of assets under concession                    |   |         | (3,683,536 | )      |         |   | (3,683,547 | ) |
| (ii)    Accumulated amortization of assets under concession |   |         | 818,100    |   |         |   | 732,011 |   |
| (iii)   Amortized cost of airport concessions                    |   |         | (693,110   | )      |         |   | (710,882 | ) |
| (vii)   Provision for seniority premiums and severance payments  |   |         | (2,102     | )      |         |   | 5,015 |   |
| Total U.S. GAAP adjustments before the effect of income taxes                   |   |         | (3,560,648 | )      |         |   | (3,657,403 | ) |
| (ix) Income taxes                                                               |   |         | 983,543    |   |         |   | 1,058,479 |   |
| Consolidated stockholders’ equity according to U.S. GAAP                  |   | Ps.5,268,304 |       |   | Ps.5,076,039 |   |

|                                               |   | Common stock |   |   | Additional paid-in capital |   |   | Retained earnings |   |   | Reserve for repurchase of shares |   |   | Accumulated other comprehensive income |   |   | Noncontrolling interest |   |   | Total stockholders’ equity |   |
|----------------------------------------------------|--------|-------------------|--------|--------|----------------------------|--------|--------|------------------------|--------|--------|----------------------------------|--------|--------|----------------------------------------|--------|--------|-------------------------|--------|--------|----------------------------------|--------|
| Balances at January 1, 2009                        |   | Ps.1,756,617      |   |   | Ps.13,726                  |   |   | Ps.2,965,519           |   |   | Ps.333,186                       |   |   | Ps. 18,402                        |   |   | Ps. 1,159          |   |   | Ps.5,088,609                     |   |
| Dividends paid                                     |   |              | -      |   |                       |   | -      |                   |   |   | (400,000                         | )      |   |                                   | -      |   |                    |   | -      |                             |   |   | - |   |   |   | (400,000 | ) |
| Reissuance (reserve for repurchase) of shares, net |   |              | 47,888 |   |                       |   | -      |                   |   |   | -                                |   |   |                                   | 18,650 |   |                    |   | -      |                             |   |   | - |   |   |   | 66,538 |   |
| Deferred fees for technical assistance services    |   |              | -      |   |                       |   | 10,811 |                   |   |   | -                                |   |   |                                   | -      |   |                    |   | -      |                             |   |   | - |   |   |   | 10,811 |   |
| Contribution by noncontrolling interest            |   |              | -      |   |                       |   | -      |                   |   |   | -                                |   |   |                                   | -      |   |                    |   | -      |                             |   |   | 9,141 |   |   |   | 9,141 |   |
| Comprehensive income:                              |   |              |   |   |                       |   |   |                   |   |   |                             |   |   |                                   |   |   |                    |   |   |                             |   |   |   |   |   |   |   |   |
|      Net income           |   |              | -      |   |                       |   | -      |                   |   |   | 303,844                          |   |   |                                   | -      |   |                    |   | -      |                             |   |   | (1,464 | ) |   |   | 302,380 |   |
|      Labor obligations    |   |              | -      |   |                       |   | -      |                   |   |   | -                                |   |   |                                   | -      |   |                    |   | (1,440 | )                                |   |   |   |   |   |   | (1,440 | ) |
| Total comprehensive income                         |   |              | -      |   |                       |   | -      |                   |   |   | 303,844                          |   |   |                                   | -      |   |                    |   | (1,440 | )                                |   |   | (1,464 | ) |   |   | 300,940 |   |
|                                               |   |              |   |   |                       |   |   |                   |   |   |                             |   |   |                                   |   |   |                    |   |   |                             |   |   |   |   |   |   |   |   |
| Balances at December 31, 2009                      |   | Ps.1,804,505      |   |   | Ps. 24,537                 |   |   | Ps.2,869,363           |   |   | Ps.351,836                       |   |   | Ps. 16,962                        |   |   | Ps. 8,836               |   |   | Ps.5,076,039                     |   |
| Dividends paid                                     |   |              | -      |   |                       |   | -      |                   |   |   | (400,000                         | )      |   |                                   | -      |   |                    |   | -      |                             |   |   | - |   |   |   | (400,000 | ) |
| Reissuance (reserve for repurchase) of shares, net |   |              | 12,799 |   |                       |   | -      |                   |   |   | (48,165                          | )      |   |                                   | 53,838 |   |                    |   | -      |                             |   |   | - |   |   |   | 18,472 |   |
| Deferred fees for technical assistance services    |   |              | -      |   |                       |   | 11,000 |                   |   |   | -                                |   |   |                                   | -      |   |                    |   | -      |                             |   |   | - |   |   |   | 11,000 |   |
| Comprehensive income:                              |   |              |   |   |                       |   |   |                   |   |   |                             |   |   |                                   |   |   |                    |   |   |                             |   |   |   |   |   |   |   |   |
|      Net income           |   |              |   |   |                       |   |   |                   |   |   | 568,023                          |   |   |                                   |   |   |                    |   |   |                             |   |   | (1,370 | ) |   |   | 566,653 |   |
|      Labor obligations    |   |              | -      |   |                       |   | -      |                   |   |   | -                                |   |   |                                   | -      |   |                    |   | (3,860 | )                                |   |   | - |   |   |   | (3,860 | ) |
| Total comprehensive income                         |   |              | -      |   |                       |   | -      |                   |   |   | 568,023                          |   |   |                                   | -      |   |                    |   | (3,860 | )                                |   |   | (1,370 | ) |   |   | 562,793 |   |
| Balances at December 31, 2010                      |   | Ps.1,817,304      |   |   | Ps. 35,537                 |   |   | Ps.2,989,221           |   |   | Ps.405,674                       |   |   | Ps. 13,102                        |   |   | Ps. 7,466               |   |   | Ps.5,268,304                     |   |

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|                                                     |   | 2010             |      |   | 2009             |   |
|----------------------------------------------------------|--------|------------------|-----------|--------|------------------|--------|
| Assets                                                   |   |             |      |   |             |   |
| Current assets:                                          |   |             |      |   |             |   |
| Cash and cash equivalents                                |   | Ps. 312,838 |      |   | Ps. 267,734 |   |
| Other current assets                                     |   |             | 610,083   |   |             |   | 643,068 |   |
| Total current assets                                     |   |             | 922,921   |   |             |   | 910,802 |   |
| Property, machinery and equipment  – net |   |             | 2,310,848 |   |             |   | 2,183,613 |   |
| Investment in airport concessions – net            |   |             | 3,708,338 |   |             |   | 3,502,456 |   |
| Long-term deferred income taxes                          |   |             | 38,946    |   |             |   | - |   |
| Other assets – net                                 |   |             | 34,696    |   |             |   | 43,786 |   |
| Total                                                    |   | Ps.7,015,749     |      |   | Ps.6,640,657     |   |
|                                                     |   |             |      |   |             |   |   |   |
| Liabilities and stockholders’ equity:              |   |             |      |   |             |   |   |   |
| Current liabilities                                      |   | Ps.740,792       |      |   | Ps.1,037,603     |   |
| Long-term deferred income taxes                          |   |             | -         |   |             |   | 68,147 |   |
| Other long-term liabilities                              |   |             | 1,006,653 |   |             |   | 458,868 |   |
| Total liabilities                                        |   |             | 1,747,445 |   |             |   | 1,564,618 |   |
| Common stock                                             |   |             | 1,817,304 |   |             |   | 1,804,505 |   |
| Additional paid-in capital                               |   |             | 35,537    |   |             |   | 24,537 |   |
| Retained earnings                                        |   |             | 2,989,221 |   |             |   | 2,869,363 |   |
| Reserve for repurchase of shares                         |   |             | 405,674   |   |             |   | 351,836 |   |
| Accumulated other comprehensive income                   |   |             | 13,102    |   |             |   | 16,962 |   |
| Noncontrolling interest                                  |   |             | 7,466     |   |             |   | 8,836 |   |
| Total stockholders’ equity                         |   |             | 5,268,304 |   |             |   | 5,076,039 |   |
| Total liabilities and stockholders’ equity         |   | Ps.7,015,749     |      |   | Ps.6,640,657     |   |

|                                                                                        |   | 2010             |        |   | 2009             |   |        | 2008         |   |
|---------------------------------------------------------------------------------------------|--------|------------------|-------------|--------|------------------|--------|-------------|--------------|--------|
| Net revenues                                                                                |   | Ps.2,144,423     |        |   | Ps.1,896,277     |   |        | Ps.1,988,476 |   |
| Cost of operations:                                                                         |   |             |        |   |             |   |        |         |   |
| Cost of services                                                                            |   |             | 673,632     |   |             |   | 459,486     |         |   |   | 460,539 |   |
| General and administrative expenses                                                         |   |             | 372,120     |   |             |   | 306,148     |         |   |   | 328,350 |   |
| Concession taxes                                                                            |   |             | 103,067     |   |             |   | 94,756      |         |   |   | 101,642 |   |
| Technical assistance fees                                                                   |   |             | 58,567      |   |             |   | 62,521      |         |   |   | 24,908 |   |
| Depreciation and amortization                                                               |   |             | 365,811     |   |             |   | 308,116     |         |   |   | 266,031 |   |
| Statutory employee profit sharing                                                           |   |             | 3,501       |   |             |   | 1,321       |         |   |   | 2,626 |   |
| Total costs                                                                                 |   |             | 1,576,698   |   |             |   | 1,232,348   |         |   |   | 1,184,096 |   |
| Income from operations                                                                      |   |             | 567,725     |   |             |   | 663,929     |         |   |   | 804,380 |   |
| Net comprehensive financing loss                                                            |   |             | (68,338     | )      |             |   | (22,126     | )            |   |   | (11,451 | ) |
| Other income (expenses) – net                                                         |   |             | 411         |   |             |   | 11,372      |         |   |   | 3,188 |   |
| Income tax expense (benefit)                                                                |   |             | (66,855     | )      |             |   | 350,795     |         |   |   | (217,337 | ) |
| Consolidated net income                                                                     |   | Ps. 566,653 |        |   | Ps. 302,380 |   |        | Ps.1,013,454 |   |
| Weighted average number of common shares outstanding                                        |   |             | 398,967,756 |   |             |   | 394,934,855 |         |   |   | 396,284,313 |   |
| Weighted average number of common shares and common share equivalents (unless antidilutive) |   |             | 401,907,756 |   |             |   | 397,874,855 |         |   |   | 399,224,413 |   |
| Basic earnings per share (in Mexican pesos)                                                 |   |             | 1.4203      |   |             |   | 0.7656      |         |   |   | 2.5574 |   |
| Diluted earnings per share (in Mexican pesos)                                               |   |             | 1.4099      |   |             |   | 0.7600      |         |   |   | 2.5386 |   |

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|                                                 |   | Seniority PremiumBenefits |       |   | SeveranceBenefits |   |
|------------------------------------------------------|--------|---------------------------|------------|--------|-------------------|--------|
|                                                 |   | 2010                      |       |   | 2009              |   |   | 2010 |   |   | 2009 |   |
| Projected benefit obligation – unfunded status |   |                      | Ps. (5,341 | )      |              |   | Ps.(4,381 | ) |   |   | Ps. (26,289 | ) |   |   | Ps. (22,191 | ) |

|                                                                                               |   | Seniority Premium Benefits |             |   | Severance Benefits |   |            | Seniority Premium Benefits |   |   | Severance Benefits |   |
|----------------------------------------------------------------------------------------------------|--------|----------------------------|------------------|--------|--------------------|--------|-----------------|----------------------------|--------|--------|--------------------|--------|
|                                                                                               |   | 2010                       |             |   | 2010               |   |            | 2009                       |   |   | 2009               |   |
| Amounts recognized in accumulated other comprehensive income                                       |   |                       |             |   |               |   |            |                       |   |   |               |   |
| Prior service costs, net of deferred tax of Ps.4,522 and Ps. 4,550 for 2010 and 2009, respectively |   |                       | Ps. (15,074 | )      |               |   | Ps. -      |                       |   |   | Ps. (16,250   | )      |   |   | Ps. - |   |
| Actuarial net gain, net of deferred tax of Ps.937 and Ps.2,045 for 2010 and 2009, respectively     |   |                       | Ps. (1,336  | )      |               |   | Ps. (1,787 | )                          |   |   | Ps. (1,924    | )      |   |   | Ps. (5,380 | ) |
|                                                                                               |   |                       | Ps. (16,410 | )      |               |   | Ps. (1,787 | )                          |   |   | Ps. (18,174   | )      |   |   | Ps. (5,380 | ) |

|                                              |   | Seniority PremiumBenefits |   |   | SeveranceBenefits |   |
|---------------------------------------------------|--------|---------------------------|--------|--------|-------------------|--------|
|                                              |   | 2010                      |   |   | 2009              |   |   | 2010 |   |   | 2009 |   |
| Change in benefit obligation:                     |   |                      |   |   |              |   |   |   |   |   |   |   |
| Projected benefit obligation at beginning of year |   | Ps. (4,381)               |   |   | Ps. (3,621)       |   |   | Ps. (22,191) |   |   | Ps.(21,252) |   |
| Service cost                                      |   |                      | (551   | )      |              |   | (517 | ) |   |   | (2,018 | ) |   |   | (2,052 | ) |
| Interest cost                                     |   |                      | (354   | )      |              |   | (294 | ) |   |   | (1,728 | ) |   |   | (1,657 | ) |
| Actuarial loss                                    |   |                      | (459   | )      |              |   | (81 | ) |   |   | (3,174 | ) |   |   | (76 | ) |
| Benefits paid                                     |   |                      | 404    |   |              |   | 132 |   |   |   | 2,822 |   |   |   | 2,846 |   |
| Projected benefit obligation at end of year       |   | Ps. (5,341)               |   |   | Ps. (4,381)       |   |   | Ps. (26,289) |   |   | Ps.(22,191) |   |

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|                                                                 |   | Seniority PremiumBenefits |   |   | SeveranceBenefits |   |
|----------------------------------------------------------------------|--------|---------------------------|--------|--------|-------------------|--------|
|                                                                 |   | 2010                      |   |   | 2009              |   |   | 2010 |   |   | 2009 |   |
| Components of net periodic pension cost:                             |   |                      |   |   |              |   |   |   |   |   |   |   |
| Service costs                                                        |   | Ps. 551              |   |   | Ps. 517      |   |   | Ps.2,018 |   |   | Ps.2,052 |   |
| Interest costs                                                       |   |                      | 354    |   |              |   | 294 |   |   |   | 1,728 |   |   |   | 1,657 |   |
| Amortization of net actuarial (gain) or loss and prior service costs |   |                      | (1,305 | )      |              |   | (1,333 | ) |   |   | (419 | ) |   |   | (513 | ) |
| Net periodic pension cost                                            |   | Ps. (400)            |   |   | Ps. (522)    |   |   | Ps.3,327 |   |   | Ps.3,196 |   |

|                                                                                                      |   | Seniority PremiumBenefits |   |   | SeveranceBenefits |   |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------------|--------|--------|-------------------|--------|
|                                                                                                      |   | 2010                      |   |   | 2009              |   |   | 2010 |   |   | 2009 |   |
| Weighted-average assumptions used to determine benefit obligations at  December 31:             |   |                      |   |   |              |   |   |   |   |   |   |   |
| Discount rate                                                                                             |   |                      | 8.50%  |   |              |   | 8.00% |   |   |   | 8.50% |   |   |   | 8.00% |   |
| Rate of compensation increase                                                                             |   |                      | 5.50%  |   |              |   | 5.00% |   |   |   | 5.50% |   |   |   | 5.00% |   |
| Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: |   |                      |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Discount rate                                                                                             |   |                      | 7.97%  |   |              |   | 8.50% |   |   |   | 7.97% |   |   |   | 8.50% |   |
| Rate of compensation increase                                                                             |   |                      | 5.50%  |   |              |   | 5.50% |   |   |   | 5.50% |   |   |   | 5.50% |   |

|       |   | Seniority Premium Benefits |   |   | Severance Benefits |   |
|------------|--------|----------------------------|--------|--------|--------------------|--------|
| 2010       |   | Ps. 458               |   |   | Ps. 3,723     |   |
| 2011       |   |                       | 433    |   |               |   | 3,567 |   |
| 2012       |   |                       | 458    |   |               |   | 3,457 |   |
| 2013       |   |                       | 570    |   |               |   | 3,362 |   |
| 2014       |   |                       | 639    |   |               |   | 3,276 |   |
| Thereafter |   |                       | 3,969  |   |               |   | 15,131 |   |
|       |   | Ps. 6,527                  |   |   | Ps. 32,516    |   |

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| Reconciliation of deferred income taxes:                                  |   | 2010             |    |   | 2009              |   |
|---------------------------------------------------------------------------|--------|------------------|---------|--------|-------------------|--------|
| Deferred income tax liability under MFRS                                  |   | Ps. (859,589)    |    |   | Ps.(1,108,098)    |   |
| Effect of cost of airport concession and rights to use airport facilities |   |             | 979,583 |   |              |   | 587,535 |   |
| Effect of fixed assets acquired                                           |   |             | (9,894  | )      |              |   | 277,490 |   |
| Tax loss carryforwards                                                    |   |             | -       |   |              |   | 471,514 |   |
| IETU Tax credits                                                          |   |             | -       |   |              |   | (274,722 | ) |
| Other                                                                     |   |             | 10,192  |   |              |   | 4,531 |   |
| Total U.S. GAAP adjustments to net deferred income tax liability          |   |             | 979,881 |   |              |   | 1,066,348 |   |
| Net deferred income tax asset (liability) under U.S. GAAP                 |   | Ps. 120,292 |    |   | Ps. (41,750) |   |

|                                                                                           |   | 2010            |       |   | 2009            |   |
|------------------------------------------------------------------------------------------------|--------|-----------------|------------|--------|-----------------|--------|
| Assets:                                                                                        |   |            |       |   |            |   |
| Provisions                                                                                     |   | Ps. 83,888 |       |   | Ps. 41,853 |   |
| Advances from customers                                                                        |   |            | -          |   |            |   | 317 |   |
| Total current assets                                                                           |   |            | 83,888     |   |            |   | 42,170 |   |
| Liabilities:                                                                                   |   |            |       |   |            |   |   |   |
| Other liabilities                                                                              |   |            | (2,542     | )      |            |   | (15,773 | ) |
| Net current deferred  tax asset  (liability)                               |   | Ps. 81,346 |       |   | Ps. 26,397 |   |
|                                                                                           |   |            |       |   |            |   |   |   |
| Non-current assets (liabilities):                                                              |   |            |       |   |            |   |   |   |
| Assets:                                                                                        |   |            |       |   |            |   |   |   |
| IETU tax credits                                                                               |   | Ps. 495,903     |       |   | Ps. 9,286  |   |
| ISR tax loss carryforwards                                                                     |   |            | 795,755    |   |            |   | 847,343 |   |
| Recoverable tax on assets                                                                      |   |            | 254,209    |   |            |   | 243,488 |   |
| Valuation allowance for tax loss carryforwards, IETU tax credits and recoverable tax on assets |   |            | (1,009,303 | )      |            |   | (608,667 | ) |
| Total non-current assets                                                                       |   |            | 536,564    |   |            |   | 491,450 |   |
|                                                                                           |   |            |       |   |            |   |   |   |
| Liabilities:                                                                                   |   |            |       |   |            |   |   |   |
| Airport concessions and assets under concession                                                |   |            | (199,238   | )      |            |   | (192,900 | ) |
| Property, real estate, machinery, equipment and improvements to concessioned properties        |   |            | (298,380   | )      |            |   | (366,697 | ) |
| Total non-current liabilities                                                                  |   |            | (497,618   | )      |            |   | (559,597 | ) |
| Net non-current deferred income tax asset (liability)                                          |   | Ps. 120,292     |       |   | Ps. (41,750)    |   |

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|                                                 |   | 2010             |        |   | 2009             |   |        | 2008            |   |
|------------------------------------------------------|--------|------------------|-------------|--------|------------------|--------|-------------|-----------------|--------|
| Numerator                                            |   |             |        |   |             |   |        |            |   |
| Net income under U.S. GAAP                           |   | Ps. 566,653 |        |   | Ps. 302,380 |   |        | Ps. 1,013,454   |   |
| Denominator (share amounts)                          |   |             |        |   |             |   |        |            |   |
| Weighted average number of common shares outstanding |   |             | 398,967,756 |   |             |   | 394,934,855 |            |   |   | 396,284,313 |   |
| Dilutive effects of forfeitable shares               |   |             | 2,940,000   |   |             |   | 2,940,000   |            |   |   | 2,940,000 |   |
| Total potential dilutive shares                      |   |             | 401,907,756 |   |             |   | 397,874,855 |            |   |   | 399,224,313 |   |
| Basic earnings per share                             |   | Ps. 1.4203  |        |   | Ps. 0.7656  |   |        | Ps. 2.5574 |   |
| Diluted earnings per share                           |   | Ps. 1.4099  |        |   | Ps. 0.7600  |   |        | Ps. 2.5386 |   |

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|                                                                                                  |   | 2010        |     |   | 2009        |   |     | 2008             |   |
|-------------------------------------------------------------------------------------------------------|--------|-------------|----------|--------|-------------|--------|----------|------------------|--------|
| Cash flows from operating activities:                                                                 |   |        |     |   |        |   |     |             |   |
| Consolidated net income                                                                               |   | Ps. 566,653 |     |   | Ps. 302,380 |   |     | Ps.1,013,454     |   |
| Adjustments to reconcile net income to cash provided by operating activities:                         |   |        |     |   |        |   |     |             |   |
| Depreciation and amortization                                                                         |   |        | 365,811  |   |        |   | 308,116  |             |   |   | 266,031 |   |
| Deferred fees for technical assistance services                                                       |   |        | 11,000   |   |        |   | 10,811   |             |   |   | (29,596 | ) |
| Bad debt expense                                                                                      |   |        | 174,451  |   |        |   | 14,455   |             |   |   | 33,523 |   |
| Provisions for seniority premium and severance benefits                                               |   |        | (2,146   | )      |        |   | 4,439    |             |   |   | (9,552 | ) |
| Unrealized exchange loss                                                                              |   |        | -        |   |        |   | (5,119   | )                |   |   | 67,835 |   |
| Deferred income tax                                                                                   |   |        | (163,642 | )      |        |   | 236,530  |             |   |   | (403,227 | ) |
| Changes in operating assets and liabilities:                                                          |   |        |     |   |        |   |     |             |   |   |   |   |
| Accounts receivable                                                                                   |   |        | 14,343   |   |        |   | (49,126  | )                |   |   | (161,488 | ) |
| Recoverable taxes                                                                                     |   |        | (78,212  | )      |        |   | (30,742  | )                |   |   | (222,913 | ) |
| Other current assets                                                                                  |   |        | 1,357    |   |        |   | 9,874    |             |   |   | 2,387 |   |
| Accounts payable and other accruals                                                                   |   |        | (232,784 | )      |        |   | (239,906 | )                |   |   | 89,113 |   |
| Accounts payable to related parties                                                                   |   |        | (115,914 | )      |        |   | (125,437 | )                |   |   | 158,101 |   |
| Advances from customers                                                                               |   |        | (871     | )      |        |   | (2,873   | )                |   |   | 1,666 |   |
| Statutory employee profit sharing                                                                     |   |        | 1,138    |   |        |   | (442     | )                |   |   | (6,509 | ) |
| Guarantee deposits                                                                                    |   |        | (401     | )      |        |   | (1,203   | )                |   |   | 984 |   |
| Net cash provided by operating activities                                                             |   |        | 540,783  |   |        |   | 431,757  |             |   |   | 799,809 |   |
| Cash flows from investing activities:                                                                 |   |        |     |   |        |   |     |             |   |   |   |   |
| Acquisitions of property, machinery, equipment and improvements to concessioned properties            |   |        | (550,499 | )      |        |   | (615,369 | )                |   |   | (1,933,874 | ) |
| Other investing activities                                                                            |   |        | 6,087    |   |        |   | (3,858   | )                |   |   | (14,519 | ) |
| Net cash used in investing activities                                                                 |   |        | (544,412 | )      |        |   | (619,227 | )                |   |   | (1,948,393 | ) |
| Cash flows from financing activities:                                                                 |   |        |     |   |        |   |     |             |   |   |   |   |
| Proceeds from short term debt                                                                         |   |        | (195,217 | )      |        |   | 72,194   |             |   |   | 130,863 |   |
| Proceeds from long term debt                                                                          |   |        | 624,406  |   |        |   | 470,589  |             |   |   | - |   |
| Dividends paid                                                                                        |   |        | (398,927 | )      |        |   | (411,537 | )                |   |   | (428,218 | ) |
| Reissuance (repurchase) of shares                                                                     |   |        | 18,471   |   |        |   | 66,538   |             |   |   | (53,345 | ) |
| Net cash provided by (used in) financing activities                                                   |   |        | 48,733   |   |        |   | 197,784  |             |   |   | (350,700 | ) |
| Net increase (decrease) in cash and cash equivalents                                                  |   |        | 45,104   |   |        |   | 10,314   |             |   |   | (1,499,284 | ) |
| Cash and cash equivalents at beginning of the year                                                    |   |        | 267,734  |   |        |   | 257,420  |             |   |   | 1,756,704 |   |
| Cash and cash equivalents at end of the year                                                          |   | Ps. 312,838 |     |   | Ps. 267,734 |   |     | Ps. 257,420 |   |
| Cash paid for:                                                                                        |   |        |     |   |        |   |     |             |   |   |   |   |
|                                                                                                  |   |        |     |   |        |   |     |             |   |   |   |   |
| Income taxes                                                                                          |   | Ps.141,117  |     |   | Ps. 318,346 |   |     | Ps. 289,188      |   |
|                                                                                                  |   |        |     |   |        |   |     |             |   |   |   |   |
| Supplemental schedule of noncash investing activities:                                                |   |        |     |   |        |   |     |             |   |   |   |   |
| Acquisitions of property, machinery, equipment and improvements to concessioned properties on account |   | Ps.144,990  |     |   | Ps. 251,349 |   |     | Ps.452,690       |   |

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| Description                     |   | Balance at   beginning ofthe year     |    |   | Additions chargedto costs           and expenses      |   |    | Inflationeffects   |   |   | Deductions        |   |   | Balance atthe end of  the year   |   |
|---------------------------------|--------|---------------------------------------------------------------------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------|--------|---------|------------------------------|--------|--------|-------------------|--------|--------|-------------------------------------------------|--------|
| Allowance for doubtful accounts |   |                                                                |    |   |                                                                                                                        |   |    |                         |   |   |              |   |   |                                            |   |
| 2010                            |   | Ps.52,160                                                           |    |   | Ps.174,451                                                                                                                  |   |    | Ps. -                        |   |   | Ps. (10,066) |   |   | Ps.216,545                                      |   |
| 2009                            |   |                                                                | 38,433  |   |                                                                                                                        |   | 14,455  |                         |   |   | -                 |   |   |                                            | (728   | ) |   |   | 52,160 |   |
| 2008                            |   |                                                                | 9,294   |   |                                                                                                                        |   | 33,523  |                         |   |   | -                 |   |   |                                            | (4,384 | ) |   |   | 38,433 |   |
| Valuation allowance             |   |                                                                |    |   |                                                                                                                        |   |    |                         |   |   |              |   |   |                                            |   |   |   |   |   |   |
| 2010                            |   |                                                                | 608,667 |   |                                                                                                                        |   | 400,636 |                         |   |   |              |   |   |                                            |   |   |   |   | 1,009,303 |   |
| 2009                            |   |                                                                | 493,498 |   |                                                                                                                        |   | 115,169 |                         |   |   |              |   |   |                                            |   |   |   |   | 608,667 |   |

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