### August 20, 2012 

# Luis Muñoz Marín International Airport1 

# Overview of Public

- Private Partnership

Who We Are

Our Experience

Our Leadership

Public Benefits

PRPA Benefits

SJU Challenges

Aerostar’s Vision for SJU

Financing2 

# Who We Are

Supported by an experienced team of advisors Aerostar Airport Holdings LLC (“Aerostar”) is a 50/50 joint venture between Grupo Aeroportuario del

Sureste (“ASUR”; NYSE:ASR ) and Highstar Capital

# Our Experience

• Based in New York

• Proven and disciplined infrastructure investor founded

in 1998

– Over $1.4bn to invest, not including significant co

investment capacity from Highstar limited partners

• Owns LCY, one of the UK’s leading business airports

• Award

- winning PPP with Ports America Chesapeake and the Port of Baltimore at the Seagirt Marine

Terminal

– Seagirt expansion completed capital improvements totaling $105mm including dredging, wharf and

berth construction

• Board level management of over £70 million in capital projects at London City Airport

– Capital projects include central search expansion project, terminal re

- configuration and four

additional stands • Operates, maintains and develops nine airports in the southeast region of Mexico, including CUN

– First Mexican airport group to be privatized in December 1998 by way of minority sale and IPO in 2000

– CUN has been ranked #1 airport in passenger satisfaction in Latin America and the Caribbean region by

ACI from 2009

- 2011

– In 2011, CUN was ranked #2 worldwide for airports with

5- 15 million passengers by ACI

– CUN went from 39 airlines to 120 airlines in 12 years (1999

- 2011)

• In 2011, ASUR served a total of 17.5 million passengers (59% international)

• ASUR has developed an excellent operating record

– Consistently grown its airport passenger traffic, achieving a historical passenger traffic growth rate of 4.3%

between 1999 and 2011 Extensive experience in airport management and Public

- Private Partnerships, including Canc ún International Airport (CUN) and London City Airport (LCY)4 

### Aerostar Airport Holdings

• Adolfo Castro – CEO, ASUR

• Emmett McCann – Managing Director, Highstar Capital

SJU Airport Transition Team

• Agustín Arellano
– Chief Executive Officer

• Brent Tasugi
– Interim Chief Financial Officer

• Andy Vasey – Chief Development Officer

• Carlos Trueba Coll – Chief Operating Officer

• Manuel Gutiérrez – Chief Commercial Officer 

# Our Leadership

The Aerostar transition executive team is widely experienced in airport operations and public private partnerships

# Public Benefits

• Revamped terminal space and concessions will highlight local character

o Featuring local businesses and concessions

o Wi

- fi , state

- of

- art concession areas and layout

• Greater efficiencies in terminal layout will lower costs, reduce environmental footprint, and shorten wait

- times for passengers

• Lower airport costs and track record of encouraging more service from incumbents and attracting new entrants will spur competition, with service and

fare benefits

• Will help promote San Juan as a leading gateway and leisure destination New professional management team will deliver best

- in

- class service for airport

passengers

# Benefits to the PRPA

• Expected total invested proceeds of $679M

o Upfront Payment to PRPA of $615M

o $6M to the Puerto Rico Air Travel Promotion and Support Fund

• Over $550M (est.) in annual payments and revenue sharing to PRPA

• Nearly $1.4B (est.) in capital expenditures

• Creation of jobs and new infrastructure development in Puerto Rico In total, the lease of SJU Airport will provide the PRPA and the Commonwealth of Puerto Rico approximately $2.6 billion in total value over the life of the lease7 

# Key Issues at SJU

Airfield and Terminal Improvements Needed

• Urgent need to upgrade basic infrastructure

Underutilized Terminal and Gate Space

• Layout does not optimize operations and passenger flows across SJU’s most modern terminals (A, B, and C)

• Limited passenger processing capacity in

Terminals B & C

• Congested check- in areas; unintuitive way

finding

• Long TSA queues at peak times across multiple checkpoints

Food, Beverage & Retail Concessions

• Current program not maximized due to poor mix and unfavorably structured agreements SJU Airport
– Extensive Roof and Ceiling Damage, Poor Processing 

### Aerostar and its advisors have identified a number of critical challenges at SJU that need to be addressed for the benefit of all stakeholders that utilize the airport8 

### Transform SJU into a world -class international airport

Become the leading airport in the Caribbean in terms of passenger volume and

customer satisfaction

Create and maintain the facilities and infrastructure necessary to maximize service quality and security

Build a lasting and iconic airport that will become the gateway to the Puerto Rico

economy

Create high

- quality, well

- paying jobs and spur business and tourist growth for

decades to come 

# Aerostar’s Vision for SJU Airport

Aerostar will work closely with all stakeholders and the traveling public to realize this exciting vision for SJU 

### Aerostar has developed a new vision for the airport9 

### Consolidate terminal space to optimize passenger experience and efficiency

Expand and enhance security screening capabilities

Provide higher level of passenger amenities

through centralized concessions located after

TSA checkpoint

Upgrade GA experience 

# Aerostar’s Vision for SJU Airport (Cont’d)

Terminal A – Brand New Terminal B - Renovated10 Refurbished Terminal Area 

# Aerostar’s Vision for SJU Airport (Cont’d)11 

### Highstar Capital has worked hard to put forward and arrange stable and ample sources of funding to ensure financial success

Debt financing - $350M investment grade bonds

$265 million of equity from ASUR and Highstar to Aerostar to fund the upfront
payment

Backed by binding commitments from leading financial institutions, including RBC, UBS, and First Bank

PFCs & AIP funds to be used in combination with airport and Aerostar funding for capital improvements 

# Financing and Revenue Plan: Overview12 

## Aerostar intends to use AIP funding and TSA grants and to apply for authority to impose and use PFCs to fund eligible projects, including:

• Extension of RSA for RWY 8/26

• Reconstruction and rehabilitation of certain taxiways

• Expansion of certain taxiways

• Upgrade security fences and access roads

• Capacity enhancement of Terminals A, B, and C

• Acquisition of land and mitigation of environmental impacts

• Updated 10 -Year Master Plan

• Inline baggage system security 

# Financing and Revenue Plan: AIP , TSA & PFC FundingActivity Award Financial/ Operational Close Turnover +3 months Turnover +6 months Turnover +12 months Transition Executive Management Team in Place

FAA Review and Approval of Final Application

Contract Negotiation and Award for Service Providers

Executive Recruiting for Full

- Time Airport Management

Staff Interviews for Full

- Time Airport Management

Staff Networking with Local Businesses

Specialty Management for New Airport Systems

Transition of Staff and Creation of New Departments

Stakeholder Engagement (FAA, TSA, CBP , USDA, etc ) (ongoing)

Airline Engagement (Airport Affairs, Tech., Ops.) (ongoing)

Procurement for Initial Capital Projects

**Capacity Enhancement Program:** Project Definition

Terminal B/C Program (ongoing)

Terminal A Program (ongoing)

13 

# Transition Plan Summary14 Future Vibrant New Lobby Area 

# A New SJU Airport to Reflect Puerto Rico’s Welcoming Spirit and Unique Culture