Document:

Exhibit 4.5

 

	 	“2012 – Year of Homage to Dr. D. MANUEL BELGRANO”

 

NOTICE

 

BUENOS AIRES, NOVEMBER 7, 2012

 

To

AEROPUERTOS ARGENTINA
2000 S A

Mr. Máximo
BOMCHIL

Honduras 5663
- 2o Floor

FEDERAL CAPITAL

 

The purpose of this
notice is to inform you about the issuance of Resolution No 115, dated on November 5, 2012, by the ORGANISMO
REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which provides as follows in Article 1: “To approve the Review of
the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) as of December 31, 2010 ─ attached herewith as Annex
I ─ pursuant to the provisions of Paragraph 29 of Part Four of the MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT,
ratified by Decree 1799/07, dated on December 4, 2007. According to this Review, it is necessary to rebalance the variables included
in the Projection by means of a rate variation of FOURTEEN POINT SIX PERCENT (14.6%) for the INTERNATIONAL and REGIONAL AIRPORT
TERMINAL USAGE FEE both for First and Second Category Airports and of FOURTEEN POINT THREE PERCENT (14.3%) for the DOMESTIC AIRPORT
TERMINAL USAGE FEE, for all airport categories.” Article 2 of said Resolution provides as follows: “To uphold the provisions
of Resolution No. 10, dated on January 30, 2009 by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) about the
convenience and pertinence of making such discounts to international aeronautical charges so that the resulting charge is equal
to the charge that would be obtained by applying a THIRTY PERCENT discount (30%) over the fixed values in Annex II of the Memorandum
of Agreement, approved by Decree 1799/07, dated on December 4, 2007. Such discount shall be applied to those airlines that are
up to date with their payments.”

 

A
motion for reversal or a motion to appeal the review of the administrative act notified by these presents can be filed within the
term of TEN (10) and FIFTEEN (15) days respectively, as of the notification thereof, pursuant to the provisions of Articles 84
and 94 of the Regulations of Administrative Proceedings, Decree 1759/72 (as revised in 1991).

 

It is expressly stated
on the record that a duly certified copy of ORSNA Resolution No. 115/2012 is attached herewith, which has TWELVE (12) sheets of
paper with writing on both sides of the page.

 

You are hereby
duly notified.

 

	 	[Illegible signature]
	 	PATRICIO L. DUHALDE
	 	General Secretariat Unit
	 	O.R.S.N.A.

 

	 	Signature: [illegible]	 
	 	Clarification: Ana Lía De Oto	 
	 	Date: 11/08/2012	Time: 01:15 p.m.

 

Av. Corrientes 441 * C1043AAE * Buenos
Aires * Argentina * Ph: 4327-3328 / 4327-1046 * Fax: 4327-1340

 

     

    	 	“2012 – Year of Homage to Dr. D. MANUEL BELGRANO”

    

 

[Each page of this document
is duly initialized at the bottom, on the left.]

 

BUENOS AIRES, NOVEMBER 5, 2012

 

Having
reviewed File N° 200/2011 of the Registry of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), Decree No.
375, dated on April 24, 1997, ratified by Decree of Necessity and Urgency No. 842, dated on August 27, 1997; Decree No. 163, dated
on February 11, 1998; Decree No. 1799, dated on December 4, 2007; ORSNA Resolutions No. 111, dated on December 30, 2008; No. 9,
dated January 28, 2009; No. 10, dated January 30, 2009; No. 48, dated on September 10, 2010; No. 60, dated on October 14, 2010;
No. 125, dated on December 21, 2011 and No. 126, dated on December 21, 2011; and

 

WHEREAS:

 

The
abovementioned File deals with the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES
for the CONCESSION (FPIE), corresponding to the year 2010.

 

Paragraph
24.1 of the MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree No 1799/07 dated on December 4,
2007, establishes the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) for the
Concession for the 2006-2028 period.

 

Said
projection is shown in Annex V of the Memorandum of Agreement and consists of a breakdown of revenues and expenditures related
to the rendering of the services subject to the concession, including the investment obligation and the balance of the mutual claims
between the NATIONAL STATE and the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA.

 

The
Memorandum of Agreement states that ordinary and extraordinary reviews of the FINANCIAL
PROJECTION OF INCOME AND EXPENSES for the concession (FPIE) shall be carried out, when so required by circumstances.

 

     

    	 	“2012 – Year of Homage to Dr. D. MANUEL BELGRANO”

    

 

Paragraph
29 of the Memorandum of Agreement provides for an Annual Ordinary Review Mechanism of the FINANCIAL
PROJECTION OF INCOME AND EXPENSES for the concession (FPIE), with the purpose of verifying and keeping the balance between
the variables of the aforementioned projection.

 

The
aforementioned mechanism was submitted to the SECRETARIAT OF TRANSPORTATION under the umbrella of the former MINISTRY OF FEDERAL
PLANNING, PUBLIC INVESTMENT AND SERVICES through ORSNA Resolution No 111, dated on December 30, 2008, which states the necessary
methodology to achieve the rebalancing of the FINANCIAL PROJECTION OF INCOME AND EXPENSES
for the concession (FPIE).

 

The purpose of the
Review is to preserve the balance between the variables that are part of the Projection, in the understanding that the Concession
shall be in a situation of balance if revenues from airport charges for rendered services permit to recover, within the stipulated
term, and in the committed efficiency conditions, all costs associated to the rendering of such services, as well as to obtain
a given remuneration for the invested capital cost.

 

The purpose of the
Review is also to find formulas that allow to minimize the costs (productive efficiency), taking into account that this is one
of the problems of rate of return regulation.

 

Since the Memorandum
of Agreement became effective, this Regulating Body has carried out TWO (2) Reviews. The first one took place at the beginning
of 2009 and was temporary in nature. The resulting Rate Schedule was approved by ORSNA Resolution No. 10, dated January 30, 2009.

 

Later, the corresponding
Review for the 2009 period was performed. This was an extraordinary review, not in the sense defined in paragraph 9.6 of the Mechanisms,
but due to the fact that it involved a one-time a comprehensive assessment of the evolution of the different variables that are
part of the Projection, from January, 2006 to December 2009. The resulting Rate Schedule from such review was approved by ORSNA
Resolution No. 126, dated December 21, 2011, which is currently in effect.

 

     

    	 	“2012 – Year of Homage to Dr. D. MANUEL BELGRANO”

    

 

In order to carry
out the present Review, the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) analyzed the revenues of the Concessionaire
(both aeronautical and non-aeronautical revenues), the revenues from Cargo Terminal, Investments, Operating Expenses, Indexes,
as well as discounts to Airlines.

 

As regards Revenues,
it should be mentioned that accounting information for Aeronautical Revenues obtained by AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA
can be considered valid.

 

After receiving the
information, the ORSNA made the corresponding reconciliation and found out that commercial revenues for the First Semester amounted
to approximately THREE HUNDRED AND SEVENTY-EIGHT MILLION TWO HUNDRED AND NINETY-EIGHT THOUSAND EIGHT HUNDRED AND FORTY SIX PESOS
WITH 85/100 (ARS378,298,846.85), which accounted for a FORTY-SEVEN PERCENT (47%) of total revenues of the Concession.

 

Commercial revenues
for the Second Semester amounted to approximately EIGHT HUNDRED AND THIRTY-FIVE MILLION FIVE HUNDRED AND SEVENTY-FIVE THOUSAND
FIVE HUNDRED SEVENTY-NINE PESOS WITH 44/100 (ARS835,575,579.44), which accounted for a FORTY-EIGHT (48%) of total revenues of the
Concession.

 

As regards revenues
from the Cargo Terminal, it should be mentioned that such incorporation represented for AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA
in the Second Semester a billing for rendered services amounting to around THREE HUNDRED AND FORTY-FIVE MILLION FOUR HUNDRED THOUSAND
PESOS (ARS345,400,000).

 

Air cargo operating
expenses for the year 2010 amounted to approximately ONE HUNDRED AND TWENTY MILLION SEVEN HUNDRED THOUSAND PESOS (ARS120,700,000).
The tax component, mainly Income Tax, shall be added to this amount.

 

     

    	 	“2012 – Year of Homage to Dr. D. MANUEL BELGRANO”

    

 

As regards investments,
the amount entered in the Record of Investments for the year 2010 is THREE HUNDRED AND NINETY-ONE MILLION FOUR HUNDRED AND THIRTY
THOUSAND THREE HUNDRED AND FIFTY-THREE PESOS (ARS391,430,353).

 

At this time, the
ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) is analyzing an amount of approximately THIRTY MILLION PESOS (ARS30,000,000)
for “Reversible Situations”, which is the amount of investments informed by the Concessionaire AEROPUERTOS ARGENTINA
2000 SOCIEDAD ANÓNIMA as performed but which were not fully supported by the corresponding documentation, both technical
and economic, for the Regulating Body to be able to make a comprehensive assessment.

 

Likewise, there are
other amounts that the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has not considered an investment, within
the framework of the Record of Investments, such is the case of Consumable Expenses, Commercial Interests or Projects, which could
be reposted as expenses in the Financial Economic Equation if the Concessionaire so requires in the future.

 

No amounts informed
by AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA have been acknowledged under the denomination “Irreversible Situations”,
which are related, among other things, to expenses from other years, deducted to the amounts to be recorded.

 

At the date of the
comparison between the undertaken commitments by virtue of the Memorandum of Agreement for the five-year period (2006-2010) and
the performed commitments, there is a pending investment amount of around FIVE HUNDRED NINETY-ONE MILLION EIGHT HUNDRED AND SEVENTEEN
THOUSAND TWO HUNDRED PESOS (ARS591,817,200). This outstanding obligation shall be complied with at the end of the current year,
with no exception whatsoever.

 

Such amount, added
to the investment corresponding to the year 2012, by virtue of the Memorandum of Agreement, which amounts to TWO HUNDRED THIRTY-ONE
MILLION NINE HUNDRED AND THIRTY-TWO THOUSAND SEVEN HUNDRED PESOS (ARS231,932,700), amounts to an estimated investment for the year
2012 of EIGHT HUNDRED AND TWENTY-THREE MILLION SEVEN HUNDRED ANDFORTY-NINE THOUSAND NINE HUNDRED PESOS (ARS823,749,900) (this amount
does not include the value added tax (VAT), at values corresponding to December 2011.)

 

     

    	 	“2012 – Year of Homage to Dr. D. MANUEL BELGRANO”

    

 

As regards Operating
Expenses, several efficiency adjustments have been made, such as the so called “Type 1 adjustments”, consisting in
removing all expenses that are not directly related to the concession (expenses incurred by affiliated or controlled companies.)

 

For the purposes of
the current Review, Type-1 adjustments amounting to FOUR MILLION FIVE HUNDRED AND ONE THOUSAND ONE HUNDRED AND EIGHTY-ONE PESOS
(ARS4,501,181) were discounted from the revenues of the concession.

 

No compensation whatsoever
shall be applied to these amounts, which shall be fully covered by shareholders and not by the airport Concession.

 

As regards Type 2
adjustments, they are an incentive mechanism to help the company achieve airport service sustainability and efficiency goals in
a Concession subject to rate of return regulation. Adjustments affect mainly the following sub-accounts: Mobility Costs and Travel
Expenses, Banking Expenses, Mobile Phone (variable charge), Dispenser/vending machines and Cafeteria, Mail/courier services and
Freight Costs, Subscriptions, Pavements, Green Areas, Buildings, Minor Buildings, Safety and Security, among others.

 

Type 3 adjustments
are part of an incentive scheme, which sets specific reduction goals for a given timeframe, anticipating to the Concessionaire
the maximum amounts to be considered in the subsequent reviews.

 

Type 3 adjustments
have affected expenses arising from the following accounts: Salaries and Wages, Miscellaneous Fees, Attorney Fees, Entertainment
and Events, Miscellaneous Rents, among others.

 

As regards the indexes,
the Projection is expressed in pesos with a book value corresponding to the year 2005. Thus, the current values of subsequent years
shall be adjusted to express them in uniform currency.

 

     

    	 	“2012 – Year of Homage to Dr. D. MANUEL BELGRANO”

    

 

The
price variation analysis related to the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) shows that since January
1, 2006 ─ effective date of the Memorandum of Agreement ─ to December 31, 2011, the Rate of Exchange increased by FORTY-TWO
PERCENT (42%), the Consumer Price Index (CPI) increased by SIXTY-FIVE (65%) PERCENT, the Wholesale Price Index (WPI) increased
by EIGHTY-SEVEN POINT SIX PERCENT (87.6%) and the Construction Cost Index (CCI) increased by ONE HUNDRED AND FIFTY-SEVEN PERCENT
(157%), whereas Salaries have registered an increase of TWO HUNDRED AND FORTY-FIVE PERCENT (245%), all of which are based on the
data provided by the INSTITUTO NACIONAL DE ESTADÍSTICAS Y CENSOS (INDEC).

 

The
year 2010 registered important growth rates, both for domestic passenger traffic, with represented a SEVEN PERCENT (7%) increase,
and for international passenger traffic, which accounted for a NINETEEN PERCENT (19%) increase.

 

Such
growth was consolidated in time as the year 2011 registered an EIGHT POINT SEVEN PERCENT (8.7%) increase in international traffic.

 

As regards Traffic
Projection, as the Financial Economic Model uses real Aeronautical and Non-Aeronautical Revenue data, no comparison is required
with past growth rates.

 

The
Annual Review method implies a significantly reduced risk of making an incorrect passenger and aircraft flow forecast, as adjustments
are made each year based on the actual recorded information.

 

Any
unexpected demand-related factor may be considered in the following rate review. Therefore, any possible deviation from expected
parameters would only last for a year, thus reducing the specific risk for the company and the capital cost.

 

An adjustment of the
achieved profitability levels through the FINANCIAL PROJECTION OF INCOME AND EXPENSESS has been made based on the Review of year
2010 and the effects thereof on the airport Concession.

 

The new profitability
levels call for a rebalancing of the variables of the projection, to guarantee service sustainability in the agreed conditions
between the Concessionaire and the NATIONAL STATE, including the investments to be made.

 

     

    	 	“2012 – Year of Homage to Dr. D. MANUEL BELGRANO”

    

 

Pursuant to Paragraph
29.4 of the Memorandum of Agreement, the first review incorporated a discount system of airport charges for Airlines. We believe
that such discounts should be kept, pursuant to ORSNA Resolution No. 10, dated on January 30, 2009.

 

Those airlines that
are not up to date with payments of airport charges shall not enjoy the aforementioned discount.

 

The Review shows a
need to make a FOURTEEN POINT SIX PERCENT (14.6%) adjustment on the INTERNATIONAL AIRPORT TERMINAL USAGE FEE and the REGIONAL AIRPORT
TERMINAL USAGE FEE for First and Second Category Airports, and a FOURTEEN POINT THREE PERCENT (14.3%) adjustment on the DOMESTIC
AIRPORT TERMINAL USAGE FEE for all airport categories of the NATIONAL AIRPORT SYSTEM (NAS).

 

The
Board of Directors of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has the corresponding authority to issue
the present measure, pursuant to the provisions of Section 3 of the National Law of Administrative Procedures No. 19 549,
Decree No. 375 of April 24, 1997 and other aforementioned regulations.

 

The
matter was discussed at a Meeting of the Board of Directors held on October 19, 2012 and the undersigned was authorized to issue
the present decision.

 

Therefore,

 

THE BOARD OF DIRECTORS
OF THE ORGANISMO REGULADOR

 

DEL SISTEMA NACIONAL
DE AEROPUERTOS

 

RESOLVES:

 

ARTICLE 1o.- To approve the Review
of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) as of December 31, 2010 ─ attached herewith as
Annex I ─ pursuant to the provisions of Paragraph 29 of Part Four of the MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT
ADJUSTMENT, ratified by Decree 1799/07, dated on December 4, 2007. According to this Review, it is necessary to rebalance the variables
included in the Projection by means of a rate variation of FOURTEEN POINT SIX PERCENT (14.6%) for the INTERNATIONAL and REGIONAL
AIRPORT TERMINAL USAGE FEE both for First and Second Category Airports and of FOURTEEN POINT THREE PERCENT (14.3%) for the DOMESTIC
AIRPORT TERMINAL USAGE FEE, for all airport categories.

 

     

    	 	“2012 – Year of Homage to Dr. D. MANUEL BELGRANO”

    

 

ARTICLE 2o.- To uphold the provisions
of Resolution No. 10, dated on January 30, 2009 by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) about the
convenience and pertinence of making such discounts to international aeronautical charges so that the resulting charge is equal
to the charge that would be obtained by applying a THIRTY PERCENT discount (30%) over the fixed values in Annex II of the Memorandum
of Agreement, approved by Decree 1799/07, dated on December 4, 2007. Such discount shall be applied to those airlines that are
up to date with their payments.

 

ARTICLE
3o.- Let these presents be filed and notified to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, the
SECRETARIAT OF TRANSPORT of the MINISTRY OF INTERIOR AND TRANSPORTATION, enforced
and filed.

 

ORSNA
RESOLUTION No 115

 

[Illegible
signature]

GUILLERMO
VITAL

PRESIDENT

ORGANISMO
REGULADOR DEL

SISTEMA
NACIONAL DE AEROPUERTOS

ORSNA

 

     

    	 	“2012 – Year of Homage to Dr. D. MANUEL BELGRANO”

    

 

Annex I – Financial Projection of Income and Expenses

 

	In thousands of AR$ as of 2010	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
	Aeronautical
    Revenues	802,853	789,582	715,654	903,871	1,144,471	927,847	1,072,847	1,111,577	1,150,704	1,191,094	1,231,829	1,273,711	1,316,381	1,359,821	1,404,015	1,448,944	1,494,586	1,540,918	1,587,916	1,635,553	1,684,620	1,735,159	215,445
	Local parking fee	4,417	4,022	3,684	3,690	3,763	2,824	2,928	3,033	3,140	3,250	3,361	3,476	3,592	3,711	3,831	3,954	4,078	4,205	4,333	4,463	4,597	4,735	588
	International parking
    fee	84,314	83,684	73,141	51,504	55,677	47,123	48,848	50,611	52,393	54,232	56,087	57,994	59,936	61,914	63,926	65,972	68,050	70,160	72,300	74,469	76,703	79,004	9,809
	Local landing fee	11,450	10,846	9,575	10,153	9,304	6,860	7,111	7,368	7,627	7,895	8,165	8,443	8,725	9,013	9,306	9,604	9,907	10,214	10,525	10,841	11,166	11,501	1,428
	International landing
    fee	230,772	217,603	196,577	170,962	158,967	127,062	131,712	136,467	141,271	146,229	151,230	156,372	161,610	166,944	172,369	177,885	183,488	189,177	194,946	200,795	206,819	213,023	26,450
	Domestic airport terminal
    usage fee	50,124	45,172	40,121	103,697	105,476	83,500	98,933	102,505	106,113	109,837	113,594	117,456	121,391	125,397	129,472	133,615	137,824	142,097	146,431	150,824	155,348	160,009	19,867
	Regional airport terminal
    usage fee	8,807	7,337	7,698	16,316	43,738	21,424	25,450	26,369	27,297	28,255	29,221	30,215	31,227	32,258	33,306	34,372	35,455	36,554	37,669	38,799	39,963	41,161	5,111
	International airport
    terminal usage fee	407,488	415,680	380,429	533,520	762,554	630,488	748,985	776,023	803,339	831,536	859,975	889,214	919,002	949,330	980,183	1,011,549	1,043,412	1,075,758	1,108,569	1,141,826	1,176,081	1,211,363	150,408
	Telescopic
    jet way usage fee	5,481	5,237	4,429	5,030	4,992	8,567	8,880	9,201	9,524	9,859	10,196	10,543	10,896	11,255	11,621	11,993	12,371	12,754	13,143	13,538	13,944	14,362	1,783
	Non-aeronautical
    Revenues	492,224	550,013	554,859	706,283	993,338	971,298	1,061,878	1,112,778	1,182,354	1,281,248	1,356,624	1,442,156	1,526,302	1,620,098	1,717,575	1,824,569	1,945,515	2,052,135	2,171,761	2,295,443	2,434,187	2,580,924	329,762
	Ground handling service	21,182	19,259	15,484	16,675	20,742	18,007	18,534	19,070	19,607	20,157	20,709	21,272	21,842	22,419	23,002	23,590	24,185	24,785	25,389	25,999	26,623	27,262	3,365
	Fuel	37,497	37,445	42,004	29,817	29,168	27,338	28,338	29,361	33,434	34,608	35,791	37,008	38,248	39,510	40,794	42,100	43,426	44,772	46,137	47,522	48,947	50,416	6,260
	Duty Tax-free shop	88,555	108,796	118,854	109,564	140,765	151,933	165,369	171,338	177,370	192,775	199,368	206,146	223,705	231,087	238,598	258,544	266,688	274,956	283,342	291,842	300,598	309,615	38,443
	Fiscal warehouses
    (variable license fee : EDCADASSA)	43,064	46,414	45,143	212,861	433,667	420,590	466,503	507,510	551,644	616,687	669,666	727,057	788,984	855,771	927,763	1,005,324	1,088,841	1,178,725	1,275,410	1,379,356	1,491,774	1,613,353	210,337
	Advertising	19,198	37,319	35,593	37,674	28,740	30,784	34,473	35,462	36,901	38,498	39,491	40,262	41,289	42,410	43,363	44,016	44,662	45,318	45,999	46,741	47,427	48,121	5,809
	Parking	52,005	56,034	61,295	66,184	72,380	75,382	89,863	93,107	96,384	99,767	103,179	106,687	110,261	113,900	117,603	121,365	125,188	129,069	133,005	136,995	141,105	145,338	18,046
	Catering	27,154	26,569	28,100	31,384	33,141	33,172	34,386	35,628	36,882	38,176	39,482	40,824	42,192	43,584	45,001	46,441	47,904	49,389	50,895	52,422	53,994	55,614	6,905
	Rent	55,158	50,413	48,458	49,697	39,249	32,474	36,365	37,409	38,927	40,611	41,659	42,473	43,556	44,739	45,744	46,433	47,114	47,806	48,524	49,307	50,031	50,752	6,128
	Counters & cute	12,011	11,653	10,255	9,314	12,215	12,706	13,171	15,693	16,246	16,816	17,391	17,982	18,585	19,198	19,822	20,456	21,100	21,755	22,418	23,091	23,783	24,497	3,042
	Coffee shops	18,641	36,208	25,449	25,399	30,187	27,930	36,800	29,406	30,441	31,509	32,587	43,454	34,824	35,973	37,142	38,330	53,322	40,763	42,007	43,267	44,565	45,902	5,699
	Services and stores	105,163	106,576	113,147	104,209	134,205	126,775	121,076	121,436	126,644	133,202	138,511	139,930	143,401	151,704	158,615	157,618	162,513	174,006	177,612	177,631	183,841	188,314	23,106
	Expense
    reimbursement	12,594	13,326	11,077	13,504	18,878	14,207	17,001	17,359	17,875	18,442	18,791	19,060	19,417	19,804	20,130	20,352	20,571	20,793	21,022	21,271	21,500	21,730	2,622
	Total
    Revenues	1,295,076	1,339,594	1,270,513	1,610,155	2,137,808	1,899,146	2,134,725	2,224,355	2,333,058	2,472,342	2,588,453	2,715,868	2,842,683	2,979,919	3,121,590	3,273,513	3,440,101	3,593,053	3,759,677	3,930,997	4,118,807	4,316,082	545,207
	TCA Expenses	0	0	0	-114,567	-248,493	-254,119	-266,825	-280,165	-294,174	-308,883	-324,327	-340,544	-357,571	-375,449	-394,222	-413,933	-434,629	-456,361	-479,179	-503,138	-528,295	-554,710	-72,319
	Personnel	-124,492	-148,415	-169,675	-199,611	-186,491	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-92,530	-11,154
	Public services	-40,906	-44,630	-43,737	-48,332	-47,961	-46,925	-51,048	-52,122	-53,674	-55,376	-56,424	-57,233	-58,303	-59,464	-60,444	-61,111	-61,769	-62,434	-63,122	-63,869	-64,556	-65,248	-7,874
	Maintenance	-171,824	-169,299	-151,296	-189,566	-169,498	-169,471	-180,913	-185,321	-190,826	-196,728	-201,138	-205,043	-209,568	-214,325	-218,684	-222,335	-225,973	-229,637	-233,363	-237,237	-241,011	-244,840	-29,800
	Insurance	-8,369	-7,048	-6,068	-6,393	-7,468	-4,078	-4,729	-4,910	-5,176	-5,474	-5,663	-5,810	-6,008	-6,225	-6,412	-6,541	-6,669	-6,799	-6,935	-7,084	-7,223	-7,364	-889
	Hired services	-54,333	-51,647	-40,469	-49,696	-48,521	-40,818	-41,266	-41,713	-42,154	-42,598	-43,035	-43,474	-43,911	-44,345	-44,778	-45,208	-45,635	-46,059	-46,481	-46,899	-47,321	-47,747	-5,808
	FIRE-fighting and
    medical services	-38,551	-45,089	-50,226	-55,227	-53,208	-47,919	-48,270	-48,618	-48,961	-49,304	-49,642	-49,979	-50,314	-50,646	-50,975	-51,302	-51,625	-51,945	-52,262	-52,575	-52,891	-53,208	-6,453
	Matrix	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	GATO	-19,426	-20,094	-19,058	-24,152	-32,067	-28,487	-32,021	-33,369	-34,996	-37,085	-38,827	-40,738	-42,640	-44,699	-46,824	-49,103	-51,602	-53,896	-56,395	-58,965	-61,782	-64,741	-8,178
	Other operating expenses	-111,854	-120,744	-80,036	-168,975	-118,145	-135,373	-142,943	-144,857	-147,601	-150,581	-152,393	-153,783	-155,613	-157,585	-159,237	-160,357	-161,455	-162,561	-163,701	-164,933	-166,063	-167,195	-20,168
	AEI (15% over total
    income}	-194,261	-200,939	-190,577	-241,523	-320,671	-284,872	-320,209	-333,653	-349,959	-370,851	-388,268	-407,380	-426,402	-446,988	-468,239	-491,027	-516,015	-538,958	-563,952	-589,649	-617,321	-647,412	-81,781
	Mutual claim interests	0	0	-16,983	-17,323	-15,646	-14,807	-10,790	-10,944	-11,163	-11,386	-11,614	-11,846	-12,083	-12,325	-12,571	-10,998	-9,424	-7,851	-6,278	-4,704	-3,131	-1,557	-16
	Gross income	-51,803	-53,584	-50,821	-64,405	-85,612	-75,966	-85,389	-88,974	-93,322	-98,894	-103,538	-108,635	-113,707	-119,197	-124,864	-130,941	-137,604	-143,722	-150,387	-157,240	-164,752	-172,643	-21,808
	Financial transfer
    tax	-6,475	-6,698	-6,353	-8,051	-10,589	-9,496	-11,468	-9,931	-10,595	-11,178	-11,255	-11,599	-12,196	-12,744	-13,173	-13,507	-14,124	-14,691	-15,308	-15,943	-16,636	-17,364	-2,184
	(Tax)
    Amortizations	-125,315	-121,622	-120,380	-92,173	-103,385	-148,574	-206,712	-214,214	-228,505	-239,625	-236,645	-226,668	-233,371	-240,410	-241,089	-232,512	-223,480	-219,813	-215,196	-209,062	-206,142	-204,345	0
	Total
    expenditures	-947,609	-989,809	-945,678	-1,279,994	-1,447,756	-1,353,434	-1,495,113	-1,541,321	-1,603,636	-1,670,494	-1,715,298	-1,755,260	-1,814,217	-1,876,933	-1,934,041	-1,981,403	-2,032,533	-2,087,256	-2,145,087	-2,203,829	-2,270,155	-2,340,907	-268,400
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Earnings
    before tax	347,467	349,786	324,835	330,161	690,053	545,711	639,612	683,034	729,422	801,848	873,156	960,608	1,028,466	1,102,987	1,187,549	1,292,111	1,407,568	1,505,797	1,614,590	1,727,168	1,848,652	1,975,176	276,807

 

Av. Corrientes 441 * C1043AAE * Buenos
Aires * Argentina * Ph: 4327-3328 / 4327-1046 * Fax: 4327-1340Exhibit 4.6

 

		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle

of Montevideo”

 

NOTICE

 

BUENOS AIRES, MARCH 31, 2014

 

To

AEROPUERTOS ARGENTINA
2000 S A

Mr. Rafael BIELSA

Honduras 5663
- 2o Floor

FEDERAL CAPITAL

 

The purpose of this
notice is to inform you about the issuance of Resolution No 44, dated on March 31, 2014, by the ORGANISMO REGULADOR
DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which provides as follows in Article 1: “To approve the Review of the FINANCIAL
PROJECTION OF INCOME AND EXPENSES (FPIE) of the Concession corresponding to the periods as of December 31, 2011 and December 31,
2012, pursuant to the provisions of Paragraph 29 of Part Four of the MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT,
ratified by Decree 1799/07, attached herewith as Annex I.” Article 2 of said Resolution provides as follows: “To support
the decision issued through ORSNA Resolution 10/09 as to the convenience and pertinence of making discounts to international aeronautical
charges so that the resulting charge is equal to the charge that would be obtained by applying a THIRTY PERCENT discount (30%)
over the fixed values in Annex II of the Memorandum of Agreement approved by Decree 1799/97. Such discount shall be applied to
those airlines that are up to date with their payments.”

 

By virtue of the provisions
of Section 40, paragraph one of Decree No. 1759/72, which regulates Law No. 19 549 of Administrative Acts, we hereby inform
you that you may file the following administrative appeals against the aforementioned administrative act:

 

		·	Section 84- Motion for reversal. A motion for reversal may be set up against any final administrative
act or against any administrative act that prevents the entire proceedings upon the claim of the administered party and against
interlocutory proceedings or procedural motions damaging a personal right or a legitimate interest. This motion shall be set up
within ten (10) days of notice of the act before the same agency that issued such act, which shall be competent to decide according
to the provisions of Section 82.

 

		·	Section 94 – Motion to appeal. The interested party may set up, at his/her option,
the administrative motion to appeal or may commence the relevant judicial proceedings against final administrative acts or against
administrative acts preventing to institute proceedings upon an appellant’s claim or cause of action, arising from a higher
entity of an independent governmental entity, including state universities.

 

Av. Corrientes 441 * C1043AAE * Buenos
Aires * Argentina * Ph: 4327-3328 / 4327-1046 * Fax: 4327-1340

 

     

    
		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
 of Montevideo”

    

 

It is expressly stated
on the record that a duly certified copy of ORSNA Resolution No. 44/2014 is attached herewith, which has THIRTEEN 13 sheets of
paper with writing on both sides of the page.

 

You are hereby
duly notified.

 

[Illegible
signature]

ANTONIO
MANCUSO

General
Secretary

General Secretariat Unit

O.R.S.N.A.

 

Signature:
[illegible]

Clarification:
Alonso,

Date:
03/31/2014         Time: 07:30 a.m.

 

Av. Corrientes 441 * C1043AAE * Buenos
Aires * Argentina * Ph: 4327-3328 / 4327-1046 * Fax: 4327-1340

 

     

    
		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
 of Montevideo”

    

 

[Each page of this document
is duly initialized at the bottom, on the left.]

 

BUENOS AIRES, MARCH
31, 2014

 

Having
reviewed File N° 215/12 of the Registry of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), Decree N°
375, dated on April 24, 1997, ratified by Decree of Necessity and Urgency N° 842, dated on August 27, 1997; Decree N° 163,
dated on February 11, 1998; Decree No 1799, dated on December 4, 2007; ORSNA Resolutions No 53, dated on May 27, 1998;
No 111, dated on December 30, 2008; No 9, dated January 28, 2009; No 10, dated January 30, 2009; No 48, dated
September 10, 2010; No. 60, dated October 14, 2010; No 125, dated December 21, 2011; No 115, dated November 5, 2012
and No 117 dated November 7, 2012; and

 

WHEREAS:

 

The
abovementioned File deals with the Review of the Revenue and Expenditure Financial Projection
for the CONCESSION (REFP), corresponding to the years 2011 and 2012.

 

Paragraph
24.1 of the MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree No 1799/07 dated on December 4,
2007, establishes the Revenue and Expenditure Financial Projection (REFP) for the
Concession for the 2006-2028 period.

 

Said
projection is shown in Annex 5 of the Memorandum of Agreement and consists of a breakdown of revenues and expenditures related
to the rendering of the services subject to the concession, including the investment obligation and the balance of the mutual claims
between the NATIONAL STATE and the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA.

 

     

    
		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
 of Montevideo”

    

 

The
Memorandum of Agreement states that ordinary and extraordinary reviews of the Revenue and
Expenditure Financial Projection for the concession (REFP) shall be carried out when required by the circumstances.

 

Paragraphs
29.1 and 29.2 of the Memorandum of Agreement provide for an Annual Ordinary Review Mechanism of the Revenue
and Expenditure Financial Projection for the concession (REFP), with the purpose of verifying and keeping the balance between
the variables of the aforementioned projection.

 

Said
mechanism submitted for the review of the SECRETARIAT OF TRANSPORTATION through ORSNA Resolution No 111, dated on December
30, 2008 establishes the necessary methodology to provide for the rebalancing of the Revenue
and Expenditure Financial Projection for the concession (REFP).

 

The review mechanism
is intended to preserve the balance between the variables that are part of the Revenue and Expenditure Financial Projection (REFP),
in the understanding that the Concession shall be in a situation of balance if revenues from airport charges for rendered services
permit to recover, within the stipulated term, and in the committed efficiency conditions, all costs associated to the rendering
of such services, as well as to obtain a given remuneration for the capital cost.

 

The purpose of the
Review is also to find formulas that allow to minimize the costs (productive efficiency), taking into account that this is one
of the problems of rate of return regulation.

 

Since the Memorandum
of Agreement became effective, this Regulating Body has carried out THREE (3) Reviews. The first one took place at the beginning
of 2009, covered the periods 2006-2007, was approved by ORSNA Resolution No. 9, dated January 30, 2009, and was temporary in nature.

 

The resulting Rate
Schedule was approved by ORSNA Resolution No. 10, dated January 30, 2009.

 

Later, the corresponding
Review for the 2009 period was performed. This was an extraordinary review, not in the sense defined in paragraph 9.6 of the Mechanisms,
but due to the fact that it involved a one-time a comprehensive assessment of the evolution of the different variables that are
part of the Projection, from January, 2006 to December 2009. Such Review was approved by ORSNA Resolution No. 60, dated October
14, 2010, and the resulting Rate Schedule was approved by ORSNA Resolution No. 126, dated December 21, 2011.

 

     

    
		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
 of Montevideo”

    

 

The last review process
corresponding to year 2010 was approved by ORSNA Resolution No. 115, dated November 5, 2012.

 

The resulting Rate
Schedule was approved by ORSNA Resolution No. 117, dated November 7, 2012, and is currently in effect.

 

The ORGANISMO REGULADOR
DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), in order to make the review corresponding to year 2011, submited to the Concessionaire
AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, the Bases for the Review of the Revenue and Expenditure Financial Projection
for the year 2011.

 

AEROPUERTOS ARGENTINA
2000 SOCIEDAD ANÓNIMA (AA2000-DIR-1095/12) requested this Regulating Body, through Note dated November 7, 2012, to consider
the possibility of making a joint Review of years 2011 and 2012, and repeated such request (Note AA2000-326/13) on April 30, 2013,
which was accepted by this Body through ORSNA Note No. 412/136.

 

In order to carry
out the present Review, the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) analyzed the revenues of the Concessionaire
(both aeronautical and non-aeronautical revenues), the revenues from Cargo Terminal, Investments, Operating Expenses, Indexes,
as well as discounts to Airlines.

 

As regards Revenues,
it should be mentioned that accounting information for Aeronautical Revenues obtained by AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA
can be considered valid.

 

After receiving the
information, the ORSNA made the corresponding reconciliation and found out that commercial revenues of the year 2011 amounted to
approximately NINE HUNDRED AND SEVENTY-ONE MILLION THREE HUNDRED THOUSAND PESOS (ARS971,300,000), which accounted for a FIFTY-ONE
PERCENT (51%) of total revenues of the Concession.

 

     

    
		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
 of Montevideo”

    

 

Commercial revenues
of the year 2012 amounted to approximately ONE THOUSAND ONE HUNDRED AND FORTY-ONE MILLION ONE HUNDRED THOUSAND PESOS (ARS1141,100,000),
which accounted for a FIFTY PERCENT (50%) of total revenues of the Concession.

 

As regards revenues
from the CARGO TERMINAL, it should be mentioned that AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA issued invoices for rendered
services amounting to around FOUR HUNDRED AND NINETEEN MILLION TWO HUNDRED THOUSAND PESOS (ARS419,200,000) and around FOUR HUNDRED
AND EIGHTY MILLION SEVEN HUNDRED THOUSAND PESOS (ARS480,700,000) for the years 2011 and 212, respectively.

 

Likewise, air cargo
operating expenses for the years 2011 and 2012 amounted to approximately ONE HUNDRED AND SIXTY-FIVE MILLION TWO HUNDRED THOUSAND
PESOS (ARS165,200,000) and to TWO HUNDRED AND FIFTEEN MILLION FIVE HUNDRED THOUSAND PESOS (ARS215,500,000), respectively. The tax
component, mainly Income Tax, shall be added to these amounts.

 

The 2011-2012 Investment
Report has not been completed yet. If there are any variations from final data, appropriations shall be incorporated in the next
applicable Review Process.

 

We should mention
that some concepts that were not included at the closing date for 2010 Record of Investments (December 2011) were present in the
registration process for the year 2010, such as recordable investments, which are sometimes related to investments pending acknowledgement
as “reversible situations.”

 

Monthly quality audits
were carried out over the year 2011 within the framework of the Service Quality Factor Measurement Program (SQFMP) at the following
airports: AEROPARQUE, EZEIZA, CÓRDOBA, MENDOZA, IGUAZÚ, BARILOCHE and SALTA.

 

The audits showed
only THIRTEEN PERCENT (13%) of all measured indicators, which are the direct responsibility of the airport operator, do not meet
the minimum established quality standards.

 

     

    
		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
 of Montevideo”

    

 

The Basic Service
Program was also implemented in 2011, with the purpose of measuring service rendering at those airports of the National System
that were not covered by the Service Quality Factor Measurement Program, i.e., those airports with an annual volume of passenger
traffic below five hundred thousand.

 

The following airports
of the Concession were audited within such framework: COMODORO RIVADAVIA, JUJUY, TUCUMÁN, SAN JUAN, RÍO GALLEGOS,
RESISTENCIA, ESQUEL, MAR DEL PLATA, SAN LUIS AND POSADAS.

 

Another of the performed
tasks to assess quality levels is the Survey to Air Operators, with the participation of staff from airlines, handling companies,
safety and security companies and Airport Security Police. Such survey was performed at the following airports: AEROPARQUE, EZEIZA,
CÓRDOBA, MENDOZA, IGUAZÚ, BARILOCHE AND SALTA.

 

Based on the findings
of the survery, the technical area concluded that there is a good general level of satisfaction at these airports.

 

New measurements were
performed over the year 2012 within the framework of the Service Quality Factor Measurement Program at the following airports:
EZEIZA, AEROPARQUE, CÓRDOBA, MENDOZA, IGUAZÚ, SALTA AND BARILOCHE.

 

TWENTY-SIX PER CENT
(26%) of the measured indicators, which are under the direct responsibility of the airport operator, do not meet the established
quality standards.

 

Likewise, quality
audits for airports with an annual volume of passenger traffic below FIVE HUNDRED THOUSAND (500,000) through the Basic Service
Program continued in 2012, involving the following airports: CATAMARCA, JUJUY, FORMOSA, LA RIOJA, PUERTO MADRYN, RÍO GRANDE
AND SANTIAGO DEL ESTERO.

 

The Concessioner shall
be duly informed about the need to comply with the remarks related to quality standards made by the technical area, in order to
solve any issues before the next Review of the Revenue and Expenditure Financial Projection.

 

     

    
		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
 of Montevideo”

    

 

As regards expenditures
from the Concession, the data corresponding to the concession costs for this period arising from Regulatory Accounting have been
considered, identifying each GL account and the corresponding sub-account.

 

This way, around ONE
HUNDRED AND SIXTY-THREE (163) sub-accounts have been taken into account, with their values controlled as part of the regulatory
task. These sub-accounts correspond to: audited Annual Balance Sheets, Trial Balance and SAP System.

 

As a result of this
process, those items that could not be verified were discounted from the Concessionaire’s cost basis.

 

The questioned amounts
were not taken into account for the present review, and no compensation whatsoever shall be applied to these costs, which shall
be fully covered by shareholders and not by the airport Concession.

 

The appropriations
corresponding to this first stage are those resulting from the deficiencies arising from the documentation.

 

After discounting
the corresponding amounts, as applicable, an analysis of the pertinence of the expense in selected accounts was performed.

 

The criteria for this
analysis was the relevance of the given account for total expenditures, as well as the recorded variations between periods, with
special focus on strong rising trends.

 

The affected accounts
and the amounts that were deemed incompatible with the economic activity of the regulated service and thus, not considered a service
cost, that is: those appropriations that, based on the verifications performed by the Regulatory Accounting area within the framework
of routine audits involving both documents and the SAP System (SAP), have appeared as an element implying a wrong allocation of
certain costs which are not directly related to the Concession, such as expenses incurred by affiliated or controlling companies.

 

Likewise, on a third
stage, this Body verified compliance with the defined efficiency goals, which were duly communicated to the Concessionaire within
the framework of the previous review.

 

     

    
		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
 of Montevideo”

    

 

Deductions have been
made on those cost items that, despite having direct relationship with the Concession, this Body considers that they are not aligned
with efficiency goals, and appropriations mainly aimed at creating the right incentives to make the Concession more efficient.

 

Such deductions have
been informed to the Concessionaire in the corresponding Reports to the reviews performed by this Body, and no questions or objections
have been raised as to the application thereof within the framework of the planned ordinary reviews.

 

The present review
of such appropriations have operated as a limit to the level of expenditure of the Concessionaire.

 

As regards the goals
for group accounts, they have been achieved by the Concessionaire.

 

The aforementioned
general performance measures were related, on the one hand, to Salaries, Fees and Administration Expenses as a percentage of Aeronautical
and Non-aeronautical Revenue, and on the other hand, the ratio of increase of commercial revenues as compared to air traffic evolution
was analyzed.

 

The technical area
has also defined performance goals for subsequent periods.

 

As regards the indexes,
the Projection is expressed in pesos with a book value corresponding to the year 2012. Thus, the current values of subsequent years
shall be adjusted to express them in uniform currency.

 

As regards Traffic
Projection, as the Financial Economic Model uses real Aeronautical and Non-Aeronautical Revenue data, no comparison is required
with past growth rates.

 

An adjustment of the
achieved profitability levels through the FINANCIAL PROJECTION OF INCOME AND EXPENSES has been made based on the Review of years
2011 and 2012 and the effects thereof on the airport Concession.

 

     

    
		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
 of Montevideo”

    

 

The new profitability
levels call for a rebalancing of the variables of the projection, to guarantee service sustainability in the agreed conditions
between the Concessionaire and the NATIONAL STATE, including the investments to be made.

 

Pursuant to Paragraph
29.4 of the Memorandum of Agreement, the first review incorporated a discount system of airport charges for Airlines. We believe
that such discounts should be kept, pursuant to ORSNA Resolution No. 10/09.

 

Those airlines that
are not up to date with payments of airport charges shall not enjoy the aforementioned discount.

 

Based on the present
Review, the rebalancing of the INTERNATIONAL AIRPORT TERMINAL USAGE FEE equal to US DOLLARS FOUR WITH 57/100 (USD4.57) and US DOLLARS
TWO WITH 5/100 (USD2.05) for the REGIONAL AIRPORT TERMINAL USAGE FEE is still in place.

 

Likewise, the Review
shows a need to adjust the INTERNATIONAL AIRPORT TERMINAL USAGE FEE and REGIONAL AIRPORT TERMINAL USAGE FEE for First and Second
Category Airports, and the DOMESTIC AIRPORT TERMINAL USAGE FEE for all airport categories of the NATIONAL AIRPORT SYSTEM (NAS).

 

It is also necessary
to review the values for aircraft of up to TWELVE (12) TONS (MTOW), inclusive.

 

On the other hand
and based on the need to make additional investments as recommended by the INFRASTRUCTURE EXECUTION AND CONTROL DEPARTMENT with
the purpose of adapting the infrastructure to the growing trend in aeronautical and commercial activities, it is necessary to create
a new trust fund of the NATIONAL AIRPORT SYSTEM IMPROVEMENT TRUST, resulting from the Review of the Revenue and Expenditure Financial
Projection of the Concession, pursuant to the terms of Paragraph 29 of Part IV of the Memorandum of Agreement for Concession Contract
Adjustment.

 

Such specific trust
fund shall be called “ADDITIONAL FUNDS FOR SUBSTANTIAL INVESTMENTS OF GROUP A” and shall have a term of effect of up
to THIRTY (30) YEARS or up to the end of the Concession period, whichever occurs first. This fund shall be used to finance additional
works for an amount of SEVEN HUNDRED MILLION PESOS (ARS700,000,000) within a term of 24 months.

 

     

    
		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
 of Montevideo”

    

 

Sub-Annex III-A item
E) of the Memorandum of Agreement, as well as Section 7, subsection E) of the aforementioned Trust Agreement, establish the “Trust
Fund for Airport Works needed due to Specific Rate Charges.”

 

Resolution No. 254,
dated April 26, 2013, of the SECRETARIAT OF TRANSPORT authorized amendments to the National Airport System Improvement Trust which
specifically enable the creation of new Trust Funds with the Charges and/or Rate Increases ordered by the ORGANISMO REGULADOR DEL
SISTEMA NACIONAL DE AERPUERTOS (ORSNA) by virtue of the Review of the Revenue and Expenditure Financial Projection when the ORGANISMO
REGULADOR DEL SISTEMA NACIONAL DE AERPUERTOS (ORSNA) expressly and fundamentally provides so.

 

The
Board of Directors of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has the corresponding authority to issue
the present measure, pursuant to the provisions of Section 3 of the National Law of Administrative Procedures No. 19 549,
Decree No. 375 of April 24, 1997 and other aforementioned regulations.

 

The
matter was discussed at a Meeting of the Board of Directors held on March 31, 2014 and the undersigned was authorized to issue
the present decision.

 

Therefore,

 

THE
BOARD OF DIRECTORS OF THE ORGANISMO REGULADOR

 

DEL
SISTEMA NACIONAL DE AEROPUERTOS

 

RESOLVES:

 

ARTICLE 1o.-
To approve the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) of the Concession corresponding to the periods
as of December 31, 2011 and December 31, 2012, pursuant to the provisions of Paragraph 29 of Part Four of the MEMORANDUM OF AGREEMENT
FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree 1799/07, attached herewith as Annex I.

 

     

    
		“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
 of Montevideo”

    

 

ARTICLE 2o.-
To support the decision issued through ORSNA Resolution 10/09 as to the convenience and pertinence of making discounts to
international aeronautical charges so that the resulting charge is equal to the charge that would be obtained by applying a THIRTY
PERCENT discount (30%) over the fixed values in Annex II of the Memorandum of Agreement approved by Decree 1799/97. Such discount
shall be applied to those airlines that are up to date with their payments.

 

ARTICLE
3o.- Let these presents be filed and notified to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, the
SECRETARIAT OF TRANSPORT of the MINISTRY OF INTERIOR AND TRANSPORTATION, enforced
and filed.

 

ORSNA
RESOLUTION No 044

 

[Illegible
signature]

 

GUSTAVO
LIPOVICH

 

PRESIDENT

 

ORGANISMO
REGULADOR DEL

 

SISTEMA
NACIONAL DE AEROPUERTOS

 

ORSNA

 

     

     

    

 

	In
    thousands of AR$ as of 2012	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
	Aeronautical
    Revenues	1,257,750	1,255,245	1,338,418	1,512,357	1,565,441	1,618,979	1,674,024	1,730,104	1,787,198	1,845,282	1,904,331	1,964,317	2,025,211	2,086,980	2,149,589	2,214,077	2,280,499	283,157
	Local
    parking fee	3,828	2,941	2,502	2,590	2,681	2,773	2,867	2,963	3,061	3,160	3,262	3,364	3,469	3,574	3,682	3,792	3,906	485
	International
    parking fee	63,878	58,751	55,603	57,560	59,580	61,618	63,713	65,848	68,020	70,231	72,479	74,762	77,079	79,430	81,813	84,267	86,795	10,777
	Local
    landing fee	9,299	7,982	7,361	18,620	19,274	19,933	20,610	21,301	22,004	22,719	23,446	24,184	24,934	25,695	26,466	27,259	28,077	3,486
	International
    landing fee	172,239	153,578	155,648	161,127	166,783	172,487	178,351	184,326	190,409	196,597	202,888	209,279	215,767	222,348	229,018	235,889	242,965	30,168
	Domestic
    airport terminal usage fee	113,189	114,903	119,543	136,237	141,019	145,842	150,800	155,852	160,995	166,228	171,547	176,951	182,436	188,000	193,640	199,450	205,433	25,507
	Regional
    airport terminal usage fee	29,041	25,788	27,829	31,715	32,828	33,951	35,105	36,281	37,478	38,696	39,935	41,193	42,470	43,765	45,078	46,430	47,823	5,938
	International
    airport terminal usage fee	854,663	871,502	969,163	1,104,508	1,143,276	1,182,376	1,222,577	1,263,533	1,305,230	1,347,650	1,390,775	1,434,584	1,479,056	1,524,167	1,569,892	1,616,989	1,665,499	206,796
	Telescopic
    jet way usage fee	11,612	19,800	770	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	Non-aeronautical
    Revenues	1,316,650	1,244,750	1,238,138	1,435,121	1,499,563	1,563,974	1,620,952	1,661,641	1,717,823	1,785,363	1,833,485	1,902,018	1,950,311	2,005,227	2,072,261	2,132,409	2,192,400	271,491
	Ground
    handling service	24,410	22,263	36,769	37,804	38,866	39,929	41,015	42,114	43,226	44,350	45,485	46,632	47,788	48,954	50,129	51,332	52,564	6,489
	Fuel	37,058	30,310	30,585	31,662	36,051	37,284	38,551	39,843	41,158	42,495	43,855	45,237	46,639	48,061	49,503	50,988	52,518	6,521
	Duty
    Tax-free shop	205,954	187,800	184,502	190,997	207,586	214,685	221,985	229,421	236,992	256,929	265,151	273,503	281,982	290,582	314,264	323,692	333,403	41,397
	Fiscal
    warehouses (variable license fee : EDCADASSA)	570,134	526,045	527,566	655,364	678,367	701,567	725,421	749,722	774,463	799,633	825,221	851,216	877,604	904,370	931,502	959,447	988,230	122,703
	Advertising	41,729	31,542	32,573	36,784	37,789	38,391	38,848	39,438	40,063	40,579	40,925	41,262	41,598	41,941	42,308	42,641	42,972	5,184
	Parking	102,185	114,835	119,944	136,583	141,377	160,833	166,302	171,873	177,545	183,315	189,181	195,140	201,189	207,326	213,546	219,952	226,550	28,129
	Catering	44,967	46,837	51,400	53,209	55,077	56,960	58,897	60,870	62,879	64,922	67,000	69,110	71,253	73,426	75,629	77,898	80,235	9,962
	Rent	44,020	42,600	41,985	43,102	44,279	44,985	45,519	46,211	46,943	47,548	47,954	48,349	48,742	49,144	49,574	49,964	50,352	6,074
	Counters
    & cute	17,223	15,583	15,346	15,886	16,443	17,006	17,584	18,173	18,773	19,383	20,003	20,633	21,273	21,921	22,579	23,257	23,954	2,974
	Coffee
    shops	37,861	36,592	37,737	41,323	42,774	44,237	55,500	47,273	48,833	50,420	52,033	67,457	55,336	57,024	58,735	60,497	62,312	7,737
	Services
    and stores	171,851	159,769	139,022	171,294	179,419	186,309	189,353	194,480	204,468	213,095	213,841	220,506	233,798	239,228	241,095	249,208	255,642	31,466
	Expense
    reimbursement	19,258	30,573	20,709	21,113	21,536	21,788	21,978	22,222	22,481	22,693	22,835	22,973	23,110	23,250	23,399	23,534	23,668	2,855
	 	-11%	-3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
    Revenues	2,574,401	2,499,995	2,576,556	2,947,478	3,065,004	3,182,954	3,294,977	3,391,745	3,505,021	3,630,644	3,737,816	3,866,335	3,975,522	4,092,207	4,221,851	4,346,486	4,472,899	554,647
	TCA
    Expenses	-210,052	-214,800	-209,802	-220,292	-231,307	-242,872	-255,016	-267,767	-281,155	-295,213	-309,973	-325,472	-341,746	-358,833	-376,775	-395,613	-415,394	-51,577
	Personnel	-255,465	-252,237	-279,870	-279,870	-279,870	-279,870	-279,870	-279,870	-279,870	-279,870	-279,870	-279,870	-279,870	-279,870	-279,870	-279,870	-279,870	-33,738
	Public
    services	-66,788	-61,733	-64,026	-65,275	-66,583	-67,361	-67,948	-68,706	-69,504	-70,160	-70,600	-71,026	-71,450	-71,881	-72,342	-72,760	-73,174	-8,826
	Maintenance	-218,533	-256,179	-214,350	-219,303	-224,437	-228,427	-232,037	-236,031	-240,130	-243,929	-247,252	-250,547	-253,837
	-257,145	-260,518	-263,829	-267,167	-32,508
	Insurance	-7,325	-4,711	-5,489	-5,684	-5,891	-6,016	-6,112	-6,236	-6,367	-6,477	-6,550	-6,622	-6,694	-6,768	-6,847	-6,919	-6,990	-843
	Hired
    services	-50,078	-42,985	-36,103	-36,484	-36,868	-37,246	-37,626	-38,005	-38,381	-38,755	-39,127	-39,497	-39,864	-40,229	-40,591	-40,956	-41,325	-5,026
	FIRE-fighting
    and medical services	-70,787	-71,089	-86,892	-87,504	-88,118	-88,721	-89,324	-89,923	-90,516	-91,104	-91,687	-92,265	-92,837	-93,403	-93,964	-94,528	-95,095	-11,532
	Matrix	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	GATO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	Other
    operating expenses	-180,361	-257,876	-269,070	-272,411	-275,884	-277,936	-279,478	-281,460	-283,541	-285,246	-286,382	-287,482	-288,574	-289,683	-290,866	-291,934	-292,992	-35,332
	AEI
    (15% over total income}	-382,579	-369,566	-314,015	-359,220	-373,544	-387,919	-401,571	-413,365	-427,170	-442,480	-455,542	-471,205	-484,512	-498,733	-514,533	-529,723	-545,129	-67,597
	Mutual
    claim interests	-13,986	0	-509	0	0	0	0	0	0	-12,585	-11,012	-9,439	-7,866	-6,293	-4,719	-3,146	-1,573	0
	Gross
    income	-111,277	-116,584	-107,239	-117,899	-122,600	-127,318	-131,799	-135,670	-140,201	-145,226	-149,513	-154,653	-159,021	-163,688	-168,874	-173,859	-178,916	-22,186
	Financial
    transfer tax	-40,700	-31,724	-24,008	-32,485	-33,478	-31,558	-32,085	-33,283	-34,336	-35,159	-35,557	-36,572	-37,461	-38,430	-39,552	-40,468	-41,488	-5,089
	(Tax)
    Amortizations	-174,456	-239,930	-266,686	-313,776	-355,841	-353,506	-346,149	-354,401	-361,464	-361,058	-358,276	-357,232	-361,233	-365,809	-378,675	-399,917	-443,096	0
	Total
    expenditures	-1,782,389	-1,919,415	-1,878,059	-2,010,203	-2,094,420	-2,128,751	-2,159,014	-2,204,715	-2,252,635	-2,307,262	-2,341,341	-2,381,881	-2,424,963	-2,470,765	-2,528,125	-2,593,522	-2,682,209	-274,254
	 	-15%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Earnings
    before tax	792,012	580,580	698,497	937,275	970,584	1,054,203	1,135,963	1,187,031	1,252,386	1,323,382	1,396,475	1,484,454	1,550,560	1,621,442	1,693,725	1,752,964	1,790,690	280,394
	Income
    tax	-127,597	-203,203	-244,474	-328,046	-339,704	-368,971	-397,587	-415,461	-438,335	-463,184	-488,766	-519,559	-542,696	-567,505	-592,804	-613,537	-626,741	-98,138
	Earnings
    after tax	664,415	377,377	454,023	609,229	630,880	685,232	738,376	771,570	814,051	860,198	907,709	964,895	1,007,864	1,053,937	1,100,922	1,139,426	1,163,948	182,256
	Other
    Companies	4,567	5,952	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(Tax)
    amortization adjustments 	174,456	239,930	266,686	313,776	355,841	353,506	346,149	354,401	361,464	361,058	358,276	357,232	361,233	365,809	378,675	399,917	443,096	0
	Mutual
    claim amortization	-200,855	0	0	0	0	0	0	0	0	-78,678	-78,679	-78,679	-78,680	-78,680	-78,681	-78,681	-78,682	-26
	Work
    capital variation	429,617	-202,594	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	Direct
    investment	-885,127	-865,609	-384,464	-602,935	-599,473	-175,877	-115,276	-168,936	-182,059	-135,763	-64,527	-58,337	-56,120	-56,990	-64,725	-48,584	-45,498	0
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AEI
    allocated to Investments (2,5%)	-63,763	-61,594	-52,336	-59,870	-62,257	-64,653	-66,929	-68,894	-71,195	-73,747	-75,924	-78,534	-80,752	-83,122	-85,756	-88,287	-90,855	-11,266
	Total
    Investment	-948,890	-927,203	-436,800	-662,805	-661,730	-240,531	-182,204	-237,830	-253,254	-209,510	-140,451	-136,872	-136,872	-140,112	-150,481	-136,872	-136,353	-11,266
	Net
    fund flow	187,073	-444,943	336,245	320,070	387,248	862,861	969,249	957,035	993,456	1,006,815	1,122,779	1,185,110	1,234,297	1,284,077	1,336,190	1,412,078	1,482,865	182,230

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]