Document:

Exhibit 10.3

 

AMENDMENT
TO PARTICIPATION AGREEMENT

 

AMENDMENT
AGREEMENT (THE “AGREEMENT”) TO THE PARTICIPATION AGREEMENT DATED JUNE
14, 2000 (THE “PARTICIPATION AGREEMENT”) ENTERED INTO BY AND AMONG THE
FEDERAL GOVERNMENT OF THE UNITED MEXICAN STATES (THE “FEDERAL GOVERNMENT”),
THROUGH THE DEPARTMENT OF COMMUNICATIONS AND TRANSPORTS (“SCT”),
NACIONAL FINANCIERA, S.N.C., TRUST DIVISION IN ITS CAPACITY AS TRUSTEE UNDER
TRUST NUMBER 5111-3 (“NAFIN”), GRUPO AEROPORTUARIO DEL CENTRO NORTE,
S.A. DE C.V. (THE “holding COMPANY”), SERVICIOS AERPORTUARIOS DEL CENTRO
NORTE, S.A. DE C.V. (THE “SERVICE COMPANY”), THE CONCESSION COMPANIES,
SERVICIOS DE TECNOLOGIA AEROPORTUARIA, S.A. DE C.V (FORMERLY KNOWN AS OPERADORA
MEXICANA DE AEROPUERTOS S.A. DE C.V. (THE “STRATEGIC PARTNER”),
CONSTRUCTORAS ICA, S.A. DE C.V. (CURRENTLY AEROINVEST, S.A. DE C.V. (“AEROINVEST”))
AND AEROPORTS DE PARIS (“ADP”) WITH THE APPEARANCE OF BANCO NACIONAL DE
COMERCIO EXTERIOR, S.N.C., TRUST DIVISION (THE “TRUSTEE”), ENTERED INTO
BY AND AMONG THE FEDERAL GOVERNMENT THROUGH SCT, REPRESENTED BY AARON DYCHTER
POLTOLAREK, NAFIN REPRESENTED BY RICARDO RANGEL FERNANDEZ MACGREGOR, THE
holding COMPANY REPRESENTED BY RUBEN LOPEZ BARRERA, THE SERVICE COMPANY
REPRESENTED BY RUBEN LOPEZ BARRERA, THE STRATEGIC PARTNER REPRESENTED BY LUIS
ZARATE ROCHA, THE TRUSTEE REPRESENTED BY CARLOS FLORES SALINAS, AEROINVEST
REPRESENTED BY ALONSO QUINTANA KAWAGE, ADP REPRESENTED BY NICOLAS CLAUDE, AND
THE CONCESSION COMPANIES, REPRESENTED BY RUBEN LOPEZ BARRERA, AND EMPRESAS ICA,
S.A. DE C.V. (HEREINAFTER "EMICA") REPRESENTED BY JOSE LUIS
GUERRERO ALVAREZ PURSUANT TO THE FOLLOWING DEFINITIONS, recitals,
REPRESENTATIONS AND CLAUSES: 

 

DEFINITIONS

 

The terms with capital
initial defined and used in this Agreement shall have the meaning attributed to
them hereunder, or in the absence thereof, in the Participation Agreement.

 

RECITALS

 

1.             On June 14, 2000 the Participation Agreement was
executed with the purpose of establishing the rights and obligations between
the Strategic Partner and the Federal Government, Nafin, the Trustee and the
Airport Group, through the Bidding Process and the selection of the Strategic
Partner in the management of the Assigned Airports under the General Guidelines
for the Opening to Investment of the Mexican Airport System and the public
call.

 

2.             On June 14, 2005, (i) pursuant to Section 3.4.2
of the Participation Agreement, the Strategic Partner delivered to Nafin the
Purchase Notice, expressing in such document its intent to exercise the option
for the purchase of the Additional Shares under the terms of Section 3.4
of the Participation Agreement (the "Purchase Option") subject
to the conditions set forth in such Purchase Notice; and (ii) based on the
provisions of Section 10.6 of the Participation Agreement, the Strategic
Partner requested authorization to assign in favor of Aeroinvest all the rights
and obligations related to the Purchase Option and the Additional Shares.

 

 

3.             The Strategic Partner and Aeroinvest requested SCT the amendment of Section 3.4.4 of the Participation Agreement, so that Aeroinvest may pay the price of the Additional Shares as instructed in writing by NAFIN, no later than on December 30, 2005, consequently deleting the 60 (sixty) day-period originally agreed. Further, SCT has expressed that it does not oppose to the aforementioned amendment.
 
4.             Pursuant to official communication number 4.612 dated December 21, 2005, SCT authorized the assignment by the Strategic Partner in favor or Aeroinvest of all the rights and obligations related to the Purchase Option, as set forth in Section 10.6 of the Participation Agreement, releasing the Strategic Partner of the obligations related to the acquisition of the Additional Shares, including the payment of the purchase price for such Additional Shares, provided that the remaining obligations of SETA derived from the Transaction Documents and the Participation Agreement, including the cooperation obligation referred to in Section 2.3 and the obligations referred to in Section 3.4.5 of the Participation Agreement, remain in full force and effect..
 
5.             On December 21, 2005, the shareholders’ meeting of the Holding Company authorized the assignment by the Strategic Partner in favor of Aeroinvest of all the rights and obligations related to the Purchase Option, as set forth in Section 10.6 of the Participation Agreement mentioned before, releasing the Strategic Partner from the obligations regarding the acquisition of the Additional Shares, including the payment of the purchase price for such Additional Shares, provided that the remaining obligations of SETA derived from the Transaction Documents and the Participation Agreement, including the cooperation obligation referred to in Section 2.3 and the obligations referred to in Section 3.4.5 of the Participation Agreement, remain in full force and effect..
 
6.             On December 21, 2005, Nafin, according to the instructions received by means of official communications numbers 4.613 and 4.614 dated December 21, 2005 from the SCT, notified the authorization of SCT in terms of such official communications with respect to the assignment by the Strategic Partner in favor of Aeroinvest of all the rights and obligations related to the Purchase Option, releasing the Strategic Partner of the obligations relating the acquisition of the Additional Shares, including the payment of the purchase price for such Additional Shares, provided that the remaining obligations of SETA derived from the Transaction Documents and the Participation Agreement, including the cooperation obligation referred to in Section 2.3 and the obligations referred to in Section 3.4.5 of the Participation Agreement, remain in full force and effect. A copy of the agreement for the assignment of rights and obligations as amended is attached hereto as Exhibit “A”.
 
7.             Aeroinvest has notified SCT in writing the acquisition of 36% of the Shares of the Holding Company, pursuant to the provisions of Article 23 of the Airports Law. Furthermore, by means of official communication 10/1144 dated December 21, 2005, SCT has expressed that it does not have any objection with respect to such acquisition.
 
8.             By means of resolution dated December 13, 2005, the Restructuring Committee of the Mexican Airport System, took note and gave its favorable opinion to file before the Inter-department De-incorporation Commission the Note "Report on the Exercise of the Purchase Option of 36% of the Shares representing the capital stock of Grupo Aeroportuario del Centro Norte, S.A. de C.V. by Aeroinvest, S.A. de C.V., Mexican partner of such group".
 
9.             By means of resolution dated December 20, 2005, the Inter-department De-incorporation Commission created on April 7 1995 by executive order published in the Official Gazette of the Federation, took note of the report referred to by paragraph 8 above.

 

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10.           On December 20, 2005, and as provided for in Section 10.2.2 of the Participation Agreement, the Board of Directors of the Holding Company was approved the execution of this Agreement.
 
11.           On this same date, Nafin, as seller, and Aeroinvest as purchaser, entered into a Purchase and Sale Agreement in regard to the Additional Shares (the "Purchase and Sale Agreement") subject to the condition precedent of executing this Agreement and the other documents referred to in section 5 of the Purchase and Sale Agreement.
 

REPRESENTATIONS

 

I.              The Federal Government, through the SCT, and through
its representative represents that:

 

1.             It recognizes to have executed the Participation
Agreement on June 14, 2000.

 

2.                                       It
has full knowledge of the Purchase Notice delivered by the Strategic Partner to
Nafin and it recognized the need to amend the Participation Agreement, in order
to delete the individual participation limits of the Holding Company as set
forth in Section 3.4.3 thereof.

 

3.                                       By
means of official authorization number 4.612 dated December 21, 2005, issued by
SCT, copy of which is attached hereto as Exhibit "B", it was
authorized in terms of the provisions of Section 10.6 of the
Participation Agreement, the assignment by the Strategic Partner in favor of
Aeroinvest, of the rights and obligations derived from the Purchase Option
releasing the Strategic Partner from the obligations relating to the Additional
Shares, including the payment of the purchase price for such Additional Shares,
provided that the remaining obligations of SETA derived from the Transaction
Documents and the Participation Agreement, including the cooperation obligation
referred to in Section 2.3 and the obligations referred to in Section
3.4.5 of the Participation Agreement, remain in full force and effect..

 

4.                                       Its
representative, in its capacity as Subsecretary for Transportation, has
sufficient authority to enter into this Agreement according to Article 6 of
Section IX of the Internal Regulations of SCT.

 

II.                            Nafin
represents, through its representative that:

 

1.                                       It
is a national credit and development-banking institution, organized under the
Credit Institutions Law and its own Organic Law, and has legal capacity and
patrimony of its own and that in terms of the latter is authorized to enter
into this Agreement for the purposes herein established.

 

2.                                       On
June 14, 2005, (i) according the provisions of Section 3.4.2 of the
Participation Agreement, the Strategic Partner delivered to Nafin the Purchase
Notice, expressing in such document its intent to exercise the Purchase Option,
releasing the Strategic Partner from the obligations related to the acquisition
of the Additional Shares and (ii) and as provided by Section 10.6 of the
Participation Agreement, the Strategic Partner requested the authorization to
assign in favor of Aeroinvest all the rights and obligations related to the
Purchase Option and release the Strategic Partner from the obligations
regarding the acquisition of the Additional Shares, including the payment of
the purchase price for such 

 

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Additional Shares,
provided that the remaining obligations of SETA derived from the Transaction
Documents and the Participation Agreement, including the cooperation obligation
referred to in Section 2.3 and the obligations referred to in Section
3.4.5 of the Participation Agreement, remain in full force and effect..

 

3.                                       As
a result of representation II.2 above, it acknowledges the convenience of
amending the Participation Agreement, among other things, to eliminate the
limitations to individual participation of the Holding Company in terms of the
provisions of Section 3.4.3 thereof.

 

4.                                       That
its representative is duly authorized to enter into this Purchase and Sale
Agreement on its behalf (sic) as it appears in public deed number 101,352 dated
July 10, 2003, granted by Mr. José Angel Villalobos Magaña, Notary Public number 9 of the Federal
District and registered with the Public Registry of Commerce of the Federal
District, under number 1275 on July 16, 2003.

 

5.                                       It
has received the necessary instructions to enter into this Agreement, in terms
of the Trust Agreement number 5111-3 executed on June 14, 2000 (the “Nafin
Trust Agreement”).

 

III.                           The Holding Company
represents, through its representative that:

 

1.                                       It
is a company incorporated under Mexican law, as evidenced in public instrument
number 44,355, dated May 28, 1998, executed by Mr. Emiliano Zubiria Maqueo,
Notary Public number 25 for the Federal District, which first deed copy was
recorded on June 25, 1998 with the Public Registry of Commerce for the Federal
District under number 238,749.

 

2.                                       It
acknowledges to have entered on June 14, 2000 into the Participation Agreement.

 

3.                                       It
has full knowledge of the Purchase Notice delivered by the Strategic Partner to
Nafin and it acknowledges the need to amend the Participation Agreement, among
other things, in order to eliminate the individual participation limits of the
Holding Company in terms  of  the provisions of Section 3.4.3
thereof.

 

4.                                       By
means of the Extraordinary and Ordinary Shareholders’ Meeting dated December
21, 2005, the shareholders of the Holding Company authorized in terms of Section
10.6 of the Participation Agreement, the assignment by the Strategic
Partner in favor of Aeroinvest, of the rights and obligations derived from the
exercise of the Purchase Option referred to by Recital 2 (ii) of this
Agreement, releasing the Strategic Partner from the obligations related to the
acquisition of Additional Shares, including the payment of the purchase price
for such Additional Shares, provided that the remaining obligations of SETA
derived from the Transaction Documents and the Participation Agreement,
including the cooperation obligation referred to in Section 2.3 and the
obligations referred to in Section 3.4.5 of the Participation Agreement,
remain in full force and effect..

 

5.                                       With
the execution, compliance and enforcement of this Agreement, it does not fail
to comply with: (i) any laws or regulations or (ii) its by-laws or any
contract, agreement or covenant to which it is a party, or else, it shall not
result in the early termination of its 

 

4

 

binding obligations or in
the imposition of restrictions or limitations to the investments that the
Airport Group is bound to or intents to make pursuant to the Master Development
Program referred to by Article 38 of the Airports Law or the annual business
plan of the Holding Company.

 

6.                                       It
has carried out or filed all the notifications and notices and has obtained all
the authorizations and exemptions, including those pertaining to by-laws, that
are necessary for the execution, compliance and enforcement of this Agreement
and the acts established in the same.

 

7.                                       Its
legal representative has sufficient powers and authorities to enter into this
Agreement, as it appears in public deed number 10,485, dated February 6, 2003,
granted by Mr. Jesús Salazar Venegas, Notary number 63 of Monterrey, Nuevo
León, which first deed was registered on January 27 2004 in the Public Registry
of Commerce of Monterrey, Nuevo León under number 238749.

 

IV.           Each and every one of the Concession
Companies represent that they were incorporated as it was declared in the
Participation Agreement and that their legal representative has sufficient
powers and authority to enter into this Agreement.

 

V.            The Service Company represents, through its
representative that:

 

1.                                       It
was incorporated by means of public deed number 44,356, dated May 28, 1998,
granted by Mr. Emiliano Zubiría Maqueo, Notary Public number 25 for the Federal
District, which first deed copy was recorded on June 25, 1998 with the Public
Registry of Commerce for the Federal District under mercantile folio number
238750.

 

2                                          It
acknowledges to have executed the Participation Agreement on June 14, 2000.

 

3.                                       It
has full knowledge of the Purchase Notice delivered by the Strategic Partner to
Nafin and recognizes the need to modify the Participation Agreement, among
other things, in order to delete the individual participation limits of the
Holding Company in terms of the provisions of Section 3.4.3 thereof.

 

4.                                       With
the execution, compliance and enforcement of this Agreement, it does not
violate or fail to comply with: (i) any law, regulation or legal provision
whatsoever or (ii) its by-laws or any contract, agreement or covenant to which
it is a party, or else it shall not result in the early termination of its
binding obligations or in the imposition of restrictions or limitations to the
investments that the Airport Group is bound to or wishes to make under the
Master Development Program referred to by Article 38 of the Airports Law or the
annual business plan of the Holding Company.

 

5.                                       It
has carried out or filed all the notifications and notices and has obtained all
the authorizations and exemptions, including those pertaining to by-laws, which
result to be necessary for the execution, compliance and enforcement of this
Agreement and the acts set forth herein.

 

6.                                       Its
legal representative has sufficient powers and authority to enter into this
Agreement pursuant to public deed number 10,486 dated February 6 2003 granted
by Mr. Jesús Salazar Venegas, Notary Public number 63 of the Federal District.

 

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VI.           The Strategic Partner represents,
through its representative that:

 

1.                                       It
is a mercantile company duly incorporated under Mexican law by means of public
deed number 79,502, dated June 9, 2000, granted by Mr. Armando Gálvez Pérez
Aragón, Notary Public number 103 for the Federal District, recorded with the
Public Registry of Commerce for the Federal District on October 13, 2000 under
number 267,940.

 

2.                                       It
acknowledges to have entered on June 14, 2000 the Participation Agreement.

 

3.                                       On
June 14, 2005, (i) according to that set forth in Section 3.4.2 of the
Participation Agreement, the Strategic Partner delivered to Nafin the Purchase
Notice, expressing in such document its intent to exercise the Purchase Option,
subject to the conditions set forth in such Purchase Notice; and (ii) on
grounds of the provision of Section 10.6 of the Participation Agreement, the
Strategic Partner requested the authorization to assign in favor of Aeroinvest
all the rights and obligations related to the Purchase Option, releasing the
Strategic Partner from the obligations regarding the acquisition of the
Additional Shares, including the payment of the price of the same, provided
that the other obligations on SETA derived from the Transaction Documents and
the Participation Agreement, including the obligation of cooperation referred
to by Section 2.3 and the obligations referred to in Section 3.4.5
of the Participation Agreement, remain in full force and effect. Such Purchase
Notice is attached hereto as Exhibit “C”.

 

4.                                       It
recognizes the need to modify the Participation Agreement, among other things,
in order to delete the individual participation limits of the Holding Company
in terms of the provisions of Section 3.4.3 thereof.

 

5.                                       With
the execution, compliance and enforcement of this Agreement, it does not
violate or fail to comply with: (i) any law, regulation or legal provision
whatsoever or (ii) its by-laws or any contract, agreement or covenant to which
it is a party, or else it shall not result in the early termination of its
binding obligations or in the imposition of restrictions or limitations to the
investments that the Airport Group is bound to or wishes to make under the
Master Development Program referred to by Article 38 of the Airports Law or the
annual business plan of the Holding Company.

 

6.                                       It
has carried out or filed all the notifications and notices and has obtained all
the authorizations and exemptions, including those pertaining to by-laws, which
result to be necessary for the execution, compliance and enforcement of this
Agreement and the acts set forth herein.

 

7.                                       Its
legal representative has sufficient powers and authority to enter into this
Agreement pursuant to public deed number 991 dated December 20, 2005, granted before
Notary Public number 29 of Monterrey, Nuevo León.

 

VII.          The Partners of the Strategic Partner
represent, through their respective representatives that:

 

1.                                       Each
one of them recognizes the need to modify the Participation Agreement, among
other things, in order to delete the limitations to individual participation of
the Holding Company in terms of the provisions of Section 3.4.3 thereof.

 

6

 

2.                                       On
September 14, 2005, Vinci y Controladora de Operaciones de Infraestructura,
S.A. de C.V. (“COINSA”) entered into a Purchase and Sale Agreement of
the shares representing the capital stock of the Strategic Partner, held by
Vinci, to be subsequently acquired by Aeroinvest. On the same date, such shares
were acquired by Aeroinvest.

 

3.                                       On
November 1, 2005, Aeroinvest notified SCT the transfer of the shares
representing the capital stock of Aeroinvest owned by Compañía Empresarial Andrea-J, S.A. de C.V., (“CEA-J”)
in favor of COINSA and one share in favor or Constructoras ICA, S.A. de C.V.

 

4.                                       On
December 21, 2005, the SCT authorized the transfer of the shares representing
the capital stock of Aeroinvest held by CEA-J in favor of COINSA and one share
in favor of Constructoras ICA, S.A. de C.V.

 

5.                                       With
the execution, compliance and enforcement of this Agreement, it does not
violate or fail to comply with: (i) any law, regulation or legal provision
whatsoever or (ii) its by-laws or any contract, agreement or covenant to which
it is a party, or else it shall not result in the early termination of its
binding obligations or in the imposition of restrictions or limitations to the
investments that the Airport Group is bound to or wishes to make under the
Master Development Program referred to by Article 38 of the Airports Law or the
annual business plan of the Holding Company.

 

6.                                       It
has carried out or filed all the notifications and notices and has obtained all
the authorizations and exemptions, including those pertaining to by-laws, which
result to be necessary for the execution, compliance and enforcement of this
Agreement and the acts set forth herein.

 

7.                                       Their
legal representatives have sufficient powers and authority to enter into this
Agreement and that such powers have not been revoked or restricted in any
manner whatsoever as it appears in:

 

(a)   Public deed number 69, 898 dated July 25,
2003, granted before Mr. Jorge Alfredo Domínguez Martínez, Notary Public No.
140 of the Federal District, registered with the Public Registry of Commerce of
the Federal District on September 20, 2003 under number 309414, which evidences
the power of attorney of the legal representative of Aeroinvest; and

 

(b)   Public deed number 112,480 dated December
20, 2005, granted before Mr. Cecilio González Márquez, Notary Public No. 151 of
the Federal District, which contains the power of attorney of the legal
representative of ADP.

 

VIII.        The Trustee represents, through its
representative that:

 

1.                                       Under
its Organic Law, it is authorized to carry out trust operations pursuant to its
corporate by-laws and the Financial Institutions Law.

 

2.                                       It
appears to the execution of this Agreement for the purpose of becoming aware of
the scope of its obligations as Trustee under certain Transaction Documents and
to state its agreement therewith.

 

7

 

3.                                       Its
representative is duly authorized to execute this Agreement on its behalf, as
evidenced in public instrument number 32,541, issued on January 14, 1997, by
Mr. Maximino García Cueto, Notary Public number 14 for the Federal District,
which is duly registered with the Public Registry of Commerce for the Federal
District.

 

IX.           EMICA represents, through its legal
representative, that:

 

1.                                       It
is a corporation duly organized and validly existing under the Laws of Mexico
by means of public deed number 97,751 of June 1, 1979, granted before Mr. Jesús
Castro Figueroa, Notary Public No. 38 of the Federal District, registered with
the Public Registry of Commerce of the Federal District under 8723, and that it
has sufficient powers and authority according to its by-laws to enter into this
Agreement.

 

2.                                       Its
legal representative, Mr. José Luis Guerrero Alvarez, has sufficient powers and
authority to enter into this Agreement, which have not been modified or revoked
in any manner whatsoever.

 

3.                                       It
is its intent to enter into this Agreement, among other things, to become a
joint-and-several obligor of Aeroinvest, with respect to all the obligations on
Aeroinvest derived from the acquisition of the Additional Shares, including the
obligations set forth under the Participation Agreement and the Transaction
Documents.

 

4.                                       It
knows the terms and scope of the Participation Agreement and the Transaction
Documents.

 

5.                                       That
it acknowledges that, once that the Additional Shares have been acquired,
Aeroinvest shall also undertake the rights and obligations that correspond to
the Strategic Partner pursuant to the Transaction Documents and the
Participation Agreement, expressly including all the obligations foreseen in Sections
2.3 and 3.4.5 of the Participation Agreement.

 

6.                                       That
with the execution, compliance and enforcement of this Agreement, it does not
violate or infringes: (i) any law, regulation or legal provision whatsoever or
(ii) its by-laws or any contract, agreement or covenant to which it is a party,
or else it shall not result in the early termination of its binding
obligations.

 

7.                                       It
has carried out or filed all the notifications and notices and has obtained all
the authorizations and exemptions, including those pertaining to by-laws, which
result to be necessary for the execution, compliance and enforcement of this
Agreement and the acts set forth herein.

 

Based on the
aforementioned representations and warranties, the Parties to this Agreement
agree to amend the Participation Agreement according to the following:

 

CLAUSES

 

FIRST.                    In terms of the provisions
of Sections 3.4.3 and 10.2.2 of the Participation Agreement, the parties
agree, through the execution of this Agreement, to delete Section 2.5 of
the Participation 

 

8

 

Agreement titled Participation
Limits, as well as any references to such section whether in the
Participation Agreement, the Transaction Documents or in any other documents.

 

SECOND.               In terms of the provisions of Sections
3.4.6 of the Participation Agreement and 6.2.6 of the Shareholders
Agreement and having complied with that provided by Section 10.2.2 of
the same Participation Agreement, the parties agree to modify Section 2.7
of the Participation Agreement itself in order to be worded in the following
manner:

 

“2.7         Contribution to the Trust. In
order to guarantee (i) the negative covenants foreseen in Section 2.4
above, and (ii) the obligations foreseen in the Technical Assistance Agreement,
the Strategic Partner, the Holding Company and the Trustee, agree to enter into
the Trust Agreement, in which the Trustee shall act as such, the Strategic
Partner shall act as settlor and first place beneficiary and the Holding
Company shall act as second place beneficiary. By virtue of such Trust
Agreement, the Strategic Partner shall transfer to the Trustee the Shares
Package so that they are kept in the Trust. In like manner, the obligation
shall be established for the Strategic Partner to transfer to the Trust the Optional
Shares that it may eventually acquire.”

 

THIRD.  By virtue of Clause First and Second above, as
of the execution of this Agreement, in regard to the acquisition of shares
representing of the capital stock of the Holding Company carried out by
Aeroinvest, the rights, obligations, conditions and/or restrictions
contemplated by or derived from Section 2.5 of the Participation
Agreement shall not be applicable to the parties nor shall they have any
validity whatsoever.

 

FOURTH.              After having complied with the
provisions of Section 10.2.2 of the Participation Agreement, the parties
agree to modify Section 3.4.4 of the Participation Agreement to be
worded in the following manner: 

 

“3.4.4      In the event that the Strategic Partner
has filed a Purchase Notice to Nafin, the Strategic Partner or the authorized
assignee of the rights and obligations derived from such Purchase Notice (in
which case the Strategic Partner shall not have any obligation in such regard
whatsoever) shall pay the price in favor of Nafin in dollars, currency of the
United States of America, or in pesos at the exchange rate of the date of the
payment as published by Banco de México in the Official Gazette of the
Federation, in immediately available funds, in the form Nafin instructs in
writing.”

 

FIFTH.   The parties acknowledge and ratify, in
whatever may refer to each one of them in the documents or acts to which they
are parties, that on the date of execution of this Agreement, the following
acts have taken place or have been executed by them:

 

1.             An extraordinary and ordinary shareholders' meeting of
the Holding Company which resolved on (i) the amendment of the by-laws of the
Holding Company to be worded in the form attached as Exhibit D of this
Agreement; (ii) a dividends policy to be followed by the Holding Company as of
the closing date under the Agreement for the Purchase and Sale of the
Additional Shares (the “Closing Date”); (iii) the modification to the
composition of the Board of Directors of the Holding Company as of the Closing
Date under the Purchase and Sale Agreement; and (iv) the conversion of the
Series “A” shares of the capital stock of the Holding Company into Series “B”
shares, among other things.

 

2.             An Agreement for the Termination of the Shareholders'
Agreement;

 

9

 

3.             An Agreement to modify the Trust Agreement, in terms of
the provisions of Section 3.4.6 of the Participation Agreement; and

 

4.             An Agreement for the Purchase and Sale of the Additional
Shares.

 

SIXTH.   The assignment of the rights and obligations
derived from the Purchase Option or the execution of this Agreement do not
release the Strategic Partner in any manner whatsoever from the compliance of
its obligations under the Transaction Documents and the Participation Agreement
and, in an express manner, those derived from Sections 2.3, 3.4.5 (as
long as these refer to the obligation of cooperating with Nafin in the public
offer or offers or other kind of placement among the public investor of its
Shares, even when Nafin keeps the ownership of 49% or less of the shares
representing the capital stock of the Holding Company) and 10.3 of the
Participation Agreement; provided that the Strategic Partner does not undertake
any obligation whatsoever related to the Purchase Option or the payment of the
Price of the Additional Shares. Accordingly, Aeroinvest also undertakes the
obligations corresponding to the Strategic Partner according to the Transaction
Documents and the Participation Agreement and which, are its responsibility derived
from the acquisition of the Additional Shares, and in an express manner, those
derived from the Sections 2.3 and 3.4.5 of the Participation Agreement
(even if Nafin keeps the ownership of 49% or less of the shares representing
the capital stock of the Holding Company).

 

Aeroinvest grants and
undertakes, as if it were the Strategic Partner, in regard to itself, the
representations and warranties given and undertaken by the Strategic Partner
according to Sections 2.9, 5.2, 5.3, 5.4, 5.5, 5.6 and 5.9 of the
Participation Agreement. The representations and warranties mentioned before
are the determinant reason of Nafin's and SCT's will for the celebration and
compliance of this Agreement and the acts set forth herein.

 

In the event that a
public offer of Shares or other instruments issued on the Shares is made in
Mexico or abroad, or other type of placing that requires the registration in
whole or in part of the Shares or of such instruments in the National Registry
of Securities of the National Banking and Securities Commission or any other
equivalent or substitute registry, the Strategic Partner, Aeroinvest and Nafin
shall carry out all the necessary actions to amend the by-laws of the Holding
Company to be worded essentially in terms of Exhibit “D” of this Agreement, and
if appropriate, to adapt them to any legal or administrative provisions that
result to be applicable in order to be able to carry out any of the
aforementioned offers.

 

The parties agree that,
at all times, even when Nafin ceases to be shareholder of the Holding Company,
the Strategic Partner and Aeroinvest shall require the written consent of the
Federal Government, through SCT, to contract liabilities or to enter into any
type of agreement, by means of which limitations are imposed to the Holding
Company, the Service Company or any of the Concession Companies, to carry out
any additional investments to those foreseen in the Master Development Program
(as such term is defined in the Technical Assistance Agreement), business plans
or other programs or plans that result to be applicable or have been approved
in regard to the Holding Company, the Service Company and/or the Concession
Companies.

 

Furthermore, the parties
agree that in the event that Aeroinvest intends to transfer under any legal
title whatsoever, the Additional Shares it acquires under the Agreement for the
Purchase and Sale of such Additional Shares, in addition to the authorizations
and consents that are requested and prior to such transfer, the acquiring party
of any of the Additional Shares shall subscribe the agreements and documents
that are necessary to undertake its terms and the obligations on Aeroinvest
provided in Sections 2.3 and 3.4.5 of the Participation Agreement, including
the amendments thereto. 

 

10

 

SEVENTH.             Except for the modifications to the
Participation Agreement that are set forth in this Agreement, the Participation
Agreement is hereby ratified in all its terms; therefore, all the provisions of
the Participation Agreement that are not modified by means of this Agreement
shall continue having the same validity and effects with which they were worded
in the Participation Agreement. The parties acknowledge that the modifications
set forth in this Agreement do not constitute a novation to the Participation
Agreement. 

 

EIGHTH.                Nafin, the Strategic Partner and
Aeroinvest upon the acquisition of the Additional Shares, in their capacity as
shareholders of the Holding Company, agree and shall carry out all the actions
that are necessary to: 

 

(i)            instruct the Board of Directors of
the latter, to carry out through an external consultant of recognized prestige
of its choice, an analysis for the determination of the best alternative, from
the tax and operational point of view, to attain an efficient distribution of
dividends of the Holding Company, that complies with the policy fixed by the
Shareholders' Meeting referred to by Section (ii) of numeral 1 of Clause fifth
of this Agreement and Section 7 of the Shareholders Agreement, in order
that the same analysis is approved, within 120 (one hundred and twenty)
calendar days following the date of the aforementioned shareholders meeting, by
the Board of Directors of the Holding Company, and thereafter to be submitted
to the consideration of the Shareholders’ Meeting of the Holding Company;

 

(ii)           to create (i) a reserve fund (the “Reserve
Fund”) of the Holding Company through one single initial contribution in an
amount equal to or greater than US$1,000,000.00 (one million U.S. Dollars
00/100), in order to have funds to carry out the investments contemplated in
the Master Development Program referred to by Article 38 of the Airports Law or
in the annual business plan of the Holding Company and (ii) an Extraordinary
Investment Committee which shall be comprised of 3 (three) members, from which
2 (two) of them shall be appointed by Nafin and 1 (one) by the Strategic
Partner. The Extraordinary Investment Committee shall be the only organ
authorized to determine the destination and application of the resources of the
reserve Fund. Such Committee may be called by any of its members at least 3
(three) business days in advance. The Committee may also adopt the resolutions
outside a meeting, provided they are ratified by all its members. In order for
a meeting to be duly convened, at least 2 (two) of its members may be present
and, subject to that provided for in the following paragraph, its decisions
shall be adopted by a simple majority, provided that the Chairman shall have a
tie-breaking vote.

 

In the event that the
totality or part of the resources maintained in the Reserve Fund had been
disposed of, the favorable vote of the totality of the members of the
Extraordinary Investments Committee shall be required in order to make new
contributions to such Reserve Fund.

 

Notwithstanding the
above, the resources maintained by the Holding Company in the Reserve Fund
shall only be disposed of by the Extraordinary Investments Committee once that
each and every remedy set forth in the Master Development Program and the
annual business plan of the Holding Company have been exhausted or in the event
that, there are funds according to such plans, these are not applied to the
corresponding extraordinary investments.

 

The Reserve Fund shall
only be kept by the Holding Company, as long as Nafin participates in the
Holding Company, whether directly or indirectly, at least in 49% (forty nine
percent) of the capital stock. Consequently, once that Nafin participates in
the Holding Company with a percentage lower than 49% (forty nine percent) of
the capital stock of the same, such Reserve Fund shall be absorbed by the
Holding Company and the Extraordinary Investments Committee shall cease in its
duties.

 

11

 

(iii)          as long as the shares of the Holding
Company are not listed in any stock exchange and provided that Nafin
participates in the Holding Company, whether directly or indirectly, with at
least 49% (forty nine percent) of the capital stock, the favorable vote of at
least 60% (sixty percent) of the capital stock of the Holding Company shall be
required for the contracting or undertaking, whether directly or indirectly, of
any debt, liabilities or commitments of the Holding Company to or resulting in,
or which purpose may be to carry out any type of allocation, whether in cash or
kind, to the shareholders of the Holding Company, including without limitation,
any decreases to the capital stock through the reimbursement, redemption of
shares, payment of liquidation quotas or payment of dividends.

 

NINTH.  EMICA agrees to constitute itself as
joint-and-several obligor as to each and every obligations of Aeroinvest
derived from the acquisition of Additional Shares  by virtue of this Agreement, including
without limitation, the obligations set forth under the Participation Agreement
and the Transaction Documents.

 

Further, EMICA hereby
undertakes the obligation of carrying out each and every action and adopting
any agreement that result convenient or necessary for the faithful compliance
by Aeroinvest of each and every one of its obligations derived from the loan
agreement (the “Loan Agreement”) dated December 14, 2005, in the amount
of US$125,000,000.00 (one hundred and twenty five million U.S. Dollars)
entered, among others, by Aeroinvest as borrower and WestLB AG, New York Branch
as lender and administrative Agent, including the direct compliance of the
same, so that Aeroinvest keeps the ownership of the Additional Shares and the
corporate rights corresponding to the same. For such purposes, in the same date
of the Loan Agreement, EMICA becomes joint-and-several obligor with respect to
the obligations of Aeroinvest under the Loan Agreement, by means of the
guarantee subscribed between EMICA and WestLB AG New York Branch (Guarantee)
dated December 14, 2005, same obligation that shall remain in full force during
the effectiveness of the Loan Agreement or any other loan substituting the Loan
Agreement.

 

The parties agree that
(A) while Aeroinvest is the owner, whether directly or indirectly of the
Additional Shares, Aeroinvest shall exercise the voting right of the same,
provided that it may agree to vote the same in the same manner than those held
by the Strategic Shareholder; (B) in the event that the Additional Shares are transferred
to a trust, Aeroinvest as fiduciary or beneficiary of the Additional Shares
under the same or under any similar instrument, as long as the relevant trustee
has not received a notice of default in terms of the corresponding trust
agreement, Aeroinvest shall instruct the trustee of the relevant trust on the
form of exercising the voting right of the Additional Shares, in the
understanding that it may instruct the trust to vote such Additional Shares in
the same manner than the Shares held by the Strategic Partner; and (C) in the
event that the Additional Shares are kept in a trust according to paragraph B
above, and a notice of default has been received in terms of the relevant trust
agreement, the corresponding beneficiary shall instruct the trustee to vote the
Additional Shares, in the understanding that such shares should always be voted
in the same manner as the Shares held by the Strategic Partner, provided
however that the compliance of the obligations guaranteed under the Loan
Agreement is not affected or the capacity of Aeroinvest to comply with its
obligations under the Loan Agreement is not limited in any manner whatsoever.

 

TENTH. This Agreement shall be governed and enforced
according to the federal laws of the United Mexican States and the parties,
expressly and irrevocably, submit themselves to the jurisdiction of the
competent courts of Mexico City, Federal District, United Mexican States,
expressly waiving to any other jurisdiction that may correspond to them by
reason of their present or future domiciles or by any other concepts.

 

12

 

According to the above,
and being the parties aware of the validity and legal scope of this Agreement,
they sign it on the 21st day of the month of December 2005.

 

[the rest of the
page is intentionally left in blank]

 

13

 

[Signature page]

 

Amendment
to Participation Agreement dated December 21, 2005

 

Nacional
Financiera, Sociedad Nacional de Crédito

Trust Division

 

	
   

  	
  /s/ Ricardo
  Rangel Fernández McGregor

  	
   

  
	
  By: Ricardo
  Rangel Fernández McGregor

  
	
  Title: Legal
  Representative

  

 

14

 

[Signature page]

 

Amendment
to Participation Agreement dated December 21, 2005

 

Federal Government,
through the Ministry of Communications and Transportation

 

	
   

  	
  /s/ Aaron
  Dychter Poltolarek

  	
   

  
	
  By: Aaron
  Dychter Poltolarek

  
	
  Title:
  Subsecretary of Transport

  

 

15

 

[Signature page]

 

Amendment
to Participation Agreement dated December 21, 2005

 

Banco Nacional de
Comercio Exterior, S.N.C.

 

 

	
   

  	
  /s/
  Carlos Flores Salinas

  	
   

  
	
  By: Carlos
  Flores Salinas

  
	
  Title: Legal
  Representative

  

 

16

 

[Signature page]

 

Amendment
to Participation Agreement dated December 21, 2005

 

Aeroinvest, S.A.
de C.V.

 

 

	
   

  	
  /s/ Alonso
  Quintana Kawage

  	
   

  
	
  By: Alonso
  Quintana Kawage

  
	
  Title: Legal
  Representative

  
	
   

  
	
   

  
	
  Empresas ICA,
  S.A. de C.V.

  
	
   

  
	
   

  
	
   

  	
  /s/ José Luis
  Guerrero Alvarez

  	
   

  
	
  By: José Luis
  Guerrero Alvarez

  
	
  Title: Legal
  Representative

  

 

17

 

[Signature page]

 

Amendment
to Participation Agreement dated December 21, 2005

 

Aéroports de Paris

 

 

	
   

  	
  /s/ Nicolás
  Claude

  	
   

  
	
  By: Nicolás
  Claude

  
	
  Title: Legal
  Representative

  

 

18

 

[Signature page]

 

Amendment
to Participation Agreement dated December 21, 2005

 

Servicios de
Tecnología Aeroportuaria, S.A. de C.V.

 

 

	
   

  	
  /s/
  Luis Zárate Rocha

  	
   

  
	
  By: Luis Zárate
  Rocha

  
	
  Title: Legal Representative

  

 

19

 

[Signature page]

 

Amendment
to Participation Agreement dated December 21, 2005

 

	
  Aeropuerto de Ciudad Juárez, S.A. de C.V.

  	
   

  	
  Aeropuerto de Chihuahua, S.A. de C.V.

  
	
   

  	
   

  	
   

  
	
    /s/ Rubén López Barrera

  	
   

  	
   

  	
    /s/ Rubén López Barrera

  	
   

  
	
  By: Rubén López Barrera

  	
   

  	
  By: Rubén López Barrera

  
	
  Title: Legal Representative

  	
   

  	
  Title: Legal Representative

  
	
   

  	
   

  	
   

  
	
  Aeropuerto de Culiacán, S.A. de C.V.

  	
   

  	
  Aeropuerto de Chihuahua, S.A. de C.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/ Rubén López Barrera

  	
   

  	
   

  	
    /s/ Rubén López Barrera

  	
   

  
	
  By: Rubén López Barrera

  	
   

  	
  By: Rubén López Barrera

  
	
  Title: Legal Representative

  	
   

  	
  Title: Legal Representative

  
	
   

  	
   

  	
   

  
	
  Aeropuerto de Acapulco, S.A. de C.V.

  	
   

  	
  Aeropuerto de Durango, S.A. de C.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/ Rubén López Barrera

  	
   

  	
   

  	
    /s/ Rubén López Barrera

  	
   

  
	
  By: Rubén López Barrera

  	
   

  	
  By: Rubén López Barrera

  
	
  Title: Legal Representative

  	
   

  	
  Title: Legal Representative

  
	
   

  	
   

  	
   

  
	
  Aeropuerto de Mazatlán, S.A. de C.V.

  	
   

  	
  Aeropuerto de Monterrey, S.A. de C.V.

  
	
   

  	
   

  	
   

  
	
    /s/ Rubén López Barrera

  	
   

  	
   

  	
    /s/ Rubén López Barrera

  	
   

  
	
  By: Rubén López Barrera

  	
   

  	
  By: Rubén López Barrera

  
	
  Title: Legal Representative

  	
   

  	
  Title: Legal Representative

  
	
   

  	
   

  	
   

  
	
  Aeropuerto de Reynosa, S.A. de C.V.

  	
   

  	
  Aeropuerto de Tampico, S.A. de C.V.

  
	
   

  	
   

  	
   

  
	
    /s/ Rubén López Barrera

  	
   

  	
   

  	
    /s/ Rubén López Barrera

  	
   

  
	
  By: Rubén López Barrera

  	
   

  	
  By: Rubén López Barrera

  
	
  Title: Legal Representative

  	
   

  	
  Title: Legal Representative

  

 

20

 

[Signature page]

 

Amendment
to Participation Agreement dated December 21, 2005

 

 

	
  Aeropuerto de Torreón, S.A. de C.V.

  	
   

  	
  Aeropuerto de San Luis Potosí, S.A. de C.V.

  
	
   

  	
   

  	
   

  
	
   /s/ Rubén López Barrera

  	
   

  	
   

  	
   /s/ Rubén López Barrera

  	
   

  
	
  By: Rubén López Barrera

  	
   

  	
  By: Rubén López Barrera

  
	
  Title: Legal Representative

  	
   

  	
  Title: Legal Representative

  
	
   

  	
   

  	
   

  
	
  Aeropuerto de Zacatecas, S.A. de C.V.

  	
   

  	
  Aeropuerto de Zihuatanejo, S.A. de C.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   /s/ Rubén López Barrera

  	
   

  	
   

  	
   /s/ Rubén López Barrera

  	
   

  
	
  By: Rubén López Barrera

  	
   

  	
  By: Rubén López Barrera

  
	
  Title: Legal Representative

  	
   

  	
  Title: Legal Representative

  

 

21

 

[Signature page]

 

Amendment
to Participation Agreement dated December 21, 2005

 

Servicios
Aeroportuarios del Centro Norte, S.A. de C.V.

 

 

	
   

  	
  /s/ Rubén López
  Barrera

  	
   

  
	
  By: Rubén López
  Barrera

  
	
  Title: Legal
  Representative

  

 

22

 

[Signature page]

 

Amendment
to Participation Agreement dated December 21, 2005

 

Grupo
Aeroportuario del Centro Norte, S.A. de C.V.

 

 

	
   

  	
  /s/ Rubén López
  Barrera

  	
   

  
	
  By: Rubén López
  Barrera

  
	
  Title: Legal
  Representative

  

 

23Exhibit 10.4

 

 

AGREEMENT ENTERED INTO BY
AND AMONG NACIONAL FINANCIERA, S.N.C., DIRECCIÓN FIDUCIARIA IN ITS CAPACITY AS
TRUSTEE UNDER THE TRUST NUMBER 5111-3 (HEREINAFTER “NAFIN”), REPRESENTED
BY MR. JUAN MANUEL ALTAMIRANO LEÓN, AEROINVEST, S.A. DE C.V., (HEREINAFTER “AEROINVEST” OR
THE “BUYER”), REPRESENTED
BY MR. ALONSO QUINTANA KAWAGE
AND SERVICIOS DE TECNOLOGÍA AEROPORTUARIA, S.A. DE C.V.
(FORMERLY OPERADORA MEXICANA DE AEROPUERTOS, S.A. DE C.V.) (HEREINAFTER “SETA”
OR THE “STRATEGIC PARTNER”), REPRESENTED BY MR. LUIS ZARATE ROCHA, WITH THE APPEARANCE OF THE FEDERAL GOVERNMENT
OF THE MEXICAN UNITED STATES, THROUGH THE MINISTRY OF COMMUNICATIONS AND
TRANSPORTATION (HEREINAFTER “SCT”), REPRESENTED BY DR. AARON DYCHTER POLTOLAREK, UNDERSECRETARY OF TRANSPORTATION, PURSUANT TO THE FOLLOWING
DEFINITIONS, PRECEDENTS, REPRESENTATIONS AND CLAUSES.

 

DEFINITIONS

 

Capitalized terms defined and used in this Agreement shall
have the meaning assigned to such terms herein, or otherwise, in the
Participation Agreement dated June 14th, 2000, executed, among
others, by the SCT, Nafin, the Holding Company, the Strategic Partner,
Aeroinvest and Aéroports de Paris, with the appearance of Banco Nacional de
Comercio Exterior, S.N.C., División Fiduciaria, as amended by an Amendment
Agreement dated December 21st, 2005 (the “Participation Agreement”).

 

PRECEDENTS

 

1.     On June 14th,
2000, the Participation Agreement was executed with the purpose of establishing
the rights and obligations, among others, by the Strategic Partner, the Federal
Government, Nafin, the Trustee and Grupo Aeroportuario, in virtue of the Bid
Process and the selection of the Strategic Partner in the management of the Assigned
Airports pursuant to the General Guidelines for the Investment Opening in the
Mexican Airport System, the invitation to bid and the guidelines.

 

2.     On June 14th,
2005, (i) pursuant to Section 3.4.2 of the Participation Agreement, the
Strategic Partner delivered to Nafin the Notice of Purchase, expressing its
intention to exercise the purchase option for the Additional Shares pursuant to
Section 3.4 of the Participation Agreement (the “Purchase Option”),
subject to the conditions provided in such Notice of Purchase; and (ii) pursuant
to Section 10.6 of the Participation Agreement, the Strategic Partner requested
authorization to assign in favor of Aeroinvest, all rights and obligations
related with the Purchase Option for the Additional Shares.

 

3.     The Strategic Partner
and Aeroinvest requested from the SCT the amendment of Section 3.4.4 of
the Participation Agreement, in order for Aeroinvest to be able to pay the
price for the Additional Shares as instructed in writing by Nafin, no later 

 

 

than December 30th, 2005, eliminating,
consequently, the sixty (60) days term originally agreed. Likewise, the SCT expressed
that it had no objection to such amendment request.

 

4.     Pursuant to the
official notice number 4.612 dated December 21st, 2005, the SCT, pursuant
to Section 10.6 of the Participation Agreement, authorized the
assignment by the Strategic Partner in favor of Aeroinvest of all the rights
and obligations related with the Purchase Option, releasing the Strategic
Partner from the obligations related to the acquisition of the Additional
Shares, including the payment of such Additional Shares, provided, however,
that the other obligations of the Strategic Partner under the Transaction
Documents and the Participation Agreement, including the obligation to
collaborate set forth in Section 2.3 and the obligations referred to in Section
3.4.5 of the Participation Agreement, remain in full force and effect.

 

5.     On December 21st,
2005, a shareholders meeting of the Holding Company, in accordance with Section
10.6 of the Participation Agreement, authorized the assignment by
the Strategic Partner in favor of Aeroinvest of all rights and obligations
related to the Purchase Option, releasing the Strategic Partner from the
obligations related to the acquisition of the Additional Shares, including the payment
of such Additional Shares, provided, however, that the other obligations of the
Strategic Partner under the Transaction Documents and the Participation Agreement,
including the obligation to collaborate set forth in Section 2.3 and the
obligations referred to in Section 3.4.5 of the Participation Agreement,
remain in full force and effect.

 

6.     On December 21st,
2005, Nafin, pursuant to the instructions received trough the SCT official
communications number 4.613 and 4.614, dated December 21st, 2005,
notified the Strategic Partner of the authorization issued, in terms of such
official communications, by the SCT regarding the assignment made by the
Strategic Partner in favor of Aeroinvest of all rights and obligations related
to the Purchase Option, releasing the Strategic Partner from the obligations
related to the acquisition of the Additional Shares, including the payment of such
Additional Shares, provided, however, that the other obligations of the
Strategic Partner under the Transaction Documents and the Participation
Agreement, including the obligation to collaborate set forth in Section 2.3
and the obligations referred to in Section 3.4.5 of the Participation
Agreement, remain in full force and effect.

 

7.     On December 15th,
2005, Aeroinvest notified in writing to the SCT the acquisition of the 36% of
the Holding Company’s Shares, in accordance with Article 23 of the Airports
Law. In addition, pursuant to the official communication number 10/2144 dated
December 21st, 2005, the SCT expressed that it had no objection with
respect to such acquisition.

 

8.     By a resolution dated
December 13th, 2005, the Restructure Committee of the Mexican
Airport System, took note and favorably opined with respect to providing 

 

 

the Comisión Intersecretarial
de Desincorporación (“CID”) with the Additional Shares’ purchase
course of action.

 

9.     By a resolution dated
December 20th, 2005, the CID took note of the Additional Shares’ purchase
course of action.

 

10.   Nafin as seller and
Aeroinvest as buyer, will enter, on this Agreement’s execution date, into a
Purchase Agreement with respect to the Additional Shares (the “Purchase
Agreement”).

 

R E P R E S E N T A T I O N S

 

I.          Nafin, through its representative, hereby represents
that:

 

1.     It is a national banking corporation, development
finance institution, duly organized and validly existing under the Financial
Institutions Law and its Organic Law, with legal capacity and patrimony of its
own and it is duly authorized to execute this Agreement.

 

2.     On June 14th,
2005, (i) pursuant to Section 3.4.2 of the Participation Agreement, Nafin
received the Purchase Notice from the Strategic Partner, pursuant to which the
Strategic Partner expressed its intention to exercise the Purchase Option,
releasing the Strategic Partner from the obligations related with the
acquisition of the Additional Shares; and (ii) pursuant to Section 10.6
of the Participation Agreement, the Strategic Partner, requested authorization
to assign in favor of Aeroinvest all the rights and obligations related with
the Purchase Option and to release the Strategic Partner from the obligations
related with the acquisition of the Additional Shares, including the payment of
such Additional Shares, provided, however, that all the other obligations of
the Strategic Partner under the Transaction Documents and the Participation
Agreement, including the obligation to collaborate set forth in Section 2.3
and the obligations referred to in Section 3.4.5 of the Participation
Agreement, remain in full force and effect.

 

3.     Pursuant to representation
I.2 above, Nafin enters into this Agreement, in order to comply with the
provisions set forth under Section 3.4.5 of the Participation Agreement.

 

4.     Its representative is
duly authorized to execute this Agreement on its behalf, as evidenced in public
deed number 35,985 granted on June 9, 2004, before Mr. Gabriel Benjamín Díaz
Soto, Notary Public number 131 of the Federal District, duly registered in the
Public Registry of Commerce of the Federal District on June 23rd,
2004, under mercantile folio number 1275.

 

II.         Aeroinvest, through
its representative, hereby represents that:

 

1.      It is a corporation
duly organized under the laws of Mexico, as evidenced in public deed number
69,898, dated July 25th, 2003, granted before Mr. Jorge 

 

 

Alfredo Domínguez Martínez, Notary Public number 140
of the Federal District, duly registered in the Public Registry of Commerce of
the Federal District under mercantile folio number 309414, and has the
sufficient authority to enter into this Agreement, pursuant to its By-Laws.

 

2.      Its representative,
Mr. Alonso Quintana Kawage, has sufficient authority to execute this Agreement
on its behalf as evidenced in the public deed referred to in representation
II.1 above, and such authority has not been revoked or modified in any form or
manner.

 

3.      It wishes to execute
this Agreement in order to comply with Section 3.4.5 of the
Participation Agreement.

 

III.       The Strategic
Partner, through its representative, hereby represents that:

 

1.      It is a corporation
duly organized under the laws of Mexico, as evidenced in public deed number
79,502, dated June 9th, 2000, granted before Mr. Armando Gálvez
Pérez Aragón, Notary Public number 103 of the Federal District, duly registered
in the Public Registry of Commerce of the Federal District on October 13th,
2000, under the mercantile folio number 267940.

 

2.      On June 14th,
2005, (i) pursuant to the provisions in Section 3.4.2 of the
Participation Agreement, the Strategic Partner delivered to Nafin the Purchase
Notice, pursuant to which the Strategic Partner expressed its intention to
exercise the Purchase Option, subject to the conditions set forth therein; and
(ii) pursuant to Section 10.6 of the Participation Agreement, the
Strategic Partner requested authorization to assign in favor of Aeroinvest all
the rights and obligations related to the Purchase Option, releasing the
Strategic Partner from the obligations related to the acquisition of the
Additional Shares, including the payment of such Additional Shares, provided,
however, that any other obligation of SETA under the Transaction Documents and
the Participation Agreement, including the obligation to collaborate set forth
in Section 2.3 and the obligations referred to in Section 3.4.5
of the Participation Agreement, will remain in full force and effect.

 

3.      Its representative
has sufficient authority to execute this Agreement on its behalf, in terms of
public deed number 991, dated December 20th, 2005, granted before
Notary Public number 29 of Monterrey, Nuevo León.

 

4.      In virtue of representation
III.2 above, it executes this Agreement in order to comply with the provisions
set forth under Section 3.4.5 of the Participation Agreement.

 

IV.       The SCT, through its
representative, hereby represents that:

 

1.      On June 14th,
2005, (i) pursuant to the provisions of Section 3.4.2 of the Participation
Agreement, the Strategic Partner delivered the Purchase Notice to Nafin, pursuant
to which the Strategic Partner expressed its intention to exercise the 

 

 

Purchase Option of the Additional Shares in terms of Section
3.4 of the Participation Agreement (the “Purchase Option”), subject
to the conditions provided under such Purchase Notice; and (ii) based on the
provisions of Section 10.6 of the Participation Agreement, the Strategic
Partner requested authorization to assign in favor of Aeroinvest all the rights
and obligations related to the Purchase Option of the Additional Shares,
including the payment of such Additional Shares, provided, however, that any
other obligations of SETA under the Transaction Documents and the Participation
Agreement, including the obligation to collaborate set forth in Section 2.3
and the obligations referred to in Section 3.4.5 of the Participation
Agreement, will remain in full force and effect.

 

2.      SCT hereby authorizes
and instructs Nafin to enter into this Agreement, in accordance to its terms.

 

3.      It appears in this
Agreement in order to acknowledge and consent the scopes, rights and
obligations derived from this Agreement, and

 

4.      Its representative
has sufficient authority to execute this Agreement, as evidenced in article 6°,
section IX, of the SCT Internal Regulations and such authority has not been
revoked or modified in any form or manner.

 

Based on the foregoing, the parties hereto execute
this Agreement in accordance with the following:

 

C L A U S E S

 

FIRST.   Pursuant to Section 3.4.5 of the Participation Agreement, the
parties hereto agree that:

 

1.      Aeroinvest (which in
exercise of the Purchase Option, will acquire the Additional Shares, in terms
of Section 3.4 of the Participation Agreement), pursuant to subsection (i) of
Section 3.4.5 of the Participation Agreement, assumes the obligation to, in a maximum
five (5) years term beginning on the acquisition date of the Additional Shares
(the “5 Year Term”), place such shares in the securities market through
one or several public offerings. If Aeroinvest decides to place the Additional
Shares within the 5 Years Term, Nafin will be entitled to place and sell an
equal amount of shares representing the capital stock of the Holding Company in
the same public offering, in accordance to the provisions of paragraph (iv) of
Section 3.4.5 of the Participation Agreement.

 

2.      In terms of the first
section of paragraph (ii) of Section 3.4.5 of the Participation Agreement,
Nafin is entitled to place and sell its shares representing the capital stock
of the Holding Company, in the securities market at any time beginning as of
the execution of the Participation Agreement.

 

3.      Pursuant to the
second section of paragraph (ii) of Section 3.4.5 of the Participation
Agreement, if Nafin chooses to place and sell its shares representing the
capital 

 

 

stock of the Holding Company in the securities market,
Aeroinvest, following Nafin’s request, will have the obligation to collaborate
in the public offering that Nafin chooses to carry out, in accordance to
Section 2.3 of the Participation Agreement.

 

4.      Pursuant to the third
section of paragraph (i) of Section 3.4.5 of the Participation Agreement, if
the sale price per share in the public offering carried out pursuant to
paragraph 3 above, is equal to or higher than the price of acquisition of the
Additional Shares by Aeroinvest, in dollars to the exchange rate of the
acquisition date plus an annual 5% interest, Aeroinvest shall sell the
Additional Shares upon the termination of the 5 Year Term, subject to the
performance of the conditions to be agreed pursuant to Clause Third below.

 

5.      Pursuant to the
fourth section of paragraph (ii) of Section 3.4.5 of the Participation
Agreement, if favorable market conditions are met and Aeroinvest does not
comply with the obligations set forth in paragraphs 1 and 4 above, Aeroinvest will
be obligated to deposit the Additional Shares to an irrevocable trust (the “Trust”).
In such event, pursuant to paragraph (v) of Section 3.4.5 of the Participation
Agreement, Aeroinvest will maintain, at all times, the right to instruct the
trustee with respect to the placement and sale of all or part of the Additional
Shares in the securities market and to receive the proceeds obtained from the
sale of such Additional Shares.

 

6.      If favorable market
conditions are not met in the public offering made by Nafin in terms of paragraph
2 above, Aeroinvest’s will not have the sale obligation set forth in paragraph
4 above. In such event, Aeroinvest will only have the obligation to (a) carry
out the sale of the Additional Shares or (b) deposit the Additional Shares in
the Trust, in the terms to be agreed by the parties pursuant to Clause Third
below.

 

7.      If the market
conditions do not allow Aeroinvest to carry out the sale of the Additional
Shares within the 5 Year Term pursuant to paragraph 1 above, this Agreement
will be indefinitely extended until the market conditions enable Aeroinvest to carry
out with the placement and sale of the Additional Shares.

 

SECOND. The parties agree that the Trust referred to in paragraph
5 of Clause First above, will include, at least, the terms and conditions
provided in Exhibit “A” of this Agreement.

 

THIRD. For purposes of paragraphs 4,5,6 and 7 of the First
Clause of this Agreement, the parties agree to establish the conditions under
which favorable market conditions will be met, including the price and term
that shall be taken as reference in order to define such conditions (taking
into consideration the price of the Additional Shares on the date of Nafin’s
public offer and the acquisition price of the Additional Shares, in dollars, at
the exchange rate of the acquisition date plus an annual 5% interest on the
date of such determination), pursuant to which Aeroinvest shall have the
obligation to (a) carry out the sale of the Additional Shares and the terms under
which such sale shall be carried out or (b) deposit the Additional Shares in
the Trust. The terms and conditions provided herein and 

 

 

determined for purposes hereof, shall be deemed as part
of this Agreement and therefore, the existing provisions shall be mandatory for
the parties.

 

FOURTH. The parties agree that if the Trust 5111-3, to which
Nafin is Trustee, is terminated, all the obligations and rights derived from
this Agreement and the documents attached hereto, shall be obligations and
rights of the SCT or whoever the SCT appoints.

 

FIFTH. Any notice to be delivered from one party to another
under this Agreement shall be delivered in writing to the other party by registered
mail with an acknowledgment of receipt, fax, courier and will be considered as effective
until duly received by the other party. All the notices shall be addressed to
the following domiciles:

 

To Nafin:

 

Insurgentes Sur 1971

Edificio Anexo, Nivel Jardín

Col. Guadalupe Inn, C.P. 01020

Mexico, Distrito Federal

 

At ́n: Trustee Director

 

To Aeroinvest:

 

Minería No. 145, Edificio F 3er Piso

Co. Esclavón,

Mexico, D.F. 11800

 

At ́n. José Luis Guerrero and Alonso Quintana K.

c.c.p. Pedro Martínez Becerril

 

To the Strategic Partner:

 

Minería No. 145, Edificio F 3er Piso

Co. Esclavón,

Mexico, D.F. 11800

 

At ́n: Luis Fernando Zarate Rocha

 

 To the Secretaría de
Comunicaciones y Transportes:

 

Subsecretaría de Transporte

Centro Nacional SCT

Av. Xola y Universidad S/N

Cuerpo C, Piso 1 Sección Oriente

03020, México, D.F.

 

 

At ́n: Subsecretario de Transporte

 

The parties shall notify any change of domicile to the
other party in accordance with this Clause.

 

SIXTH. No amendment to this Agreement will be effective,
except if agreed in writing by each of the parties.

 

SEVENTH. This Agreement shall be governed by and construed
pursuant with the federal laws of Mexico and the parties to this Agreement
hereby expressly and irrevocably submit to the jurisdiction of the competent courts
of Mexico City, Federal District, waiving the right to any other jurisdiction
to which they may be entitled by reason of their present or future domicile or
otherwise.

 

In witness whereof, and being the
parties aware of the validity and legal scopes of this Agreement, this
Agreement is executed on December 21, 2005.

 

 

Signature Page

 

Agreement of December 21, 2005

 

 

Nacional Financiera, Sociedad

Nacional de Crédito

Dirección Fiduciaria

 

 

	
   

  	
  /s/ Juan Manuel Altamirano León

  	
   

  
	
  By: Lic. Juan Manuel Altamirano León

  
	
  Title: Fiduciary Delegate

  

 

 

Signature Page

 

Agreement of December 21, 2005

 

 

Aeroinvest, S.A. de C.V.

 

	
   

  	
  /s/ Alonso Quintana
  Kawage

  	
   

  
	
  By: Alonso Quintana Kawage

  
	
  Title: 
  Legal Representative

  

 

 

Signature Page

 

Agreement of December 21, 2005

 

 

Servicios de Tecnología

Aeroportuaria, S.A. de C.V.

 

	
   

  	
  /s/ Luis Fernando Zarate Rocha

  	
   

  
	
  By: Luis Fernando Zarate Rocha

  
	
  Title:  Legal
  Representative

  

 

 

Signature Page

 

Agreement of December 21, 2005

 

 

With the appearance of the Federal Government,

through the Ministry of Communications and
Transportation

 

	
   

  	
  /s/ Aarón Dychter Poltolarek

  	
   

  
	
  By: Dr. Aarón Dychter Poltolarek

  
	
  Title: 
  Undersecretary of Transportation

  

 

 

EXHIBIT “A”

 

TERMS AND CONDITIONS OF THE TRUST

 

	
  1. Settlor – Beneficiary

  	
  Aeroinvest.

  
	
   

  	
   

  	
   

  
	
  2. Trustee

  	
  A Mexican banking
  corporation, appointed by Aeroinvest.

  
	
   

  	
   

  	
   

  
	
  3. Trust Assets

  	
  The Trust Assets shall be
  conformed by at least: (i) the Additional Shares; (ii) shares or other
  securities referred to shares of the Holding Company that are distributed as
  a result of splits and other similar acts; and (iii) the economic proceeds
  derived from the Additional Shares until such economic proceeds are
  distributed pursuant to the instructions of the Settlor-Beneficiary.

  
	
   

  	
   

  	
   

  
	
  4. Purpose

  	
  The purposes of the Trust
  shall include the following:

  
	
   

  	
   

  	
   

  
	
   

  	
  1.

  	
  That the Trustee votes the
  Additional Shares in any ordinary, extraordinary or special shareholders
  meeting of the Holding Company, in the same manner as the majority of the
  shares representing the capital stock of the Holding Company is voted. The
  abovementioned shall be applicable provided that the Settlor- Beneficiary
  shall always and at all times have the capacity to instruct the Trustee to
  exercise the rights of the minorities set forth in the applicable legislation,
  including without limitation, the following:

  
	
   

  
	
   

  	
  a)

  	
  The right to appoint a
  director for each 10% of equity in the capital stock of the Holding Company
  pursuant to Article 50 of the Securities Law;

  
	
   

  	
   

  	
   

  
	
   

  	
  b)

  	
  The right to request that
  the Chairman of the Board of Directors or the auditing and corporate
  governance Committees call a general shareholders meeting pursuant to Article
  50 of the Securities Law;

  
	
   

  	
   

  	
   

  
	
   

  	
  c)

  	
  The right to request the
  adjournmentof
  the voting of any of the matters within the scope of a general shareholders
  meeting pursuant to Article 50 of the Securities Law;

  
	
   

  	
   

  	
   

  
	
   

  	
  d)

  	
  The right to initiate any
  action concerning the liability of and against the members of the Board of
  Directors pursuant to Articles 38 of the Securities Law and 163 

  

 

1

 

	
   

  	
   

  	
  of the General Law of
  Mercantile Corporations;

  
	
   

  	
   

  	
   

  
	
   

  	
  e)

  	
  The right to oppose the
  resolutions taken by shareholders meetings pursuant to Articles 51 of the
  Securities Law and 201 of the General Law of Mercantile Corporations;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Furthermore, the Settlor- Beneficiary may instruct
  the Trustee to exercise, through its delegates, the rights corresponding to
  the Additional Shares related with (i) the approval of payment or
  distribution of dividends, as long as the Additional Shares guarantee the
  payment obligations to third parties, and (ii) the general ordinary
  shareholders meeting’s approval of the financial information, for purposes of
  paragraph (i) above.

  
	
   

  	
   

  	
   

  
	
   

  	
  2.

  	
  The Trustee shall carry
  out the sale of the total or part of the Additional Shares upon instructions
  of the Settlor- Beneficiary.

  
	
   

  	
   

  	
   

  
	
  5.
  Content of the 

  Voting Trust

  	
  The Voting Trust shall
  contain, at least, the terms and conditions herein.

  
	
   

  	
   

  	
   

  
	
  6. Duration

  	
  The Voting Trust shall
  have a duration of 50 years or until the Additional Shares have not been sold
  pursuant to the instructions of the Settlor- Beneficiary, whatever occurs
  first. In case the 50 year period ends without the Additional Shares being
  sold, the Settlor- Beneficiary shall execute a new trust in terms
  substantially similar to the Voting Trust, to which the Trustee shall
  transmit the Trust Assets to the Voting Trust.

  

 

2

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