Document:

Exhibit 10.7

[Translation for information purposes only]

 

 

 

AMENDMENT
TO THE COMPREHENSIVE MANAGEMENT AGREEMENT, DATED AS

OF NOVEMBER 17, 2003, BY AND BETWEEN
THE MINISTRY OF NATIONAL DEFENSE

AND PUERTA DEL SUR S.A.

Exhibit 10.7

 

 

 

 

[Translation
for information purposes only] AMENDMENT TO THE COMPREHENSIVE MANAGEMENT AGREEMENT, DATED AS OF NOVEMBER 17, 2003 

     

     

    

 

 November
17th, 2003 Ministerio de Defensa Nacional Ministry of National Defense of Uruguay AMENDMENT TO THE COMPREHENSIVE
MANAGEMENT AGREEMENT: In the city of Montevideo, this 17th day of November of year 2003, there appear: as party
of the first part, the Ministry of National Defense (hereinafter referred to as “MDN”) acting in the name and on behalf
of the Executive Power, domiciled at Avenida 8 de Octubre 2628, Montevideo, duly represented hereto by the Minister of National
Defense, Professor Yamandú Fau and, as party of the second part, the Company “Puerta del Sur S.A.” (hereinafter
referred to as the Contractor), registered at the Register of Taxpayers under # 214737710015, domiciled at Calle Rincón
528, Piso 7, Montevideo, duly represented hereto by Messrs. Fernando Victor Pelaez, bearer of Argentine ID card # 13.380.763,
and Dr. Jorge Aram Chouldjian Aharonian, bearer of ID card # 1.415.577-0,
who have agreed as follows: FIRST: On February 6, 2003, the MDN and the Contractor
have entered into a COMPREHENSIVE MANAGEMENT AGREEMENT, pursuant to the provisions of Section 21 of Law N° 17.555 dated September
18, 2002, and Decree 376/002 dated September 28, 2002, which was afterwards amended by Agreements entered into the parties on
June 9, 2003 and August 11, 2003, whose Purpose is to carry out the management, exploitation and operation, construction and maintenance
of Carrasco International Airport “Gral. Cesáreo L. Berisso”, related to airport and non-airport activities,
including commercial activities – such as the tax free shops system – and the rendering of services to complement
said airport activity. 

     

     

    

 

 SECOND: According
to the provisions al clause Fourteenth of the above mentioned Agreement, it forms an indivisible part of Dècree
N° 376/02 dated September 28, 2002, including all Annexes, all national and international aeronautical regulations concerning
this matter, customs and tax laws, as well as any other regulation that may be related to the purpose of these presents and to
the Executive Power Decrees N° 153/003 dated April 24, 2003, 192/003 dated May 20, 2003 and 317/2003 dated August 4, 2003.
THIRD: By these presents and as regards to sub-section 4.2.4 “Presentation
of the Project and Work Schedule” of Annex A “Technical Guidelines” of the “Comprehensive Management Regulations”,
duly approved by the above mentioned Decree 376/002, the parties hereby agree to set forth the following: The construction of
the extension of Runway 06-24, surface recoating and shoulders (including visual aids) must be built in a period of 15 months
as from the first day of the third month after the Taking Possession Date, remaining in full force and effect the rest of said
sub-section 4.2.4. In that sense, the parties expressly agree that the above mentioned extension of Runway 06-24, surface recoating
and shoulders (including visual aids), must be built within a period no longer than those 15 months, and it is furthermore agreed
that said works must begin on the first day of the third month after the Taking Possession Date. FOURTH: By
these presents, the parties hereby agree to amend sub-section 4.13 “Updating of Monetary Values” of the “Comprehensive
Management Regulations”, duly approved by Decree 376/002, exclusively as regards to the parametric method to calculate the
Global Index (IG) of prices, in the sense of establishing that the reading of the first element of 

     

     

    

 

 said
parametric method shall be as follows: the coefficient corresponding to local costs (a) multiplied by the quotient resulting from
dividing the variation of the Consumer Price Index (IPC) to be applied on year t+i as from Taking Possession Date by the variation
of the US dollar interbank exchange rate for the sale of Uruguayan Pesos on the last working day to be applied on year t+i as
from Taking Possession Date. Consequently, the Global Index (IG) of prices update shall be calculated as follows : IG l+i
= a. (IPC t+i / IPC t) / (US$ t+i / US$ t) + b. (CPI t+i / CPI t)
IN WITNESS WHEREOF, the parties do hereby sign these presents on three (3) copies of the same tenor, in the above-mentioned place
and date. The parties request Mrs. Carla Blanc, Notary and Chief of the Notary Advisory Office of the Ministry of National Defense,
to attest to their signatures. (N: Three illegible signatures) There follows official notary stamped paper series “Ca”
N° 566322 – (N: Illegible signature)Exhibit 10.8

[Translation for information purposes only]

 

 

 

AMENDMENT
TO THE COMPREHENSIVE MANAGEMENT AGREEMENT  DATED AS

OF SEPTEMBER 2, 2014, BY AND BETWEEN
THE EXECUTIVE POWER – MINISTRY OF NATIONAL DEFENSE

AND PUERTA DEL SUR S.A.

 

 

 

 

Exhibit 10.8 [Translation for information purposes only]

 

 

AMENDMENT
TO THE COMPREHENSIVE MANAGEMENT AGREEMENT DATED AS OF, SEPTEMBER 2, 2014 WHICH EXTENDED THE TERM OF THE CONCESSION UP TO NOVEMBER
20, 2033

     

     

    

 

 September
2nd, 2014 (N: Letterhead :) Republic of Uruguay - Ministry of National Defense AMENDMENT TO THE COMPREHENSIVE
MANAGEMENT AGREEMENT: In the city of Montevideo, this 2nd day of September of year 2014, there appear: as
party of the first part, the Executive Power - Ministry
of National Defense (hereinafter referred to as “MDN”) domiciled at
Avenida 8 de Octubre 2628, Montevideo, duly represented. hereto by the Minister of National Defense, Mr. Eleuterio Fernández
Huidobro and, as party of the second part, the
Company “Puerta del Sur S.A.” (hereinafter referred to as the Contractor),
registered at the Register of Taxpayers under RUT # 214737710015, domiciled at Ruta 101 Km. 19,950, Aeropuerto Internacional de
Carrasco, Canelones, duly represented hereto by Messrs. Raúl Galante Santana, CPA, bearer of ID card # 1.564.090-0, and
Lic. Diego Arrosa Shaw, bearer of ID card # 2.722.440-7, acting in their capacity as
Directors, who have agreed as follows: FIRST: Introduction: I) On February 6, 2003, the
MDN and the Contractor have entered into a COMPREHENSIVE MANAGEMENI AGREEMENT, pursuant to the provisions of Section 21 of Law
N° 17.555 dated September 18, 2002, and Decree 376/002 dated September 28, 2002, and any amendments whereof, whose Purpose
is to carry out the management, exploitation, operation, construction and maintenance of Carrasco International Airport “Brig.
Gral. Cesáreo L. Berisso”, related to airport and non-airport activities, including commercial activities - such
as the tax free shops system — and the rendering of services to complement said airport activity, duly audited by the Tribunal
de Cuentas de la República (N: Court of Audits) and no remarks were made thereto.

     

     

    

 

 II) As
per Decree 284/05 of the Executive Power, dated February 25th, 2005,
the amendment of said Agreement has been approved, as regards to the extension of Runway
06-24 to 3,200 meters, postponing the construction of Taxiway B parallel thereto. Furthermore, it has been agreed to change the
location of the Cargo Terminal, setting forth the technical terms and conditions of those works. III) As
per Decree 229/014 of the Executive Power, dated August 6th, 2014, issued within the framework of the proposal presented
by the Contractor to adapt the Comprehensive Management Regulations of Carrasco International Airport "Brig. Gral. Cesàreo
L. Berisso”, the amendment to the Comprehensive Management Agreement was approved under the terms of the present document
and the technical conditions based on file # 2013.00701-5 of the Ministry of National Defense, which are an integral part of this
Agreement and have been duly accepted in full by Puerta del Sur S.A. SECOND: By these
presents, the parties hereto agree to partially amend the above mentioned Comprehensive Management Agreement as regards to the
provisions of clause Fourteenth thereof, which shall read as follows: “The present Agreement forms an indivisible part of
Decree N° 376/002 dated September 28, 2002, including all Annexes hereto, all national and international aeronautical regulations
concerning this matter, customs and tax laws, as well as any other regulation that may be related to the purpose of these presents
and Decrees of the Executive Power N° 153/003 dated April 24, 2003, N° 192/003 dated May 20, 2003, N° 317/003 dated
August 4, 2003 and N° 229/014 dated August 6, 2014”. IN WITNESS WHEREOF,
the parties do hereby sign these presents on two copies of the same tenor, in the above-mentioned place and date.

     

     

    

 

 The Executive Power - MDN By:
(N: Signed illegible) Eleuterio Fernández Huidobro, Minister - MDN Puerta, del Sur S.A. By: (N: Signed illegible) Raúl
Galante, CPA - Director By: (N: Signed illegible) Lie. Diego Airosa — Director (N: There is a seal of the Ministry of National
Defense, Republic of Uruguay) *********************************************************************************
MINUTES: In Montevideo, this 2nd day of September, 2014, by and between: as
party of the first part, The State - Ministry of National Defense duly
represented hereto by the Minister of National Defense, Mr, Eleuterio Fernández Huidobro, bearer of ID card # 931.937-7
and domiciled to the effects hereof at Avenida 8 de Octubre 2622, Montevideo, and, as party
of the second part, the Company “Puerta del Sur S.A.”, registered
at the Register of Taxpayers under RUT # 214737710015, domiciled at Ruta 101 Km. 19,950, Aeropuerto Internacional de Carrasco,
Canelones, duly represented hereto by Messrs. Raúl Galante Santana, CPA, bearer of ID card # 1.564.090-0, and Lie. Diego
Airosa Shaw, bearer of ID card # 2.722.440-7, acting in their capacity as Directors, who state as follows: FIRST:
Introduction: As per Decree N° 229/014, dated August 6th, 2014,
the amendment of the Comprehensive Management Agreement executed by the State- Ministry of National Defense and Puerta del Sur
S.A, has been approved and is duly signed on this date. SECOND: By virtue of what
has been mentioned above, Puerta del Sur S.A. hereby delivers to Mr. Eleuterio Fernández Huidobro, Minister of National
Defense, acting in his aforementioned capacity, who duly 

     

     

    

 

 receives
three bills of exchange, detailed as follows: 1) bill of exchange issued on September 1, 2014, drawn against the bank “Banco
1TAU URUGUAY S. A.” Series 01 number 993616, to the order of Ministerio de Defensa Nacional, in the amount of US$
10,000,000 (ten million US dollars), 2) bill of exchange issued on September 1, 2014, drawn against the bank “Banco SANTANDER
S.A.” Series 019 number 413434, to the order of Ministerio de Defensa Nacional, in the amount of US$ 10,000,000 (ten
million US dollars) and 3) bill of exchange issued on September 1, 2014, drawn against the bank “Banco SANTANDER S.A."
Series 019 number 413435, to the order of Ministerio de Defensa Nacional, in the amount of US$ 3,500,000 (three million
five hundred thousand US dollars). IN WITNESS WHEREOF, the parties do hereby sign these presents on two copies of the same tenor,
in the above-mentioned place and date. The Executive Power - MDN By: (N: Signed illegible) Eleuterio Fernández Huidobro,
Minister - MDN Puerta del Sur S.A. By: (N: Signed illegible) Raúl Galante, CPA – Director By: (N: Signed illegible)
Lic, Diego Arrosa – Director (N: There is a seal of the Ministry of National Defense, Republic of Uruguay)
***************************************************************************************************************
CERTIFICATE OF ACCEPTANCE: In Montevideo, this 2nd day of September, 2014, by
and between: as party of the first part, The State - Ministry of National Defense
duly represented hereto by the Minister of National Defense, Mr. Eleuterio Fernández Huidobro, bearer of ID card # 931.937-7
and domiciled to the effects hereof at Avenida 8 de Octubre 

     

     

    

 

 2622, Montevideo,
and, as party of the second
part, the Company “Puerta del Sur S.A.”,
domiciled at Ruta 101 Km. 19,950, Aeropuerto Internacional de Carrasco, Canelones, duly represented hereto by Messrs. Raúl
Galante Santana, CPA, bearer of ID card # 1.564.090-0, and Lic. Diego Arrosa Shaw, bearer of ID card # 2.722.440-7, acting in
their capacity as Directors, who state as follows: FIRST: Introduction: As
per Section 5 of Decree N° 229/014, dated August 6th, 2014, the building corresponding to the former Passenger
Terminal of Carrasco International Airport has been removed from the concession granted onto Puerta del Sur S.A., at its current
state of conservation, as detailed on the plan as “Master Plan — General implementation of the building lot –
PM – 2023-004 of 09/2013”, that is annexed to File MDN 2013.00701–5, and shall be returned to the Ministry of
National Defense, who shall have the right to dispose thereof. SECOND: By these presents,
Puerta del Sur S.A., acting through its representatives, makes delivery of the building of the former Passenger Terminal of Carrasco
International Airport, as referred to on the foregoing clause, to The State-Ministry of National Defense, represented by Mr. Eleuterio
Fernández Huidobro, Minister of National Defense, who hereby acknowledges the reception thereof. IN
WITNESS WHEREOF, the parties do hereby sign these presents on two copies of the same tenor, in the above-mentioned place
and date. The Executive Power - MDN By: (N: Signed illegible) Eleuterio Fernández Huidobro, Minister – MDN Puerta
del Sur S.A. By: (N: Signed illegible) Raúl Galante, CPA – Director By: (N: Signed illegible) Lie. Diego Arrosa –
Director 

     

     

    

 (N: There is a seal of the Ministry of National Defense,
Republic of Uruguay)

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