Document:

Exhibit 4.1

 

		“2008 – Year of Teaching of Sciences”

 

NOTICE

 

BUENOS AIRES, AUGUST 8, 2008

 

To

 

AEROPUERTOS ARGENTINA 2000
S A

 

Mr. Ernesto GUTIÉRREZ
CONTE

 

Honduras 5663 - 2o
Floor

 

FEDERAL CAPITAL

 

The
purpose of this notice is to inform you about the issuance of Resolution No 54, dated on August 5, 2008, by the
ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA). Article 1o of said regulation provides as follows: “To
approve the “REGULATORY Accounting Manual”, pursuant to the provisions of Clause 25 of Part Four of the Memorandum
of Agreement for Concession Contract Adjustment, ratified by Decree No 1799/07...”

 

It is expressly stated
on the record that a duly certified copy of ORSNA Resolution No. 54/2008 is attached herewith, which has FORTY-THREE (43) sheets
of paper with writing on both sides of the page.

 

Yours
sincerely,

 

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

 

Signature: [illegible]

 

Clarification:
Ana Lía De Oto

 

Date: 08/11/2008
             Time: 05:20 p.m.

 

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

 

     

    		“2008 – Year of Teaching of Sciences”

    

 

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

 

BUENOS AIRES, AUGUST 05, 2008

 

Having reviewed File
N° 310/2008 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; and

 

WHEREAS:

 

The abovementioned
File deals with the proceedings related to the “Regulatory Accounting Manual” Project, developed by the DEPARTMENT
OF ECONOMIC AND FINANCIAL REGULATION and QUALITY CONTROL, pursuant to Clause 25, Part Four of the Memorandum of Agreement for Concession
Contract Adjustment, ratified by Decree No. 1799/07.

 

Section 17, subsection
1 of Decree No. 375/97 provides as follows, as part of the functions of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS
(ORSNA): “To set up the necessary rules, systems and technical procedures to manage, operate and maintain the airports that
are part of the National Airport System and to control compliance therewith.”

 

In turn, Clause 25
of Part Four of the Memorandum of Agreement for Concession Contract Adjustment, signed between AEROPUERTOS ARGENTINA 2000 SOCIEDAD
ANÓNIMA and the UNIT FOR THE RENEGOTIATION AND ANALYSIS OF PUBLIC SERVICE CONTRACTS (UNIREN, as per the acronym in Spanish),
ratified by Decree No. 1799/07, provides as follows: “25.1 ORSNA shall be in charge of implementing a REGULATORY ACCOUNTING
SYSTEM. 25.2...”

 

The resulting Manual
pursuant to Clause 25.2 of the aforementioned Memorandum of Agreement defines suitable technical criteria adjusted to the needs
of the Regulatory Body, with the purpose of having uniform information that reduces the risk of asymmetry of available information
 ─ both for the Grantor and the Concessionaire ─ thus increasing the achievement of higher contractual transparency
as regards all the Concessionaire’s operations and related revenues, costs and expenses of services and investments within
the framework of the Concession Contract.

 

     

    		“2008 – Year of Teaching of Sciences”

    

 

The Manual also includes,
pursuant to Clause 25.2 of the Memorandum of Agreement, the definition, uses, assessment and treatment of assets, liabilities,
revenues and investments, information accounting structure and the accounting analysis methodology related to the rendering of
services that are the purpose of the Concession Contract, taking into account the accounting separation principle, on the grounds
that the information arising from the reports of the Regulatory Accounting System shall only be based on economic events exclusively
related to the rights and obligations arising from the Concession Contract. Thus, such information shall be differentiated from
other pieces of information provided by the Concessionaire in the Financial Statements.

 

This Manual further
states that AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA shall submit successive quarterly and annual Regulatory Accounting
Reports, pursuant to the provisions of Section 5 of such instrument. This instrument also states that, in order to reconcile the
information to be submitted by the Concessionaire for the periods between January-December 2006 and 2007 as a consequence of the
delay of approval of the Memorandum of Agreement for Concession Contract Adjustment, ratified by Decree No. 1799/07, a transitional
period has been established when AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA shall submit the corresponding reports for
each 2006 and 2007 accounting period, within 60 days after the approval of the Manual.

 

The Regulatory Accounting
System is considered a valid instrument to gather and handle uniform data for the activities related to controlled-service rendering,
thus unifying the method to submit such information and make accounting entries to record revenues and expenditures, where the
divisions, accounts and allocation criteria are exclusively determined based on contractual regulatory goals.

 

The
LEGAL DEPARTMENT has acted in exercise of its incumbent authority.

 

     

    		“2008 – Year of Teaching of Sciences”

    

 

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 and other aforementioned regulations.

 

The
matter was discussed at a Meeting of the Board of Directors held on July 24, 2008 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 “Regulatory Accounting Manual”, pursuant to the provisions of Clause 25 of Part Four of the Memorandum
of Agreement for Concession Contract Adjustment, ratified by Decree No 1799/07, attached herewith as Annex I.

 

ARTICLE 2o.-
Let these presents be filed and notified to AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, enforced and filed.

 

ORSNA
RESOLUTION No 54

 

[Illegible
signature]

Brigadier
General HORACIO A. OREFICE

PRESIDENT

Organismo
Regulador del

Sistema
Nacional de Aeropuertos

ORSNA

 

     

    
		Regulatory Accounting Manual – ORSNA	 

    

 

ANNEX I

 

ORGANISMO REGULADOR
DEL

 

SISTEMA NACIONAL
DE AEROPUERTOS

 

(REGULATORY BODY
OF THE NATIONAL AIRPORT SYSTEM)

 

REGULATORY ACCOUNTING
MANUAL

 

CONCESSION CONTRACT
FOR GROUP “A”

 

OF AIRPORTS

 

AEROPUERTOS ARGENTINA
2000 S.A.

 

Version 1.0

 

September 2007

 

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		Regulatory Accounting Manual – ORSNA	 

    

 

TABLE OF CONTENTS

 

	1. INTRODUCTION	3
	1.1. Content of the Manual	3
	1.2. Glossary	3
	
        1.3. Legal Framework
	5
	1.4. REGULATORY ACCOUNTING System	6
	1.5. Scope and Objectives of the REGULATORY ACCOUNTING MANUAL	6
	1.6. Accounting periods and transitional period	7
	1.7. Accounts Manual	7
	2. GENERAL PRINCIPLES OF REGULATORY ACCOUNTING	8
	2.1. Principle definition	8
	2.2. Accounting Separation Principle	9
	3. REGULATORY ACCOUNTING SYSTEM DEFINITION	10
	3.1. General concept related to Regulatory Accounting preparation	10
	3.2. Definition and separation of services and cost entries	10
	3.3. Principles related to cost and revenue allocation among services	10
	3.3.1. Revenue Allocation	10
	3.3.2. Expenditure Allocation	11
	3.3.3. Cost Classification	12
	3.4. Characteristics of the information arising from the allocation process	13
	3.5. Recording of operations per type of services	13
	3.6. Record keeping	14
	3.7. Prudence criterion	14
	3.8. Criteria for the publication of information arising from the REGULATORY ACCOUNTING SYSTEM	15
	3.9. REGULATORY ACCOUNTING MANUAL Review	15
	4. SPECIFIC PROVISIONS	15
	4.1. Revenue classification for different types of services	15
	4.2. Sources of accounting information	17
	4.2.1. Revenues	17
	4.2.2. Expenditures	17
	4.3. Specific account criteria	17
	4.3.1. Investment Plan	17
	4.3.2. Amortization and depreciation methods	17
	4.3.3. Insurance policies and Guarantees	18
	4.3.4. Taxes	18
	4.3.5. Operations with controlled and affiliated companies	18
	4.3.6. Other entries	18
	4.3.7. Fines and Penalties	19
	4.3.8. Financial expenses	19
	5. REGULATORY ACCOUNTING REPORTS: SUBMISSION METHOD	19
	5.1. Basic Structure	19
	5.2. Additional Information	19

 

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		Regulatory Accounting Manual – ORSNA	 

    

 

1. INTRODUCTION

 

1.1. Content of the Manual

 

The Purpose of this Manual is to provide
basic guidelines of the REGULATORY ACCOUNTING SYSTEM for the CONCESSION CONTRACT signed between the National State and the Concessionaire,
Aeropuertos Argentina 2000 S.A., for the exploitation, management and operation of Group “A” of airports of the National
Airport System.

 

For better understanding, the content of
the REGULATORY ACCOUNTING MANUAL is organized as follows:

 

Section 1 provides an INTRODUCTION which
includes a Glossary of Terms, the Legal Framework for the issuance of the present Manual, the Scope, Objectives and Effect and
the definition of the Accounting Period and the Transitional Period.

 

Section 2 describes the general principles
of the REGULATORY ACCOUNTING SYSTEM.

 

Section 3 describes the REGULATORY ACCOUNTING
SYSTEM, which includes the following items: (3.1.) General concept related to Regulatory Accounting preparation; (3.2) Definition
and separation of services and cost entries; (3.3) Principles related to cost and revenue allocation among services; (3.4) Characteristics
of the information arising from the allocation process; (3.5) Operation recording per type of services; (3.6) Record keeping; (3.7)
Prudence criterion; (3.8) Publication criteria of the information; and (3.9) Review of the Manual.

 

Section 4 sets up Specific Provisions about
revenue, expenditure and asset related accounts.

 

Section 5 defines the method the Concessionaire
shall use to submit the REGULATORY ACCOUNTING REPORT.

 

1.2. Glossary

 

The terms used in the REGULATORY ACCOUNTING
MANUAL, which are listed below, shall have the following meaning:

 

Memorandum of Agreement for Concession
Contract Adjustment or Complete Contract Renegotiation Agreement or Renegotiation Agreement or Agreement:
the agreement entered into between the GRANTOR and the CONCESSIONAIRE, which includes the terms and conditions of the adaptation
of the CONCESSION CONTRACT in compliance with Laws N° 25 561, 25 790, 25 820, 25 972, 26 077 and 26 204
and Decree N° 311/03 and other applicable regulations, ratified by Decree No. 1799, of December 4, 2007.

 

Activity: all economic-financial
events associated to each of the Revenue/Expenditure Generating Units.

 

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		Regulatory Accounting Manual – ORSNA	 

    

 

Letter of Understanding: the instrument
executed between UNIREN and Aeropuertos Argentina 2000 S.A., which ─ within the framework of the renegotiation process pursuant
to the provisions of Sections 8, 9 and 10 of Law No. 25 561, Laws No. 25 791, 25 820, 25 972 and 26 077
and Decree No. 311/03 and other statutory and supplementary regulations ─ includes the terms that are considered reasonable
to adjust the CONCESSION CONTRACT conditions before the approval by the National Executive Power of the Memorandum of Agreement
of Concession Contract Adjustment.

 

Grantor: the ARGENTINEAN NATIONAL
STATE

 

Concession: the authorization granted
by the NATIONAL EXECUTIVE POWER to the CONCESSIONAIRE to perform the exploitation, management and operation of GROUP “A”
OF THE NATIONAL AIRPORT SYSTEM, pursuant to the CONCESSION CONTRACT.

 

Concessionaire: Aeropuertos Argentina
2000 S.A. (AA2000, the Company).

 

Contract or Concession Contract:
the instrument through which the NATIONAL STATE granted the CONCESSION for the exploitation, management and operation of GROUP
 “A” OF THE NATIONAL AIRPORT SYSTEM, approved by Decree No. 163 of February 13, 1998, as amended by Decree No. 1799
of December 4, 2007.

 

Regulatory Accounting: from a conceptual
standpoint, it is a special system of data collection, allocation and entry based on regulatory objectives.

 

Regulatory Accounting Report: includes
all supporting documentation, schedules and annexes that the CONCESSIONAIRE shall submit to the ORSNA on a quarterly and annual
basis using the method stated in the REGULATORY ACCOUNTING MANUAL, in compliance with the specifications of the REGULATORY ACCOUNTING
SYSTEM.

 

Aeronautical Revenues: all revenues
included in the Rate Schedule, Annex II of the Memorandum of Agreement of Concession Contract Adjustment, ratified by Decree No.
1799, of December 4, 2007, also called Revenues with Regulated Rates or Regulated Revenues.

 

Non-aeronautical Revenues: those
revenues from services rendered by the CONCESSIONAIRE, on its own or through third parties, by virtue of the CONCESSION CONTRACT,
which are not included in the Rate Schedule, Annex II of the Memorandum of Agreement of Concession Contract Adjustment, also called
Revenues with Non-regulated Rates or Non-regulated Revenues.

 

Regulatory Accounting Manual or
Manual: the document that defines the basic criteria of the REGULATORY ACCOUNTING SYSTEM according to the needs of the regulatory
Body, to have uniform information as regards accounting entries made by the CONCESSIONAIRE on a permanent and standardized manner.
This manual provides the booking methods for regulatory accounts and the adopted criteria for assessment and reporting purposes
in Regulatory Accounting Reports.

 

ORSNA: the Regulatory Body of the
National Airport System, pursuant to the provisions of Decree 357/97.

 

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		Regulatory Accounting Manual – ORSNA	 

    

 

Financial Projection of Income and Expenses:
the breakdown of revenues and expenses related to the rendering of the services subject to the concession, including investment
obligations, which is part of the Memorandum of Agreement for Concession Contract Adjustment, ratified by Decree No. 1799 of December
4, 2007.

 

Regulatory Accounting System: a
system of data collection, allocation and entry that unifies the methodology and the formats to be used by the company rendering
the regulated services at the moment of submitting the technical, accounting and economic information requested by the Regulatory
Body with respect to aeronautical and non-aeronautical activities carried out by the CONCESSIONAIRE within the framework of the
CONCESSION CONTRACT.

 

National Airport System (NAS): the
group of airports, specified in ANNEX III of Decree N° 375/97 of the NATIONAL EXECUTIVE POWER.

 

Revenue and Expenditure Generating Unit:
for the purpose of this Manual, this term refers to each airport of Group “A”.

 

1.3. Legal Framework

 

On February 9, 1998, the National State
and the CONCESSIONAIRE executed the CONCESSION CONTRACT for the exploitation, management and operation of Group “A”
of the NATIONAL AIRPORT SYSTEM for the term of thirty years. Later, on February 11, 1998, the National Executive Power, through
Decree 163/98, approved such CONCESSION CONTRACT, which entered into effect on February 13, 1998, with the corresponding publication
in the Official Gazette.

 

Within the framework of the public service
contract renegotiation process pursuant to the provisions of Laws No. 25 561, 25 790, 25 820 and 26 077, and
its supplementary regulation Decree No. 311/03, the COMPLETE CONCESSION CONTRACT RENEGOTIATION AGREEMENT for the exploitation,
management and operation of Group “A” of the NATIONAL AIRPORT SYSTEM was signed, pursuant to the provisions of Section
8 of Law No. 25 561 (Economic Emergency Act) and supplementary and related regulations.

 

Such agreement included tools that allow
the National State to better perform its control, regulation and planning functions, with special emphasis in the MEMORANDUM OF
AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree No. 1799 of December 4, 2007, of the need to provide the CONCESSION
with a REGULATORY ACCOUNTING SYSTEM, defined therein as follows: “REGULATORY ACCOUNTING SYSTEM: a system of data collection,
allocation and entry that unifies the methodology and the formats to be used by the company rendering the regulated services at
the moment of submitting the technical, accounting and economic information requested by the Regulatory Body with respect to aeronautical
and non-aeronautical activities carried out by the CONCESSIONAIRE within the framework of the CONCESSION CONTRACT.”

 

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		Regulatory Accounting Manual – ORSNA	 

    

 

Finally, for the purpose of complying with
the aforementioned, Clause 25.3 of the MEMORANDUM OF AGREEMENT imposes the CONCESSIONAIRE the obligation to submit to the ORSNA
any and all required information, with the necessary level of detail, for the application of the REGULATORY ACCOUNTING SYSTEM.

 

1.4. REGULATORY ACCOUNTING System

 

The REGULATORY ACCOUNTING SYSTEM shall
allow to have ─ in a permanent and standardized manner ─ uniform information related to any economic activity related
to the Concession and carried out by the Concessionaire, which will enhance the possibilities to make consistent and transparent
comparisons and validations to determine the efficient costs of rendering the services covered by the contract, thus optimizing
ORSNA’s supervision and control.

 

The specific uses of the REGULATORY ACCOUNTING
SYSTEM shall be as follows:

 

		·	In general, to contribute to the supply of uniform information for the decision-making process
related to the supervision and control of the Concession, within the framework of the management model of the CONCESSION CONTRACT.

 

		·	Specifically, to use such information to develop the tools inherent to the Concession, such as
the Record of Investments, a follow-up of the Investment Plan, Regulatory Accounting Reports, among others.

 

		·	To Monitor the CONCESSIONAIRE’s performance, taking into account the undertaken contractual
obligations.

 

		·	To help detect any anti-competitive behavior displayed by the CONCESSIONAIRE.

 

		·	To enhance the transparency of the CONCESSION CONTRACT regulatory system.

 

The REGULATORY ACCOUNTING SYSTEM shall
be in accordance with assessment rules and criteria, as well as with generally accepted accounting principles, which are used to
prepare the CONCESSIONAIRE’s financial statements, without prejudice to the fact that the Regulatory Body’s needs may
not be compatible with some of the aforementioned principles, as this Body is mainly focused on the activities comprised within
the framework of the Concession Contract.

 

1.5. Scope and Objectives of the
REGULATORY ACCOUNTING MANUAL

 

The REGULATORY ACCOUNTING MANUAL provides
some guidelines and principles the CONCESSIONAIRE shall comply with when preparing the REGULATORY ACCOUNTING REPORT.

 

Such Manual defines suitable technical
criteria adjusted to the needs of the Regulatory Body, with the purposes of having uniform information that reduces the risk of
asymmetry of available information ─ both for the ORSNA and the CONCESSIONAIRE ─ thus increasing the achievement of
higher contractual transparency as regards all the CONCESSIONAIRE’S operations and related revenues, costs and expenses of
services and investments within the framework of the CONCESSION CONTRACT.

 

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		Regulatory Accounting Manual – ORSNA	 

    

 

The Manual also includes the definition,
uses, assessment and treatment of assets, liabilities, revenues and investments, information accounting structure and the accounting
analysis methodology related to the rendering of services that are the purpose of the CONCESSION CONTRACT.

 

The main purpose of the REGULATORY ACCOUNTING
MANUAL is to define a methodological guide for data collection, allocation and entry that unifies the methodology and the formats
to be used for submitting the technical, accounting and economic information requested by the ORSNA with respect to aeronautical
and non-aeronautical activities carried out by the CONCESSIONAIRE within the framework of the CONCESSION CONTRACT.

 

Thus, the REGULATORY ACCOUNTING REPORT
shall be prepared according to the definitions established in this Manual, and shall mainly show the operating conditions for service
rendering, in order to support the CONCESSION CONTRACT regulatory system.

 

So, complying with REGULATORY ACCOUNTING
shall be an additional obligation of the CONCESSIONAIRE, in addition to those obligations imposed upon it by the regulations in
force.

 

1.6. Accounting periods and Transitional
period

 

The CONCESSIONAIRE shall submit successive
quarterly and annual REGULATORY ACCOUNTING REPORTS, pursuant to the provisions of Section 5 of the REGULATORY ACCOUNTING MANUAL.

 

Both quarterly and annual reports shall
be submitted to the ORSNA within 10 (ten) days of the corresponding submission of the Financial Statements before the National
Securities Commission (CVN, as per its acronym in Spanish), both in printed copy and on magnetic media.

 

The provided information in the REGULATORY
ACCOUNTING REPORT shall correspond to the same period as the information included in the Financial Statements of the CONCESSIONAIRE,
i.e., it shall cover the period between January 1 to December 31 of each year.

 

The ORSNA and the CONCESSIONAIRE shall
appoint the authorized officers to subscribe the documents comprising the quarterly and annual reports.

 

In order to reconcile the information to
be submitted by the CONCESSIONAIRE for the periods between January-December 2006 and 2007 as a consequence of the delay of the
approval of the Memorandum of Agreement for Concession Contract Adjustment, ratified by Decree No. 1799/07, a transitional period
has been established when the CONCESSIONAIRE shall submit the corresponding reports for each 2006 and 2007 accounting period, within
60 days after the approval of the Manual.

 

1.7. Accounts Manual

 

The CONCESSIONAIRE shall submit the corresponding
ACCOUNT MANUAL within 60 days after the approval of the present Manual.

 

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		Regulatory Accounting Manual – ORSNA	 

    

 

2. GENERAL PRINCIPLES OF REGULATORY
ACCOUNTING

 

2.1 Definition of Principles

 

The general principles governing the REGULATORY
ACCOUNTING SYSTEM, within the framework of the CONCESSION CONTRACT for the rendering of services related to the exploitation, management
and operation of Group “A” of airports of the National Airport System are as follows:

 

		·	Neutrality (Objectivity or absence of bias): for accounting information to be as faithful
to the reality as possible it shall not be biased, that is to say, twisted to benefit the CONCESSIONAIRE or influence users to
behave in a certain manner. REGULATORY ACCOUNTING shall provide neutral information, to help make a decision or judgment with the
purpose of obtaining a given result or outcome

 

		·	Consistency: general and special criteria adopted within the framework of the REGULATORY
ACCOUNTING SYSTEM shall be directly related to the REGULATORY SYSTEM adopted for the CONCESSION, and shall be in effect for the
whole term of the contract. Any modifications thereof shall be made in accordance with the specific established methodology for
these purposes.

 

		·	Transparency: the selected procedures within the framework of the REGULATORY ACCOUNTING
SYSTEM shall be mainly focused on strengthening the CONCESSION CONTRACT from an institutional point of view, with a focus on clarity
and with the specific purpose of reducing the asymmetry in the treatment of information related to the rendering of the services
subject to the concession.

 

		·	Materiality: any type of allocation or recording shall be considered material if a lack
of accuracy or the omission thereof can potentially impair the understanding of the information included in the REGULATORY ACCOUNTING
SYSTEM.

 

		·	Causality: costs, revenues and capital shall be allocated to the different activities using
a mechanism that allows to verify the causal relationship between the accounting entry and the cost of the service.

 

		·	Sufficiency (Integrity): the information submitted to the regulator shall be complete and
comply with all requirements pursuant to the provisions of the present MANUAL. Omitting pertinent and significant information can
make the submitted information less reliable.

 

		·	Cost breakdown: (per cost category): all costs allocated to services shall be previously
matched with the activities generating them.

 

		·	Reliability (Credibility): information shall be reliable to users and serve as basis for
decision-making. For information to be reliable, it shall be closely connected to reality and verifiable.

 

		·	Verifiability: for accounting information to be reliable, any person with enough knowledge
should be able to verify it.

 

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		Regulatory Accounting Manual – ORSNA	 

    

 

		·	Close connection to reality: for REGULATORY ACCOUNTING REPORTS TO BE RELIABLE, they shall
provide descriptions and measurements that are reasonably consistent with the economic events they intend to describe.

 

		·	Materiality (Substance over form): for accounting information to be as faithful to reality
as possible, operations and events shall be posted and recorded based on their economic substance and reality. Whenever instrumental
aspects or legal forms fail to provide an accurate picture of the economic effects of events or transactions, their economic essence
shall prevail in financial statements ─ without prejudice to the information ─ over the corresponding legal elements.

 

		·	Opportunity: REGULATORY ACCOUNTING REPORTS or any other required information shall be submitted
in due time and form, so that they can be used for analysis and decision-making purposes. An undue delay in the submission of the
information may cause this information to lose its pertinence.

 

		·	Consistency: attribution, allocation and assessment methods shall be consistent every year.
REGULATORY ACCOUNTING REPORTS shall be subject to comparison with other reports for the same date or period, or for different periods.
For reported data to be comparable, they shall be expressed in the same unit of measurement, be assessed based on consistent criteria
and prepared using uniform rules.

 

2.2. Accounting Separation Principle

 

The accounting information produced and
submitted by the CONCESSIONAIRE in the Financial Statements, before the different competent authorities, records and shows all
economic events related to the purpose of the business activity carried out by the Concessionaire.

 

Consequently, the accounting separation
principle is based on the fact that the information provided through the Reports of the REGULATORY ACCOUNTING SYSTEM shall only
be based on economic events exclusively related to the rights and obligations arising from the CONCESSION CONTRACT, and thus it
shall be differentiated from other pieces of information included in the Financial Statements of the CONCESSIONAIRE.

 

Thus, from a regulatory standpoint, there
is a need to set clear rules to determine the dynamics of creating allocation entries so as to have the necessary information to
verify the REGULATORY ACCOUNTING REPORT, both in terms of revenues and expenditures corresponding to the different types of regulated
services.

 

Meanwhile, the ORSNA, in exercise of its
functions, shall mainly focus its actions to: (i) supervise and control the performance of the CONCESSIONAIRE’S contractual
obligations; (ii) monitor the CONCESSIONAIRE’s financial health; and (iii) protect the interest of the users of the different
services that are part of the CONCESSION CONTRACT.

 

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In short, the REGULATORY ACCOUNTING SYSTEM
shall be considered a valid instrument to gather and handle homogeneous data strictly related to the rendering of regulated services,
which shall not only provide for a uniform method to submit such information to the ORSNA, but shall also specifically define the
identification and recording of revenue and expenditure entries, with account separation and allocation criteria exclusively defined
based on contractual regulatory objectives.

 

3. REGULATORY ACCOUNTING SYSTEM DEFINITION

 

3.1. General concept related to REGULATORY
ACCOUNTING preparation

 

The information included in the REGULATORY
ACCOUNTING SYSTEM shall be prepared based on ORSNA’s requirements. Such information ─ relevant for the regulation ─
is gathered by reclassifying revenue and expenditure information included in the CONCESSIONAIRE’s Financial Statements, in
significant services or cost pools for the Regulator. Allocation and assessment of these costs and revenues involve applying different
principles and criteria, which are included in the REGULATORY ACCOUNTING.

 

3.2. Definition and separation of
services and cost entries

 

Pursuant to the provisions of the CONCESSION
CONTRACT, the CONCESSIONAIRE, on its own or through third parties, has been exclusively entrusted with the exploitation, management
and operation of airports that are part of Group “A” of the NATIONAL AIRPORT SYSTEM.

 

On the other hand, the Contract states
that the CONCESSIONAIRE has the obligation, within the scope of airports that are part of Group “A” of the NATIONAL
AIRPORT SYSTEM, to address any increase in demand for services, in the quality conditions specified by the ICAO/IATA, as well as
to implement the established INVESTMENT PLAN.

 

The CONCESSION CONTRACT also lists the
different obligations undertaken by the CONCESSIONAIRE. Such contractual obligations, which are directly related to the service
rendering activity, are essential to define the corresponding cost entries.

 

Services rendered by the CONCESSIONAIRE
are based on the different contractual specifications, and include regulated services subject to the concession (aeronautical services)
and non-regulated commercial services (non-aeronautical services).

 

3.3. Principles related to cost and
revenue allocation among services

 

3.3.1. Revenue allocation

 

The CONCESSIONAIRE gets revenues form regulated
services subject to the concession (aeronautical services) and for non-regulated services (non-aeronautical, commercial services).

 

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So, within the scope of the CONCESSION,
revenues shall be allocated directly to the revenue generating units (airports), with a breakdown of regulated services subject
to the concession (aeronautical services) and for non-regulated services (non-aeronautical, commercial services).

 

	Regulated services (aeronautical)
	Landing fee	Parking fee	Telescopic jet ways	Airport Terminal Usage Fee

 

	Non-regulated services (non-aeronautical)
	
        Related activities
to air-commercial transportation

        Commercial
exploitation of airport

        Secondary
activities carried out at the airport

 

In brief, within the scope of the CONCESSION
CONTRACT, total revenues of the Concession comprise both regulated services ─ aeronautical services ─ and non-regulated
services ─ non-aeronautical/commercial services.

 

Revenue allocation process is based on
the information arising from the accounting system and the CONCESSIONAIRE’s billing system.

 

3.3.2. Expenditure allocation

 

Costs that are part of the CONCESSIONAIRE’s
expenditure structure shall be classified pursuant to the provisions of paragraph 3.3.3, i.e., direct and indirect costs.

 

In order to apply the expenditure allocation
criteria, the CONCESSIONAIRE shall submit the definition of the specific methodological criteria that justify the adopted distribution
variables, whether direct or indirect ones, and that enable at the same time to quantify the part of an accounting entry that has
been generated by a given service. The CONCESSIONAIRE shall submit such methodological criteria in the first REGULATORY ACCOUNTING
REPORT, and they shall be approved by the ORSNA.

 

The CONCESSIONAIRE shall also provide a
breakdown of the types of costs stated in the defined classification for the accounts that are part of the Financial Statements.
After submitting the REGULATORY ACCOUNTING REPORT, the CONCESSIONAIRE shall be able to justify, at ORSNA’s specific request,
the specifications for the different “cost generating centers” and the adopted distribution criteria or variables for
direct costs, as regards the evolution or situation of such breakdown of expenditures. The CONSESSIONAIRE shall submit to the ORSNA,
together with the REGULATORY ACCOUNTING REPORT, a detailed description of the adopted procedures and criteria for such purposes.

 

The different components of the cost structure
to be considered shall be related both to the breakdown of expenditures that the CONCESSIONAIRE took into account to submit its
PROPOSAL and also to the breakdown included in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION.

 

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	Component	Breakdown
	

Operating expenses	
        -Personnel

        -Public services

        -Maintenance

        -Insurance policies and guarantees

        -Hired services

        -Fire-fighting and medical services

        -Matrix

        -Other operating expenses

	

Specific revenue allocation	
        -NAS Trust

        -NAS – ANSES Trust

        -ORSNA

        -NAS Group “A” Trust

	Settlement of Mutual Claims	-Interests
	

Taxes	
        -Gross Income

        -Financial transaction tax

        -Income tax

	Amortizations	
        -Improvements

        -Property, plant and equipment

 

The CONCESSIONAIRE shall also submit the
corresponding breakdown of accounting entries, as requested by the ORSNA for the purposes of performing a better analysis thereof.

 

3.3.3. Cost classification

 

The basic principle for the allocation
process, within the framework of the REGULATORY ACCOUNTING SYSTEM, is the causality principle: revenues and expenditures shall
be allocated to the different centers that generate them and there should be a causal relationship between the accounting entry
and the center that generated the corresponding revenue or the expenditure.

 

Cost allocation for regulatory purposes
requires additional guidance due to the fact that the CONCESSIONAIRE’s accounting information does not always match information
needs for regulatory purposes.

 

Thus, from this allocation perspective,
costs can be classified as follows:

 

		·	Direct costs: costs that can be undoubtedly related to the rendering of a service,
whether or not they are registered as associated with such service in the CONCESSIONAIRE’s financial statements.

 

		·	Indirect costs: costs that are allocated to the corresponding revenue generating
centers in an indirect, non-arbitrary manner, as no direct allocation method can be identified. In these cases, ad-hoc allocation
criteria shall be established, pursuant to the provisions of paragraph 3.3.2.

 

The CONCESSIONAIRE shall take all necessary
measures to use the specified cost allocation methodology as source of information.

 

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To clarify the used allocation methods,
the CONCESSIONAIRE shall be able to identify in its accounts each type of cost (direct and indirect).

 

Finally, the REGULATORY ACCOUNTING REPORT
submitted by the CONCESSIONAIRE shall provide a detailed description of the cost allocation process and criteria, identifying cost
generators and justifying the ad-hoc allocation criteria for indirect costs.

 

3.4. Characteristics of the information
arising from the allocation process

 

The obtained information through the application
of the revenue and expenditure allocation method defined by the REGULATORY ACCOUNTING SYSTEM shall have the following characteristics:

 

		·	Objectivity: economic events and effects related to the CONCESSION CONTRACT shall
be faithfully represented.

 

		·	Verifiability: included data shall be duly proven and certified.

 

		·	Accuracy: each of the events or acts shall be recorded with as much precision as
possible.

 

		·	Reliability: statutory regulations in force and generally accepted standards and
criteria in the field shall be applied whenever possible.

 

		·	Usefulness: this information shall improve the quality of the available information
related to economic events connected to the CONCESSION CONTRACT.

 

		·	Productivity of information: a positive cost-benefit relationship shall be preserved,
taking into account the use of information as well as the necessary activities to obtain it. The Regulator shall be responsible
for such measurement.

 

		·	Integrity: the essential nature of information shall have priority.

 

		·	Significance: no important element shall be left aside.

 

		·	Comparability: the information shall allow for comparison and connection to the information
produced by the ORSNA.

 

		·	Opportunity: the deadlines for the REGULATORY ACCOUNTING SYSTEM shall always be taken
into account, so as to submit updated information.

 

		·	Clarity: a reasonable understanding of the grounds and the effects of the information
shall be of utmost importance.

 

		·	Systematization: the CONCESSIONAIRE shall respect the order and organization in the
presentation of information arising from the REGULATORY ACCOUNTING SYSTEM, based on the principles of the REGULATORY ACCOUNTING
MANUAL.

 

3.5. Recording of operations per
type of services

 

The CONCESSIONAIRE shall comply with the
accounting separation principle specified in Section 2 of this REGULATORY ACCOUNTING MANUAL.

 

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The REGULATORY ACCOUNTING SYSTEM is designed
to identify and differentiate among the different book entries of the CONCESSIONAIRE those connected to the activities related
to the rendering of services subject to the concession.

 

The REGULATORY ACCOUNTING SYSTEM shall
allow the CONCESSIONAIRE to submit to the ORSNA homogeneous information for each performed activity, both related to regulated
and non-regulated services.

 

The criterion to classify a certain entry
within the scope of a given activity based on its main use will be the preferred one, pursuant to the provisions related to the
allocation principle applied in the REGULATORY ACCOUNTING SYSTEM.

 

3.6. Record keeping

 

The implementation of the REGULATORY ACCOUNTING
SYSTEM forces the CONCESSIONAIRE to keep its accounting records ─ both management and regulatory records ─ duly updated.
Such records may be kept in an appropriate manner as required by law.

 

Each record that is part of the REGULATORY
ACCOUNTING SYSTEM shall be supported by the corresponding detailed documentation, arising from the CONCESSIONAIRE’s Financial
Statements, for the purposes of verification and proper analysis.

 

Besides the required accounts, the CONCESSIONAIRE
may keep consolidation accounts, experimental or temporary accounts, breakdown of any account, provided that it keeps the integrity
of the required information.

 

The CONCESSIONAIRE shall also keep the
instruments defined in the present REGULATORY ACCOUNTING MANUAL duly updated, as integral parts of the REGULATORY ACCOUNTING REPORT,
as per the specifications of Section 5.

 

Notwithstanding the aforementioned, the
CONCESSIONAIRE shall provide the necessary computer resources and technology for the ORSNA to have access to essential information,
for the purpose of making an effective control thereof.

 

3.7. Prudence criterion

 

The CONCESSIONAIRE, pursuant to the established
guidelines for the REGULATORY ACCOUNTING SYSTEM, shall not unilaterally adopt accounting criteria to show events or situations
that are not contemplated in this MANUAL. In this case, it shall submit to the ORSNA the detected situation so as to make a joint
analysis that will generate a specific solution for the given situation.

 

Any intended modification shall be previously
authorized by the ORSNA.

 

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3.8. Criteria for the publication
of information arising from the REGULATORY ACCOUNTING SYSTEM

 

The REGULATORY ACCOUNTING SYSTEM is considered
a tool that will allow to release regulatory information related to the performance of the CONCESSION, strictly contributing to
reduce any possible gap in such information availability between the different actors that carry out activities within the framework
of the CONCESSION CONTRACT.

 

3.9. REGULATORY ACCOUNTING MANUAL
Review

 

Both the CONCESSIONAIRE and the ORSNA may
request the review of the contents of the REGULATORY ACCOUNTING MANUAL.

 

Any proposed modification shall be reconciled
with historic data to enable comparison with future accounting data.

 

The ORSNA shall approve any change.

 

4. SPECIFIC PROVISIONS

 

4.1. Revenue classification for different
types of services

 

The revenue structure within the framework
of the CONCESSION CONTRACT is composed as follows:

 

	Revenues
	Total Revenues	

Regulated Aeronautical Revenues	Domestic: those revenues generated within the territory of the Republic of Argentina.
	International: those revenues arising from or allocated to an airport that is outside the Republic of Argentina.
	Non-regulated Non-Aeronautical/Commercial Revenues	Revenue from related activities within the framework of the CONCESSION CONTRACT. Not classified as domestic or international.
	Other Revenues	Revenues arising from the business exploitation.

 

Regulated Revenues: within
the framework of Annex II, Rate Schedule, of the CONCESSION CONTRACT, the CONCESSIONAIRE’s regulated revenues, both domestic
and international ones, are divided as follows, depending on who uses the different services:

 

	Passengers	Domestic Airport Terminal Usage Fee	Applied to domestic destinations	

Charges defined based on the classification and the destination airport category
	Regional Airport Terminal Usage Fee	Applied to international destinations closer to 300 kilometers and Uruguay
	International Airport Terminal Usage Fee	Applied to international destinations farther than 300 kilometers

 

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Air operators	

Landing Fee	Surcharge for night air field lighting	Charges defined based on the airport of origin
	Surcharge for operation out of the normal timetable
	Surcharge for operation in peak time
	Parking Fee	Operative
	Remote
	Telescopic Jet way Usage Fee	 

 

Non-Regulated Revenues: non-regulated
revenues are generated by non-aeronautical services rendered by the CONCESSIONAIRE, on its own or through third parties, by virtue
of the CONCESSION CONTRACT, which are not contemplated in the Rate Schedule included in Annex II.

 

Some of these revenues include:

 

		·	Activities related to air-commercial transportation

 

		o	Fuel

 

		o	Ground handling services

 

		o	Counters – CUTE

 

		o	Check-in service

 

		o	Follow-me services

 

		o	Flight assistance services

 

		o	Fiscal warehouses

 

		·	Airport commercial exploitation

 

		o	Services and stores

 

		o	Parking

 

		o	Duty-free shops

 

		o	Cafeterias

 

		o	Catering

 

		o	Advertising

 

		o	Rent

 

		o	Expense reimbursement

 

		·	Secondary activities carried out at the airport

 

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Other revenues: those revenues
generated by the business exploitation

 

For other additional revenues of the CONCESSIONAIRE,
the following section identifies the accounts where such revenues are recorded in the Financial Statements.

 

4.2. Sources of accounting information

 

4.2.1. Revenues

 

Annex I includes the classification
of Aeronautical and Non-Aeronautical-Commercial revenues associated to the accounts that are used as sources of information for
each of the components of the CONCESSIONAIRE’s revenue structure.

 

4.2.2. Expenditures

 

Annex II shows the book accounts
that are used as sources of information for each of the components of the CONCESSIONAIRE’s expenditure structure.

 

4.3. Specific account criteria

 

4.3.1. Investment Plan

 

The CONCESSIONAIRE shall register its investments
pursuant to current legal and regulatory provisions. Such investments are those included in Annex IV of the Memorandum of Agreement.

 

The investment amounts shall be specified
in the REGULATORY ACCOUNTING REPORT, based on the information arising from the CONCESSIONAIRE’s accounting information, which
shall be compared and reconciled with the data entered in the RECORD OF INVESTMENTS of the CONCESSION.

 

4.3.2. Amortization and depreciation
methods

 

For amortization recording purposes, the
CONCESSIONAIRE shall take into account the same guidelines defined within the framework of the FINANCIAL PROJECTION OF INCOME AND
EXPENSES of the CONCESSION, giving priority to the applicable accounting and tax rules adopted by the CONCESSIONAIRE. For the purposes
of this MANUAL, amortization and depreciation refer to the book value reduction arising from the use, deterioration, obsolescence,
or changes in the economic conditions of property, plant and equipment or improvements that are part of the CONCESSION.

 

At the request of the CONCESSIONAIRE and
for the purposes of the REGULATORY ACCOUNTING SYSTEM, the ORSNA may assess and later expressly authorize, alternative calculation
methods and guidelines to the ones defined for accounting purposes, in order to duly show the useful life of the assets under consideration,
or else provide for special future situations.

 

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4.3.3. Insurance policies and Guarantees

 

Insurance and guarantee allocation shall
be carried out pursuant to contractual provisions and specifically under the guidelines established in the preparation of the FINANCIAL
PROJECTION OF INCOME AND EXPENSES of the CONCESSION.

 

4.3.4. Taxes

 

Tax and the corresponding aliquot allocation
shall be carried out pursuant to contractual provisions and specifically under the guidelines established in the preparation of
the FINANCIAL PROJECTION OF INCOME AND EXPENSES of the CONCESSION.

 

4.3.5. Operations with controlled
and affiliated companies

 

All transactions or contracts executed
between the CONCESSIONAIRE and controlled and affiliated companies, pursuant to the terms of section 33 of law 19 550, shall
be explicitly recorded in the REGULATORY ACCOUNTING REPORT submitted by the CONCESSIONAIRE from time to time, as stated in Section
5 of this MANUAL.

 

Such report shall include detailed economic
information to verify the efficiency and reasonability of involved operations and activities.

 

Therefore, this type of operations that
impact the performance of regulated and non-regulated services of the Concession and are set up within the CONCESSIONAIRE’s
organization or between the CONCESSIONAIRE and affiliated companies or business partners, shall be recorded pursuant to the provisions
of Resolution No. 21 of the Argentine Federation of Professional Councils in Economic Sciences (Federación Argentina
de Consejos Profesionales de Ciencias Económicas – FACPCE, as per the acronym in Spanish.)

 

In addition, the ORSNA may ask for information
about transactions with related parties in order to assess whether they have been reasonably recorded, in conditions that foster
free competition, and also to gather evidence of the lack of unreasonable transfer of benefits between the parties and, in general,
between regulated and non-regulated activities.

 

Material transactions with related parties
that have not been reasonably recorded, in conditions that foster free competition, shall be duly marked with notes in financial
accounts so that the ORSNA may take them into account when assessing the prices and profitability of the CONCESSIONAIRE. Such notes
shall specify the value of the transaction, details of the related party and the price base used in the transaction.

 

4.3.6. Other entries

 

The ORSNA shall have the power to exclude
or reassess certain cost entries when it considers that they are not necessary or outstrip the operative needs of the Concession.
For this reason, a more detailed breakdown than the one provided for in this Manual might be necessary.

 

Likewise, the ORSNA shall have information
about the movements of certain affected cost entries, such as reserves and extraordinary expenses. In the case of reserves, a detailed
explanation of the different account movements and the cause that originated their creation shall be provided.

 

The accounts used to book such reserves
and expenses and the affected cost centers shall be stated.

 

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4.3.7. Fines and Penalties

 

Pursuant to the provisions of the MEMORANDUM OF AGREEMENT, penalty
amounts imposed to the CONCESSIONAIRE for non-performance shall not be considered an expenditure for regulatory purposes.

 

4.3.8. Financial expenses

 

Interests and capital amortizations of
debts acquired by the CONCESSIONAIRE and not included in the FINANCIAL PROJECTION OF INCOME AND EXPENSES of the CONCESSION shall
not be considered expenditures for regulatory purposes.

 

5. REGULATORY ACCOUNTING REPORTS: SUBMISSION
METHOD

 

5.1. Basic Structure

 

The CONCESSIONAIRE shall submit the REGULATORY
ACCOUNTING REPORT based on the following structure on a consecutive basis, with quarterly or annual frequency.

 

The REPORT model is provided in Annex
III.

 

5.2. Additional Information

 

Together with the submitted information,
the CONCESSIONAIRE shall attach to the quarterly or annual Report the following information, as input for the review of the FINANCIAL
PROJECTION OF INCOME AND EXPENSES of the CONCESSION:

 

		·	Adopted criteria for cost generating centers and distribution criteria within the framework of
the allocation process.

 

		·	Description in physical and monetary terms of the quarterly and annual evolution of the investment
plan of the CONCESSION.

 

		·	Detailed description of operations with controlled companies.

 

		·	Applied (annual) rate schedule.

 

At ORSNA’s request, the CONCESSIONAIRE
shall include additional information that fosters a better understanding of regulatory accounts and economic-financial performance
of the Concession.

 

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ANNEX I

 

REVENUE STRUCTURE OF THE CONCESSIONAIRE

 

Classification of Aeronautical revenues
(with regulated charges) and Non-aeronautical/Commercial revenues (with non-regulated charges) associated to the book accounts
that are used as sources of information for each of the components of the revenue structure of the CONCESSIONAIRE.

 

This enumeration of book accounts is not
restrictive.

 

Aeronautical revenues (regulated charges)

 

	Component	Book Account
	Aeronautical Revenues	Telescopic Jet Way Usage Fee	International jet way usage fee (401010)
	International Airport Terminal Usage Fee	International airport terminal usage fee (401020)
	International Parking Fee	International operative parking fee (401030)
	International parking fee (401040)
	International Landing Fee	International landing fee (401050)
	Surcharge for international peak time (401060)
	Surcharge for international operation out of normal time schedule (401070)
	Surcharge for night air field lighting (401080)
	International Airport Terminal Usage Fee	Regional airport terminal usage fee (401110)
	Telescopic Jet Way Usage Fee	Domestic jet way usage fee (401120)
	Domestic Airport Terminal Usage Fee	Domestic airport terminal usage fee (401130)
	Domestic Parking Fee	Domestic operative parking fee (401140)
	Domestic parking fee (401150)
	Domestic Landing Fee	Domestic landing fee (401160)
	Surcharge for domestic peak time (401170)
	Surcharge for domestic operation out of normal time schedule (401180)
	Surcharge for night air field lighting (401190)

 

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Non-aeronautical revenues (non-regulated
charges)

 

	Component	Book Account
	

Non-aeronautical/Commercial Revenues	Services and stores associated to international aeronautical revenues	International VIP room services (401090)
	Miscellaneous international services (401100)
	International ground handling service (401105)
	Services and stores associated to domestic aeronautical revenues	Domestic VIP room services (401200)
	Miscellaneous domestic services (401210)
	Domestic ground handling service (401220)

 

Other non-aeronautical revenues

 

	Component	Book Account
	Non-aeronautical/Commercial Revenues	Services and Stores	PM SH retail (402010)
	PM SH daily (402011)
	PM SH pharmacies (402012)
	PM SH cleaning (402013)
	PM SH safety and security (402014)
	PM SH cash and valuables transportation (402015)
	PM SH miscellaneous (402016)
	PM SH Drugstores (402017)
	PM SP Rental agencies (402020)
	PM SH miscellaneous services (402025)
	Parking	PM car parking (licensed) (402030)
	Own car parking (402040)
	Services and Stores	Baggage carts (402045)
	Fiscal warehouses (own operations)	

PM cargo agents (402050)
	Fuel	PM fuel plants (402060)
	Duty-free shop (own operation)	

PM duty-free shops (402070)
	Duty-free shop (variable fee: INTERBAIRES)	

Duty-free shops under license (402075)

 

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	Component	Book Account
	

Non-aeronautical/Commercial Revenues	

Services and Stores	PM hangar exploitation (402080)
	PM aeronautical services to third parties (402085)
	Cafeteria	PM Gastronomy (402090)
	Services and Stores	PM Pre and Post-air transportation (402100)
	Ground handling service (own operation)	PM Self rendering of ground handling service (402110)
	Ground handling service (fixed feed: INTERCARGO)	PM Licensed ground handling service (402120)
	

Catering	PM Catering services (402130)
	PM Licensed catering services (402140)
	Fiscal warehouses (own operations)	Own fiscal warehouses, handling and (402160)
	Own fiscal warehouses/stay (402170)
	Fiscal warehouses (variable fee: EDCADASA)	PM Licensed fiscal warehouses (402175)
	Advertising	PM Advertising exploitation (402180)
	Services and Stores	Licensed exploitations (402185)
	

Counters - CUTE	PM Counters (rent) (402190)
	PM International counters (rent) (402191)
	Discount for counters (rent) (402195)
	Services and Stores	PM VIP room space (402200)
	Rents	PM Spaces and offices (rent) (402210)
	Services and Stores	VS recording and video-taping rights (402220)
	VS Promotion rights (402230)
	PM banks and foreign exchange offices (402240)
	PM Telecommunications, telephony and Internet (402250)
	VP Penalties and fines (402260)
	

Expense reimbursement	VS common expenses (402270)
	VS Advance payments for common expenses (402271)
	Services and Stores	Miscellaneous sales and revenues (402280)
	Maintenance services (402290)
	Earned commissions – Telecom cards (402600)

 

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Other revenues (non-regulated charges)

 

	Component	Book account
	Other Revenues	Charged interests (403010)
	Expense recovery (403030)
	Proceeds from the sale of property, plant and equipment (403040)
	Proceeds from converting foreign currency (403060)
	Exchange rate difference from collections (403061)
	Proceeds from permanent investments (VPP) (403071)
	Miscellaneous claims (403100)

 

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ANNEX II

 

EXPENDITURE STRUCTURE OF THE CONCESSIONAIRE

 

Classification of the book accounts that
are used as sources of information for each of the components of the expenditure structure of the CONCESSIONAIRE.

 

This enumeration of book accounts is not
restrictive.

 

	SALARIES AND SOCIAL CONTRIBUTIONS
	Component	Book Account
	Operating Expenses	Personnel and Matrix	Salaries and Wages (501010)
	Social Contributions (501020)
	13th Month Pay (501030)
	Holidays (501040)
	Compensations (501050)
	Temporary staff (501060)
	Staff training (501080)

 

	FEES
	Component	Book Account
	Operating Expenses	Hired Services	Miscellaneous fees (502010)
	Attorney fees (502020)
	Auditor fees (502030)
	Notary Public fees (502040)
	Translation fees (502050)

 

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	SERVICES
	Component	Book Account
	Operating Expenses	Public Services	Telephony – Fixed charge (503110)
	Telephony – Other charges (503140)
	Mobile telephony – Expense (503211)
	Mobile telephony – Variable charge (503220)
	Mobile telephony – (fines, discounts) (503230)
	Mobile telephony – Other charges) (503240)
	Water – Fixed charge (503310)
	Water – Variable charge (503320)
	Water - (fines, discounts) (503330)
	Water – Other charges (503340)
	Power – Fixed charge (503410)
	Power – Variable charge (503420)
	Power – (fines, discounts) (503430)
	Power – Other charges (503440)
	Gas – Fixed charge (503510)
	Gas – Variable charge (503520)
	Gas – (fines, discounts) (503530)
	Gas – Other charges (503550)
	Municipal, provincial and other rates (503610)
	Gasoil (heating) (503620)
	Internet (503630)

 

	ADMINISTRATION EXPENSES
	Component	Book Account
	Operating Expenses	Other Operating Expenses	Stationery and office supplies (504010)
	Forms and printed material (504020)
	Photocopies and paper (504036)
	Dispenser/vending machines and cafeteria (504040)
	Complementary materials and services (504050)
	Mobility Costs and Travel Expenses (504060)
	Healthcare expenses (504080)
	Representation expenses (504090)
	Entertainment and events (504100)
	Mail/courier services and Freight Costs (504110)
	Mail and deliveries (504120)
	Miscellaneous Notary Public expenses (504130)
	Subscriptions and registrations (504140)
	Publications (504150)
	Work elements (504160)
	Bank expenses (504170)
	Rents and leases (504180)
	Postnet equipment lease costs (504181)
	Negotiable obligations expenses (504200)

 

	ADVERTISING
	Component	Book Account
	Operating Expenses	Hired Services	Media advertising (505010)
	Advertising material (505020)
	 
	Promotions (505030)

 

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	INSURANCE
	Component	Book Account
	Operating Expenses	Insurance	Third party liability insurance (506010)
	Operational All Risk insurance (506020)
	Erection All Risks insurance (EAR) (506030)
	Car insurance (506040)
	Mandatory life insurance (506050)
	Personal Accident insurance (506060)
	Miscellaneous insurance (506070)
	Guaranty insurance policy (506080)

 

	MAINTENANCE
	Component	Book Account
	Operating Expenses	Maintenance	Pavement (507310)
	Power supply (507320)
	Visual aids (507330)
	Sign posting (507340)
	Airport perimeter (507350)
	Green areas (507360)
	Drinking water system (507410)
	Sanitary sewer system (507420)
	Fire hydrant system (507430)
	Air conditioning (507440)
	Special facilities (507450)
	Check-in and passenger service services (507460)
	Low-voltage electric power system (507470)
	Passenger information (507480)
	Weak current facilities (507490)
	Buildings (507500)
	Minor buildings – Integral movement – Cleaning (507510)
	External areas (507520)
	 
	Parking lots (507530)
	Environment (507540)
	Fumigation and disinfection (507550)
	Wheeled vehicles (507560)
	Machines, equipment and tools (507570)
	Office machines and equipment (507580)
	Hardware and network maintenance (507590)
	Software maintenance (507591)
	Office rental (507600)
	Miscellaneous rentals (507610)

 

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	SURVEILLANCE, HEALTH AND FIRE-FIGHTING SERVICES
	Component	Book Account
	Operating Expenses	

Other operating expenses	Safety and security (508010)
	Badge expenses (508020)
	Health (508030)
	Fire-fighting and medical services	Armed Forces Health Services (508031)
	Fire-fighting department (508040)
	Other operating expenses	Safety and security elements (508050)
	Industrial safety and spill hazards (508060)
	Bird control (508070)

 

	TAXES
	Component	Book Account
	Operating expenses	Gross income tax (509020)
	Other expenditures	Miscellaneous taxes (509030)
	Stamp tax (509040)
	Operating expenses	Financial transfer tax
	Other expenditures	Deferred tax
	SPECIFIC REVENUE ALLOCATION (FORMER LICENSE FEE) AND OTHERS
	Component	Book Account
	Operating expenses	Specific revenue allocation
	Technical operator fees (510020)

 

	AMORTIZATIONS
	Component	Book Account
	Operating Expenses	Amortizations	Tool and instrument amortization (511020)
	Machinery and equipment amortization (511030) 
	Installation amortization (511040)
	Furniture and fixtures amortization (511050)
	Vehicle amortization (511060)
	Telephony amortization (511070)
	Data processing amortization (511080)
	Amortization of improvements on third-party real property (511090)
	Deferred charge amortization (511110)
	Goodwill amortization for C.C. S.A. (511121)

 

	FINANCIAL EXPENSES
	Component	Book Account
	Other expenses	Bank fees (512010)
	Credit and debit card fees (512010)
	Bank fees for international wires (512012)
	Ticket fees (512013)
	Financial fees (512020)
	Financial interests (512030)
	Bank interests ((512040)
	Tax interests (512050)
	Social interests (512060)
	Commercial interests (512070)
	Exchange rate difference (512090)
	General exchange rate difference (512091)

 

    	27

    
		Regulatory Accounting Manual – ORSNA	 

    

 

	OTHER EXPENSES
	Component	Book Account
	Other expenses	Bad debts (513010)
	Bad debts, other credits (513011)
	Legal claims (513030)
	Miscellaneous expenditures (513040)
	Bidding terms and conditions (513050)
	Price difference MM (513060)
	Inventory difference (513070)
	Balance difference due to current account adjustment (513080)
	Permanent investment portfolio result (513090)
	Current value (513120)
	Parking cash shortage (513140)
	Parking cash surplus (513150)
	Charges cash shortage (513160)

 

ANNEX III

 

REGULATORY ACCOUNTING REPORT

 

The attached forms provide a summary chart
of the necessary information for regulatory purposes.

 

The ORSNA shall ask the CONCESSIONAIRE
to submit any supporting documentation and/or forms it deems necessary, pursuant to the provisions of the present Manual.

 

    	28

    

    

 

ANNEX III

 

	 	Regulatory Adjustments	 
	 	 	 	 
	 	Book Balance

Balance Sheet

Presentation	

Positive	

Negative	

Reclassifications	Final Balance

Regulatory

Accounting
	ASSETS	 	 	 	 	 
	CASH AND CASH EQUIVALENTS	 	 	 	 	 
	CASH	 	 	 	 	 
	111010 CASH ARS	 	 	 	 	0.00
	111012 PROSEGUR ARS 	 	 	 	 	0.00
	111016 PROSEGUR USD	 	 	 	 	0.00
	111017 PROSEGUR EUROS	 	 	 	 	0.00
	111021 CASH USD	 	 	 	 	0.00
	111024 CASH EUROS	 	 	 	 	0.00
	111030 PARKING COINS AND PAPER MONEY	 	 	 	 	0.00
	111031 BAGGAGE CART COINS AND PAPER MONEY	 	 	 	 	0.00
	111036 CASH COINS AND PAPER MONEY IN USD 	 	 	 	 	0.00
	111037 COINS AND PAPER MONEY FROM AIRPORT CHARGES IN ARS	 	 	 	 	0.00
	111038 COINS AND PAPER MONEY FROM AIRPORT CHARGES IN USD	 	 	 	 	0.00
	111039 COINS AND PAPER MONEY FROM AIRPORT CHARGES IN EUROS	 	 	 	 	0.00
	TOTAL CASH	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	PETTY CASH	 	 	 	 	 
	112010 PETTY CASH – CORPORATE AND AERONAUTICAL	 	 	 	 	0.00
	112020 PETTY CASH – MATERIALS	 	 	 	 	0.00
	TOTAL PETTY CASH	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	UNDEPOSITED RECEIPTS	 	 	 	 	 
	113010 CHECKS TO BE CASHED ARS	 	 	 	 	0.00
	113040 CHECKS TO BE CASHED INTERIOR	 	 	 	 	0.00
	TOTAL UNDEPOSITED RECEIPTS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	BANKS	 	 	 	 	 
	CHECKING ACCOUNT ARS	 	 	 	 	 
	114010 PATAGONIA SUDAMERIS (C.A. ARS) 00-10-633/	 	 	 	 	0.00
	114011 PAYMENTS IN PROGRESS TO PATAGONIA SUDAMERIS 10-6	 	 	 	 	0.00
	114013 PATAGONIA PENDING DEPOSITS 	 	 	 	 	0.00
	114014 PAYMENT ISSUED PATAGONIA (C.A. ARS) 00-10-6	 	 	 	 	0.00
	114020 ABN (C.A. ARS) 00-29-096654527	 	 	 	 	0.00
	114021 PAYMENTS IN PROCESS ABN 0029954527	 	 	 	 	0.00
	114022 ISSUED PAYMENT ABN (C.A. ARS) 00-29-09665452	 	 	 	 	0.00
	114023 ABN PENDING DEPOSITS ARS0	 	 	 	 	0.00
	114030 CITIBANK (C.A. ARS) 0-813810-018	 	 	 	 	0.00
	114031 PAYMENTS IN PROGRESS CITI 018	 	 	 	 	0.00
	114032 ISSUED PAYMENTS CITI 018	 	 	 	 	0.00
	114033 CITI PENDING DEPOSITS ARS	 	 	 	 	0.00
	114034 CITI CARDS PAYMENTS PENDING PROCESSING ARS	 	 	 	 	0.00
	114040 NACION ARGENTINA (C.A. ARS) 201333-76	 	 	 	 	0.00
	114041 PAYMENTS IN PROGRESS NAC. 76	 	 	 	 	0.00
	114043 NACION PENDING DEPOSITS 	 	 	 	 	0.00
	114050 CIUDAD (C.A. ARS) 2056/9	 	 	 	 	0.00
	114060 C.M.F. (C.A. ARS) 10410/8	 	 	 	 	0.00
	114070 GALICIA C.A. ARS 55098-7 999-1	 	 	 	 	0.00
	114073 GALICIA PENDING DEPOSITS	 	 	 	 	0.00
	114080 BANSUD C.A. ARS 011-736-19-3	 	 	 	 	0.00
	114090 PATAGONIA SUDAMERIS (C.A. ARS) 01-00-1837	 	 	 	 	0.00
	114091 PAYMENTS IN PROGRESS PATAGONIA SUDAMERIS 01-0	 	 	 	 	0.00
	114093 PATAGONIA SUDAMERIS PENDING DEPOSITS 01-00-18	 	 	 	 	0.00
	114110 RIO (C.A. ARS) 23337/2	 	 	 	 	0.00
	114111 PAYMENTS IN PROGRESS RIO	 	 	 	 	0.00
	114113 PENDING DEPOSITS RIO ARS	 	 	 	 	0.00
	114120 SANTA CRUZ CHECKING ACC. ARS 5-909223-0	 	 	 	 	0.00
	114130 NUEVO BANCO DE SANTA FE C.A. ARS 58819/03	 	 	 	 	0.00

 

     

    

    

 

	114131 PAYMENTS IN PROGRESS NUEVO BANCO DE SANTA FE	 	 	 	 	0.00
	114140 BANCO INDUSTRIAL CHECKING ACC. ARS 208490-2	 	 	 	 	0.00
	114160 BANCO NACION ARGENTINA TRUST	 	 	 	 	0.00
	114170 BANCO CORDOBA CHECKING ACC. NO.101-15015/06	 	 	 	 	0.00
	114181 PAYMENTS IN PROGRESS PATAGONIA SUDAMERIS	 	 	 	 	0.00
	114183 PATAGONIA SUDAMERIS PENDING DEPOSITS	 	 	 	 	0.00
	TOTAL CHECKING ACCOUNT ARS	 	 	 	 	0.00
	CHECKING ACCOUNT USD	 	 	 	 	 
	115086 ABM AMRO (CHECK. ACC. USD) 4560608947-41 USD	 	 	 	 	0.00
	115091 USB N-Y. BRANCH (CHECK. ACC. USD) 101YR25180500	 	 	 	 	0.00
	115121 CHASE MANHATTAN BANK NEW YORK CHECK. ACC. USD	 	 	 	 	0.00
	TOTAL CHECKING ACCOUNT USD	 	 	 	 	0.00
	SAVINGS ACCOUNT ARS	 	 	 	 	 
	116013 SUDAMERIS PENDING DEPOSITS	 	 	 	 	0.00
	116030 CITIBANK (S.A. ARS) 5-813810-028	 	 	 	 	0.00
	116033 CITI PENDING DEPOSITS ARS	 	 	 	 	0.00
	116040 NACION ARG. (S.A. ARS) 46013337-7	 	 	 	 	0.00
	116041 PAYMENT IN PROGRESS – NACION 46013337-7	 	 	 	 	0.00
	116043 NACION PENDING DEPOSITS	 	 	 	 	0.00
	116050 CIUDAD (S.A. ARS) 00-0002271/8	 	 	 	 	0.00
	116065 PAYMENTS IN PROGRESS CIUDAD 00-0002271/8	 	 	 	 	0.00
	116053 CIUDAD PENDING DEPOSITS	 	 	 	 	0.00
	116060 GALICIA S.A. ARS 9750169-2 999-3	 	 	 	 	0.00
	TOTAL SAVINGS ACCOUNT ARS	 	 	 	 	0.00
	TOTAL BANKS	 	 	 	 	0.00
	 	 	 	 	 	 
	TOTAL CASH AND CASH EQUIVALENTS	 	 	 	 	0.00
	 	 	 	 	 	 
	INVESTMENTS	 	 	 	 	 
	CURRENT INVESTMENTS	 	 	 	 	 
	121011 FIXED-TERM DEPOSIT USD 15688/02	 	 	 	 	0.00
	121012 FIXED-TERM DEPOSIT ARS 15688/02	 	 	 	 	0.00
	121030 CORPORATIONS SECT. 33 – SERVICES AND TECHNOLOGY 	 	 	 	 	0.00
	121037 CORPORATIONS SECT. 33 – CONSOLIDATED CARGO INC.	 	 	 	 	0.00
	121041 CORPORATIONS SECT. 33 – PAOLETTI AMERICA S.A.	 	 	 	 	0.00
	121044 CORPORATIONS SECT. 33 – CC SA 	 	 	 	 	0.00
	121900 EXCHANGE RATE DIFFERENCE INVESTMENTS	 	 	 	 	0.00
	TOTAL CURRENT INVESTMENTS	 	 	 	 	0.00
	 	 	 	 	 	 
	TOTAL INVESTMENTS	 	 	 	 	0.00
	 	 	 	 	 	 
	TRADE ACCOUNTS RECEIVABLES	 	 	 	 	 
	RECEIVABLES FOR SERVICES	 	 	 	 	 
	130100 MASTERCARD	 	 	 	 	0.00
	130110 AMERICAN EXPRESS	 	 	 	 	0.00
	130120 DINERS	 	 	 	 	0.00
	130130 CABAL	 	 	 	 	0.00
	130140 VISA	 	 	 	 	0.00
	131010 TRADE ACCOUNT RECEIVABLES	 	 	 	 	0.00
	131020 RECEIVABLES FOR PARKING	 	 	 	 	0.00
	131030 RECEIVABLES FOR AERONAUTICAL SERVICES – CASH	 	 	 	 	0.00
	131031 RECEIVABLES FOR AERONAUTICAL SERVICES – CASH TUA	 	 	 	 	0.00
	131050 ALLOWANCE FOR RECEIVABLES	 	 	 	 	0.00
	131051 EXCHANGE DIFFERENCE TRADE ACCOUNTS RECEIVEBLES	 	 	 	 	0.00
	131070 NOTES RECEIVABLES ARS	 	 	 	 	0.00
	131090 NOTES RECEIVABLES – DEFERRED CHECKS	 	 	 	 	0.00
	131110 DOUBTFUL DEBTS	 	 	 	 	0.00
	131120 LEGAL DOCUMENTS	 	 	 	 	0.00
	131130 MISCELLANEOUS DEBTORS	 	 	 	 	0.00
	131500 ALLOWANCE FOR BAD DEBTS	 	 	 	 	0.00
	TOTAL RECEIVABLES FOR SERVICES	 	 	 	 	0.00
	 	 	 	 	 	 
	TOTAL TRADE ACCOUNTS RECEIVABLES	 	 	 	 	0.00

 

     

    

    

 

ANNEX III

 

	 	Regulatory Adjustments	 
	 	 	 	 
	 	Book Balance

Balance Sheet

Presentation	

Positive	

Negative	

Reclassifications	Final Balance

Regulatory

Accounting
	OTHER RECEIVABLES	 	 	 	 	 
	ADVANCE TAX PAYMENTS	 	 	 	 	 
	133071 VAT COLLECTIONS 3%	 	 	 	 	0.00
	133090 VAT FOREIGN BENEFICIARIES	 	 	 	 	0.00
	133110 VAT S.a.F. 1o PARAGRAPH	 	 	 	 	0.00
	133120 VAT S.a.F. 2o PARAGRAPH	 	 	 	 	0.00
	133200 ADVANCE PAYMENT - MINIMUM PRESUMED INCOME TAX	 	 	 	 	0.00
	133210 MINIMUM PRESUMED INCOME Y. 2000	 	 	 	 	0.00
	133211 MINIMUM PRESUMED INCOME Y. 2001	 	 	 	 	0.00
	133212 MINIMUM PRESUMED INCOME Y. 2002	 	 	 	 	0.00
	133213 MINIMUM PRESUMED INCOME Y. 2003	 	 	 	 	0.00
	133214 MINIMUM PRESUMED INCOME Y. 2004	 	 	 	 	0.00
	133215 MINIMUM PRESUMED INCOME Y. 2005	 	 	 	 	0.00
	133216 MINIMUM PRESUMED INCOME Y. 2006	 	 	 	 	0.00
	133251 DEFERRED TAX	 	 	 	 	0.00
	133300 INCOME TAX WITHHOLDINGS	 	 	 	 	0.00
	133320 INCOME TAX CREDIT BALANCE	 	 	 	 	0.00
	133450 FEDERAL CAPITAL – GROSS INCOME WITHHOLDING	 	 	 	 	0.00
	133451 BUENOS AIRES – GROSS INCOME WITHHOLDING	 	 	 	 	0.00
	133464 NEUQUEN - GROSS INCOME WITHHOLDING	 	 	 	 	0.00
	133500 TAX ALLOWANCE	 	 	 	 	0.00
	133600 TAX ON BANK CREDITS L25 413 34% P	 	 	 	 	0.00
	133610 TAX ON BANK DEBITS TO BE DISCOUNTED	 	 	 	 	0.00
	TOTAL ADVANCE TAX PAYMENTS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	EXPENSE RECOVERY	 	 	 	 	 
	134010 LICENSE FEE RECOVERY	 	 	 	 	0.00
	134011 SERVICES TO THE NATIONAL STATE	 	 	 	 	0.00
	134015 LICENSE FEE RECOVERY – RES. NO. 282/99	 	 	 	 	0.00
	134020 EXPENSE RECOVERY	 	 	 	 	0.00
	134022 LUNCHEON	 	 	 	 	0.00
	134026 OTHER CREDITS	 	 	 	 	0.00
	134031 OTHER CREDITS – EXCHANGE DIFFERENCE	 	 	 	 	0.00
	134035 CONSUMABLES - CARDS	 	 	 	 	0.00
	134100 SPECIFIC ALLOCATION	 	 	 	 	0.00
	134500 BAD DEBT ALLOWANCE – OTHER CREDITS	 	 	 	 	0.00
	TOTAL EXPENSE RECOVERY	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	ADVANCES PAYABLE	 	 	 	 	 
	136010 SUPPLIER ADVANCE PAYMENTS	 	 	 	 	0.00
	136020 SALARY ADVANCE PAYMENTS	 	 	 	 	0.00
	136030 ADVANCES PAYABLE	 	 	 	 	0.00
	136031 ADVANCES PAYABLE	 	 	 	 	0.00
	136040 DEBT FOR WORK-RELATED ACCIDENTS	 	 	 	 	0.00
	136060 RENTS PAID IN ADVANCE	 	 	 	 	0.00
	TOTAL ADVANCES PAYABLE	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	GRANTED GUARANTEES	 	 	 	 	 
	138410 GUARANTEES GRANTED TO SUPPLIERS	 	 	 	 	0.00
	138430 MISCELLANEOUS GRANTED GUARANTEES	 	 	 	 	0.00
	TOTAL GRANTED GUARANTEES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	MISCELLANEOUS RECEIVABLES	 	 	 	 	 
	139030 PREPAID INSURANCE BUILDINGS	 	 	 	 	0.00
	139040 PREPAID INSURANCE VEHICLES	 	 	 	 	0.00
	139050 MISCELLANEOUS PREPAID INSURANCE	 	 	 	 	0.00
	139610 JUDICIAL ATTACHMENTS MDZ	 	 	 	 	0.00
	139611 ATTACHMENT, PROVINCE OF SAN LUIS	 	 	 	 	0.00
	139612 JUDICIAL ATTACHMENT SUPPLIERS	 	 	 	 	0.00
	139614 JUDICIAL ATTACHMENTS MUN. 9 DE JULIO	 	 	 	 	0.00
	139615 JUDICIAL DEPOSIT ARS SUSPENSE ACCOUNT	 	 	 	 	0.00
	139616 JUDICIAL DEPOSIT USD SUSPENSE ACCOUNT139617	 	 	 	 	0.00
	139617 EXCHANGE RATE DIFF. JUDICIAL DEPOSIT USD	 	 	 	 	0.00
	139620 OTHER ACCRUED CREDITS	 	 	 	 	0.00
	139640 OTHER RECEIVABLE CREDITS ADVERTISING ASSIGNMENT	 	 	 	 	0.00
	TOTAL MISCELLANEOUS RECEIVABLES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	TOTAL OTHER RECEIVABLES	0.00	0.00	0.00	0.00	0.00

 

     

    

    

 

	PROPERTY, PLANT AND EQUIPMENT	 	 	 	 	 
	ORIGINAL VALUE	 	 	 	 	 
	134030 CONSUMABLES MATERIALS MAINTENANCE	 	 	 	 	0.00
	135020 IMPORTS/EXPORTS	 	 	 	 	0.00
	135050 MATERIALS	 	 	 	 	0.00
	151020 TOOLS	 	 	 	 	0.00
	151030 MACHINERY	 	 	 	 	0.00
	151040 FITTINGS	 	 	 	 	0.00
	151050 FURNITURE AND FIXTURES	 	 	 	 	0.00
	151060 VEHICLES	 	 	 	 	0.00
	151070 TELEPHONY	 	 	 	 	0.00
	151080 DATA PROCESSING	 	 	 	 	0.00
	151090 IMPROVEMENT ON THIRD-PARTY REAL PROPERTY	 	 	 	 	0.00
	151100 WORKS	 	 	 	 	0.00
	151110 PROPERTY, PLANT AND EQUIPMENT IN TRANSIT	 	 	 	 	0.00
	151200 ALLOWANCE FOR PROPERTY, PLANT AND EQUIPMENT	 	 	 	 	0.00
	151201 ADJUSTMENT FOR PROPERTY, PLANT AND EQUIPMENT	 	 	 	 	0.00
	TOTAL ORIGINAL VALUE	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	ACCUMULATED AMORTIZATION	 	 	 	 	 
	152020 ACCUMULATED AMORTIZATION – TOOLS	 	 	 	 	0.00
	152030 ACCUMULATED AMORTIZATION – MACHINERY	 	 	 	 	0.00
	152040 ACCUMULATED AMORTIZATION – FITTINGS	 	 	 	 	0.00
	152050 ACCUMULATED AMORTIZATION – FURNITURE AND FIXTURES	 	 	 	 	0.00
	152060 ACCUMULATED AMORTIZATION – VEHICLES	 	 	 	 	0.00
	152070 ACCUMULATED AMORTIZATION – TELEPHONY	 	 	 	 	0.00
	152080 ACCUMULATED AMORTIZATION – DATA PROCESSING	 	 	 	 	0.00
	152090 ACCUMULATED AMORTIZATION – IMPROVEMENTS	 	 	 	 	0.00
	TOTAL ACCUMULATED AMORTIZATION	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	0.00
	TOTAL PROPERTY, PLANT AND EQUIPMENT	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	DEFERRED CHARGES	 	 	 	 	 
	DEFERRED CHARGES	 	 	 	 	 
	181020 DEFERRED CHARGES	 	 	 	 	0.00
	181030 LICENSE FEE RECOVERY	 	 	 	 	0.00
	181040 GOODWILL CCI	 	 	 	 	0.00
	TOTAL DEFERRED CHARGES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	0.00
	TOTAL DEFERRED CHARGES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	0.00
	TOTAL ASSETS	0.00	0.00	0.00	0.00	0.00

 

     

    

    

 

ANNEX III

 

	 	Regulatory Adjustments	 
	 	 	 	 
	 	Book Balance

Balance Sheet

Presentation	

Positive	

Negative	

Reclassifications	Final Balance

Regulatory

Accounting
	LIABILITIES	 	 	 	 	 
	DEBTS	 	 	 	 	 
	COMMERCIAL DEBTS	 	 	 	 	 
	SUPPLIERS	 	 	 	 	 
	211010 SUPPLIERS	 	 	 	 	0.00
	211011 FOREIGN SUPPLIERS	 	 	 	 	0.00
	211020 NATIONAL ARGENTINEAN STATE	 	 	 	 	0.00
	211021 DEBT NATIONAL ARGENTINEAN STATE	 	 	 	 	0.00
	211040 CUSTOMER ADVANCE PAYMENTS	 	 	 	 	0.00
	211090 ALLOWANCE FOR FUTURE INVOICES	 	 	 	 	0.00
	211093 ALLOWANCE FOR PURCHASES	 	 	 	 	0.00
	211094 ACCOUNTS PAYABLE EXCHANGE RATE DIFFERENCE	 	 	 	 	0.00
	211100 MISCELLANEOUS SUPPLIERS	 	 	 	 	0.00
	211200 NATIONAL STATE CURRENT LICENSE FEE	 	 	 	 	0.00
	211210 NATIONAL STATE NON-CURRENT LICENSE FEE	 	 	 	 	0.00
	211230 NATIONAL STATE NON-CURRENT FINANCIAL	 	 	 	 	0.00
	211250 CURRENT VALUE N. S. LICENSE FEE	 	 	 	 	0.00
	211260 CURRENT VALUE N. S. FINANCIAL	 	 	 	 	0.00
	TOTAL SUPPLIERS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	ACCOUNTS PAYABLE	 	 	 	 	 
	211500 DOCUMENTED ACCOUNTS PAYABLE	 	 	 	 	0.00
	211511 DOCUMENTED ACCOUNTS PAYABLE USD	 	 	 	 	 
	211520 ACCOUNTS PAYABLE DEFERRED CHECK ARS	 	 	 	 	0.00
	TOTAL ACCOUNTS PAYABLE	0.00	0.00	0.00	0.00	0.00
	TOTAL COMMERCIAL DEBTS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	BANK DEBTS	 	 	 	 	 
	211560 FINANCIAL ACCOUNTS PAYABLE	 	 	 	 	0.00
	220501 USD LOANS 	 	 	 	 	0.00
	220504 USD LOANS EXCHANGE RATE DIFFERENCE	 	 	 	 	0.00
	220510 FINANCIAL LOANS	 	 	 	 	0.00
	220511 USD LOAN INTEREST	 	 	 	 	0.00
	220513 USD LOAN INTEREST EXCH. RATE DIFF.	 	 	 	 	0.00
	220525 NEGOTIABLE OBLIGATIONS IN USD	 	 	 	 	0.00
	220530 FINANCIAL INTEREST 	 	 	 	 	0.00
	220535 FINANCIAL INTEREST	 	 	 	 	0.00
	220580 LOANS IN ARS	 	 	 	 	0.00
	220581 INTERESTS IN ARS	 	 	 	 	0.00
	220590 SHORT-TERM LEASING PAYABLE	 	 	 	 	0.00
	220595 LONG-TERM LEASING PAYABLE	 	 	 	 	0.00
	Checking account advance payments	 	 	 	 	0.00
	TOTAL BANK DEBTS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	TAX DEBTS	 	 	 	 	 
	211540 TAXES PAYABLE 	 	 	 	 	0.00
	230080 VAT WITHHOLDINGS	 	 	 	 	0.00
	230160 INCOME TAX WITHHOLDINGS	 	 	 	 	0.00
	230165 4TH. CAT. INCOME TAX WITHHOLDINGS	 	 	 	 	0.00
	230220 ALLOWANCE FOR MINIMUM PRESUMED INCOME	 	 	 	 	0.00
	230300 FEDERAL CAPITAL – GROSS INCOME TAX	 	 	 	 	0.00
	230301 BUENOS AIRES – GROSS INCOME TAX	 	 	 	 	0.00
	230302 CATAMARCA – GROSS INCOME TAX	 	 	 	 	0.00
	230303 CHACO – GROSS INCOME TAX	 	 	 	 	0.00
	230304 CHUBUT – GROSS INCOME TAX	 	 	 	 	0.00
	230305 CORDOBA – GROSS INCOME TAX	 	 	 	 	0.00
	230307 ENTRE RIOS – GROSS INCOME TAX	 	 	 	 	0.00
	230308 FORMOSA – GROSS INCOME TAX	 	 	 	 	0.00
	230310 LA PAMPA – GROSS INCOME TAX	 	 	 	 	0.00
	230311 LA RIOJA – GROSS INCOME TAX	 	 	 	 	0.00
	230312 MENDOZA – GROSS INCOME TAX	 	 	 	 	0.00
	230313 MISIONES – GROSS INCOME TAX	 	 	 	 	0.00
	230315 RIO NEGRO – GROSS INCOME TAX	 	 	 	 	0.00
	230316 SANTIAGO DEL ESTERO – GROSS INCOME TAX	 	 	 	 	0.00
	230317 SALTA – GROSS INCOME TAX	 	 	 	 	0.00
	230318 SAN JUAN – GROSS INCOME TAX	 	 	 	 	0.00
	230319 SAN LUIS – GROSS INCOME TAX	 	 	 	 	0.00
	230320 SANTA CRUZ – GROSS INCOME TAX	 	 	 	 	0.00
	230321 SANTA FE – GROSS INCOME TAX	 	 	 	 	0.00

 

     

    

    

 

	230322 TIERRA DEL FUEGO – GROSS INCOME TAX	 	 	 	 	0.00
	230323 TUCUMAN – GROSS INCOME TAX	 	 	 	 	0.00
	230350 FEDERAL CAPITAL – GROSS INCOME TAX WITHHOLDING	 	 	 	 	0.00
	230351 BUENOS AIRES– GROSS INCOME TAX WITHHOLDING	 	 	 	 	0.00
	230355 CORDOBA – GROSS INCOME TAX WITHHOLDING	 	 	 	 	0.00
	230361 LA RIOJA – GROSS INCOME TAX WITHHOLDING	 	 	 	 	0.00
	230362 MENDOZA – GROSS INCOME TAX WITHHOLDING	 	 	 	 	0.00
	230367 SALTA – GROSS INCOME TAX WITHHOLDING	 	 	 	 	0.00
	230368 SAN JUAN– GROSS INCOME TAX WITHHOLDING	 	 	 	 	0.00
	230369 SAN LUIS – GROSS INCOME TAX WITHHOLDING	 	 	 	 	0.00
	230373 TUCUMAN – GROSS INCOME TAX WITHHOLDING	 	 	 	 	0.00
	230401 COLLECTION - BUENOS AIRES – GROSS INCOME TAX	 	 	 	 	0.00
	230419 COLLECTION – SAN LUIS – GROSS INCOME TAX	 	 	 	 	0.00
	230423 COLLECTION - TUCUMAN – GROSS INCOME TAX	 	 	 	 	0.00
	230505 STAMP TAX CORDOBA	 	 	 	 	0.00
	230513 STAMP TAX MISIONES	 	 	 	 	0.00
	230514 STAMP TAX NEUQUEN	 	 	 	 	0.00
	230530 TAXES PAYABLE	 	 	 	 	0.00
	230550 ALLOWANCE FOR TAXES	 	 	 	 	0.00
	230551 ALLOWANCE FOR MIN. PRES. INCOME CURRENT VALUE	 	 	 	 	0.00
	240190 EMPLOYER’S CONTRIBUTION WITHHOLDING	 	 	 	 	0.00
	240191 EMPLOYER’S CONTRIBUTION WITHHOLDING – CLEANING	 	 	 	 	0.00
	TOTAL TAX DEBTS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	MUNICIPAL DEBTS	 	 	 	 	 
	230624 MUNICIPAL PROV.	 	 	 	 	0.00
	TOTAL MUNICIPAL DEBTS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	SOCIAL DEBTS	 	 	 	 	 
	240010 SALARIES AND WAGES PAYABLE	 	 	 	 	0.00
	240020 SOCIAL SECURITY UNIQUE SYSTEM (S.U.S.S.)	 	 	 	 	0.00
	240030 WORKER'S COMPENSATION INSURANCE	 	 	 	 	0.00
	240040 OMINT	 	 	 	 	0.00
	240070 MEDICUS	 	 	 	 	0.00
	240090 OSDE	 	 	 	 	0.00
	240120 ATTACHMENTS	 	 	 	 	0.00
	240130 HEALTH	 	 	 	 	0.00
	240170 HOLIDAY ALLOWANCE	 	 	 	 	0.00
	240180 A.S.E. 	 	 	 	 	0.00
	240210 OPTAR	 	 	 	 	0.00
	240220 COOP. ASISTENCIAL SALTA	 	 	 	 	0.00
	240240 SOCIAL REDRESS FUND SANTIAGO DEL ESTERO	 	 	 	 	0.00
	240260 SOCIAL PENSION FUND FORMOSA	 	 	 	 	0.00
	240270 SALARIES AND WAGES PAYABLE BRIDGE	 	 	 	 	0.00
	240290 PUBLIC HEALTH CONTRIBUTION CHACO	 	 	 	 	0.00
	240300 HEALTHCARE SERVICE FUND SANTA FE	 	 	 	 	0.00
	240310 SOCIAL ASSISTANCE FUND ENTRE RIOS	 	 	 	 	0.00
	240320 PUBLIC HEALTH CONTRIBUTION TUCUMAN	 	 	 	 	0.00
	240330 SPECIAL FUND WORK POLICE L327	 	 	 	 	0.00
	240360 MEDIFE	 	 	 	 	0.00
	240370 SWISS MEDICAL	 	 	 	 	0.00
	TOTAL SOCIAL DEBTS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 

 

     

    

    

 

ANNEX III

 

	 	Regulatory Adjustments	 
	 	 	 	 
	 	Book Balance

Balance Sheet

Presentation	

Positive	

Negative	

Reclassifications	Final Balance

Regulatory

Accounting
	 	 	 	 	 	 
	OTHER DEBTS	 	 	 	 	 
	250010 RECEIVED GUARANTIES	 	 	 	 	0.00
	250011 MISCELLANEOUS GUARANTIES	 	 	 	 	0.00
	250012 CORPORATIONS SECT. 33. CC S.A.	 	 	 	 	0.00
	250013 CORPORATIONS SECT. 33. C & L	 	 	 	 	0.00
	250020 DIRECTORS’ GUARANTIES	 	 	 	 	0.00
	250021 CORPORATIONS SECT. 33. S.E.A. USD	 	 	 	 	0.00
	250022 CORPORATIONS SECT. 33. OTHERS USD	 	 	 	 	0.00
	250030 CORPORATIONS SECT. 33. S.E.A.	 	 	 	 	0.00
	250031 CORPORATIONS SECT. 33. OTHERS	 	 	 	 	0.00
	250035 MISCELLANEOUS CREDITORS	 	 	 	 	0.00
	250050 FEES PAYABLE	 	 	 	 	0.00
	250060 ALLOWANCE OTHER DEBTS	 	 	 	 	0.00
	250065 ALLOWANCE M. FEE CURRENT VALUE	 	 	 	 	0.00
	250075 OTHER DEBTS EXCH. RATE DIFFERENCE	 	 	 	 	0.00
	TOTAL OTHER DEBTS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	TOTAL DEBTS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	UNEARNED PROFITS	 	 	 	 	 
	260008 UNEARNED PROFITS ADVERTISING	 	 	 	 	0.00
	260010 UNEARNED PROFITS	 	 	 	 	0.00
	260012 UNEARNED PROFITS CHARGES	 	 	 	 	0.00
	260015 JUDICIAL COLLECTION TO DEPOSIT ARS	 	 	 	 	0.00
	260016 JUDICIAL COLLECTION TO DEPOSIT USD	 	 	 	 	0.00
	260017 JUDICIAL DEPOSIT USD EXCH. RATE DIFF.	 	 	 	 	0.00
	TOTAL UNEARNED PROFITS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	OWNERS’ EQUITY	 	 	 	 	 
	CAPITAL	 	 	 	 	 
	310020 PAID-IN CAPITAL	 	 	 	 	0.00
	310021 CAPITAL ADJUSTMENT	 	 	 	 	0.00
	310040 IRREVOCABLE CONTRIBUTIONS- PREFERRED SHARE ISSUANCE	 	 	 	 	0.00
	TOTAL CAPITAL	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	RESERVED EARNINGS	 	 	 	 	 
	320010 LEGAL RESERVE	 	 	 	 	0.00
	320011 LEGAL RESERVE ADJUSTMENT 	 	 	 	 	0.00
	TOTAL RESERVED EARNINGS 	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	EARNINGS	 	 	 	 	 
	RETAINED EARNINGS	 	 	 	 	 
	330010 UNAPPROPRIATED RETAINED EARNINGS	 	 	 	 	0.00
	330020 YEAR’S EARNINGS	 	 	 	 	0.00
	330021 RETAINED EARNINGS ADJUSTMENT	 	 	 	 	0.00
	330030 EARNINGS ADJUSTMENT FOR PREVIOUS YEARS	 	 	 	 	0.00
	330031 EARNINGS ADJUSTMENT FOR PREVIOUS YEARS ADJUSTMENT	 	 	 	 	0.00
	TOTAL RETAINED EARNINGS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	TOTAL EARNINGS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	TOTAL OWNERS’ EQUITY	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	TOTAL LIABILITIES	0.00	0.00	0.00	0.00	0.00

 

     

    

    

 

ANNEX III

 

	 	Regulatory Adjustments	 
	 	 	 	 
	 	Book Balance

Balance Sheet

Presentation	

Positive	

Negative	

Reclassifications	Final Balance

Regulatory

Accounting
	 	 	 	 	 	 
	REVENUES	 	 	 	 	 
	AERONAUTICAL REVENUES	 	 	 	 	 
	401010 INTERNATIONAL JET WAY USAGE FEE	 	 	 	 	0.00
	401020 INTERNATIONAL AIRPORT TERMINAL USAGE FEE	 	 	 	 	0.00
	401030 INTERNATIONAL OPERATIVE PARKING FEE	 	 	 	 	0.00
	401040 INTERNATIONAL PARKING FEE	 	 	 	 	0.00
	401050 INTERNATIONAL LANDING FEE	 	 	 	 	0.00
	401060 SURCHARGE FOR INTERNATIONAL PEAK HOUR OPERATION	 	 	 	 	0.00
	401070 SURCHARGE FOR INTERNATIONAL OPERATION OUT OF NORMAL TIMETABLE	 	 	 	 	0.00
	401080 SURCHARGE FOR NIGHT AIR FIELD LIGHTING SYSTEM FOR INTERNATIONAL OPERATIONS	 	 	 	 	0.00
	401090 INTERNATIONAL VIP ROOM SERVICE	 	 	 	 	0.00
	401100 MISCELLANEOUS INTERNATIONAL SERVICES	 	 	 	 	0.00
	401110 REGIONAL AIRPORT TERMINAL USAGE FEE	 	 	 	 	0.00
	401120 DOMESTIC JET WAY USAGE FEE	 	 	 	 	0.00
	401130 DOMESTIC AIRPORT TERMINAL USAGE FEE	 	 	 	 	0.00
	401140 DOMESTIC OPERATIVE PARKING FEE	 	 	 	 	0.00
	401150 DOMESTIC PARKING FEE	 	 	 	 	0.00
	401160 DOMESTIC LANDING FEE	 	 	 	 	0.00
	401170 SURCHARGE FOR DOMESTIC PEAK HOUR OPERATION	 	 	 	 	0.00
	401180 SURCHARGE FOR DOMESTIC OPERATION OUT OF NORMAL TIMETABLE	 	 	 	 	0.00
	401190 SURCHARGE FOR NIGHT AIR FIELD LIGHTING SYSTEM FOR DOMESTIC OPERATIONS	 	 	 	 	0.00
	401200 DOMESTIC VIP ROOM SERVICE	 	 	 	 	0.00
	401210 MISCELLANEOUS DOMESTIC SERVICES	 	 	 	 	0.00
	TOTAL AERONAUTICAL REVENUES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	COMMERCIAL REVENUES	 	 	 	 	 
	402010 PM SH RETAIL 	 	 	 	 	0.00
	402011 PM SH DAILY 	 	 	 	 	0.00
	402012 PM SH PHARMACIES	 	 	 	 	0.00
	402013 PM SH CLEANING 	 	 	 	 	0.00
	402014 PM SH SAFETY AND SECURITY 	 	 	 	 	0.00
	402015 PM SH CASH AND VALUABLES TRANSPORTATION 	 	 	 	 	0.00
	402017 PM SH DRUGSTORES	 	 	 	 	0.00
	402020 PM SP RENTAL AGENCIES 	 	 	 	 	0.00
	402025 PM SH MISCELLANEOUS SERVICES	 	 	 	 	0.00
	402030 PM CAR PARKING (LICENSED)	 	 	 	 	0.00
	402040 OWN CAR PARKING	 	 	 	 	0.00
	402045 BAGGAGE CARTS	 	 	 	 	0.00
	402050 PM CARGO AGENTS 	 	 	 	 	0.00
	402060 PM FUEL PLANTS	 	 	 	 	0.00
	402070 PM DUTY-FREE SHOPS	 	 	 	 	0.00
	402075 DUTY-FREE SHOPS UNDER LICENSE	 	 	 	 	0.00
	402080 PM HANGAR EXPLOITATION 	 	 	 	 	0.00
	402085 PM AERONAUTICAL SERVICES TO THIRD PARTIES 	 	 	 	 	0.00
	402090 PM GASTRONOMY 	 	 	 	 	0.00
	402100 PM PRE AND POST-AIR TRANSPORTATION 	 	 	 	 	0.00
	402110 PM SELF RENDERING OF GROUND HANDLING SERVICE	 	 	 	 	0.00
	402120 PM LICENSED GROUND HANDLING SERVICE 	 	 	 	 	0.00
	402130 PM CATERING SERVICES 	 	 	 	 	0.00
	402160 OWN FISCAL WAREHOUSES HANDLING AND	 	 	 	 	0.00
	402170 OWN FISCAL WAREHOUSES/STAY	 	 	 	 	0.00
	402175 PM LICENSED FISCAL WAREHOUSES 	 	 	 	 	0.00
	402180 PM ADVERTISING EXPLOITATION 	 	 	 	 	0.00
	402185 LICENSED EXPLOITATIONS 	 	 	 	 	0.00
	402190 PM COUNTERS (RENT)	 	 	 	 	0.00
	402191 PM INTERNATIONAL COUNTERS (RENT)	 	 	 	 	0.00
	402200 PM VIP ROOM SPACE 	 	 	 	 	0.00
	402210 PM SPACES AND OFFICES (RENT) 	 	 	 	 	0.00
	402220 VS RECORDING AND VIDEO-TAPING RIGHTS 	 	 	 	 	0.00
	402230 VS PROMOTION RIGHTS 	 	 	 	 	0.00
	402240 PM BANKS AND FOREIGN EXCHANGE OFFICES	 	 	 	 	0.00
	402250 PM TELECOMMUNICATIONS, TELEPHONY AND INTERNET	 	 	 	 	0.00
	402260 VP PENALTIES AND FINES 	 	 	 	 	0.00
	402270 VS COMMON EXPENSES	 	 	 	 	0.00
	402271 VS ADVANCE PAYMENTS FOR COMMON EXPENSES	 	 	 	 	0.00
	402280 MISCELLANEOUS SALES AND REVENUES 	 	 	 	 	0.00
	402282 CER Counters	 	 	 	 	0.00
	402283 CER LA Spaces	 	 	 	 	0.00
	402284 CER Hangars	 	 	 	 	0.00
	402287 Banks and Exchange 	 	 	 	 	0.00

 

     

    

    

 

	402290 MAINTENANCE SERVICES	 	 	 	 	0.00
	402320 CONSULTING	 	 	 	 	0.00
	402600 EARNED COMMISSIONS TELECOM CARDS	 	 	 	 	0.00
	402700 SPECIFIC ALLOCATION	 	 	 	 	0.00
	405010 ADVERTISING SPACE RENT	 	 	 	 	0.00
	405050 ADVERTISING SPACE DISCOUNT	 	 	 	 	0.00
	TOTAL COMMERCIAL REVENUES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	OTHER REVENUES	 	 	 	 	 
	403010 CHARGED INTERESTS	 	 	 	 	0.00
	403030 EXPENSE RECOVERY	 	 	 	 	0.00
	403040 PROCEEDS FROM SALE OF PROPERTY, PLANT AND EQUIPMENT	 	 	 	 	0.00
	403060 PROCEEDS FROM CONVERTING FOREIGN CURRENCY 	 	 	 	 	0.00
	403061 EXCHANGE RATE DIFFERENCE FROM COLLECTIONS 	 	 	 	 	0.00
	403070 Miscellaneous Revenues	 	 	 	 	0.00
	403071 PROCEEDS FROM PERMANENT INVESTMENTS (VPP) 	 	 	 	 	0.00
	403100 MISCELLANEOUS CLAIMS 	 	 	 	 	0.00
	TOTAL OTHER REVENUES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	TOTAL REVENUES	0.00	0.00	0.00	0.00	0.00

 

     

    

    

 

ANNEX III

 

	 	Regulatory Adjustments	 
	 	 	 	 
	 	Book Balance

Balance Sheet

Presentation	

Positive	

Negative	

Reclassifications	Final Balance

Regulatory

Accounting
	 	 	 	 	 	 
	EXPENDITURES	 	 	 	 	 
	SALARIES AND SOCIAL CONTRIBUTIONS	 	 	 	 	 
	501010 SALARIES AND WAGES	 	 	 	 	0.00
	501020 SOCIAL CONTRIBUTIONS 	 	 	 	 	0.00
	501030 13TH MONTH PAY 	 	 	 	 	0.00
	501040 HOLIDAYS 	 	 	 	 	0.00
	501050 COMPENSATIONS 	 	 	 	 	0.00
	501060 TEMPORARY STAFF	 	 	 	 	0.00
	506070 I.C.A.I. TRAINING	 	 	 	 	0.00
	501080 STAFF TRAINING	 	 	 	 	0.00
	TOTAL SALARIES AND SOCIAL CONTRIBUTIONS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	FEES	 	 	 	 	 
	502010 MISCELLANEOUS FEES 	 	 	 	 	0.00
	502020 ATTORNEY FEES 	 	 	 	 	0.00
	502030 AUDITOR FEES	 	 	 	 	0.00
	502040 NOTARY PUBLIC FEES	 	 	 	 	0.00
	502050 TRANSLATION FEES	 	 	 	 	0.00
	TOTAL FEES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	SERVICES	 	 	 	 	 
	503110 TELEPHONY – FIXED CHARGE 	 	 	 	 	0.00
	503120 TELEPHONY – VARIABLE CHARGE	 	 	 	 	0.00
	503140 TELEPHONY – OTHER CHARGES 	 	 	 	 	0.00
	503211 MOBILE TELEPHONY – EXPENSE	 	 	 	 	0.00
	503220 MOBILE TELEPHONY – VARIABLE CHARGE	 	 	 	 	0.00
	503240 MOBILE TELEPHONY – OTHER CHARGES	 	 	 	 	0.00
	503310 WATER – FIXED CHARGE 	 	 	 	 	0.00
	503320 WATER – VARIABLE CHARGE 	 	 	 	 	0.00
	503340 WATER – OTHER CHARGES 	 	 	 	 	0.00
	503420 POWER – VARIABLE CHARGE	 	 	 	 	0.00
	503430 POWER – FINES, DISCOUNTS	 	 	 	 	0.00
	503440 POWER – OTHER CHARGES	 	 	 	 	0.00
	503520 GAS – VARIABLE CHARGE 	 	 	 	 	0.00
	503550 GAS – OTHER CHARGES	 	 	 	 	0.00
	503550 GAS – OTHER CHARGES - TRUST	 	 	 	 	0.00
	503610 MUNICIPAL RATES AND OTHERS	 	 	 	 	0.00
	503620 GASOIL (FOR HEATING)	 	 	 	 	0.00
	503630 COMMUNICATIONS NETWORK	 	 	 	 	0.00
	TOTAL SERVICES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	ADMINISTRATION EXPENSES	 	 	 	 	 
	504010 STATIONERY AND OFFICE SUPPLIES 	 	 	 	 	0.00
	504020 FORMS AND PRINTED MATERIAL 	 	 	 	 	0.00
	504036 PHOTOCOPIES AND PAPER 	 	 	 	 	0.00
	504040 DISPENSER/VENDING MACHINES AND CAFETERIA 	 	 	 	 	0.00
	504050COMPLEMENTARY MATERIALS AND SERVICES 	 	 	 	 	0.00
	504060 MOBILITY COSTS AND TRAVEL EXPENSES 	 	 	 	 	0.00
	504070 TRAVEL EXPENSES INSIDE THE COUNTRY	 	 	 	 	0.00
	504080 HEALTHCARE EXPENSES 	 	 	 	 	0.00
	504090 REPRESENTATION EXPENSES 	 	 	 	 	0.00
	504100 ENTERTAINMENT AND EVENTS	 	 	 	 	0.00
	504110 MAIL/COURIER SERVICES AND FREIGHT COSTS 	 	 	 	 	0.00
	504120 MAIL AND DELIVERIES 	 	 	 	 	0.00
	504130 MISCELLANEOUS NOTAY PUBLIC EXPENSES 	 	 	 	 	0.00
	504140 SUBSCRIPTIONS AND REGISTRATIONS 	 	 	 	 	0.00
	504150 PUBLICATIONS 	 	 	 	 	0.00
	504160 WORK ELEMENTS	 	 	 	 	0.00
	504170 BANK EXPENSES 	 	 	 	 	0.00
	504180 RENTS AND LEASES 	 	 	 	 	0.00
	504181 POSTNET EQUIPMENT LEASE COSTS	 	 	 	 	0.00
	504200 NEGOTIABLE OBLIGATIONS EXPENSES 	 	 	 	 	0.00
	TOTAL ADMINISTRATION EXPENSES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	ADVERTISING	 	 	 	 	 
	505010 Media advertising 	 	 	 	 	0.00
	505020 Advertising material	 	 	 	 	0.00
	505030 Promotions	 	 	 	 	0.00
	TOTAL ADVERTISING	0.00	0.00	0.00	0.00	0.00

 

     

    

    

 

	INSURANCE	 	 	 	 	 
	506020 OPERATIONAL ALL RISK INSURANCE 	 	 	 	 	0.00
	506030 ERECTION ALL RISKS INSURANCE (EAR) 	 	 	 	 	0.00
	506040 CAR INSURANCE 	 	 	 	 	0.00
	506070 MISCELLANEOUS INSURANCE 	 	 	 	 	0.00
	506080 GUARANTY INSURANCE POLICY 	 	 	 	 	0.00
	TOTAL INSURANCE	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	MAINTENANCE	 	 	 	 	 
	507310 PAVEMENT 	 	 	 	 	0.00
	507320 POWER SUPPLY 	 	 	 	 	0.00
	507330 VISUAL AIDS 	 	 	 	 	0.00
	507340 Sign posting 	 	 	 	 	0.00
	507350 Airport perimeter 	 	 	 	 	0.00
	507360 Green areas 	 	 	 	 	0.00
	507410 Drinking water system	 	 	 	 	0.00
	507420 Sanitary sewer system	 	 	 	 	0.00
	507430 Fire hydrant system 	 	 	 	 	0.00
	507440 Air conditioning 	 	 	 	 	0.00
	507450 Special facilities 	 	 	 	 	0.00
	507460 Check-in and passenger service services	 	 	 	 	0.00
	507470 Low-voltage electric power system 	 	 	 	 	0.00
	507480 Passenger information 	 	 	 	 	0.00
	507490 Weak current facilities 	 	 	 	 	0.00
	507500 Buildings 	 	 	 	 	0.00
	507510 Minor buildings – Integral movement – Cleaning 	 	 	 	 	0.00
	507520 External areas 	 	 	 	 	0.00
	507530 Parking lots 	 	 	 	 	0.00
	507540 Environment 	 	 	 	 	0.00
	507550 Fumigation and disinfection 	 	 	 	 	0.00
	507560 Wheeled Vehicles 	 	 	 	 	0.00
	507570 Machines, equipment and tools 	 	 	 	 	0.00
	507580 Office machines and equipment 	 	 	 	 	0.00
	507590 Hardware and network maintenance 	 	 	 	 	0.00
	507591 Software maintenance 	 	 	 	 	0.00
	507600 Office rental 	 	 	 	 	0.00
	507610 MISCELLANEOUS RENTAL	 	 	 	 	0.00
	TOTAL MAINTENANCE	0.00	0.00	0.00	0.00	0.00

 

     

    

    

 

ANNEX III

 

	 	Regulatory Adjustments	 
	 	 	 	 
	 	Book Balance

Balance Sheet

Presentation	

Positive	

Negative	

Reclassifications	Final Balance

Regulatory

Accounting
	 	 	 	 	 	 
	SURVEILLANCE, HEALTH AND FIRE-FIGHTING SERVICES	 	 	 	 	 
	508010 Safety and security 	 	 	 	 	0.00
	508020 Badge expenses 	 	 	 	 	0.00
	508030 Health 	 	 	 	 	0.00
	508040 Fire-fighting department 	 	 	 	 	0.00
	508050 Safety and security elements 	 	 	 	 	0.00
	508060 Industrial safety and spill hazards 	 	 	 	 	0.00
	508070 Bird control 	 	 	 	 	0.00
	TOTAL SURVEILLANCE, HEALTH AND FIRE-FIGHTING SERVICES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	TAXES	 	 	 	 	 
	509020 GROSS INCOME TAX 	 	 	 	 	0.00
	509030 MISCELLANEOUS TAXES 	 	 	 	 	0.00
	509040 STAMP TAX	 	 	 	 	0.00
	509051 CURRENT VALUE MINIMUM PRESUMED INCOME TAX 	 	 	 	 	0.00
	509080 TAXES ON BANK DEBITS	 	 	 	 	 
	509081 TAXES ON BANK CREDITS LAW 25413	 	 	 	 	 
	509083 DEFERRED TAX	 	 	 	 	0.00
	TOTAL TAXES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	LICENSE FEE AND OTHERS	 	 	 	 	 
	510010 LICENSE FEE	 	 	 	 	0.00
	210020 MANAGEMENT FEES	 	 	 	 	0.00
	TOTAL LICENSE FEE AND OTHERS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	AMORTIZATIONS	 	 	 	 	 
	511020 TOOL AND INSTRUMENT AMORTIZATION	 	 	 	 	0.00
	511030 MACHINERY AND EQUIPMENT AMORTIZATION 	 	 	 	 	0.00
	511040 INSTALLATION AMORTIZATION 	 	 	 	 	0.00
	511050 FURNITURE AND FIXTURES AMORTIZATION 	 	 	 	 	0.00
	511060 WHEELED VEHICLE AMORTIZATION 	 	 	 	 	0.00
	511070 TELEPHONY AMORTIZATION 	 	 	 	 	0.00
	511080 DATA PROCESSING AMORTIZATION 	 	 	 	 	0.00
	511090 AMORTIZATION OF IMPROVEMENTS ON THIRD-PARTY REAL PROPERTY 	 	 	 	 	0.00
	511110 DEFERRED CHARGE AMORTIZATION 	 	 	 	 	0.00
	511121 GOODWILL AMORTIZATION FOR C.C. S.A. 	 	 	 	 	0.00
	TOTAL AMORTIZATIONS	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	FINANCIAL EXPENSES	 	 	 	 	 
	512010 BANK FEES 	 	 	 	 	0.00
	512010 CREDIT AND DEBIT CARD FEES 	 	 	 	 	0.00
	512012 BANK FEES FOR INTERNATIONAL WIRES 	 	 	 	 	0.00
	512013 TICKET FEES 	 	 	 	 	0.00
	512020 FINANCIAL FEES 	 	 	 	 	0.00
	512021 COMMERCIAL FEES	 	 	 	 	0.00
	512030 FINANCIAL INTERESTS 	 	 	 	 	0.00
	512040 BANK INTERESTS 	 	 	 	 	0.00
	512050 TAX INTERESTS 	 	 	 	 	0.00
	512060 SOCIAL INTERESTS 	 	 	 	 	0.00
	512070 COMMERCIAL INTERESTS 	 	 	 	 	0.00
	512090 EXCHANGE RATE DIFFERENCE 	 	 	 	 	0.00
	512091 GENERAL EXCHANGE RATE DIFFERENCE 	 	 	 	 	0.00
	TOTAL FINANCIAL EXPENSES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	OTHER EXPENSES	 	 	 	 	 
	513010 Bad debts ()	 	 	 	 	0.00
	513011 Bad debts, other credits ()	 	 	 	 	0.00
	513030 Legal claims ()	 	 	 	 	0.00
	513040 Miscellaneous expenditures ()	 	 	 	 	0.00
	513060 Price difference MM ()	 	 	 	 	0.00
	513070 Inventory difference ()	 	 	 	 	0.00
	513110 Fines and penalties	 	 	 	 	0.00
	513120 Current value	 	 	 	 	0.00
	513140 Parking cash shortage	 	 	 	 	0.00
	513150 Parking cash surplus	 	 	 	 	0.00
	513160 Charge cash shortage	 	 	 	 	0.00
	TOTAL OTHER EXPENSES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	TOTAL EXPENDITURES	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	YEAR’S RESULT	0.00	0.00	0.00	0.00	0.00
	 	 	 	 	 	 
	ASSETS	0.00	0.00	0.00	0.00	0.00
	LIABILITIES	0.00	0.00	0.00	0.00	0.00
	OWNER’S EQUITY	0.00	0.00	0.00	0.00	0.00
	DEFERRED EARNINGS 	0.00	0.00	0.00	0.00	0.00
	RESULT 	0.00	0.00	0.00	0.00	0.00
	UNALLOCATED ACCOUNTS 	0.00	0.00	0.00	0.00	0.00
	Control	0.00	0.00	0.00	0.00	0.00Exhibit 4.2

 

“2009 – Year of Homage to
Raúl SCALABRINI ORTIZ”

	 	 
	 
	 
	NOTE U.S.G. No. 02-09
	 
	Ref: FILE No. 514/08

 

BUENOS AIRES, January
8th, 2009

 

To

 

AEROPUERTOS ARGENTINA 2000
S A

 

Mr. Ernesto GUTIÉRREZ
CONTE

 

Honduras 5663 - 2o
Floor

 

FEDERAL CAPITAL

 

The
purpose of this notice is to inform you about the issuance of Resolution No 111, dated on December 30, 2008,
by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which has eleven (11) pages and is attached herewith. Article
1o of said regulation provides as follows: “To submit to the approval of the DEPARTMENT OF TRANSPORTATION... the
 “Mechanisms for the Review of the Financial Projection of Income and Expenses for the Concession”, drawn by the ORGANISMO
REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) pursuant to the provisions of paragraph 29.3 of the MEMORANDUM OF AGREEMENT
FOR LICENSE CONTRACT ADJUSTMENT, ratified by Decree No 1799/07...”

 

Yours sincerely,

 

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

 

	 	Signature: [illegible]	 
	 	 	 
	 	Clarification: Ana Lía De oto	 
	 	 	 
	 	Date: 01/09/2009	Time: 05:25 p.m.

 

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

 

     

    	 	“2008 – Year of teaching of the Sciences”

    

 

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

 

BUENOS AIRES, DECEMBER
30, 2008

 

Having
reviewed File N° 514/08 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, Laws No. 25 561,
No. 25 790, No. 25 820, No. 25 972 and No. 26 077, Decree N° 311, dated on July 3, 2003, Decree No
1799, dated on December 4, 2007 and,

 

WHEREAS:

 

The
abovementioned File deals with the “Mechanisms for the Review of the Financial Projection of Income and Expenses for the
Concession”, drawn by the DEPARTMENT OF FINANCIAL ECONOMIC REGULATION AND QUALITY CONTROL of the ORGANISMO REGULADOR DEL
SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) pursuant to the provisions of paragraph 29.3 of the MEMORANDUM OF AGREEMENT FOR CONCESSION
CONTRACT ADJUSTMENT, ratified by Decree No 1799/07.

 

Section
23, subsection b) of Decree No. 375/97 establishes that one of the attributions of the Board of Directors of the ORGANISMO REGULADOR
DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) is to issue the regulations delegated upon it by the NATIONAL EXECUTIVE POWER.

 

Paragraph
29.3 of the MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree No 1799/07 establishes that the
Regulating Body shall submit to the approval of the DEPARTMENT OF TRANSPORTATION of the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT
AND SERVICES an administrative act project describing the mechanisms and procedures to be used for the review of the Financial
Projection of Income and Expenses for the Concession (FPIE) and the guidelines and conditions for the review process.

 

     

    	 	“2008 – Year of teaching of the Sciences”

    

 

Said
Mechanisms were defined by the technical area of the Regulating Body, with the specific purpose of establishing the general criteria
to be used within the framework of the Mechanism for the Review of the Projection and rate schedules, pursuant to the provisions
of paragraphs 6.10; 29.1 and 29.2 of the Fourth Part of the Memorandum of Agreement as part of the renegotiation process, as established
by Laws No. 25 561, 25 790, 25 820, 25 972 and 26 077 and its supplementary regulation, Decree No. 311/03.

 

Based
on the aforementioned, the Financial Projection of Income and Expenses (FPIE) is, from a regulatory standpoint, the permanent point
of reference for the assessment of the economic-financial balance of the Concession and contractual sustainability, which requires
an analysis of the economic situation of the concession at each Annual Ordinary Review within the framework of a profound assessment
of the Financial Projection of Income and Expenses (FPIE) evolution, according to the provisions of the Regulatory Accounting Manual
and the specific Regulations for the Mechanisms.

 

Extraordinary
reviews may be required in specific circumstances, pursuant to the provisions of paragraph 6.5 of the MEMORANDUM OF AGREEMENT FOR
CONCESSION CONTRACT ADJUSTMENT, ratified by Decree 1799/07.

 

The
proposed Mechanisms are structured as follows: the first chapters are introductory chapters and include background information
used as basis for the preparation of such mechanisms, the definitions for the terms and concepts included in the document, the
objectives to be accomplished as well as the general and specific principles that govern the review processes. Title VI and following
ones deal with the review methodology itself; Title VII provides a detailed description of the structure of the Projection, whereas
Title VIII establishes the guidelines for the review and Title IX refers to the Annual Ordinary Review, its objectives, methodology
and procedures to achieve contractual balance and comply with the rate schedules.

 

The
LEGAL DEPARTMENT has acted in exercise of its incumbent authority.

 

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 and other aforementioned regulations.

 

The
matter was discussed at a Meeting of the Board of Directors held on December 17, 2008 and the undersigned was authorized to issue
the present decision.

 

Therefore,

 

     

    	 	“2008 – Year of teaching of the Sciences”

    

 

THE
BOARD OF DIRECTORS OF THE ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS

RESOLVES:

 

ARTICLE
1o.- To submit for the approval of the DEPARTMENT OF TRANSPORTATION of the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT
AND SERVICES the “Mechanisms for the Review of the Financial Projection of Income and Expenses for the Concession”,
drawn by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) pursuant to the provisions of paragraph 29.3 of the
MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree No 1799/07, which is attached herewith as Annex
I.

 

ARTICLE
2o.- Let these presents be filed and notified to the DEPARTMENT OF TRANSPORTATION and the MINISTRY
OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES, and the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA,
enforced and filed.

 

ORSNA
RESOLUTION No 111/08

 

[Illegible
signature]

 

[Illegible]
HORACIO A. ORIFICE

 

PRESIDENT

 

ORGANISMO
REGULADOR DEL

 

SISTEMA
NACIONAL DE AEROPUERTOS

 

ORSNA

 

     

     

    

 

		

“2008 – Year of teaching of the Sciences”

 

MECHANISM FOR THE REVIEW OF THE FINANCIAL
PROJECTION OF INCOME AND EXPENSES FOR THE CONCESSION OF “GROUP A” OF AIRPORTS OF THE NATIONAL SYSTEM OF AIRPORTS.

 

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

 

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TABLE OF CONTENTS

 

	TITLE I: BACKGROUND	4
	 	 
	1.1 Financial Projection of Income and Expenses (FPIE)	4
	 	 
	TITLE II: DEFINITIONS	6
	 	 
	TITLE III: OBJECTIVES	9
	 	 
	3.1 Specific Objective	9
	 	 
	3.2 Mechanism Update and Regulation	9
	 	 
	3.2.1 Mechanism Updating Procedures	9
	 	 
	3.2.2. Regulation Mechanisms	10
	 	 
	3.3 First Temporary Clause	10
	 	 
	3.4 About the Purpose for the Review of Airport Charges	11
	 	 
	TITLE IV: GENERAL PRINCIPLES AND REGULATION MODEL PRINCIPLES	12
	 	 
	4.1 Regulatory Principle	12
	 	 
	4.2 Regulatory Model Related to the Mechanisms	13
	 	 
	TITLE V: REGULATORY CRITERIA	15
	 	 
	5.1 Economic Financial Sustainability	16
	 	 
	5.2 Economic Oversight and short and medium-term objective harmonization	16
	 	 
	5.3 Regulatory Instruments. Basic Criteria	17
	 	 
	5.4 Risks Assumed by the Parties	18
	 	 
	TITLE VI: APPLICABLE METHODOLOGY DURING THE REVIEW PERIOD	19
	 	 
	6.1 Procedure and Terms	19
	 	 
	6.1.1 Rate Studies	19
	 	 
	6.1.2 Bases for the Review of Financial Projection of Income and Expenses	19
	 	 
	6.1.3 Submission of the Bases for the Review of Financial Projection of Income and Expenses	19
	 	 
	6.1.4 Remarks to the Bases	19
	 	 
	6.1.5 About ORSNA’s term to give an answer to the Concessionaire	19
	 	 
	6.1.6 Information used to perform the Rate Study	20
	 	 
	6.1.7 Term to perform the Rate Study	20
	 	 
	6.1.8 Establishing the new Rate Schedules	20
	 	 
	The ORSNA shall decide which Rate Schedules to establish, as applicable	20

 

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	6.1.9 User Information	20
	 	 
	6.2 General Criteria governing the Review of Airport Charges	20
	 	 
	6.2.1 Jurisdictional Powers	20
	 	 
	6.2.2 Safeguards and Guarantees	20
	 	 
	6.3 General Principles For Fixing Airport Prices and Charges	21
	 	 
	6.3.1 Economic Efficiency	21
	 	 
	6.3.2 Based on Neutrality	21
	 	 
	6.3.3 Based on Redistribution	22
	 	 
	6.3.4 Based on Financial Sufficiency	22
	 	 
	6.3.5 Based on Simplicity	22
	 	 
	6.3.6 Based on Transparency	22
	 	 
	6.4 General Guidelines for Interpretation	22
	 	 
	6.5 Rate Character	23
	 	 
	6.6 Information and Certification Requirements	23
	 	 
	TITLE VII: STRUCTURE OF THE FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION	24
	 	 
	7.1 General Characteristics	24
	 	 
	7.2 Included Concepts	25
	 	 
	TITLE VIII: REVIEW GUIDELINES FOR THE FINANCIAL-ECONOMIC EQUATION	29
	 	 
	8.1 Technical-Economical General Guidelines	29
	 	 
	8.2 Specific Guidelines	30
	 	 
	8.3 Currency	35
	 	 
	8.4 Rate Schedule Determination	35
	 	 
	8.5 Beginning of Review	35
	 	 
	TITLE IX: ANNUAL ORDINARY REVIEW	36
	 	 
	9.1 Purpose of the Annual Ordinary Review	36
	 	 
	9.2 Adjustment Methodology due to Price Variation	37
	 	 
	9.3 Total or Partial Elimination of Concepts related to Operative Costs and Investments based on the Conclusions arising from Regulatory Accounting and The Record of Investments	41
	 	 
	9.4 Procedures to Achieve Global Balance	41
	 	 
	9.5 Procedures to Determine the new Rate Schedule	41
	 	 
	9.6 Extraordinary Review	41
	 	 
	TITLE X: REVIEW MECHANISM INPUTS	43

 

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TITLE I: BACKGROUND

 

1.1.
      Financial Projection of Income and Expenses (FPIE).

 

Paragraph 24.1 of the Memorandum of Agreement
executed by the National State and Aeropuertos Argentina 2000 S.A. established the Financial Projection of Income and Expenses
(FPIE) for the Concession for the 2006-2028 period. Such Projection is included in Annex 5 of the aforementioned document.

 

This Projection includes a breakdown of
revenues and expenditures related to the rendering of services subject to the concession, including investment obligations and
the balance of mutual claims between the National State and the Concessionaire, Aeropuertos Argentina 2000 S.A.

 

Paragraph 6.5 of Part Four of the Memorandum
─ Terms and Conditions included in the Agreement ─ establishes that ordinary and extraordinary reviews of the Financial
Projection of Income and Expenses (FPIE) shall be performed as necessary.

 

In
the same Part Four of the Memorandum, paragraphs 29.1 and 29.2 provide for an Annual Ordinary Review Mechanism of the Financial
Projection of Income and Expenses, with the purpose of verifying and keeping the balance between the variables of the aforementioned
projection.

 

The
Terms of the Agreement (Part Four), in paragraph 4.2 and following ones differentiate between regulated and not regulated revenues
of the Concessionaire. Regulated revenues are revenues from regulated services rendered to users and air operators; whereas revenues
from non-aeronautical services, which are mentioned in an indicative manner in the Memorandum of Agreement, arise from prices that
are freely fixed by the parties involved.

 

Paragraph
29.3, in turn, provides for the obligation of the Organismo Regulador del Sistema Nacional de Aeropuertos (ORSNA) to submit to
the approval of the Department of Transport of the Ministry of Federal Planning, Public Investment and Services, within a maximum
pre-established term, an administrative act project describing the mechanisms and procedures to be used for the review of the Financial
Projection of Income and Expenses for the Concession and consequently, of the Rate Schedules.

 

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Among
the mechanisms and procedures to be taken into account, pursuant to the second subdivision of paragraph 29.3, the specific revenue
allocation percentage and the relationship between direct investments made by the concessionaire and total annual revenues shall
be assessed.

 

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TITLE II: DEFINITIONS

 

Memorandum of Agreement for Concession
Contract Adjustment: it is the agreement executed between the GRANTOR and the CONCESSIONAIRE, which includes the terms and
conditions for the CONCESSION CONTRACT adjustment, pursuant to the provisions of Laws No. 25 561, 25 790, 25 820,
25 972, 26 077 and 26 204 and Decree No. 311/03 and other applicable regulations, ratified by Decree No 1799, of
December 4, 2007. The provisions of the Agreement are based on a previous Letter of Understanding signed by the parties on August
23, 2006, which was subject to Public Hearing, the conclusions of which were used to establish the terms and conditions of the
Agreement.1

 

Enforcement Authority: the National
Ministry of Federal Planning, Public Investment and Services through the Department of Transport.

 

Letter of Understanding: the instrument
signed by the UNIREN and Aeropuertos Argentina 2000 S.A. on August 23, 2006 which, within the framework of the renegotiation process
pursuant to the provisions of Sections 8, 9 and 10 of Law No. 25 561, Laws No. 25 790, 25 820, 25 972 and 26 077
and Decree No. 311/03 and statutory and supplementary regulations, expresses the terms that are considered reasonable to adjust
the CONCESSION CONTRACT conditions as a previous step to the approval by the National Executive Power of the Memorandum of Agreement
for Concession Contract Adjustment.

 

Grantor: the Argentine National
State (or National State).

 

Concession: the authorization granted
by the NATIONAL EXECUTIVE POWER to the CONCESSIONAIRE to carry out the exploitation, administration and operation of GROUP “A”
OF THE NATIONAL AIRPORT SYSTEM, pursuant to the CONCESSION CONTRACT.

 

Concessionaire: Aeropuertos Argentina
2000 S.A. (or AA2000 S.A.).

 

Concession Contract: it is the instrument
through which the NATIONAL STATE granted the CONCESSION for the exploitation, administration and operation of GROUP “A”
OF THE NATIONAL AIRPORT SYSTEM, approved by Decree No. 163 of February 13, 1998, modified by Decree No. 1799 of December 4, 2007.

 

 

1 Memorandum of Agreement for Integral Contract
Renegotiation, Part Four - Terms and Conditions included in the Agreement – Item 1 – Stipulations Paragraph Two

 

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Rate Schedule: it is the breakdown
of the airport charges applied to the rendering of aeronautical services.

 

Regulatory Accounting Report: includes
all supporting documentation, schedules and annexes which, on a quarterly and annual basis, and under the modality specified by
the REGULATORY ACCOUNTING MANUAL, the CONCESSIONAIRE shall submit to the ORSNA in compliance with the specifications of the REGULATORY
ACCOUNTING SYSTEM.

 

Regulatory Accounting Manual: it
is the document that defines the basic criteria of the REGULATORY ACCOUNTING SYSTEM, which are compatible with the needs of the
Regulating Body, to have homogeneous information about the CONCESSIONAIRE’s accounting records, on a permanent and standardized
basis. This Manual establishes the mechanisms for recording and posting of regulatory accounts and the adopted criteria for the
assessment and showing in Regulatory Account Reports.

 

ORSNA: is the Organismo Regulador
del Sistema Nacional de Aeropuertos, as stated by Decree 375/97.

 

Investment Plan: refers to planned
or direct investments expressed in physical and monetary terms that the CONCESSIONAIRE undertakes to perform during the term of
the CONCESSION. The INVESTMENT PLAN shall be established on five-year periods and shall be approved, reviewed and supervised by
the ORSNA, pursuant to the applicable provisions of the MEMORANDUM OF AGREEMENT.

 

Master Plan: is the document that
includes, on a general level, the estimated assessment of each airport for the whole term of the CONCESSION, considering the demand
of aeronautical and non-aeronautical services, as well as the levels of satisfaction of such airports, according to international
and local regulations and standards. The CONCESSIONAIRE shall be responsible for submitting such Plan and the ORSNA shall approve
it, authorize any modification and verify compliance thereof.

 

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Bidding Terms and Conditions: the
Bidding Terms and Conditions of the National and International Public Tender for the award of the Concession Contract.

 

Financial Projection of Income and Expenses:
the breakdown of revenues and expenditure related to the rendering of the services subject to the concession, including investment
obligations, which is part of the Memorandum of Agreement for Concession Contract Adjustment, ratified by Decree No. 1799 of December
4, 2007.

 

Mutual or Outstanding Claims: all
requirements, resources or claims filed or made before the execution of the LETTER OF UNDERSTANDING on August 23, 2006, in administrative
offices or in a court of law, by the GRANTOR or by the CONCESSIONAIRE, about certain issues, aspects or acts that are subject to
controversy or questions related to the performance of the CONCESSION CONTRACT and correspond to the period spanning from the taking
of possession by the CONCESSIONAIRE up to the ratification of the NEGOTIATION AGREEMENT.

 

Rate System: the system established
in the Concession Contract.

 

Record of Investments: the record
created under the umbrella of the ORSNA, pursuant to ORSNA Resolution 33-08, used to register the evolution of the executed works,
as provided for in the Investment Plan of the Concession. All entries shall be signed by the Concessionaire.

 

Regulatory Accounting System: a
system used to gather, allocate and record data, which unifies the methodology and format to be used by the regulated service provider
when submitting technical, accounting and economic documentation required by the ORSNA in connection with aeronautical and non-aeronautical
activities performed by the Concessionaire within the framework of the Concession Contract.

 

National Airport System: the set
of airports that are subject to the concession and are listed in Annex III of Decree No. 375/97 (or NAS).

 

UNIREN: the Unit for the Renegotiation
and Analysis of Public Service Contracts, created within the framework of Decree 311/03.

 

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TITLE III: OBJECTIVES

 

3.1 Specific Objective

 

The mechanisms and procedures described
in this document are intended to establish the general criteria to be used in the review mechanism of the Financial Projection
of Income and Expenses for the Concession, and the related rate schedules pursuant to Clauses 6.10, 29.1 and 29.2 of Part Four
of the Memorandum of Agreement for Concession Contract Adjustment, ratified by Decree No. 1799/07 as part of the renegotiation
process provided for by Laws No. 25 561, 25 790, 25 820, 25 972 and 26 077 and its supplementary regulation
Decree No. 311/03.

 

The aforementioned Financial Projection
of Income and Expenses for the Concession approved in the Memorandum of Agreement is the basic instrument for the reviews of airport
charges, whatever their nature.

 

The current structure of the Financial
Projection of Income and Expenses for the Concession may be subject to modifications and additions with the purpose of achieving
a better adjustment to the objectives and principles of the Reviews.

 

Airport charges shall be adjusted based
on the provisions of the Memorandum of Agreement, as well as to new statutory provisions affecting the Concession. Such modifications
and alterations shall not materially change the sense of the Financial Projection of Income and Expenses (PFEI), nor shall they
materially threaten the technical-economic sustainability of the Concession, and shall take into account future service demand,
quality and safety and security requirements and the resulting infrastructure improvement of airports that are part of “Group
A” of the National Airport System.

 

3.2 Mechanism Update and Regulation

 

3.2.1. Mechanism Update Procedures

 

The content of the Mechanisms for the review
of the FPIE shall be modified in extraordinary circumstances.

 

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The Concessionaire may request for such
modification to the ORSNA and shall include in its request the economic, financial, technical or legal reasons for such modification.

 

In this case, the ORSNA shall issue its
decision on the need to make such modification, and shall later submit this decision to the approval of the Enforcement Authority,
which shall render the corresponding final administrative decision.

 

When the ORSNA requests the modification
of the Mechanisms, it shall communicate this need to the Concessionaire and later shall submit the proposal to the approval of
the Enforcement Authority, which shall render the corresponding final administrative decision.

 

3.2.2. Regulation Mechanisms

 

The ORSNA shall regulate the mechanisms
for the review of the Financial Projection of Income and Expenses for the Concession.

 

The ORSNA shall have exclusive responsibility
for the Regulation of such Mechanisms, and shall strictly abide by the content thereof.

 

The Regulations shall arise from the conditions
under which a following Review of the FPIE would be performed and of the Rate Schedules to be applied by the Concessionaire, or
from the experiences from the previous Review.

 

The Regulations cannot be subject to modifications
during the Review process.

 

3.3. First Temporary Clause

 

As Decree 1799/07 affects the Review corresponding
to years 2006 and 2007 and taking into account that the FPIE has been formalized under a cost structure established in the Concessionaire’s
Proposal, the First Review of the Projection shall be exceptional in nature until Regulatory Accounting Procedures and Actions
enable to perform a complete analysis of the cost and income structure of the Concession.

 

Consequently, for the purposes of the First
Review, the ORSNA may adopt any appropriate and convenient actions, at its own criteria, to verify and preserve the balance between
the variables that are part of the Financial Projection of Income and Expenses.

 

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3.4. About the Purpose for the Review
of Airport Charges

 

The review mechanism is intended to preserve
the balance between the variables that are part of the Financial Projection of Income and Expenses (FPIE), this way contributing
to provide sustainability to the Concession Contract to achieve the objectives set in such Projection.

 

The Concession shall be understood to be
in a situation of Economic-Financial Balance if airport charges for rendered services permit to recover, in the term of the Concession,
and in the committed efficiency conditions, all costs associated to the rendering of such services, including operative costs,
investment and tax costs incurred by the Concessionaire, as well as to obtain a given remuneration for the capital cost.

 

In such sense, pursuant to the provisions
of Section 22 (vii) of ICAO Document 9082-7, airports may produce sufficient revenues to exceed all direct and indirect operating
costs (including general administration, etc.) and so provide for a reasonable return on assets at a sufficient level to secure
financing on favorable terms in capital markets for the purpose of investing in new or expanded airport infrastructure and, where
relevant, to remunerate adequately holders of airport equity.

 

Regulated airport charges for airport services
included in the Concession Contract for the exploitation, administration and operation of Group “A” of Airports of
the National Airport System shall be established in subsequent reviews of the Financial Projection of Income and Expenses, if necessary.

 

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TITLE IV: GENERAL PRINCIPLES
AND REGULATION MODEL PRINCIPLES

 

4.1. Regulatory Principle

 

The Financial Projection of Income and
Expenses reflects in monetary terms the forecasted revenues, operating expenditures, specific revenue allocation, settlement of
the balance for mutual claims and investment obligations related to the Concession Contract, as defined in the Current Contract
Renegotiation Agreement executed by the Unit for the Renegotiation and Analysis of Public Service Contracts (UNIREN) and Aeropuertos
Argentina 2000 S.A., ratified by Decree 1799/2007.

 

Such Financial Projection of Income and
Expenses (FPIE) is, from a regulatory standpoint, the permanent point of reference for the assessment of the economic-financial
balance of the Concession and contractual sustainability, based on the risks assumed by each of the parties.

 

As will be further explained, the devised
income structure in the Financial Projection of Income and Expenses contains both revenues from aeronautical services with regulated
rates, as well as commercial revenues from non-aeronautical services, with non-regulated rates. The expenditure structure in the
Financial Projection of Income and Expenses, in turn, is connected to the different contractual obligations undertaken by the Concessionaire.

 

In general, from an economic standpoint,
the regulation, in order to protect the user, is mainly focused on guaranteeing that the rendering of services subject to the
concession is based on efficiency costs2 and meets the established quality standard in the contract.

 

 

2 The efficiency concept includes: (i) productive
efficiency ─ minimizing costs in service rendering; (ii) allocative efficiency ─ airport charges near their
marginal cost, and (iii) distributive efficiency ─ rate structure consistent with the user’s payment possibility
while guaranteeing a certain service access level.

 

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The efficiency
and safety standards shall evolve in time and that is contractually linked with the best practices resulting from IATA and ICAO
standards.3

 

For such purposes,
when performing the reviews it shall be necessary to have the corresponding reports from ORSNA’s competent areas as regards
the adopted measures in matters related to the quality and safety of the services rendered to Airport users.

 

4.2.
Regulatory Model Related to the Mechanisms

 

Within the framework
of the renegotiation process, the UNIREN has defined the management model for the Concession, adding new elements and instruments
with the purpose of achieving more control and supervision, such as the different Regulations (Investment Plans, Investment Recording,
etc.) and especially Regulatory Accounting instruments.

 

From an economic-financial
perspective, the regulatory model governing the Concession is a hybrid between the “cost plus system4”
and a “price cap system with pass-through” of different costs that are not part of the risk assumed by the Concessionaire.

 

There are basically
TWO (2) ways to regulate charging schemes, which are differentiated by the introduction (or not) of incentives. In general terms,
regulation by costs (or by rate of return) is retrospective, as the regulator observes the past performance of the Concessionaire
as input for future pricing; whereas cap price regulation is prospective, as the regulator establishes charges based on productivity
gains the company can get in the following period.

 

By weighing the
performance of the investments based on the Record of Investments5 of the Concession at Annual Ordinary and Extraordinary
Reviews (Paragraph 6.5 of Part Four of the Memorandum of Agreement) affecting the FPIE and the Rate Schedules, the focus is on
the past to minimize any possible deviation. Paragraph 29.1 operates in the same manner, as it establishes that the same Annual
Ordinary Review mechanism has the purpose of verifying and preserving the balance among the different variables of such projection.

 

 

3 See Annex I ─ Airport Standards / Service
Quality ─ to the Memorandum of Agreement closing the Contract Renegotiation.

4 See Annex II for additional information.

5 Record that shows the physical and economic evolution
of investment projects (clause 8.1)

 

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Similarly, both
in the cost plus system and price cap system with cost pass through, at each of the Annual Ordinary Reviews it is possible to
transfer to the charge structure the Concessionaire’s cost increases resulting from inflationary processes. In the cost
plus systems the transfer is almost automatic. In the price cap system with cost pass through, the transfer depends on the achievement
of goals and on elements such as specific indicators, performance improvements, facts related to Regulatory Accounting or the
Record of Investment. Cost plus systems usually escalate values based on specific indicators, whereas in the cap price system
the inflationary process is general and generic6.

 

Both systems allow,
besides, to transfer those costs resulting from modifications to quality and safety and security standards, tax rates, environmental
standards and/or strong imbalances between the prices that regulate income from charges and prices that regulate costs (the exchange
rate related to linked average prices of the economy) and, eventually, the changes arising from facts connected to “acts
of God” or “Force Majeure” (Extraordinary Reviews).

 

Consequently,
the economic situation of the concession shall be analyzed at each Annual Ordinary Review, within the framework of a profound study
of the Financial Projection of Income and Expenses evolution, pursuant to the provisions of the Regulatory Accounting Manual and
the specific Regulation hereof, with the purpose of verifying and keeping the balance between the variables of the aforementioned
Projection.

 

Based on the aforementioned,
each review mechanism shall use as input the definitions and data provided by the Regulatory Accounting System of the Concession
and the Record of Investments, both approved by the ORSNA.

 

 

6 The UNIREN used a mixed procedure to create its
model to establish the FPIE.

 

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TITLE V:
REGULATORY CRITERIA

 

For
all purposes, the specific regulatory procedure shall take into account the recommendations made by the INTERNATIONAL CIVIL AVIATION
ORGANIZATION (ICAO), especially as regards the documents entitled “ICAO’s Policies on Charges for Airports and Air
Navigation Services” (Doc. 9082-7) and  “Airport
Economics Manual” (Doc. 9562).

 

In line with the
goal of being up to date with any ICAO’s future recommendations, proper consideration should be given to any aspects that
are modified in subsequent amendments to the aforementioned documents, adapting them when necessary to meet local circumstances.

 

Pursuant to the
new documents related to ICAO’s intention to modify certain recommendations made in Doc. 9082-7, the following economic oversight
criteria shall be applied:

 

		a)	States should take into account that economic oversight is the responsibility of the State.
The main purposes of economic oversight should be to achieve those public policy objectives that include, but are not limited to,
the following: i) minimize the risk of airports and ANSPs engaging in anti-competitive practices or abusing any dominant position
they may have; ii) ensure non-discrimination and transparency in the application of charges; iii) ascertain that investments in
capacity meet current and future demand in a cost-effective manner; and iv) promote consultation with users and make sure that
appropriate performance management systems are in place, keeping the balance with the efforts made by autonomous or private entities
to get optimum results from the commercialization or privatization;

 

		b)	States should adopt an approach to economic oversight that meets their specific circumstances.
The degree of competition between providers, the costs and benefits of different forms of oversight, as well as the legal, institutional
and governance frameworks should be taken into consideration when selecting the appropriate approach. Regulatory interventions
should be used only when required and kept to a minimum;

 

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		c)	States should consider adopting a regional approach to economic oversight where individual States
lack the adequate capacity to perform their economic oversight responsibilities.

 

5.1. Economic
Financial Sustainability

 

The essential
regulatory criteria is to create, within the framework of the specific risks assumed by each of the parties, the sustainability
economic-financial sustainability conditions that allow to achieve the contractual objectives.

 

The purpose of
economic financial sustainability is to ensure that service rendering meets appropriate quality and safety and security standards
and adapts to variable standards in time by adjusting airport service offer to demand requirements, part of which are detailed
in Annex I of the Memorandum of Agreement7. For such purposes, the Regulatory System shall be consistent so as to ensure
compliance with suitability, transparency and public participation criteria, as well as predictability, publicity and integrity
criteria, all of which are governing criteria recommended by the INTERNATIONAL CIVIL AVIATION ORGANIZATION (ICAO).

 

5.2. Economic
Oversight and Short and Medium-term Objective Harmonization

 

Economic oversight8
actions adopted by the ORSNA shall enable to implement control activities that do not interfere with service rendering so
as to prevent any deviations in the rendering of services and non-performance of service quality requirements and the level of
investments that need to be made.

 

 

7 Applicable standards shall be those established
by the ORSNA in a prudent and reasonable manner, pursuant to 1) the provisions of the Airport Development Reference Manual (ADRM)
of the IATA and ICAO’s recommendations according to the Chicago Convention and related standards, which introduces us to
aspects linked to the creation of a “model company in regulatory terms”; and 2) proper comparative consideration of
other foreign airports based on their type, size and traffic of passengers, which provides for regulatory developments based on
“benchmarking”; 3) the provisions that establish that all equipment shall all applicable quality standards that provide
for quality testing of equipment performed by the United States of America; and 4) the provisions of Annex IX of the ICAO (FACILITATION).

8 For further information, see Document WP 73 within
the framework of the Conference on the Economics of Airports and Air Navigation Services of the ICAO.

 

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The implementation
of a Regulatory Accounting System that provides uniform and comprehensive information of the account plan of the regulated company’s
provider strengthens the aforementioned Process.

 

This Economic
Oversight Process requires the ORSNA to issue regulations that permit to “anticipate any possible deviation and prevent future
non-performance of service quality requirements, as well as to guarantee the execution of the committed infrastructure works in
the expansion of service offering, and its quality and safety level. Besides the usual tools, the ORSNA may use quality, safety
and security and financial ratios and AA2000’s economic indicators, such as indebtedness, leveraging and debt to sales ratio.

 

5.3. Regulatory
Instruments. Basic Criteria

 

Without prejudice
to considering other tools in the future, the ORSNA may provide for the use of the following regulatory tools, such as:

 

		1.	Structuring of the appropriate
                                         economic oversight mechanism for its specific circumstances.9

 

		2.	Regulatory Accounting: comply with specific statutory provisions. Establish information bases for
the use of regulatory tools and for general planning and regulation activities. Identify and establish the expenditure that needs
to be removed ─ on a total or partial basis ─ (or revenue that needs to be added) from the airport charge determination
regulatory process.

 

		3.	Model Company: define administrative and technical procedures for implementation thereof, to prevent
transfer of inefficiencies to users.

 

		4.	Information and Benchmarking System: provide performance indicators and efficiency parameters for
the reviews of airport charges. Set achievable goals and introduce regulation by comparison.

 

		5.	Rate System: ensure consistency of airport service charges with rate-related principles and paradigms.
Meet transparency and sustainability criteria.

 

 

9 Within the framework of the aforementioned ICAO’s
document WP73.

 

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		6.	Adopt criteria for rerouting investments and financing, the rate structure and cross-subsidization
between the different services.

 

5.4. Risks assumed
by the Parties

 

The suitable discount
rate (capital cost) of any flow depends on several critical factors. The risks assumed by the parties is one of the main determining
factors of the value of such rate.

 

First, the Concession
operates, in essence, with no observed inter-airport, intra-airport or intermodal competition conditions. Therefore, it does not
face the threat of new competitors in the market.

 

Based on the FPIE
considerations, the adopted model during contract renegotiation is determined by a price model corresponding to a specific time
(it is not a nominal model and is not nominalized either), so the implicit discount rate is a real rate.

 

Therefore, the
inflationary effects on the costs of the Concession do not constitute a risk assumed by the Concessionaire, which gives rise to
Annual Periodic Reviews.

 

Working Capital
variations, within the framework of normal operations, are risks fully assumed by the Concessionaire.

 

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TITLE VI:
APPLICABLE METHODOLOGY DURING THE REVIEW PERIOD

 

6.1. Procedures
and Terms

 

6.1.1. Rate
Studies

 

The ORSNA shall
perform the corresponding studies related to the evolution of the Financial Projection of Income and Expenses to establish the
rate schedule for the services rendered by the Concessionaire, pursuant to the procedures and terms contained herein and the provisions
of the Memorandum of Understanding.

 

6.1.2. Bases
for the Review of Financial Projection of Income and Expenses

 

The
ORSNA shall draw up a document called “Bases for
the Review of Financial Projection of Income and Expenses”, which will establish the criteria and methodology used to develop
the rate studies. The Bases for the Rate Studies shall include the services that will have a rate or charge applied, the set of
indexes that will be used, the demand forecasting methodology and any necessary information to perform the Financial Projection
of Income and Expenses Study with clear basic premises.

 

6.1.3 Submission
of the Bases for the Review of Financial Projection of Income and Expenses

 

The ORSNA shall
prepare and send to the Concessionaire the “Bases for the Review of Financial Projection of Income and Expenses”, which
shall be the starting point for the airport charge fixing process.

 

6.1.4. Remarks
to the Bases

 

The Concessionaire
may submit to the ORSNA any remarks, as deemed necessary, to the bases for such Studies, within TEN (10) business days after receiving
said Bases.

 

6.1.5 Approval
of the “Bases for the Review of Financial Projection of Income and Expenses”

 

The ORSNA shall
issue a decision on the remarks sent by the Concessionaire within TEN (10) business days after receiving said remarks, and shall
approve the Bases for the Review through the corresponding administrative decision.

 

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6.1.6 Information
used to perform the Rate Study

 

The Concessionaire
shall submit to the ORSNA the requested information in the final Bases for Rate Studies after the reception of such bases. The
ORSNA may request additional information to perform this study during the course thereof.

 

6.1.7 Term
to perform the Rate Study

 

The ORSNA shall
perform the corresponding Rate Study pursuant to the Final Bases within the term established for each Review, counted from the
date of reception of the Bases for Rate Studies by the Concessionaire.

 

6.1.8 Establishing
the new Rate Schedules

 

The ORSNA shall
determine the Rate Schedules to be established, when applicable.

 

6.1.9 User
Information

 

During all the
Review stage, the ORSNA may establish the convenient mechanism to inform Airport Service Users about the results of the Review
Mechanism of Financial Projection of Income and Expenses.

 

6.2 General
Criteria Governing the Review of Airport Charges

 

6.2.1. Jurisdictional
Powers

 

Applicable charges
in force at each moment can only be modified by the ORSNA in the circumstances and manners established herein, at the ORSNA’s
initiative or at a duly justified request by the Concessionaire.

 

6.2.2. Safeguards
and Guaranties

 

Any modification
shall be duly justified by previous technical, economic, financial and legal analyses and reports and by facts, acts and consequences
that have caused the need for such modification.

 

Modifications
shall not be used to punish the Concessionaire for past benefits and/or benefits obtained in the operation of services, or for
increased efficiency in the performance of its commitments, and shall not be used either to make up for incurred deficits arising
from corporate risk, or to validate inefficiencies in the rendering of services or any other analogous cause to the aforementioned
ones.

 

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6.3. General
Principles for Fixing Airport Prices and Charges

 

Economic efficiency,
neutrality, redistribution, financial sufficiency, simplicity and transparency are the governing principles for fixing airport
prices and charges.

 

6.3.1. Economic
Efficiency

 

Economic efficiency
involves airport charges that, through the application of regulatory procedures and formulas established in the basic regulations
for the Concession, are intended to come close to the prices of a competitive market.

 

Therefore, they
shall promote the achievement of allocative and productive efficiency.

 

The resulting
values of the established airport charges shall take into account not only current regulated costs but also the expected productivity
increases. They cannot transfer to users the costs arising from inefficient management, nor can they enable companies to benefit
from practices that restrain competition. On the other hand, they shall enable and allow the use of technologies and administrative
systems that guarantee the agreed quality as well as continuity and safety conditions to users.

 

6.3.2. Based
on Neutrality

 

It is understood
that each consumer shall be entitled to the same rate treatment as any other consumer provided that it generates similar costs
to the Concessionaire. The exercise of this right shall not prevent the Concessionaire from offering different airport charge options
for regulated services and the consumer from choosing the best option based on its needs.

 

A rate system
is fair when users in similar circumstances pay similar rates and the differences in paid amounts properly reflect the different
circumstances of the users.

 

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6.3.3. Based
on Redistribution

 

It is understood
that, provided that there are explicit justifications, different cross subsidies for airport charges may coexist if this results
in a better achievement of the objectives of the Concession, which include the events mentioned in Paragraph 29.4 of the Memorandum
of Agreement ratified by Decree 1799/2007.

 

6.3.4. Based
on Financial Sufficiency

 

It is understood
that airport charge formulas shall guarantee the recovery of costs and expenditures typical of airport operation activities, including
expansion, replacement and maintenance activities; shall provide a return on investment to shareholders in the same manner as would
be provided by any efficient company in a sector with a comparable risk; which means that they shall allow to meet the condition
of balance and comply with related rules established by applicable regulation.

 

6.3.5. Based
on Simplicity

 

It is understood
that the airport charge scheme, resulting from this Regulation and any other applicable regulation, shall be designed in such a
manner to facilitate its understanding, application and control.

 

6.3.6. Based
on Transparency

 

It is understood
that the rate system shall be explicit and fully disclosed to all involved parties in the service as well as to users.

 

6.4. General
Guidelines for Interpretation

 

The aforementioned
principles shall be used to solve any interpretation issues when applying the airport charge fixing method and to fill any voids.

 

The economic efficiency
and financial sufficiency criteria shall have priority in the decisions related to the present Mechanisms.

 

In case of any
conflict between the economic efficiency and financial sufficiency criteria, the latter shall prevail, so there may be direct subsidies
to the proposal to solve such conflict.

 

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As regards the
other principles, neutrality and redistribution criteria shall prevail, and in case of conflict between these two, the redistribution
criteria shall have priority.

 

6.5. Rate Character

 

All rates shall
have a comprehensive character, which means that they shall entail a certain agreed quality and airport safety and security level.
A change in these characteristics shall imply a change of rate. Therefore, airport prices and charges resulting from each Rate
Review shall permit the achievement of airport expansion goals, safety and security objectives and quality aims established therein
and shall allow the Concessionaire to meet the established efficiency aims.

 

6.6. Information
and Certification Requirements

 

When so required
the ORSNA may, as necessary condition for the consideration of the Bases for the Rate Studies, establish the need to attach the
corresponding certification from technical and accounting auditors to all required information in the rate modification process.

 

Likewise, during
the period of analysis, the ORSNA may require the Concessionaire to submit complementary information or documentation that it deems
necessary to interpret the contents of the submitted information.

 

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TITLE VII:
STRUCTURE OF THE FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION

 

7.1. General
Characteristics

 

The Financial
Projection of Income and Expenses explains in monetary terms the provisions related to income, the operative expenditure structure,
the investment plan and other obligations assumed by the Concessionaire until the end of the contractual term.

 

The FPIE was prepared
in national currency with prices corresponding to December, 2005 and comprises years 2006 to 2018. It is based on the premise that
the nominal rate of exchange will remain unchanged and that the rate of inflation will be 0.0% over the whole period under consideration.

 

This implies that
the basic projection is characterized as a model at constant prices corresponding to a specific year.

 

Each of the annual
reviews will analyze the past and future behavior of each of the variables included in the Financial Projection of Income and Expenses,
pursuant to the Regulation established by the ORSNA for such purposes, according to the provisions of Item 9 hereof.

 

The main objective
in each Annual Ordinary review shall be to assess regulated prices considering the regulated amounts for each of the variables.
In terms of investments, the regulated costs of projects shall be taken into account, and the ORSNA shall verify that there are
no alterations in the commitments undertaken by the National State, in the Agreements signed with Provincial and/or Municipal States
for the assignment of airports that are subject to the Concession (paragraph 6.10 of the Memorandum of Agreement) and that any
changes that may be introduced in the Five-year Plans meet the provisions of paragraph 6.11 of the Memorandum of Agreement.

 

The Concessionaire
shall refrain from starting any works that are not authorized by the ORSNA and included in the corresponding Investment Plan, pursuant
to the provisions of paragraph 6.10 of the Memorandum of Agreement.

 

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7.2. Included
Concepts

 

The FPIE is an
economic-financial model that includes a forecast of aeronautical and commercial revenues from the year 2006 until the end of the
contract term in the year 2028. The first type of revenues result from the curve of passenger traffic and aircraft movement for
authorized airport charges in force. Such revenues are earned pursuant to the provisions of paragraphs 4.1 and 4.2 of the Memorandum
of Agreement and specific regulations, as stated in Annex II. Commercial, non-regulated, incomes, in turn, include activities related
to air-commercial transport, commercial exploitation of airports as well as secondary activities carried out therein, pursuant
to the provisions of paragraphs 4.3 and 4.4 of the Memorandum of Agreement.

 

The bases for
the Projection have been duly defined by the UNIREN and are considered the starting point for the ORSNA to initiate the Review
Process of the Financial Projection of Income and Expensess. The ORSNA shall make changes to the bases for the Projection whenever
it deems necessary to do so.

 

For clarification
purposes, the different types of revenues considered by the UNIREN during the contract Renegotiation Period are stated below:

 

	Revenue	Concept
	

Aeronautical Revenues	-    Landing charge
	-    Parking charge
	-    Charge for the use of boarding bridges and telescopic jetways
	-    Charge for use of airport terminals
	Commercial Revenues	
        -    Services
        and stores

        -    Parking

        -    Fiscal
        warehouses

        -    Fuel

        -    Tax-free
        stores

        -    Coffee
        stores

        -    Ground
        handling services

        -    Catering

        -    Advertising

        -    Counter
        and passenger communication services

        -    Rents

        -    Reimbursement
        of expenses

        -    Check-in
        services

        -    Others

 

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As regards expenditures,
the contemplated structure includes operative and maintenance expenses defined by the Concessionaire when submitting its proposal
in the bidding process for the services subject to the concession. The following table provides a breakdown of the different categories
of expenses.

 

	Category	Breakdown
	

Operating expenses	
        -    Staff

        Commercial

        Customer Service – Collection
        of Charges

        Operations

        Parking

        Other (Maintenance, Safety
        and Security)

	
        -    Public
        services

        Electricity

        Gas

        Water

        Telephone and Communications

        Mail

	-    Insurance and guaranties
	-    Matrix
	-    Stationary and others
	-    Other operating expenses
	

Services	-    Hired services
	-    Fire-fighting and medical services
	-    Technical assistance
	

Maintenance and Repairs	Pavement
	-    Power supply and visual aids
	-    Signage
	-    Perimeter and green areas
	-    Check-in and passenger information facilities
	-    Parking lots
	-    Computing equipment (hardware and software)
	-    Other

 

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Likewise, Financial
Projection of Income and Expenses included those payments required by paragraph 5 of the Memorandum of Agreement and Annex III
thereof, as follows:

 

	Component	Category	Allocation
	

Specific revenue allocation	- ANSES (Law 23 696)	

11.25% total net income
	- Trust for Works on the National Airport System (with and without concession)
	- Fund for studies, control and regulation of the Concession (ORSNA)	

1.25% total net income
	- Trust for Works on Group “A” of the National Airport System	2.25% total net income

 

Likewise, pursuant
to Paragraph 14 of the Memorandum of Agreement and Annex VII thereof, the Financial Projection of Income and Expenses included
those payments resulting from the balance corresponding to Mutual Claims, making a difference between the Amortization of
such mutual claims and applicable interests thereto.

 

Also, the concepts
related to Investments are those established in paragraph 6 of the Memorandum of Agreement and Annex VI thereof, which lists
those investments the Concessionaire is responsible for, including five-year plans.

 

As regards the
concepts of amortization and depreciation, they refer to the decrease in accounting value resulting from wear and tear due to use,
deterioration, obsolescence or changes in the economic conditions of property, plant and equipment or improvements that are part
of the Concession. A breakdown of this concepts shall be made, identifying: (i) improvements, and (ii) property, plant and equipment,
using as basic criterion the tax accounting rule adopted by the Concessionaire and the assumption that all investments will be
amortized at the end of the Concession term.

 

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The taxes taken
into account when preparing the Financial Projection of Income and Expenses are shown in the table below:

 

	Component	Categories
	

Taxes	-    Gross income1
	-    Financial transaction tax2
	
        -    Minimum
        Presumed Income Tax

        -    Income
        Tax

        -    VAT

 

Notes: 1. Considered
rate: 4%. 2. Considered rate: 1.2%, of which 0.2% is considered on account of Income Tax, payment of income tax, considered a 35%
rate, as well as contractual and accounting provisions made by the Concessionaire, taking into account any applicable tax loss
carryforward.

 

As regards the
values corresponding to Working Capital, such concepts include accounts payable and receivable and in addition the account corresponding
to the initial balance variation as established by the UNIREN.

 

Based on the aforementioned,
the Fund Flow of the Concession is determined as follows:

 

Net Fund Flow
= Revenues (-) Operating expenses (-) Specific revenue allocation (-) Amortization of mutual claims (-) Interest on debts for
mutual claims (-) Investments (+) Working capital variations (-) Income Tax (+/-) Others.

 

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TITLE VIII:
REVIEW GUIDELINES FOR THE FINANCIAL-ECONOMIC EQUATION

 

8.1. Technical-Economic
General Guidelines

 

The methodological
guidelines stated in this document are intended to provide a reference framework to the review process of the FPIE. This review
process “is intended to verify and preserve the balance between the variables that are part of the Financial Projection of
Income and Expenses” so as to reduce the level of uncertainty in face of possible variations due to the behavior of the evolution
of prices linked to the costs considered as relevant for the rendering of services subject to the concession.

 

Each review process
shall take into account the evolution of all components of the FPIE that are part of the contractual Financial Projection of Income
and Expenses.

 

Each review instance
shall assess maintenance and investment activities for the following periods based on the need to preserve the agreed quality standard
for the service subject to the concession as well as its level of efficiency.

 

If the values
of the FPIE components of the Concession are reformulated, pursuant to the guidelines established in previous Sections, the ORSNA
shall decide which instruments (both rate and non-rate instruments) will be used to restore the balance of the contractual Financial
Projection of Income and Expenses.

 

If there are any
price variations related to operative and maintenance expenses and accrued investment costs that have not been accounted for in
previous review periods, they shall be taken into account for offset purposes at the first annual ordinary review in effect.

 

All contractual
modifications made by the National State in connection to the Concession, including those that were not agreed upon by the Concessionaire,
and which affect the Financial Projection of Income and Expenses shall also be taken into account in the subsequent reviews to
preserve the contractual Financial Projection of Income and Expenses, provided that such modifications are duly justified from
a technical and regulatory standpoint. Any changes in micro or macroeconomic conditions affecting the structure of expenditures
and investment costs defined in the FPIE which for some reason cause them ─ or the considerations or incidences taken into
account in the price variation methodologies ─ to no longer be representative, shall also be taken into account.

 

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8.2. Specific
guidelines

 

Specific technical
and economic guidelines for the treatment of the different components of the FPIE within the framework of the mechanism for annual
ordinary review are provided below:

 

		·	Aeronautical Revenue:

 

Taking as source
of information the Regulatory Accounting Report of the Concession, actual annual revenues will be added to the FPIE in each of
the annual ordinary reviews for each of the corresponding categories, taking as basis the rates in force for regulated services.

 

Each annual review
shall assess the actual behavior, both in connection to aircraft and passenger movement and generated income. If necessary and
pertinent, the ORSNA shall make new traffic forecasts taking into account the methodology and technical criteria to be used for
such forecast, which shall comply with all applicable industry standards in this field.

 

The Concessionaire
may also submit a Work Document with new traffic forecasts, making an analysis of local and international patterns, relevant micro
and macroeconomic variables and verifiable historical background. Traffic forecasts to be used in the Review Process shall be approved
by the ORSNA, who may make adjustments and raise objections to the methodology submitted by the Concessionaire.

 

In addition, the
economic impact of the stated rate policy in the Concession Contract shall be assessed in connection to airline’s cost structure
for service rendering, as well as the economic incidence of such policy for the different users of the services subject to the
concession and the competitiveness level of the airport sector.

 

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		·	Non-aeronautical Revenues:

 

Taking as source
of information the Regulatory Accounting Report of the Concession, actual annual revenues will be added to the FPIE in each of
the annual ordinary reviews for each of the corresponding categories in this component.

 

Each annual review
shall assess the actual behavior in each of the non-aeronautical revenue categories. If necessary and pertinent, new forecasts
shall be made, taking into account the methodology and technical criteria to be used for such forecast, which shall comply with
all applicable industry standards in this field.

 

The Concessionaire
may also submit a Work Document with new forecasts for each of the non-aeronautical categories, making an analysis of local and
international patterns, relevant micro and macroeconomic variables and verifiable historical background. Income projections to
be used in the Review Process shall be approved by the ORSNA, who may make adjustments and raise objections to the methodology
submitted by the Concessionaire.

 

		·	Operating and maintenance expenses:

 

Taking as source
of information the Regulatory Accounting Report of the Concession, actual annual expenditure will be added to the FPIE in each
of the annual ordinary reviews for each of the corresponding categories in this component.

 

Each review shall
assess the cost evolution in the different categories in this component, according to the information that shall be supplied by
the Regulatory Accounting System for a twelve-month period, taking as basis the month of December of the year before the last review
up to the immediately following month of December.

 

The regulation
of the Present document shall specify the structure of polynomic formulas and coefficients used as basis for all necessary adjustments
including, if applicable, caps to certain types of expenditures with the purpose of putting the concession on a track leading to
expenditure efficiency. Likewise, such regulation shall establish the methodology that needs to be implemented if it becomes necessary
to review the correlation functions associated to the projections of the categories of this component, using as basis for this
review the evolution of criteria, principles and technical standards that acknowledge the industry dynamics on this field.

 

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In line with the
needed analysis in connection to the assessment of costs, service level and investment level, the ORSNA may establish efficiency
goals in those cost items it deems necessary.

 

		·	Specific revenue allocation:

 

Taking as source
of information the Regulatory Accounting Report of the Concession, the actual amounts for each of the corresponding categories
in this component will be added in each of the annual ordinary reviews, to serve as basis for comparison with the duly stipulated
provisions in the Financial Projection of Income and Expenses.

 

		·	Mutual claim amortization:

 

Taking as source
of information the Regulatory Accounting Report of the Concession, the actual amounts for each of the corresponding categories
in this component will be added in each of the annual ordinary reviews, to serve as basis for comparison with the duly stipulated
provisions in the Financial Projection of Income and Expenses.

 

		·	Interest on debts for mutual claims:

 

Taking as source
of information the Regulatory Accounting Report of the Concession, the actual amounts for each of the corresponding categories
in this component will be added in each of the annual ordinary reviews, to serve as basis for comparison with the duly stipulated
provisions in the Financial Projection of Income and Expenses.

 

		·	Investments:

 

The Investment
Plan of the Concession is composed in physical and monetary terms by the necessary works to comply with safety and security and
service quality standards defined within the framework of the Concession Contract, pursuant to paragraph 6 of the Memorandum of
Agreement. This way, the Concessionaire shall have exclusive responsibility for the performance of said Investment Plan of the
Concession.

 

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For the 2006-2010
period, the UNIREN has provided for a rescheduling of works that meet the aforementioned objectives, including works that were
pending of execution for different reasons at the time of commencement of the contract renegotiation process governed by Laws No.
25 561, 25 790, 25 820, 25 972 and 26 077 and its supplementary regulation Decree No. 311/03.

 

For the 2011-2018
period, the UNIREN has established that the Investment Plan for the Concession shall be duly defined by way of the corresponding
five-year plans. In all cases, the planned investment amount as stated in the Financial Projection of Income and Expenses has been
calculated based on the relationship between committed investments and estimated aeronautical revenues included in the proposal
duly submitted by the Concessionaire in the tender.

 

The physical and
monetary evolution of the executed works shall be entered in the Record of Investments created especially for the Concession and
signed by the Concessionaire. Taking as source of information the Record of Investments and the Regulatory Accounting Report of
the Concession, the actual invested amounts will be added in each of the annual ordinary reviews, to serve as basis for comparison
with the duly stipulated provisions for this category in the Financial Projection of Income and Expenses. It should be mentioned
that the amounts arising from the Record of Investments shall be the same as those identified in the Final Report from the Regulatory
Accounting System.

 

The following
five-year Investment Plans shall be approved, reviewed and supervised by the ORSNA, pursuant to the corresponding regulations and
the estimated investment amounts shall be defined in the FPIE of the Concession. Pursuant to the terms of paragraph 6.5 of the
Memorandum of Agreement, each ordinary review shall weigh compliance with the Investment Plan in physical volumes and monetary
terms, based on the information entered in the Record of Investments and the information gathered from the Regulatory Accounting
System of the Concession. All that pursuant to paragraphs 8 and 25 of the Memorandum of Agreement.

 

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Within the framework
of ordinary annual reviews, the ORSNA, in its capacity as regulatory authority, may review the proposed Investment Plan, provided
that the economic-financial balance of the FPIE and the contractual sustainability are not affected in any manner.

 

The regulation
of the Present document shall specify the structure of polynomic formulas and coefficients used to update each of the investment
components.

 

		·	Amortizations:

 

The amortization
amount shall be adjusted in each review taking into account the evolution shown by the Record of Investments of the Concession,
based on the accounting criteria adopted by the Concessionaire and assuming as basic premise that all investments of the Concession
shall be amortized at the end of the contractual period in effect, according to the provisions made within the legal framework
of the Concession.

 

		·	Working capital variations:

 

Taking as source
of information the Regulatory Accounting Report of the Concession, the actual amounts recorded for each category of this component
will be added in each of the annual ordinary reviews, to serve as basis for comparison with the duly stipulated provisions in the
Financial Projection of Income and Expenses.

 

All concepts identified
by the UNIREN as being part of this category shall be included.

 

The treatment
to be used for the unpaid airport charges and resources shall be defined at the time of issuance of the Regulation of the present
Document, pursuant to the provisions of paragraphs 21.1 to 21.4 of the Memorandum of Agreement.

 

		·	Taxes:

 

The corresponding
tax structure to the Concession Contract shall be applied in each ordinary review, with the possibility to take into account any
modification to the applicable tax system that is mentioned in the corresponding contract clauses.

 

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8.3 Currency

 

During the term
of the Concession Contract, the FPIE components shall be calculated in pesos, in constant currency as of December 31 of the year
before that under review, in order to maintain the uniformity of such variable.

 

The corresponding
exchange rates to convert each component to uniform price levels shall be stipulated in the Regulation of the Present document.

 

8.4. Rate Schedule
Determination

 

Without prejudice
to the possibility of expanding the corresponding methodology during the issuance of the Regulation of the Present document, the
process for the determination of Rate Schedules shall be as follows:

 

		·	First, a single variation shall be defined for all concepts that are part of the Rate Schedule
for regulated concepts. This Variation requires an action by the ORSNA to balance the equation.

 

		·	Any rate rebalancing shall be based on the average variation established in the preceding item
and shall be neutral as regards the achieved economic-financial balance. The rebalancing may include:

 

		§	Differential values not justified by their costs for each of the regulated rate concepts. Rate
Cross-Subsidies.

 

		§	A rate variation program to be developed over the remaining term of the Concession, compatible
with its economic-financial balance.

 

		§	The power granted in the preceding item may match the pre-established rate variation program based
on the temporary profile of the investment program.

 

8.5. Commencement
of Reviews

 

Periodic Reviews
shall begin on the dates established herein.

 

Extraordinary
Reviews shall be initiated at ORSNA’s request, on its own behalf or based on the assessment of a previous request of the
Concessionaire, and ORSNA shall render the corresponding administrative decision if it decides to authorize such extraordinary
review.

 

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TITLE IX:
ANNUAL ORDINARY REVIEW

 

9.1. Purpose
of the Annual Ordinary Review

 

The Annual Ordinary
Review mechanism is intended to preserve the balance between the variables that are part of the Financial Projection of Income
and Expenses (FPIE) included in the Memorandum of Agreement, and thus shall comply with the criteria and procedures stated therein.

 

Therefore, this
Title provides the basic guidelines to measure:

 

		1.	the impact of the different eventual price variations on the components that are part of the Financial
Projection of Income and Expenses (FPIE) over the period under review;

 

		2.	the necessary adjustments to the base values to eliminate any possible deviation, based on the
information provided by Regulatory Accounting, the Record of Investments and concurrent information.

 

In the special
case of the Initial Review of the FPIE, the provisions of paragraph 3.3 of the Present document shall be applied. Later, an analysis
of the convenience and pertinence of applying a rate rebalancing pursuant to the provisions of paragraph 29.4 of the Memorandum
of Agreement shall be made.

 

The ORSNA, in
exercise of its jurisdictional powers and in coordination with the Enforcement Authority, shall analyze the convenience and pertinence
of expanding research studies, as stated in Item 6.1.1. “Rate Studies” so as to detect any changes resulting from structural
variations in the demand, the level of investment, the committed efficiency, the cost of capital, etc., which might have a permanent
impact on the Financial Projection of Income and Expenses and have not been detected by previous Reviews. The basic criteria to
be applied in such cases shall be defined in the Regulation of the Present Document.

 

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9.2 Adjustment
Methodology due to Price Variation

 

Without prejudice
to any changes and definitions introduced in the Regulation of the Present Document, this Section provides the basic guidelines
to assess the impact of eventual price variation on the components of the Financial Projection of Income and Expenses during the
period under review .

 

i. Aeronautical
and Non-Aeronautical Revenues:

 

The indexes to
be applied to each revenue category shall be defined at each review, taking into account both national and international revenues.
Likewise, any price variations affecting the structure of non-aeronautical revenue defined in the FPIE shall be analyzed.

 

ii. Operating
and Maintenance Expenditures:

 

A polynomic formula
to measure the price variation evolution affecting the operating expenditure structure defined for the FPIE shall be defined at
each review, as stated below.

 

The following
table shows the operating expenditure structure and the most representative price evolution factors, as well as the price indexes
that reflect their behavior.

 

	Factor	Index
	Salaries	Salary Index for Registered Employees of the Private Sector of the Instituto Nacional de Estadísticas y Censos (INDEC)
	Exchange Rate	Sale price for US dollar of the Banco Nación Argentina (BNA)
	Wholesale Price Index	Wholesale Domestic Price Index (IPIM, as per the acronym in Spanish) published by the Instituto Nacional de Estadísticas y Censos (INDEC)

 

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The information
from the Regulatory Accounting Report will be used to calculate the incidence of each of the expenditure structure categories in
the total value of the component for the period under review.

 

The indexes obtained
at each Ordinary Review shall be part of the polynomic formula that will be used as basis for the redetermination of historic monetary
values for this component of the FPIE.

 

	Operating and Maintenance Expenditure – Polynomic Formula
	Price redetermination coefficient. Periodi =	[Salary Variation Coefficient for Periodi * Weighing of Salary i Factor / 100] + [Exchange Rate Variation Coefficient for Periodi * Weighing of Exchange Rate for Period i / 100] + [IPIM Variation Coefficient for Periodi * Weighing of IPIM for Period i / 100]

 

With the purpose
of providing a faithful representation of the scope of impact of monetary values of the cost structure, the ORSNA, in exercise
of its jurisdictional powers, may review the structure and indexes that are part of the polynomic formula used to update values,
based on the analysis of the cost evolution of the Concession. In this case, the ORSNA shall submit to the Concessionaire the new
polynomic cost structure to be used in the Review Process at the beginning of such review.

 

iii. Investments

 

The Record of
Investments of the Concession shall provide the basic information to establish the schedule of works and tasks included in the
price redetermination calculation, as well as their corresponding monetary values.

 

The ORSNA, based
on the analysis of the evolution of Building and Construction Prices, may decide to use global indexes if they faithfully represent
the scope of impact of monetary values for this Category, or specific indexes for each item of the Works.

 

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For this last
case, ORSNA ́s technical areas shall issue the Regulation of the Present Document, which shall state the chapter corresponding
to the Construction Cost Index (CCI) of the Instituto Nacional de Estadísticas y Censos (INDEC) to be applied for each case,
considering different concepts, including, but not limited to, the following ones:

 

	Landside Works

 

		Ø	Earth movement and demolition work

 

		Ø	Reinforced concrete, metallic and covered structures

 

		Ø	Masonry work

 

		Ø	Sanitary installations, fire extinguishing systems, gas piping

 

		Ø	Power supply piping

 

		Ø	Thermomechanical installation

 

		Ø	Carpentry and glass works

 

		Ø	Elevators and escalators

 

		Ø	Special equipment

 

		Ø	Miscellaneous

 

	Airside Works

 

		Ø	Labor

 

		Ø	Airfield lighting systems and other imported inputs

 

		Ø	Stone

 

		Ø	Asphalt (asphalt concrete)

 

		Ø	Gasoil

 

		Ø	Portland cement

 

		Ø	Materials

 

Based on the different
types of works corresponding to the aforementioned categories, it will be possible to determine how each of the defined inputs
impacts such works, and thus obtain a weighted percentage of incidence of said inputs for each of the defined work categories.

 

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After defining
the total weighting factors for each of the inputs, it will be possible to calculate the coefficients that register the evolution
of selected price indexes for each of the work categories:

 

	Variation coefficient calculation for price indexes according to the work category
	Variation coefficient period i Factor ii	Index value at the end of the period/Index value at the beginning of the period

 

The obtained price
redetermination coefficient whether by applying a global index or special indexes shall be applied to the “Investments”
row of the FPIE.

 

The work approval
procedure shall include provisions to make sure that each work has the corresponding technical-economic feasibility studies and
cost-benefit assessment.

 

If the economic
activity dynamics or the influence of micro or macroeconomic factors or industry-specific factors require adopting measures that
involve making adjustments to the Investment Plan, generating the need to speed up the anticipated expansion of “Group A”
of the National Airport System (NAS), and given the fact that the Concessionaire is responsible for meeting higher unforeseen demand
and executing the required works, the Concessionaire may submit an application to the ORSNA to adjust the Investment Plan in order
to avoid putting more strain on the budget, with the commitment to provide the required funds for the execution of necessary works,
as long as they are of public interest and have the corresponding technical and economic feasibility. The Grantor shall assess
the most appropriate mechanism for the repayment of the investment, within the framework of the FPIE, without affecting either
the economic-financial balance of the Concession or the contractual sustainability.

 

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9.3 Total or
Partial Elimination of Concepts related to Operative Costs and Investments based on the Conclusions arising from Regulatory Accounting
and the Record of Investments

 

According to the
information arising from the Regulatory Accounting Report and pursuant to the provisions included in the Regulation of the Present
Document, any concepts not related to the regulation (for example sanctions) shall be removed in whole or in part. All concepts
related to generic expenses (for example Management Fee) should prove to be linked to the corresponding disbursements. All this
without prejudice to any applicable sanctions.

 

Likewise, investments
to be taken into account shall have been included in the Investment Plans and in the corresponding Record before the beginning
of the Review process.

 

9.4. Procedures
to Achieve Global Balance

 

The procedures
included in the provisions of the Memorandum of Agreement identified in paragraphs 29.1, 29.2 and 29.3 shall be applied, as well
as any recommendations arising during the course of the issuance of the Regulation of the Present Document.

 

9.5. Procedures
to Determine the New Rate Schedule

 

The procedures
included in item 8.4 of the present document shall be applied, limiting any decisions on this matter to the period corresponding
to the Annual Ordinary Review.

 

9.6. Extraordinary
Review

 

Pursuant to item
8.5, an Extraordinary Review may be conducted if so required by special circumstances, with previous authorization from the Enforcement
Authority.

 

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Extraordinary
Reviews of Airport Charges may be conducted in face of specific events that require this kind of review. The purpose of such review
shall be to correct the marginal effect of the cause, such as the case of a substantial variation in the airport quality/safety
and security standards, environmental laws, national, provincial or municipal tariffs and taxes affecting the Concessionaire, substantial
inconsistencies between the local Price Indexes and the rate of exchange variation, the need to execute unplanned works in the
Five-Year Plan in force and any other case that is considered pertinent to the Regulation of the Present document.

 

The measures to
correct the identified marginal effect in these specific cases shall be established in order to recover the defined balance conditions.

 

Extraordinary
Reviews may also be performed in face of acts of God or Force Majeure, which shall enable this kind of review when the event or
events that call for it are permanent and relevant.

 

In these cases,
relevance shall be established when the circumstance has the following short-term effects: a) makes it impossible to achieve the
agreed goals in the committed economic-financial balance conditions; b) substantially modifies the conditions for airport service
rendering, and/or service level conditions, and/or the situation of the assets allocated to the service. On the other hand, permanence
shall be established when the circumstance: 1) has lasted more than a semester; 2) has characteristics that make it possible to
reasonable presume that it will last for more than a review period.

 

The procedure
stipulated in Title 6 shall be implemented after the Extraordinary Review Procedure is authorized by a well-founded resolution.

 

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TITLE X:
REVIEW MECHANISM INPUTS

 

The information
detailed below, arising from the Regulatory Accounting System, shall be taken into account for the ordinary review process of the
FPIE:

 

		·	Quarterly Regulatory Accounting Reports.

 

		·	Annual Regulatory Accounting Report.

 

		·	Adopted criteria for expense-generating centers and distribution criteria for allocation purposes.

 

		·	Description in physical and monetary terms of the evolution of the Investment Plan of the Concession
in the period under consideration.

 

		·	Detailed description of operations with controlled and affiliated companies.

 

		·	Monthly and annual movement of passengers per airport.

 

		·	Monthly and annual movement of aircraft per airport.

 

		·	Applied rate schedule (annual).

 

		·	Monthly and annual breakdown of amounts paid by the Concessionaire, corresponding to item “Specific
Revenue Allocation (SRA)” of the FPIE.

 

		·	Detailed description of changes in claim settlement, corresponding to item “Mutual Claim
Balance” of the FPIE (capital and interest amortization).

 

		·	Performance indicators: efficiency of expenditure, work productivity, income generation and efficiency
of non-regulated activities.

 

		·	Record of Investments of the Concession.

 

		·	Quarterly and annual financial statements of the Concessionaire.

 

    	 	43

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