Document:

Exhibit 10.4 [Translation
for information purposes only] COMPREHENSIVE MANAGEMENT AGREEMENT, DATED AS OF FEBRUARY 6, 2003, BY AND BETWEEN THE MINISTRY OF
NATIONAL DEFENSE OF URUGAY AND PUERTA DEL SUR S.A. 

     

     

    

 

February 6th, 2003 Ministerio
de Defensa Nacional Ministry of National Defense of Uruguay COMPREHENSIVE MANAGEMENT AGREEMENT: In the city of Montevideo,
this 6th day of February of year 2003, between: the Ministry of National Defense (hereinafter referred to as “MDN”)
acting in the name and on behalf of the Executive Power, domiciled at Avenida 8 de Octubre 2628, Montevideo, duly represented
hereto by the Minister of National Defense, Mr. Yamandú Fau, as party of the first part; and
the Company “Puerta del Sur S.A.”, registered at the Register of Taxpayers under # 214737710015, domiciled at Calle
Rincón 528, Piso 7, Montevideo, duly represented hereto by Messrs. Alejandro Aníbal Conforte. Mariano, bearer of
ID card # 1.587.907–8, acting in his capacity as President, and Carlos Bergmann Gutiérrez, bearer of ID card # 1.424.250–1,
acting in his capacity as Director (hereinafter referred to as ‘‘the Contractor”), as party of the second part,
IT IS HEREBY AGREED TO ENTER INTO THE FOLLOWING
AGREEMENT: FIRST: Introduction: I) Pursuant to the provisions of Section 21 of Law N°
17.555 dated September 18, 2002, and Decree 376/002 dated September 28, 2002, the Executive Power was authorized to contract directly
with the Corporación Nacional para el Desarrollo (N: Uruguay Development Corporation), within the scope of the tasks
set forth on Section 11 of Law N°15.785 dated December 4, 1985, to create a public Company (as per Section 247 of Law N°
16.060 dated September 4, 1989), which shall have the following Purpose: to carry out the management, exploitation and operation,
construction and maintenance of Carrasco International Airport “Gral. Cesáreo L. Berisso’', related to airport
and 

     

     

    

 non–airport activities, including
commercial activities – such as the tax free shops system – and the rendering of services to complement said airport
activity. II) On December 19, 2002, the Executive Power – Ministry of National Defense executed an Agreement with Corporación
Nacional para el Desarrollo that committed the latter to incorporate the above mentioned Company. Ill) In compliance with
the above mentioned commitment, the Company “Puerta del Sur S.A.” was incorporated in Montevideo, according to the
Memorandum and Articles of Association signed on December 17, 2002, duly granted approval by the Auditoría Interna de
la Nación (N: Internal National Auditor’s Office) on January 28, 2003, registered at the National Register of
Commerce under number 562 on January 30, 2003, and published at the Diario Oficial (N: Official Gazette) and at the Diario
Español. SECOND: Purpose:
The Contractor hereby commits itself before MND to perform a comprehensive management of
Carrasco International Airport “Gral. Cesáreo L. Berisso” (hereinafter referred to as AIC) concerning its full
exploitation, in the form and under the terms and conditions that are specified on Decree 376/02 dated September 28, 2002, which
is considered to form an integral part of this Agreement to all effects. THIRD: Prices: The
Contractor shall collect, for rendering its services as AIC operator, the prices regulated in accordance to the duly approved
“Comprehensive Management Regulations”. FOURTH: Fee and form of payment: Amounts
by way of Fees that the Contractor must pay to DINACIA (N: Dirección Nacional de Aviación Civil e Infraestructura
Aeronáutica — Civil Aviation Authority) shall be those set forth on sub–section 4.7 of the “Comprehensive
Management

     

     

    

 Regulations”.
FIFTH: Prices and fee updating: Prices to be charged by the Contractor and fees to be paid to DINACIA shall be updated under the
terms and conditions set forth on sub–section 4.13. SIXTH:
Duration: This Agreement shall be valid and in effect for 20 (twenty) years as from the
date the Contractor shall take possession of Carrasco International Airport. SEVENTH: Arrears: Any delay in the fulfillment of
the obligations hereby entered into shall produce an automatic fall in arrears as a matter of law for the Contractor, by the simple
fact of non complying with an expiration date or for doing something contrary to what has been stipulated by these presents or
for not doing something the Contractor has committed to do, after having been summoned by telegram with record of delivery, with
a term of three (3) days. EIGHTH: Non fulfillment and Penalties: The Contractor acknowledges
the legal authority of MDN to impose penalties and, particularly, to apply the provisions of Sub–section 4.16 of the Regulations.
NINTH: Special domiciles: The parties hereby fix as special domiciles to all legal effects arising from the present Agreement,
those stated as being their own at the appearance. Any change of domicile must be fixed to be in the city of Montevideo and communicated
in writing to the other party, within two (2) days following said change. TENTH: Jurisdiction: It is hereby agreed that the Courts
of the Republic of Uruguay, with venue in the City of Montevideo, shall have jurisdiction as regards to this Agreement. ELEVENTH:
Notifications and Summons: It is hereby agreed that the telegram with record of delivery (TCC–PC) or a certified letter
shall be

     

     

    

valid as to any communication and summons
that should be made between the parties, at their domiciles. TWELFTH:
Guarantee for Contract Performance: To ensure the compliance of the present Agreement, the
Contractor shall deposit in due time at the Treasury of the MDN, a performance bond as stipulated on Section 5 of Decree N°
376/02, dated September 28, 2002. THIRTEENTH: insurance: At the appropriate time,
the Contractor shall contract the insurances as foreseen on Sub–section 4.14 of the Comprehensive Management Regulations.
FOURTEENTH: The present Agreement forms an indivisible part of Decree N° 376/02
dated September 28, 2002, including all Annexes hereto, all national and international aeronautical regulations concerning this
matter, customs and tax laws, as well as any other regulation that may be related to the purpose of these presents. IN WITNESS
WHEREOF, the parties do hereby execute and deliver these presents on three (3) copies of the same tenor, in the above-mentioned
place and date. (N: Three illegible signatures)Exhibit 10.5

[Translation for information purposes only]

 

 

  

AMENDMENT TO THE COMPREHENSIVE MANAGEMENT
AGREEMENT, DATED AS

OF AUGUST 11, 2003, BY AND BETWEEN THE
MINISTRY OF NATIONAL DEFENSE

AND PUERTA DEL SUR S.A.

 

 

 

 

 

 

Exhibit 10.5 [Translation
for information purposes only] AMENDMENT TO THE COMPREHENSIVE MANAGEMENT AGREEMENT, DATED
AS OF AUGUST 11, 2003, WHICH ESTABLISHED THAT THE COMPREHENSIVE MANAGEMENT AGREEMENT FORMED AN INDIVISBLE PART OF DECREE 376/02
DATED SEPTEMBER 28, 2012

     

     

    

 

 August
11, 2003 AMENDMENT TO THE COMPREHENSIVE MANAGEMENT AGREEMENT: In the city of Montevideo, this 11th day of August
of year 2003, there
appear: as party of the first part, the Ministry of National Defense (hereinafter
referred to as “MDN”) acting in the name and on behalf of the Executive Power, domiciled at Avenida 8 de Octubre 2628,
Montevideo, duly represented hereto by the Minister of National Defense, Professor Yamandú Fau and, as party of
the second part, the Company “Puerta del Sur S.A.”, registered at the Register
of Taxpayers under # 214737710015, domiciled at Calle Rincón 528, Piso 7, Montevideo, duly represented hereto by Messrs.
Alejandro Aníbal Conforte Mariano, bearer of ID card # 1.587.907–8, acting in his capacity as President, and Carlos
Bergmann Gutiérrez, bearer of ID card # 1.424.250–1, acting in his capacity as Director (hereinafter referred
to as “the Contractor”), who have agreed as follows: FIRST: On February
6, 2003, the MDN and the Contractor have entered into a COMPREHENSIVE MANAGEMENT AGREEMENT, pursuant to the provisions of Section
21 of Law N° 17.555 dated September 18, 2002, and Decree 376/002 dated September 28, 2002, which was afterwards amended by
an Agreement entered into the parties on June 9, 2003, whose Purpose is to carry out the management, exploitation and operation,
construction and maintenance of Carrasco International Airport “Gral. Cesáreo L. Berisso”, related to airport
and non–airport activities, including commercial activities – such as the tax free shops system – and the rendering
of services to complement said airport activity, which was audited by the Tribunal de Cuentas de la República (N:
Court of Audits) having no remarks to make. 

     

     

    

 

 SECOND: By
these presents, the parties hereby agree to amend the Agreement referred to on the foregoing clause, but exclusively as regards
to broaden clause Fourteenth of said Agreement, which shall read as follows: “The
present Agreement forms an indivisible part of Decree N° 376/02 dated September 28, 2002, including all Annexes, all national
and international aeronautical regulations concerning this matter, customs and tax laws, as well as any other regulation that
may be related to the purpose of these presents and to the Executive Power Decrees N° 153/003 dated April 24, 2003, 192/003
dated May 20, 2003 and 317/2003 dated August 4, 2003.” IN WITNESS WHEREOF, the parties do hereby sign these presents on
three (3) copies of the same tenor, in the above–mentioned place and date. (N: Three signatures)Exhibit 10.6

[Translation for information purposes only]

 

 

 

AMENDMENT TO THE COMPREHENSIVE MANAGEMENT
AGREEMENT ENTERED INTO

ON FEBRUARY 28, 2005, BY AND BETWEEN
THE MINISTRY OF NATIONAL DEFENSE

AND PUERTA DEL SUR S.A.

 

 

 

Exhibit 10.6 [Translation
for information purposes only] AMENDMENT TO THE COMPREHENSIVE MANAGEMENT AGREEMENT SIGNED
ON FEBRUARY 28, 2005, WHICH MODIFIED THE EXTENSION OF THE RUNWAY 06-24 TO A TOTAL EXTENSION OF 3.200 METERS

     

     

    

 

 March
3rd, 2005 Decree 284/05 dated February 25th, 2005 02/25/05 – AMENDMENT TO
THE COMPREHENSIVE MANAGEMENT AGREEMENT ENTERED INTO ON FEBRUARY 6, 2003 IS HEREBY
APPROVED; PROPOSAL SUBMITTED BY “PUERTA DEL SUR
S.A.” (CONTRACTOR OF CARRASCO INTERNATIONAL AIRPORT) WHEREAS:
The alternative proposal submitted by Puerta del Sur S.A. (AIC Contractor), introducing
amendments to the Master Plan approved by Resolution # 51.952 of the Ministry of National Defense on July 12th, 2004,
and to the Comprehensive Management Agreement. WHEREAS: As
per the above mentioned Resolution # 51.952 of the Ministry of National Defense, it was resolved to open an instance of evaluation
by the State concerning alternative proposals to the Master Plan and to the Technical Guidelines of the Comprehensive Management
Agreement submitted by the Contractor. Those alternative proposals were: a) immediate extension of Runway 06-24 in 200 meters
so that said runway would reach a total extension of 3,200 meters, b) construction of a new stretch of road on taxiway B, identified
as B T8, postponing the construction of the new taxiway B between taxiways D and A, until the date it is determined to be necessary
for a proper operation of Carrasco International Airport or until year 2017 (whichever happens first); c) to change the location
of the Cargo Terminal to another area, nearer the future Passenger Terminal. WHEREAS: I) According
to what has been set forth on WHEREAS II) of the above mentioned Resolution # 51.952 of the Ministry of National Defense, the
criteria for the evaluation of alternative proposals are based 

     

     

    

 

 on
determining that said proposals do not stray substantially from the Comprehensive Management Regulations or that they improve
them and do not affect the economic and financial equation to the detriment of the State. II)
As regards to the above mentioned proposal submitted by Puerta del Sur S.A., the Administrative
Agency of the Comprehensive Management Control Unit for Airports and Airport Concessions that reports to the Ministry of National
Defense, has issued a statement confirming that the alternative proposals to the Master Plan concerning the immediate extension
of Runway 06-24 in 200 meters so that said runway would reach a total extension of 3,200 meters shall improve the operational
capacity of AIC, thus increasing the development of transportation and airfreight. Furthermore, it improves the investment schedule
proposed on the airport auction basis and it raises the value of the airport, an asset of the State. III) The
alternative proposal to postpone the construction of taxiway B until the date it is determined to be necessary for a proper operation
of Carrasco International Airport or until year 2017 (whichever happens first) having been analyzed and taking into account what
has been considered on Whereas above, it is understood that, as from the operational point of view and the economic and financial
equation, it is justifiable to defer those works only until year 2013 or until the date it is determined to be necessary for a
proper operation of Carrasco International Airport (whichever happens first). IV) As
regards to the alternative proposal to change the location of the Cargo Terminal, it is considered to entail a profit for the
AIC operation and does not affect the economic and financial equation.

     

     

    

 

 V)
After having been audited by the Tribunal de Cuentas de la República (N:
Court of Audits), no remarks were made thereto. IN VIEW OF what has been previously stated and pursuant to the report by the Comprehensive
Management Control Unit for Airports and Airport Concessions that reports to the Ministry of National Defense, THE PRESIDENT OF
THE REPUBLIC OF URUGUAY HEREBY DECREES: FIRST: To approve the amendment of the Comprehensive Management Agreement entered into
on February 6, 2003, in accordance with the project appearing on folios 45 to 49 of File number 2004066254 at the Ministry of
National Defense, which is an integral part of this Resolution. SECOND: To authorize the Minister of National Defense to subscribe
the proposed amendment to said Agreement. THIRD: Let it be known and returned to the Comprehensive Management Control Unit for
Airports and Airport Concessions to those effects. Once complied to, let it be filed. *************************************************************************************
AMENDMENT TO THE COMPREHENSIVE MANAGEMENT AGREEMENT: In the city of Montevideo, this ....
day of .........of year 2004, there appear: as party of the
first part, the Ministry of National Defense (hereinafter referred to as “MDN”)
acting in the name and on behalf of the Executive Power, domiciled at Avenida 8 de Octubre 2628, Montevideo, duly represented
hereto by the Minister of National Defense, Professor Yamandú Fau and, as party of the second part, the
Company “Puerta del Sur S.A.” (hereinafter referred to as the Contractor), registered at the Register of Taxpayers
under # 214737710015, domiciled at Calle Rincón 528, Piso 7, Montevideo, duly represented hereto by

     

     

    

 

 Messrs, Fernando Victor Pelaez, bearer of Argentine ID card
# 13.380.763, and Dr. Jorge Aram Chouldjian Aharonian, bearer of ID card # 1.415.577- 0, who have agreed as follows: FIRST:
Introduction: I)
On February 6, 2003, the MDN and the Contractor have entered into a COMPREHENSIVE MANAGEMENT AGREEMENT, pursuant to the provisions
of Section 21 of Law N° 17.555 dated September 18, 2002, and Decree 376/002 dated September 28, 2002, and any amendments whereof,
whose Purpose is to carry out the management, exploitation and operation, construction and maintenance of Carrasco International
Airport “Gral. Cesáreo L. Berisso”, related to airport and non-airport activities, including commercial activities
– such as the tax free shops system – and the rendering of services to complement said airport activity, duly audited
by the Tribunal de Cuentas de la República (N: Court of Audits) and no remarks were made thereto. II)
As per Resolution # 51.952 of the Ministry of National Defense of July 12, 2004, the Master
Plan as submitted by the Contractor has been approved, as well as the opening of an instance of evaluation by the State concerning
alternative proposals to the Master Plan and to the Technical Guidelines of the Comprehensive Management Agreement submitted by
the Contractor. Those alternative proposals to be evaluated were: a) the immediate extension of Runway 06-24 in 200 meters so
that said runway would reach a total extension of 3,200 meters, the construction of a new stretch of road on taxiway B, identified
as B T8, postponing the construction of the new taxiway B between taxiways D and A, and b) to change the location of the Cargo
Terminal to another area, nearer the future Passenger Terminal. 

     

     

    

 

 SECOND: By
these presents, the parties hereto agree to amend the above mentioned Comprehensive Management Agreement and the already approved
Master Plan, exclusively as regards to the following matters: A) The Contractor shall
carry-out an additional 200 meters extension of Runway 06-24 than required on the approved Master Plan and the Technical Guidelines.
Said extension shall be built beyond the present runway head 06, thus reaching a total length of 3,200 meters runway, this works
shall be executed together with the 3,000 meters enlargement works already stipulated. B) The
new runway head shall have 150-meters long concrete structure, counting as from the future threshold 06 and shall be completed
with flexible paving until reaching the present runway head 06. The Contractor shall build a new 180° rotation runway head
on the future threshold 06 with rigid paving. The structural design shall be performed according to the criteria required on the
Technical Guidelines of the Agreement for new pavements, Phase II Project and for B747-400 aircrafts. As regards to additional
beacon works, the Contractor shall perform scoring civil engineering works to bring them to Category II, besides what has already
been approved at the Master Plan and in compliance with the Technical Guidelines of the Agreement. The construction of all the
above mentioned works shall be finished in May 2005. B) The Contractor shall build
parallel taxiway B in two stages. The first stage will rectify its path from the present taxiway named as B T- 7 to the intersection
of taxiway D, in the already approved Master Plan deadlines. All design conditions are kept as approved.

     

     

    

 

 The second stage (between taxiways D and A) shall be executed
during year 2013. In the event that before said
date, demand would reach aircraft traffic as indicated by ICAO (International Civil Aviation Organization) and the need to count
with a parallel taxiway would be determined, the Contractor shall build it although the deadline is not due. For the project,
the Contractor shall keep identical design conditions as those required on the Technical Guidelines of the Agreement. The Contractor
shall build a new taxiway which shall be named as B T-8, connecting the future new platform with the one already existing nowadays.
Design conditions shall be those referred to for Class 4 E (23 meters wide and 10.5-meters wide paved shoulders). This last work
shall come into service together with the. implementation of the future platform. C)
The location of the future Cargo Terminal shall be on the sector occupied at present by
airline deposits and the fire station, amending the location foreseen on the already approved Technical Guidelines and Master
Plan. The remaining characteristics of the future Cargo Terminal shall be kept as approved on the Master Plan, to the exception
of the road access that shall not be on Camino Carrasco but on the present access to the existing Passenger Terminal. THIRD:
The Contractor is hereby specially committed to draw up the detailed project of the
new runway extension. He shall be in charge of all additional costs that those modifications agreed upon by these presents may
generate as well as the execution of all projects. He shall verify and be in charge of any possible additional costs before ILS
concerning the new conditions of Runway 06-24. He shall define the new declared 

     

     

    

 

distances and shall verify the approaching surfaces and
obstacles, being at his charge any possible action for the difference from 3,000 meters to 3,200 meters of Runway. Without prejudice
to what has been previously stated, the Contractor shall: -
Draw up the final design of the new runway head 06 - Draw up the final design of Runway 06-24 visual aids - Determine the final
gradient, according to the presence of the lor of runway head 06 and all associated take-off slopes. - New pavements shall
observe the technical guidelines and Phase II Project. - Carry-out the hydraulic study and drainage and project definition. -
Submit the final design for approval by the Control Unit 30 days before starting the works. It is hereby agreed that all costs
and actions that may arise from the acceptance of these variations shall be at the exclusive charge of the Contractor. IN WITNESS
WHEREOF, the parties do hereby sign these presents on three copies of the same tenor, in the above-mentioned place and date.

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