Document:

Exhibit 4.2

 

GRUPO
AEROPORTUARIO DEL CENTRO NORTE, S.A.B. de C.V.

 

AND

 

THE BANK OF
NEW YORK

as Depositary

 

AND

 

OWNERS OF
AMERICAN

DEPOSITARY
SHARES

 

 

Deposit
Agreement

 

 

Dated as of          ,
2006

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE I DEFINITIONS

  	
   

  
	
  SECTION 1.01.

  	
  Certain Terms Defined.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II
  FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY,
  REGISTRATION OF TRANSFER AND SURRENDER OF RECEIPTS

  	
   

  
	
  SECTION 2.01.

  	
  Form and Transferability of Receipts.

  	
   

  
	
  SECTION 2.02.

  	
  Deposit of Shares.

  	
   

  
	
  SECTION 2.03.

  	
  Execution and Delivery of Receipts.

  	
   

  
	
  SECTION 2.04.

  	
  Registration of Transfer of Receipts;
  Combinations and Split-ups of Receipts.

  	
   

  
	
  SECTION 2.05.

  	
  Surrender of Receipts and Withdrawal of
  Deposited Securities.

  	
   

  
	
  SECTION 2.06.

  	
  Limitations on Execution and Delivery,
  Transfer and Surrender of Receipts.

  	
   

  
	
  SECTION 2.07.

  	
  Lost Receipts, etc.

  	
   

  
	
  SECTION 2.08.

  	
  Cancellation and Destruction of Surrendered
  Receipts.

  	
   

  
	
  SECTION 2.09.

  	
  Pre-Release.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
   

  
	
  SECTION 3.01.

  	
  Filing Proofs, Certificates and Other
  Information.

  	
   

  
	
  SECTION 3.02.

  	
  Liability of Owner for Taxes.

  	
   

  
	
  SECTION 3.03.

  	
  Warranties on Deposit of Shares.

  	
   

  
	
  SECTION 3.04.

  	
  Disclosure of Interests.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
   

  
	
  SECTION 4.01.

  	
  Cash Distributions.

  	
   

  
	
  SECTION 4.02.

  	
  Distributions Other Than Cash or Shares.

  	
   

  
	
  SECTION 4.03.

  	
  Distribution in Shares.

  	
   

  
	
  SECTION 4.04.

  	
  Rights.

  	
   

  
	
  SECTION 4.05.

  	
  Conversion of Foreign Currency.

  	
   

  
	
  SECTION 4.06.

  	
  Fixing of Record Date.

  	
   

  
	
  SECTION 4.07.

  	
  Voting of Deposited Securities.

  	
   

  
	
  SECTION 4.08.

  	
  Changes Affecting Deposited Securities.

  	
   

  
	
  SECTION 4.09.

  	
  Reports.

  	
   

  
	
  SECTION 4.10.

  	
  Lists of Receipt Owners.

  	
   

  
	
  SECTION 4.11.

  	
  Withholding.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
   

  
	
  SECTION 5.01.

  	
  Maintenance of Office and Transfer Books by
  the Depositary.

  	
   

  
	
  SECTION 5.02.

  	
  Prevention or Delay in Performance by the
  Depositary or the Company.

  	
   

  
	
  SECTION 5.03.

  	
  Obligations of the Depositary and the
  Company.

  	
   

  
	
  SECTION 5.04.

  	
  Resignation and Removal of the Depositary;
  Appointment of Successor Depositary.

  	
   

  
	
  SECTION 5.05.

  	
  The Custodian.

  	
   

  
	
  SECTION 5.06.

  	
  Notices and Reports.

  	
   

  
	
  SECTION 5.07.

  	
  Issuance of Additional Shares.

  	
   

  
	
  SECTION 5.08.

  	
  Indemnification.

  	
   

  
	
  SECTION 5.09.

  	
  Charges of Depositary.

  	
   

  
	
  SECTION 5.10.

  	
  Available Information to the Commission.

  	
   

  

 

2

 

	
  SECTION 5.11.

  	
  Exclusivity.

  	
   

  
	
  SECTION 5.12.

  	
  List of Restricted Securities Owners.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  	
   

  
	
  SECTION 6.01.

  	
  Amendment.

  	
   

  
	
  SECTION 6.02.

  	
  Termination.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  	
   

  
	
  SECTION 7.01.

  	
  Counterparts.

  	
   

  
	
  SECTION 7.02.

  	
  No Third Party Beneficiaries.

  	
   

  
	
  SECTION 7.03.

  	
  Severability.

  	
   

  
	
  SECTION 7.04.

  	
  Owners as Parties; Binding Effect.

  	
   

  
	
  SECTION 7.05.

  	
  Notices.

  	
   

  
	
  SECTION 7.06.

  	
  Submission to Jurisdiction; Appointment of
  Agent for Service of Process.

  	
   

  
	
  SECTION 7.07.

  	
  Waiver of Immunities.

  	
   

  
	
  SECTION 7.08.

  	
  Governing Law.

  	
   

  
	
  SECTION 7.09.

  	
  Headings.

  	
   

  
	
  SECTION 7.10.

  	
  Compliance with U.S. Securities Laws.

  	
   

  
	
   

  	
   

  	
   

  

 

DEPOSIT
AGREEMENT

 

DEPOSIT
AGREEMENT dated as of              ,
2006, among GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. de C.V., a corporation
(sociedad  anónima  bursátil  de  capital  variable)
organized under the laws of the United Mexican States (herein called the
Company), THE BANK OF NEW YORK, a New York banking corporation (herein called
the Depositary), and all OWNERS from time to time of American Depositary Shares
issued hereunder.

 

W I T N E S S
E T H:

 

WHEREAS, the
Company desires to provide, as hereinafter set forth in this Deposit Agreement,
for the deposit of Shares (as hereinafter defined) of the Company, from time to
time with the Depositary or with the Custodian (as hereinafter defined) as
agent of the Depositary for the purposes set forth in this Deposit Agreement,
for the creation of American Depositary Shares representing the Shares so
deposited and for the execution and delivery of American Depositary Receipts
evidencing the American Depositary Shares; and

 

WHEREAS, the
American Depositary Receipts are to be substantially in the form of Exhibit A
annexed hereto, with appropriate insertions, modifications or omissions, as
hereinafter provided in this Deposit Agreement;

 

3

 

NOW,
THEREFORE, in consideration of the premises, it is agreed by and among the
parties hereto as follows:

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01.                 Certain Terms
Defined.

 

The following
definitions shall for all purposes, unless otherwise clearly indicated, apply
to the respective terms used in this Deposit Agreement.

 

The term “American
Depositary Shares” shall mean the securities created under this Deposit
Agreement representing rights with respect to the Deposited Securities.
American Depositary Shares may be certificated securities evidenced by
Receipts or uncertificated securities. The form of Receipt annexed as Exhibit A
to this Deposit Agreement shall be the prospectus required under the Securities
Act of 1933 for sales of both certificated and uncertificated American
Depositary Shares. Except for those provisions of this Deposit Agreement that
refer specifically to Receipts, all the provisions of this Deposit Agreement
shall apply to both certificated and uncertificated American Depositary Shares.
Each American Depositary Share shall represent the number of Shares specified
in Exhibit A to this Deposit Agreement, until there shall occur a
distribution upon Deposited Securities covered by Section 4.03 or a change
in Deposited Securities covered by Section 4.08 with respect to which
additional American Depositary Shares are not delivered, and thereafter
American Depositary Shares shall represent the amount of Shares or Deposited
Securities specified in such Sections.

 

The term “Commission”
shall mean the Securities and Exchange Commission of the United States or any
successor governmental agency in the United States.

 

The term “Company”
shall mean Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., a corporation
(sociedad  anónima  bursátil  de  capital  variable)
organized under the laws of the United Mexican States, and its successors.

 

The term “Custodian”
shall mean the principal Mexico City office of Bancomer, S.A., as agent of the
Depositary for the purposes of this Deposit Agreement, and any other entity,
firm or corporation which may hereafter be appointed by the Depositary
pursuant to Section 5.05 as substitute or additional custodian hereunder.

 

The term “deliver”,
or its noun form, (i) when used with respect to Shares shall mean (A) one
or more book-entry transfers to an account or accounts maintained with a
depository institution authorized under applicable law to effect book-entry
transfers of such securities or (B) the physical transfer of certificates
representing Shares, and (ii) when used with respect to American
Depositary Shares, shall mean (A) book-entry transfer of American
Depositary Shares to an account at DTC designated by the person entitled to
such delivery, evidencing American Depositary Shares registered in the name
requested by that person, (B) registration of American Depositary Shares
not evidenced by a Receipt on the books of the Depositary in the name requested
by the person entitled to such delivery and mailing to that person of a
statement confirming that registration or (C) if requested by the person
entitled to such delivery, delivery at the Corporate Trust Office of the
Depositary to the person entitled to such delivery of one or more Receipts.

 

4

 

The term “Deposit
Agreement” shall mean this Agreement, as the same may be amended from
time to time in accordance with the provisions hereof.

 

The term “Depositary”
shall mean The Bank of New York, a New York banking corporation, and any
successor as depositary hereunder. The term “Corporate Trust Office,”
when used with respect to the Depositary, shall mean the office of the
Depositary which at the date of this Agreement is 101 Barclay Street, New York,
New York 10286.

 

The term “Deposited
Securities” as of any time shall mean Shares at such time deposited under
this Deposit Agreement and any and all other securities, property and cash
received at any time by the Depositary or the Custodian in respect thereof and
at such time held hereunder.

 

The term “Directors”
shall mean the directors of the Company.

 

The term “Estatutos”
shall mean the estatutos  sociales of the Company, as the same may be
amended from time to time.

 

The term “Indeval”
shall mean S.D. Indeval, S.A. de C.V., the Mexican securities depositary
institution, and any successor which performs substantially identical functions
in Mexico.

 

The term “Owner”
shall mean the person or persons in whose name American Depositary Shares are
registered on the books of the Depositary maintained for such purpose.

 

The term “Pre-Release”
shall have the meaning set forth in Section 2.09.

 

The term “Receipts”
shall mean the American Depositary Receipts issued hereunder evidencing
certificated American Depositary Shares.

 

The term “Registrar”
shall mean the Depositary, or any other bank or trust company having an office
in the Borough of Manhattan, The City of New York, which shall be appointed by
the Depositary to register American Depositary Shares and transfers of American
Depositary Shares and to countersign Receipts as herein provided and shall
include any co-registrar appointed by the Depositary upon the request or with
the approval of the Company.

 

The term “Regulation
S” shall mean Rules 901 through 904, inclusive, under the Securities
Act of 1933, as such Rules may from time to time be amended.

 

The term “Restricted
Securities” shall mean Shares, or American Depositary Shares representing
Shares, that are acquired directly or indirectly from the Company or its
affiliates (as defined in Rule 144 under the Securities Act of 1933) in a
transaction or chain of transactions not involving any public offering, or that
are subject to resale limitations under Regulation D under the Securities Act
of 1933 or both, or which are held by an officer, director (or persons
performing similar functions) or other affiliate of the Company, or that would
require registration under the Securities Act of 1933 in connection with the
offer and sale thereof in the United States, or that are subject to other
restrictions on sale or deposit under the laws of the United States or Mexico,
or under a shareholder agreement or the Estatutos or similar document of the
Company.

 

The term “Securities
Act of 1933” shall mean the United States Securities Act of 1933, as from
time to time amended.

 

5

 

The term “Securities
Exchange Act of 1934” shall mean the United States Securities Exchange Act
of 1934, as from time to time amended.

 

The term “Shares”
shall mean the Series B shares in registered form of the Company,
without par value; provided, however, that if there shall occur
any change in par value, split-up or consolidation or any other
reclassification or, upon the occurrence of an event described in Section 4.08,
an exchange, replacement or conversion in respect of the Shares of the Company,
the term “Shares” shall thereafter represent the successor securities resulting
from such change in par value, split-up or consolidation or any other such
reclassification or exchange or conversion.

 

The term “surrender”,
when used with respect to American Depositary Shares, shall mean (i) one
or more book-entry transfers of American Depositary Shares to the DTC account
of the Depositary, (ii) delivery to the Depositary at its Corporate Trust
Office of an instruction to surrender American Depositary Shares not evidenced
by a Receipt or (iii) surrender to the Depositary at its Corporate
Trust Office of one or more Receipts evidencing American Depositary Shares.

 

The term “U.S.
dollars” or “$” shall mean United States dollars. The term “Pesos”
or “p” shall mean pesos of the United Mexican States.

 

ARTICLE II

 

FORM OF
RECEIPTS, DEPOSIT OF SHARES, DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER
OF AMERICAN DEPOSITARY SHARES

 

SECTION 2.01.                 Form of
Receipts; Registration and Transferability of American Depositary Shares.

 

Definitive
Receipts shall be printed or lithographed or in such other form as may be
acceptable to the New York Stock Exchange and substantially in the form set
forth in Exhibit A hereto, with appropriate insertions, modifications and
omissions as hereinafter provided. Receipts may be issued in denominations
of whole numbers of American Depositary Shares only. No Receipt shall be
entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose unless such Receipt shall have been executed by the Depositary
by the manual or facsimile signature of a duly authorized signatory of the
Depositary and, if a Registrar shall have been appointed, countersigned by the
manual signature of a duly authorized signatory of the Registrar. Receipts
bearing the facsimile signature of anyone who was, at any time such signature
was affixed, a duly authorized signatory of the Depositary shall bind the
Depositary, notwithstanding that such signatory has ceased to be a duly
authorized signatory of the Depositary prior to the delivery of such Receipts. The
Depositary shall maintain books on which (x) each Receipt so executed and
delivered as hereinafter provided and the transfer of each such Receipt shall
be registered and (y) all American Depositary Shares delivered as heinafter
provided and all registrations of transfer of American Depositry Shares shall
be registered.

 

The Receipts may be
endorsed with or have incorporated in the text thereof such legends or recitals
or changes not inconsistent with the provisions of this Deposit Agreement or
the Estatutos as may be required by the Depositary in respect of
its obligations hereunder or required to comply with any applicable law or
regulations or with the rules and regulations of any securities exchange
upon which American Depositary Shares may be listed or to conform with
any usage with respect thereto, or to indicate any special limitations or
restrictions to which any particular Receipts are subject by reason of the date
of issuance of the underlying Deposited Securities or otherwise.

 

6

 

American
Depositary Shares evidenced by a Receipt, when properly endorsed or accompanied
by proper instruments of transfer, shall be transferable as certificated
registered securities under the laws of New York. American Depositary Shares
not evidenced by Receipts shall be transferable as uncertificated registered
securities under the laws of New York. The Depositary, notwithstanding any
notice to the contrary, may treat the Owner of American Depositary Shares
as the absolute owner thereof for the purpose of determining the person
entitled to distribution of dividends or other distributions or to any notice
provided for in this Deposit Agreement and for all other purposes, and neither
the Depositary nor the Company shall have any obligation or be subject to any
liability under this Deposit Agreement to any holder of American Depositary
Shares unless such holder is the Owner thereof.

 

SECTION 2.02.                 Deposit of
Shares.

 

Subject to the
terms and conditions of this Deposit Agreement, Shares may be deposited by
(i) electronic transfer of Shares through Indeval to the account of the
Custodian maintained for such purposes, or (ii) delivery to the Custodian
of evidence satisfactory to the Custodian that irrevocable instructions have
been given to cause such Shares to be transferred to such account, in any case
accompanied by delivery to the Custodian of any appropriate instrument or
instruments of transfer, or endorsement, in form satisfactory to the
Custodian, together with all such certifications, payments and evidence of such
payments as may be required by the Depositary or the Custodian in
accordance with the provisions of this Deposit Agreement, and, if the
Depositary requires, together with a written order directing the Depositary to
deliver to, or upon the written order of, the person or persons stated in such
order the number of American Depositary Shares representing such deposit.

 

If required by
the Depositary, Shares presented for deposit at any time, whether or not the
transfer books of the Company (or the appointed agent of the Company for
transfer and registration of Shares) are closed, shall also be accompanied by (i) an
agreement or assignment, or other instrument satisfactory to the Depositary,
which will provide for the prompt transfer to the Custodian of any dividend or
right to subscribe for additional Shares or to receive other property which any
person in whose name the Shares are or have been registered may thereafter
receive upon or in respect of such deposited Shares, or, in lieu thereof, such
agreement of indemnity or other agreements as shall be satisfactory to the
Depositary, and (ii) if the Shares are registered in the name of the
person on whose behalf they are deposited, a proxy or proxies entitling the
Custodian to vote such deposited Shares for any and all purposes until the
Shares are registered in the name of the Custodian or its nominee.

 

At the request,
risk and expense of any holder of Shares, and for the account of such holder,
the Depositary may receive evidence that Shares have been electronically
transferred or that irrevocable instructions have been given to cause the
transfer of such Shares to the account of the Custodian, together with the
other documents and payments herein specified, for the purpose of forwarding
such Shares to the Custodian for deposit hereunder.

 

Upon
electronic transfer to the Custodian of Shares to be deposited hereunder, or
delivery to the Custodian of irrevocable instructions therefor, together in
either case with the other documents and payments herein specified, the
Custodian shall, as soon as practicable, obtain confirmation of registration
of, or registration of transfer of, the Shares being deposited in the name of
the Custodian or its nominee, at the cost and expense of the holder making such
deposit.

 

Deposited
Securities shall be held by the Depositary, or by the Custodian for the account
and to

 

7

 

the order of the Depositary, at such place or
places as the Depositary shall determine.

 

SECTION 2.03.                 Execution and
Delivery of Receipts.

 

Upon receipt
by the Custodian of any deposit pursuant to Section 2.02 (and in addition,
if the transfer books of the Company (or the appointed agent or agents of the
Company for transfer and registration of the Shares) are open, or if the
Depositary so requires, a proper acknowledgment or other evidence from the
Company (or the appointed agent or agents of the Company for transfer and
registration of the Shares) satisfactory to the Depositary that any Deposited
Securities have been recorded upon the books of the Company (or by the
appointed agent of the Company for transfer and registration of Shares) in the
name of the Custodian or nominee, together with the other documents and
payments required as above specified), the Custodian shall notify the
Depositary of such deposit, the person or persons to whom or upon whose written
order American Depositary Shares are deliverable in respect thereof and the
number of American Depositary Shares that are so deliverable. Such notification
shall be made by letter or, at the request, risk and expense of the person
making the deposit, by cable, telex or facsimile transmission. Upon receiving
such notice from the Custodian, the Depositary, subject to the terms and
conditions of this Deposit Agreement, shall deliver to or upon the order
of the person or persons named in the notice delivered to the Depositary the
number of American Depositary Shares deliverable in respect of that deposit,
but only upon payment to the Depositary by such person or persons of the fee of
the Depositary for the execution and delivery of such American Depositary
Shares, and of all taxes, duties and other governmental charges and fees
payable (whether by the Depositary, the Custodian or a nominee of either of
them) in connection with such deposit, the transfer of the Deposited Securities
and the delivery of such American Depositary Shares.

 

SECTION 2.04.                 Registration
of Transfer of American Depositary Shares; Combinations and Split-ups of
Receipts; Interchange of Certificated and Uncertificated American Depositary
Shares.

 

The
Depositary, subject to the terms and conditions of this Deposit Agreement,
shall register transfers of American Depositary Shares on its transfer books
from time to time, upon (i) in the case of certificated American
Depositary Shares, surrender of the Receipt evidencing those American
Depositary Shares, by the Owner in person or by a duly authorized attorney,
properly endorsed or accompanied by proper instruments of transfer or (ii) in
the case of uncertificated American Depositary Shares, receipt from the Owner
of a proper instruction (including, for the avoidance of doubt, instructions
through DRS and Profile as provided in Section 2.10), and, in either case,
duly stamped as may be required by the laws of the State of New York and
of the United States of America. Thereupon the Depositary shall deliver those
American Depositary Shares to or upon the order of the person entitled thereto.

 

The
Depositary, subject to the terms and conditions of this Deposit Agreement,
shall upon surrender at any of its designated transfer offices of a Receipt or
Receipts for the purpose of effecting a split-up or combination of such Receipt
or Receipts, execute and deliver a new Receipt or Receipts for any authorized
number of American Depositary Shares requested, evidencing the same aggregate
number of American Depositary Shares as the Receipt or Receipts surrendered.

 

The
Depositary, upon surrender of a Receipt for the purpose of exchanging for
uncertificated American Depositary Shares, shall cancel that Receipt and send
the Owner a statement confirming that the Owner is the owner of the name number
of uncertificated American Depositary Shares that the surrendered Receipt
evidenced. The Depositary, upon receipt of a proper instruction (including, for
the

 

8

 

avoidance of doubt, instructions through DRS
and Profile as provided in Section 2.10) from the Owner of uncertificated
American Depositary Shares for the purpose of exchanging for certificated
American Depositary Shares, shall execute and deliver to the Owner a Receipt
evidencing the name number of certificated American Depositary Shares.

 

The Depositary
may appoint one or more co-transfer agents for the purpose of effecting
registrations of transfer of American Depositary Shares and combinations and
split-ups of Receipts at designated transfer offices on behalf of the
Depositary. In carrying out its functions, a co-transfer agent may require
evidence of authority and compliance with applicable laws and other
requirements by Owners or persons entitled to Receipts and will be entitled to
protection and indemnity to the same extent as the Depositary.

 

SECTION 2.05.                 Surrender of
Receipts and Withdrawal of Deposited Securities.

 

Upon surrender
at the Corporate Trust Office of the Depositary of American Depositary Shares
for the purpose of withdrawal of the Deposited Securities represented thereby,
and upon payment of the fee of the Depositary for the surrender of American
Depositary Shares as provided in Section 5.09 and payment of all taxes and
governmental charges payable in connection with such surrender and withdrawal
of the Deposited Securities, and subject to the terms and conditions of this
Deposit Agreement, the Estatutos and the Deposited Securities, the Owner
of those American Depositary Shares shall be entitled to delivery, to him or as
instructed, of the amount of Deposited Securities at the time represented by
those American Depositary Shares. Such delivery shall be made, as hereinafter
provided, without unreasonable delay.

 

A Receipt
surrendered for such purpose may be required by the Depositary to be
properly endorsed in blank or accompanied by proper instruments of transfer in
blank, and, if the Depositary so requires, the Owner thereof shall execute and
deliver to the Depositary a written order directing the Depositary to cause (i) the
electronic transfer of the Shares represented by such Receipt to an account in
the name of the Owner or such other name as the Owner may direct and (ii) cause
the Deposited Securities being withdrawn to be delivered to or upon the written
order of a person or persons designated in such order.

 

Thereupon the
Depositary shall direct the Custodian to deliver at office of the Custodian,
subject to Sections 2.06, 3.01, 3.02 and 3.04 hereof and pursuant to the other
terms and conditions of this Deposit Agreement and the Estatutos, to or
upon the written order of the Owner or the person or persons designated in the
order delivered to the Depositary as above provided, the Deposited Securities
at the time represented by the surrendered American Depositary Shares, except
that the Depositary may, in its discretion, make delivery to such person or
persons at the Corporate Trust Office of any evidence of transfer, cash,
dividends, distributions or rights with respect to the Deposited Securities
represented by those American Depositary Shares, or of any proceeds of sale of
any such cash, dividends, distributions or any rights, which may at the
time be held by the Depositary.

 

At the
request, risk and expense of any Owner so surrendering a Receipt, and for the account
of such Owner, the Depositary shall direct the Custodian to forward any cash,
rights (subject to Section 4.04) or other property comprising, and forward
a certificate or certificates and other proper documents of title for, the
Deposited Securities evidenced by the surrendered American Depositary Shares to
the Depositary for delivery at the Corporate Trust Office of the Depositary. Such
direction shall be given by letter or, at the request, risk and expense of such
Owner, by cable, telex or facsimile transmission.

 

9

 

Neither the
Depositary nor the Custodian shall deliver Shares, by physical delivery,
book-entry or otherwise (other than to the Company or its agent as contemplated
by Section 4.08), or otherwise permit Shares to be withdrawn from the
facility created hereby, except upon the surrender of American Depositary
Shares or in connection with a sale permitted under Section 3.02, 4.03,
4.11 or 6.02.

 

SECTION 2.06.                 Limitations on
Delivery, Transfer and Surrender of Amercian Deposiary Shares.

 

As a condition
precedent to the delivery, registration of transfer, or surrender of any
American Depositary Shares or split-up or combination of any Receipt or
withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require
payment from the depositor of Shares or the presenter of the Receipt or
instruction for registration of transfer or surrender of American Depositary
Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any
tax or other governmental charge and any stock transfer or registration fee
with respect thereto (including any such tax or charge and fee with respect to
Shares being deposited or withdrawn) and payment of any applicable fees as
herein provided, may require the production of proof satisfactory to it as
to the identity and genuineness of any signature and may also require
compliance with any reasonable regulations the Depositary may establish
consistent with the provisions of this Deposit Agreement, including, without
limitation, this Section 2.06.

 

The delivery
of Receipts against deposits of Shares generally may be suspended, or the
delivery of American Depositary Shares against the deposit of particular Shares
may be withheld, or the registration of transfer of American Depositary
Shares in particular instances may be refused, or the registration of
transfer or surrender of outstanding American Depositary Shares generally may be
suspended, during any period when the transfer books of the Depositary or the
Share register of the Company are closed, or if any such action is deemed
necessary or advisable by the Depositary or the Company at any time or from
time to time because of any requirement of law or of any government or
governmental body or commission, or any securities exchange on which the
American Depositary Shares or Shares are listed, or under any provision of the
Receipts or of this Deposit Agreement, or for any other reason. Notwithstanding
the foregoing sentence or any other provision of this Deposit Agreement to the
contrary, Owners shall be entitled to withdraw Deposited Securities subject
only to the conditions set forth in paragraph I(A)(1) of the General
Instructions (or any successor provisions thereto), as in effect from time to
time, to Form F-6 as prescribed by the Commission under the Securities Act
of 1933.

 

Without
limitation of the foregoing, the Depositary shall not knowingly accept for
deposit under this Deposit Agreement any Shares which would be required to be
registered under the provisions of the Securities Act of 1933 for public offer
and sale by the holder thereof in the United States (as defined in Regulation
S) unless a registration statement is in effect as to such Shares for such
offer and sale. The Depositary shall comply with reasonable written
instructions of the Company not to accept for deposit hereunder any Shares
identified in such instructions at such times and under such circumstances as may be
specified in such instructions in order to facilitate the Company’s compliance
with the securities laws of the United States.

 

SECTION 2.07.                 Lost Receipts,
etc.

 

In case any
Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall
execute and deliver a new Receipt of like tenor, in exchange and substitution
for such mutilated Receipt upon

 

10

 

cancellation thereof, or in lieu of and in
substitution for such destroyed, lost or stolen Receipt, if the Owner thereof
shall have (a) filed with the Depositary (i) a request for such
execution and delivery before the Depositary has notice that the Receipt has
been acquired by a bona  fide purchaser and (ii) a sufficient
indemnity bond and (b) satisfied any other reasonable requirements imposed
by the Depositary.

 

SECTION 2.08.                 Cancellation
and Destruction of Surrendered Receipts.

 

All Receipts
surrendered to the Depositary shall be cancelled by the Depositary. The
Depositary is authorized to destroy Receipts so cancelled, provided that the
Depositary maintains a record of destroyed Receipts.

 

SECTION 2.09.                 Pre-Release.

 

The Depositary
may deliver American Depositary Shares against rights to receive Shares
from the Company (or the appointed agent or agents of the Company for transfer
and registration of the Shares). No such issue of American Depositary Shares
will be deemed a “Pre-Release” that is subject to the restrictions of the
following paragraph.

 

Unless
requested in writing by the Company to cease doing so, the Depositary may,
notwithstanding Section 2.03, deliver American Depositary Shares prior to
the receipt of Shares pursuant to Section 2.02 (“Pre-Release”). The
Depositary may, pursuant to Section 2.05, deliver Shares upon the
surrender of American Depositary Shares that have been Pre-Released, whether or
not such cancellation is prior to the termination of such Pre-Release or the
Depositary knows that such American Depositary Shares have been Pre-Released. The
Depositary may receive American Depositary Shares in lieu of Shares in
satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or
accompanied by a written representation and agreement from the person to whom
American Depositary Shares are to be delivered (the “Pre-Releasee”) that
the Pre-Releasee, or its customer, (i) owns the Shares or American
Depositary Shares to be remitted, as the case may be, (ii) assigns
all beneficial right, title and interest in such Shares or American Depositary
Shares, as the case may be, to the Depositary in its capacity as such and
for the benefit of the Owners, and (iii) will not take any action with
respect to such Shares or American Depositary Shares, as the case may be,
that is inconsistent with the transfer of beneficial ownership (including,
without the consent of the Depositary, disposing of such Shares or American
Depositary Shares, as the case may be, other than in satisfaction of such
Pre-Release), (b) at all times fully collateralized with cash, U.S.
government securities or such other collateral as the Depositary determines, in
good faith, will provide substantially similar liquidity and security, (c) terminable
by the Depositary on not more than five (5) business days’ notice, and (d) subject
to such further indemnities and credit regulations as the Depositary deems
appropriate. The number of Shares not deposited but represented by American
Depositary Shares outstanding at any time as a result of Pre-Releases will not
normally exceed thirty percent (30%) of the Shares deposited hereunder; provided,
however, that the Depositary reserves the right to disregard such limit
from time to time as it deems reasonably appropriate, and may, with the prior
written consent of the Company, change such limit for purposes of general
application. The Depositary will also set U.S. dollar limits with respect to
Pre-Release transactions to be entered into hereunder with any particular
Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For
purposes of enabling the Depositary to fulfill its obligations to the Owners
under the Deposit Agreement, the collateral referred to in clause (b) above
shall be held by the Depositary as security for the performance of the
Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release
transaction, including the Pre-Releasee’s obligation to deliver Shares or

 

11

 

American Depositary Shares upon termination
of a Pre-Release transaction (and shall not, for the avoidance of doubt,
constitute Deposited Securities hereunder).

 

The Depositary
may retain for its own account any compensation received by it in
connection with the foregoing.

 

SECTION 2.10.                 DTC Direct
Registration System and Profile Modification System.

 

(a)                                  Notwithstanding
the provisions of Section 2.04, the parties acknowledge that the Direct
Registration System (“DRS”) and Profile Modification System (“Profile”) shall
apply to uncertificated American Depositary Shares upon acceptance thereof to
DRS by DTC. DRS is the system administered by DTC pursuant to which the
Depositary may register the ownership of uncertificated American
Depositary Shares, which ownership shall be evidenced by periodic statements
issued by the Depositary to the Owners entitled thereto. Profile is a required
feature of DRS which allows a DTC participant, claiming to act on behalf of an
Owner of American Depositary Shares, to direct the Depositary to register a
transfer of those American Depositary Shares to DTC or its nominee and to
deliver those American Depositary Shares to the DTC account of that DTC
participant without receipt by the Depositary of prior authorization from the
Owner to register such transfer.

 

(b)                                 In
connection with and in accordance with the arrangements and procedures relating
to DRS/Profile, the parties understand that the Depositary will not verify,
determine or otherwise ascertain that the DTC participant which is claiming to
be acting on behalf of an Owner in requesting a registration of transfer and
delivery as described in subsection (a) has the actual authority to
act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial
Code). For the avoidance of doubt, the provisions of Sections 5.03 and 5.08
shall apply to the matters arising from the use of the DRS. The parties
agree that the Depositary’s reliance on and compliance with instructions
received by the Depositary through the DRS/Profile System and in accordance
with this Deposit Agreement shall not constitute negligence or bad faith on the
part of the Depositary.

 

ARTICLE III

 

CERTAIN
OBLIGATIONS OF OWNERS OF AMERICAN DEPOSITARY SHARES

 

SECTION 3.01.                 Filing Proofs,
Certificates and Other Information.

 

Any person
depositing Shares or any Owner may be required from time to time to file
with the Depositary or the Custodian such proof of citizenship, residence,
exchange control approval, legal or beneficial ownership or other information
relating to the registration on the books of the Company (or the appointed
agent of the Company for transfer and registration of Shares) of the Shares
presented for deposit, to execute and deliver to the Depositary or the
Custodian such certificates, and to make such representations and warranties,
as the Depositary may deem necessary or proper or as the Company may require
by written request to the Depositary. The Depositary may withhold the delivery
or registration of transfer of any American Depositary Shares or the
distribution or sale of any dividend or other distribution or rights or of the
proceeds thereof or the delivery of any Deposited Securities underlying such
American Depositary Shares until the foregoing is accomplished to the
Depositary’s reasonable satisfaction. The Depositary shall, upon the written
request of the Company, provide the Company, in a timely manner, with copies of
any such proofs, certificates, representations and warranties or information
that it receives, to the extent that disclosure is permitted under applicable
law.

 

12

 

SECTION 3.02.                 Liability of
Owner for Taxes.

 

 Any tax,
duty or other governmental charge or expense payable by the Custodian, the
Depositary or the nominee or nominees of either with respect to any American
Depositary Shares or as the registered holder of any Deposited Securities
underlying any American Depositary Shares shall be payable by the Owner of such
American Depositary Shares, who shall pay the amount thereof to the Depositary.
The Depositary may refuse to effect registration of transfer of such
American Depositary Shares or any transfer and withdrawal of Deposited
Securities underlying such American Depositary Shares until such payment is
made, and may withhold any cash dividends or other cash distributions
constituting Deposited Securities underlying such Receipt, or may sell for
the account of the Owner thereof any part or all of the other Deposited
Securities underlying such American Depositary Shares, and may apply such
cash or the proceeds of any such sale in payment of any such tax, duty or other
governmental charge or expense (and any taxes and expenses arising or incurred
as a result of effecting any such sale), the Owner of such American Depositary
Shares remaining liable for any deficiency.

 

SECTION 3.03.                 Warranties on
Deposit of Shares.

 

 Every
person depositing Shares under this Deposit Agreement shall be deemed thereby
to represent and warrant that such Shares are validly issued and outstanding,
fully paid, non-assessable and free of preemptive rights of the holders of
outstanding Shares, and that the person making such deposit is duly authorized
so to do. Every such person (other than the Company) shall also be deemed to
represent and warrant that such Shares are not, and American Depositary Shares
representing such Shares would not be, restricted securities (as defined under
the securities laws of the United States) or securities owned by an affiliate
(as defined in Rule 144 under the Securities Act of 1933) of the Company
or which are subject to any restriction or transfer or sale under Mexican law
or the Estatutos or a shareholder agreement. All such representations
and warranties shall survive the deposit of Shares and delivery or surrender of
American Depositary Shares.

 

SECTION 3.04.                 Disclosure of
Interests.

 

To the extent
that provisions of or governing any Deposited Securities, the Estatutos
or applicable law may require the disclosure of beneficial or other
ownership of Deposited Securities and other securities to the Company and
provide for blocking of Owners’ transfer and voting or other rights to enforce
such disclosure or limit such ownership, the Depositary shall use its best
efforts that are reasonable under the circumstances to comply with Company
instructions as to American Depositary Shares in respect of any such
enforcement or limitation. Owners shall comply with all such disclosure
requirements and shall cooperate with the Depositary’s compliance with such
instructions and by their holding of American Depositary Shares are deemed to
consent to any such limitation or blocking of rights.

 

ARTICLE IV

 

THE DEPOSITED
SECURITIES

 

SECTION 4.01.                 Cash
Distributions.

 

 Whenever
the Depositary shall receive any cash dividend or other cash distribution in
respect of any Deposited Securities, the Depositary shall, subject to the
provisions of Section 4.05, as promptly as practicable convert such
dividend or distribution into U.S. dollars and shall distribute as promptly as

 

13

 

practicable the amount thus received to the
Owners entitled thereto, in proportion to the number of American Depositary
Shares representing such Deposited Securities held by them respectively; provided,
however, that in the event that the Company, the Depositary or the
Custodian shall be required to withhold and does withhold from any cash
dividend or other cash distribution in respect of any Deposited Securities an
amount on account of taxes, the amount distributed to the Owner of American
Depositary Shares representing such Deposited Securities shall be reduced
accordingly. The Depositary shall distribute only such amount, however, as can
be distributed without distributing to any Owner a fraction of one cent. Any
such fractional amounts shall be rounded to the nearest whole cent and so
distributed to Owners entitled thereto. The Company or the Depositary, as
appropriate, will remit to the appropriate governmental agency in Mexico all
amounts (if any) required to be withheld and owing to such agency. The
Depositary will as promptly as practicable forward to the Company such
information from its records as the Company may reasonably request to
enable the Company to file necessary reports with governmental agencies, and
either the Depositary or the Company or its agent may file any such
reports necessary to obtain benefits under any applicable tax treaties for
Owners.

 

SECTION 4.02.                 Distributions
Other Than Cash or Shares.

 

Subject to the
applicable provisions of this Deposit Agreement, whenever the Depositary shall
receive any distribution other than a distribution described in Section 4.01,
4.03 or 4.04, the Depositary shall cause the securities or property received by
it to be distributed as promptly as practicable to the Owners entitled thereto,
in proportion to the number of American Depositary Shares representing such
Deposited Securities held by them, respectively, in any manner that the
Depositary may deem equitable and practicable for accomplishing such
distribution; provided, however, that if in the opinion of the
Depositary such distribution cannot be made proportionately among the Owners
entitled thereto, or if for any other reason (including any securities law
requirement or any requirement that the Company, the Depositary or the
Custodian withhold an amount on account of taxes) the Depositary deems such
distribution not to be feasible, the Depositary may adopt such method as
it may deem equitable and practicable for the purpose of effecting such
distribution, including the sale (at public or private sale) of the securities
or property thus received, or any part thereof, and the net proceeds of
any such sale shall be distributed by the Depositary to the Owners entitled
thereto as in the case of a distribution received in cash.

 

SECTION 4.03.                 Distribution
in Shares.

 

(a)  If
any distribution upon any Deposited Securities consists of a dividend in, or
free distribution of, Shares, subject to the applicable provisions of this
Deposit Agreement, the Depositary may, and shall, if the Company shall so
request, deliver as promptly as practicable to the Owners of outstanding
American Depositary Shares entitled thereto, in proportion to the number of
American Depositary Shares representing such Deposited Securities held by them,
respectively, additional American Depositary Shares representing the number of
Shares received as such dividend or distribution, subject to the terms and
conditions of this Deposit Agreement with respect to the deposit of Shares and
the issuance of American Depositary Shares, including the withholding of any
tax or other governmental charge as provided in Section 4.11 and the
payment of the fees and expenses of the Depositary as provided in Section 5.09.
The Depositary may withhold any such distribution if it has not received
reasonably satisfactory assurances from the Company that such distribution does
not require registration under the Securities Act of 1933. In lieu of
delivering fractional American Depositary Shares in any such case, the
Depositary shall sell the amount of Shares represented by the aggregate of such
fractions and distribute as promptly as practicable the net proceeds, all in
the manner and subject to

 

14

 

the conditions described in Section 4.01.
If additional American Depositary Shares are not so distributed, each American
Depositary Share shall thenceforth also represent the additional Shares
distributed upon the Deposited Securities represented thereby.

 

(b)                                 In
the event that the Company shall offer or cause to be offered to the holders of
any Deposited Securities an option to elect to receive dividends in fully paid
Shares instead of cash, the Depositary and the Company agree to consult to
determine whether such option will be made available to the Owners and, if such
option is to be made available to such Owners, the procedures to be followed.

 

SECTION 4.04.                 Rights.

 

In the event
that the Company shall offer or cause to be offered to the holders of any
Deposited Securities any rights to subscribe for additional Shares or any
rights of any other nature, the Depositary shall, after consultation with the
Company, have discretion as to the procedure to be followed in making such rights
available to any Owners or in disposing of such rights on behalf of any Owners
and making the net proceeds available in U.S. dollars to such Owners; provided,
however, that the Depositary will, if requested by the Company, take
action as follows:

 

(i)                                                                                     if
at the time of the offering of any rights the Depositary determines that it is
lawful and feasible to make such rights available to Owners by means of
warrants or otherwise, the Depositary shall distribute as promptly as
practicable to each Owner in proportion to the number of American Depositary
Shares representing such Deposited Securities held by such Owner, warrants or
other instruments therefor in such form as it deems appropriate, but only
pursuant to a rights agency agreement to be entered into between the Company
and the Depositary setting forth the procedures, terms and conditions
applicable to the particular offering, or employ such other method, if any, as
it may deem lawful and feasible in order to facilitate the exercise, sale
or transfer of rights by such Owners; or

 

(ii)                                                                                  if
at the time of the offering of any rights the Depositary determines that it is
not lawful and feasible to make such rights available to Owners by means of
warrants or otherwise, or if the rights represented by such warrants or such
other instruments are not exercised and appear to be about to lapse, it will
use its best efforts that are reasonable under the circumstances to sell the
rights, warrants or other instruments at public or private sale, at such place
or places and upon such terms as it may deem proper and allocate the net
proceeds of such sales for the account of such Owners otherwise entitled to
such rights, warrants or other instruments, upon an averaged or other practical
basis without regard to any distinctions among such Owners because of exchange
restrictions or the date of delivery of any American Depositary Shares or
otherwise.

 

The Depositary
will not offer rights to Owners unless both the rights and the securities to
which such rights relate are either exempt from registration under the
Securities Act of 1933 with respect to a distribution to all Owners or are
registered under the provisions of such Act.

 

The Depositary
shall not be responsible for any failure to determine that it may be
lawful or feasible to make such rights available to Owners in general or any
Owner in particular, provided that the Depositary has not acted negligently or
in bad faith.

 

SECTION 4.05.                 Conversion of
Foreign Currency.

 

Whenever the
Depositary shall receive foreign currency, by way of dividends or other
distributions or as the net proceeds from the sale of securities, property or
rights, and if at the time of the

 

15

 

receipt thereof the foreign currency so
received can in the judgment of the Depositary be converted on a reasonable
basis into U.S. dollars and the resulting U.S. dollars transferred to the
United States, the Depositary shall, as promptly as practicable, convert or
cause to be converted, by sale or in any other manner that it may determine,
such foreign currency into U.S. dollars, and such U.S. dollars shall be
distributed as promptly as practicable to the Owners entitled thereto or, if
the Depositary shall have distributed any warrants or other instruments which
entitle the holders thereof to such U.S. dollars, then to the holders of such
warrants and/or instruments, as applicable, upon surrender thereof for
cancellation. Such distribution may be made upon an averaged or other
practicable basis without regard to any distinctions among Owners on account of
exchange restrictions or otherwise and shall be net of any expenses of
conversion into U.S. dollars incurred by the Depositary as provided in Section 5.09.

 

If such
conversion or distribution can be effected only with the approval or license of
any government or agency thereof, the Depositary shall as promptly as
practicable file such application for approval or license, if any, as it may deem
desirable.

 

If at any time
the Depositary shall determine that in its judgment any foreign currency
received by the Depositary is not convertible on a reasonable basis into U.S.
dollars transferable to the United States, or if any approval or license of any
government or agency thereof which is required for such conversion is denied or
in the opinion of the Depositary is not obtainable, or if any such approval or
license is not obtained within a reasonable period as determined by the
Depositary, the Depositary may distribute the foreign currency (or an
appropriate document evidencing the right to receive such foreign currency)
received by the Depositary to, or in its discretion may hold such foreign
currency uninvested and without liability for interest thereon for the
respective accounts of, the Owners entitled to receive the same.

 

If any such
conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some Owners entitled thereto, the Depositary may in its
discretion make such conversion and distribution in U.S. dollars to the extent
permissible to the Owners entitled thereto and may distribute the balance
of the foreign currency received by the Depositary to, or hold such balance for
the respective accounts of, the Owners entitled to receive the same uninvested
and without liability for interest thereon.

 

SECTION 4.06.                 Fixing of
Record Date.

 

Whenever any
cash dividend or other cash distribution shall become payable or any
distribution other than cash shall be made, or whenever rights shall be issued,
with respect to the Deposited Securities, or whenever for any reason the
Depositary causes a change in the number of Shares that are represented by each
American Depositary Share, or whenever the Depositary shall receive notice of
any meeting of holders of Shares or other Deposited Securities the Depositary
shall fix a record date, which date shall, to the extent practicable, be the
same as, or as near as practicable to, the record date, if any, fixed by the
Company, (a) for the determination of the Owners who shall be (i) entitled
to receive such dividend, distribution or rights, or the net proceeds of the
sale thereof (ii) entitled to give instructions for the exercise of voting
rights at any such meeting or (iii) responsible for any fee assessed by
the Depositary pursuant to this Deposit Agreement or (b) on or after which
each American Depositary Share will represent the changed number of Shares. Subject
to the provisions of Sections 4.01 through 4.04 and to the other terms and
conditions of this Deposit Agreement, the Owners on such record date shall be entitled
to receive the amount distributable by the Depositary with respect to such
dividend or other distribution or such rights or the net proceeds of sale
thereof or to give voting instructions in proportion

 

16

 

to the number of American Depositary Shares
held by them, respectively.

 

SECTION 4.07.                 Voting of
Deposited Securities.

 

Upon receipt
of notice of any meeting of holders of Shares or other Deposited Securities, if
requested in writing by the Company, the Depositary shall, as soon as
practicable thereafter, mail to the Owners a notice, the form of which
notice shall be in the sole discretion of the Depositary, which shall contain (a) such
information as is contained in such notice of meeting, and (b) a statement
that the Owners as of the close of business on a specified record date will be
entitled, subject to any applicable provision of Mexican law and of the Estatutos,
to instruct the Depositary as to the exercise of the voting rights, if any,
pertaining to the amount of Shares or other Deposited Securities represented by
their respective American Depositary Shares and (c) a statement as to the
manner in which such instructions may be given, including an express
indication that if no instruction is received, the Depositary will deem the
Owner to have instructed the Depositary to vote the Shares represented by such
Owner’s American Depositary Shares in the same proportion that all other shares
of capital stock of the Company are voted at the relevant shareholders’ meeting.
The Company shall use its best efforts to notify The Bank of New York of
upcoming shareholders’ meetings and request that the Depositary mail a notice
to Owners as provided in the preceding sentence. Upon the written request of an
Owner of American Depositary Shares on such record date, received on or before
the date established by the Depositary for such purpose (the “Instruction Date”),
the Depositary shall endeavor, insofar as practicable, to vote or cause to be
voted the amount of Shares or other Deposited Securities represented by those
American Depositary Shares in accordance with the instructions set forth
in such request. The Depositary shall not vote or attempt to exercise the right
to vote that attaches to the Shares or other Deposited Securities, other than
in accordance with such instructions or deemed instructions. If no instructions
are received by the Depositary from an Owner with respect to any of the
Deposited Securities represented by that Owner’s American Depositary Shares on
or before the date established by the Depositary for such purpose, the
Depositary shall deem such Owner to have instructed the Depositary to vote such
Shares on any question in the same proportion that all other shares of capital
stock of the Company are voted on such question at the relevant shareholders’
meeting, and the Depositary shall endeavor, insofar as practicable, to so vote
or cause to be voted such Shares.

 

There can be
no assurance that Owners generally or any Owner in particular will receive the
notice described in the preceding paragraph sufficiently prior to the
Instruction Date to ensure that the Depositary will vote the Shares or
Deposited Securities in accordance with the provisions set forth in the
preceding paragraph. Owners of American Depositary Shares will not be entitled
to attend shareholders’ meetings, but will be entitled to instruct the
Depositary as to the manner of voting the Shares represented by American
Depositary Shares at any shareholders’ meeting or for purposes of exercising
any individual rights of a Share holder under Mexican Law.

 

SECTION 4.08.                 Changes
Affecting Deposited Securities.

 

Upon any
change in par value, split-up, consolidation or any other reclassification of
Deposited Securities, or upon any recapitalization, reorganization, merger or
consolidation or sale of assets affecting the Company or to which it is a
party, any securities received by the Depositary or the Custodian in exchange
for or in conversion of or in respect of Deposited Securities, shall be treated
as new Deposited Securities under this Deposit Agreement, and American
Depositary Shares shall thenceforth represent, in addition to the existing
Deposited Securities, the right to receive the new Deposited Securities so
received in exchange or conversion, unless additional Receipts are delivered

 

17

 

pursuant to the following sentence. In any
such case the Depositary may, with the approval of the Company and shall, if
the Company shall so request, execute and deliver additional Receipts as in the
case of a dividend in Shares, or call for the surrender of outstanding Receipts
to be exchanged for new Receipts specifically describing such new Deposited
Securities.

 

SECTION 4.09.                 Reports.

 

The Depositary
shall make available for inspection by Owners at the Corporate Trust Office,
and at any other designated transfer offices, any reports and communications
received from the Company which are both (a) received by the Depositary or
the Custodian or the nominee of either of them as the holder of the Deposited
Securities, and (b) made generally available to the holders of such
Deposited Securities by the Company. The Depositary shall also send to Owners
copies of such reports when furnished by the Company pursuant to Section 5.06.

 

SECTION 4.10.                 Lists of
Owners.

 

As promptly as
practicable following a request by the Company, the Depositary shall furnish to
the Company a list, as of a recent date, of the names and addresses of, and
holdings of American Depositary Shares by, all persons in whose names American
Depositary Shares are registered on the books of the Depositary.

 

SECTION 4.11.                 Withholding.

 

 Notwithstanding
any other provision of this Deposit Agreement, if the Depositary determines
that any distribution in property (including Shares and rights to subscribe
therefor) is subject to any tax which the Depositary is obligated to withhold,
the Depositary may dispose of all or a portion of such property (including
Shares and rights to subscribe therefor) in such amounts and in such manner as
the Depositary deems necessary and practicable to pay such taxes, by public or
private sale, and the Depositary shall distribute the net proceeds of any such
sale or the balance of any such property after deduction of such taxes to the
Owners entitled thereto in the manner described in Section 4.01 or Section 4.02,
as the case may be.

 

ARTICLE V

 

THE
DEPOSITARY, THE CUSTODIAN AND THE COMPANY

 

SECTION 5.01.                 Maintenance of
Office and Transfer Books by the Depositary.

 

Until termination
of this Deposit Agreement in accordance with its terms, the Depositary shall
maintain as its transfer office in the Borough of Manhattan, The City of New
York, facilities for the delivery, registration, registration of transfer and
surrender of American Depositary Shares in accordance with the provisions of
this Deposit Agreement.

 

The Depositary
shall keep books at such transfer office for the registration of American
Depositary Shares and transfer of American Depositary Shares which at all
reasonable times shall be open for inspection by the Owners and the Company; provided
that such inspection shall not be for the purpose of communicating with Owners
in the interest of a business or object other than the business of the Company
or a matter related to this Deposit Agreement, the American Depositary Shares,
the Estatutos or the Shares.

 

18

 

The Depositary
may close the transfer books (a) after consultation with the Company
to the extent practicable, if other than in the ordinary course of business, at
any time or from time to time, when deemed expedient by it in connection with
the performance of its duties hereunder or (b) at the request of the
Company.

 

If any
American Depositary Shares are listed on one or more stock exchanges in the
United States, the Depositary shall act as Registrar, unless any other bank or
trust company having an office in the Borough of Manhattan, The City of New
York, shall have been appointed by the Depositary. Upon the request or with the
approval of the Company, the Depositary may appoint a Registrar or one or
more co-registrars for registration of such American Depositary Shares in
accordance with any requirements of such exchange or exchanges. Such Registrar
or co-registrars may be removed and a substitute or substitutes appointed
by the Depositary upon the request or with the approval of the Company.

 

The
Depositary, upon the request or with the approval of the Company, may appoint
one or more co-transfer agents for the purpose of effecting registrations of
transfer of American Depositary Shares and combinations and split-ups of
Receipts at designated transfer offices on behalf of the Depositary. Such
co-transfer agents may be removed by the Depositary upon the request or
with the approval of the Company and substitutes appointed by the Depositary
upon the request or with the approval of the Company. Each Registrar,
co-registrar or co-transfer agent appointed under this Section 5.01 shall
give notice in writing to the Depositary accepting such appointment and
agreeing to be bound by the applicable terms of this Deposit Agreement. In
carrying out its functions, a co-transfer agent may require evidence or
authority and compliance with applicable laws and other requirements by Owners
or person entitled thereto but only to the extent that the Depositary would in
similar circumstances be entitled so to require.

 

The Company
shall have the right to inspect transfer and registration records of the
Depositary relating to American Depositary Shares at any reasonable time, to
take copies thereof and to require the Depositary, the Registrar and any
co-transfer agents or co-registrars to supply copies of such portions of such
records as the Company may reasonably request.

 

SECTION 5.02.                 Prevention or
Delay in Performance by the Depositary or the Company.

 

Neither the
Depositary nor the Company, nor any of their respective directors, employees,
agents or affiliates, shall incur any liability to any Owner if, by reason of
any provision of any present or future law of the United States, the United
Mexican States or any other country, or of any other governmental or regulatory
authority or stock exchange, or by reason of any provision, present or future,
of the Estatutos or by reason of any act of God or war or other
circumstance beyond its control, the Depositary or the Company or any of their
respective directors, employees, agents or affiliates shall be prevented or
forbidden from or be subject to any civil or criminal penalty on account of doing
or performing any act or thing which by the terms of this Deposit Agreement it
is provided or contemplated shall be done or performed; nor shall the
Depositary or the Company or any of their respective directors, employees,
agents or affiliates incur any liability to any Owner by reason of any
nonperformance or delay, caused as aforesaid, in performance of any act or
thing which by the terms of this Deposit Agreement it is provided or
contemplated shall or may be done or performed, or by reason of any exercise
of, or failure to exercise, any discretion provided for in this Deposit
Agreement or the Estatutos.

 

Where, by the
terms of a distribution pursuant to Section 4.01, 4.02, or 4.03 of this
Deposit Agreement, or an offering or distribution pursuant to Section 4.04
of this Deposit Agreement, or for any

 

19

 

other reason, such distribution or offering may not
be made available to Owners, and the Depositary may not dispose of such
distribution or offering on behalf of such Owners and make the net proceeds
available to such Owners, then the Depositary shall not make such distribution
or offering, and shall allow any rights, if applicable, to lapse.

 

SECTION 5.03.                 Obligations of
the Depositary and the Company.

 

The Depositary
assumes no obligation nor shall it be subject to any liability under this
Deposit Agreement to Owners (including, without limitation, liability with
respect to the validity or worth of the Deposited Securities), except that it
agrees to perform its duties specifically set forth in this Deposit
Agreement without negligence or bad faith.

 

The Company
assumes no obligation nor shall it be subject to any liability under this
Deposit Agreement to Owners, except that it agrees to perform its obligations
specifically set forth in this Deposit Agreement without negligence or bad
faith.

 

Neither the
Depositary nor the Company shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any
Deposited Securities or in respect of the Receipts, which in its opinion may involve
it in expense or liability, unless indemnity satisfactory to it against all
expense and liability be furnished as often as may be required, and the
Custodian shall not be under any obligation whatsoever with respect to such
proceedings, the responsibility of the Custodian being solely to the
Depositary.

 

Neither the
Depositary nor the Company shall be liable for any action or non-action by it
in reliance upon the advice of or information from legal counsel, accountants,
any governmental authority, any person presenting Shares for deposit, any
Owner, or any other person believed by it in good faith to be competent to give
such advice or information.

 

The Depositary
shall not be responsible for any failure to carry out any instructions to vote
any of the Deposited Securities or for the manner in which any such vote is
cast or for the effect of any such vote, provided that any such action
or non-action is in good faith.

 

Subject to the
Estatutos and this Deposit Agreement, the Depositary may own and
deal in any class of securities of the Company and its affiliates and in
American Depositary Shares.

 

The Depositary
shall not be liable to Owners for any acts or omissions made by a successor depositary
whether in connection with a previous act or omission of the Depositary or in
connection with any matter arising wholly after the removal or resignation of
the Depositary, provided that the Depositary exercised its reasonable
judgment in good faith while it acted as Depositary.

 

No disclaimer
of liability under the Securities Act of 1933 is intended by any provision of
this Deposit Agreement.

 

SECTION 5.04.                 Resignation
and Removal of the Depositary; Appointment of Successor Depositary.

 

(a)  The
Depositary may at any time resign as Depositary hereunder by written
notice of its election so to do delivered to the Company, such resignation to
take effect upon the appointment of a successor depositary and its acceptance
of such appointment as hereinafter provided.

 

20

 

(b)                                 The
Depositary may at any time be removed by the Company by 60 days’ prior
written notice of such removal, to become effective upon the later of (i) the
60th day after delivery of the notice to the Depositary or (ii) the
appointment of a successor depositary and its acceptance of such appointment as
hereinafter provided.

 

(c)                                  In
case at any time the Depositary acting hereunder shall resign or be removed,
the Company shall use reasonable efforts to appoint a successor depositary,
which shall be a bank or trust company having an office in the Borough of
Manhattan, The City of New York. Every successor depositary shall execute and
deliver to its predecessor and to the Company an instrument in writing
accepting its appointment hereunder, and thereupon such successor depositary,
without any further act or deed, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor; but such predecessor,
nevertheless, upon payment of all sums due to it and on the written request of
the Company, shall execute and deliver an instrument transferring to such
successor all rights and powers of such predecessor hereunder, and such
predecessor shall thereupon duly assign, transfer and deliver all right, title
and interest in the Deposited Securities to such successor, and shall deliver
to such successor a list of the Owners of all outstanding Receipts, together
with copies of such other records maintained by such predecessor in relation to
the Receipts as the Company may reasonably request. Any such successor
depositary shall mail notice of its appointment within thirty (30) days to the
Owners.

 

(d)                                 Any
corporation into or with which the Depositary may be merged or
consolidated shall be the successor of the Depositary without the execution or
filing of any document or any further act.

 

SECTION 5.05.                 The Custodian.

 

 The
Depositary has initially appointed Bancomer, S.A. as Custodian and Agent of the
Depositary for the purposes of this Deposit Agreement. The Custodian in acting
hereunder shall be subject at all times and in all respects to the directions
of the Depositary and shall be responsible solely to it. The Depositary shall
be responsible for compliance by the Custodian with the applicable provisions
of this Deposit Agreement, but only to the extent the Depositary would be
responsible if the duties of the Custodian were duties of the Depositary under
this Deposit Agreement. The Custodian may resign and be discharged from
its duties hereunder by notice of such resignation delivered to the Depositary
at least thirty (30) days prior to the date on which such resignation is to
become effective. The Depositary shall, promptly after receiving such notice,
after consultation with the Company to the extent practicable, appoint a
substitute custodian, which shall thereafter be the Custodian hereunder. Whenever
the Depositary in its discretion determines that it is in the best interest of
the Owners to do so, it may, after consultation with the Company to the extent
practicable, appoint a substitute or additional custodian, which shall
thereafter be the Custodian hereunder. Upon demand of the Depositary, the
previous Custodian shall deliver the Deposited Securities held by it to such
substitute custodian. Each such substitute custodian shall deliver to the
Depositary forthwith upon its appointment an acceptance of such appointment
satisfactory in form and substance to the Depositary. Immediately upon any
such change, the Depositary shall give notice thereof in writing to the
Company.

 

Upon the
appointment of any successor Depositary hereunder, the Custodian then acting
hereunder shall forthwith become, without any further act or writing, the agent
hereunder of such successor Depositary and the appointment of such successor
Depositary shall in no way impair the authority of the Custodian hereunder; but
the successor Depositary so appointed shall, nevertheless, on the written
request of the Custodian, execute and deliver to the Custodian all such
instruments as may be proper to give the Custodian full and complete power
and authority as agent hereunder of such successor

 

21

 

Depositary.

 

SECTION 5.06.                 Notices and
Reports.

 

On or before
the first date on which the Company gives notice, by publication or otherwise,
of any meeting of holders of Shares or other Deposited Securities, or of any
adjourned meeting of such holders, or of the taking of any action in respect of
any cash or other distributions or the offering of any rights in respect of
Deposited Securities, the Company agrees to transmit to the Custodian and the
Depositary a copy in English of the notice thereof in the form given or to
be given to holders of Shares or other Deposited Securities. The Company also
will transmit to the Depositary and the Custodian an English language version
of any report it makes generally available to holders of Deposited Securities.

 

The Company
shall provide the Depositary with annual reports in English, which shall
include a review of operations and annual audited consolidated financial
statements prepared according to generally accepted accounting principles in
Mexico (“Mexican GAAP”). The annual reports shall include a reconciliation of
net income and stockholders’ equity to generally accepted accounting principles
in the United States (“U.S. GAAP”). The Company shall also furnish the
Depositary with an English translation of its unaudited quarterly financial
statements for each of the first three calendar quarters prepared in accordance
with Mexican GAAP. When the Depositary receives sufficient copies of these
documents and when so requested in writing by the Company, it shall as promptly
as practicable mail them to all Owners.

 

Prior to the
date hereof, the Company shall have transmitted to the Custodian a copy in
English of the Estatutos. Thereafter, promptly upon any amendment
thereto or change therein, the Company shall transmit to the Custodian a copy
in English of the Estatutos as so amended or changed. The Depositary may rely
upon such copies for all purposes of this Deposit Agreement.

 

SECTION 5.07.                 Issuance of
Additional Shares.

 

The Company
agrees that in the event of any issuance of (1) additional Shares, (2) rights
to subscribe for Shares, (3) securities convertible into or exchangeable
for Shares, or (4) rights to subscribe for such securities, it will take
all steps reasonably necessary to ensure that no violation by the Company or
the Depositary of the Securities Act of 1933 will result from such issuance.

 

The Company
agrees with the Depositary that neither the Company nor any company controlled
by the Company will at any time deposit any Shares, either upon original
issuance or upon a sale of Shares previously issued and reacquired by the
Company or by any company under the control of the Company, unless a
registration statement is in effect as to such Shares under the Securities Act
of 1933 or the Company furnishes to the Depositary a written opinion from U.S.
counsel for the Company, which counsel shall be reasonably satisfactory to the
Depositary, stating that upon such deposit, such Shares and the American
Depositary Shares to be issued in respect of such deposit may be publicly
offered and sold by the holder thereof in the United States without registration
of such Shares under the Securities Act of 1933.

 

SECTION 5.08.                 Indemnification.

 

(a)  The
Company agrees to indemnify the Depositary and the Custodian against, and hold
each of them harmless from, any liability or expense (including reasonable fees
and expenses of counsel) which may arise out of (i) any registration
with the Commission of Receipts, American Depositary

 

22

 

Shares or Deposited Securities or the offer
or sale thereof in the United States or (ii) acts performed or omitted in
accordance with the provisions of this Deposit Agreement and of the Receipts,
as the same may be amended, modified or supplemented from time to time, (A) by
either the Depositary or the Custodian, except for any liability or expense
arising out of the negligence or bad faith of either of them and except to the
extent that such liability or expense arises out of information relating to the
Depositary or the Custodian, as applicable, furnished in writing to the Company
by the Depositary or the Custodian, as applicable, expressly for use in any
registration statement, proxy statement, prospectus (or placement memorandum)
or preliminary prospectus (or preliminary placement memorandum) relating to the
American Depositary Shares or the Shares represented thereby, or omissions from
such information or (B) by the Company or any of its directors, employees,
agents or affiliates.

 

(b)                                 The
indemnities contained in the preceding paragraph shall not extend to any
liability or expense which arises solely out of a Pre-Release of American
Depositary Shares and which would not otherwise have arisen had such American
Depositary Shares not been the subject of a Pre-Release; provided, however,
that the indemnities provided in the preceding paragraph shall apply to any
such liability or expense (i) to the extent that such liability or expense
would have arisen had American Depositary Shares not been the subject of a
Pre-Release, or (ii) which may arise out of any misstatement or
alleged misstatement or omission or alleged omission in any registration
statement, proxy statement, prospectus (or placement memorandum) or preliminary
prospectus (or preliminary placement memorandum) relating to the offer or sale
of American Depositary Shares or Shares, except to the extent any such
liability or expense arises out of information relating to the Depositary or
any Custodian, as applicable, furnished in writing to the Company by the
Depositary or any Custodian, as applicable, and not materially changed or
altered by the Company, expressly for use in any of the foregoing documents, or
material omissions from such information.

 

(c)                                  The
Depositary agrees to indemnify the Company and to hold it harmless from any
liability or expense (including reasonable fees and expenses of counsel) which may arise
out of acts performed or omitted to be performed by the Depositary or Custodian
due to their negligence or bad faith.

 

(d)                                 Any
person seeking indemnification hereunder (an “Indemnified Person”) shall notify
the person from whom it is seeking indemnification (the “Indemnifying Person”)
of the commencement of any indemnifiable action or claim promptly after such
Indemnified Person becomes aware of such commencement and shall consult in good
faith with the Indemnifying Person as to the conduct of the defense of such
action or claim, which defense shall be reasonable under the circumstances. No
Indemnifying Person shall compromise or settle any action or claim without the
consent in writing of the Indemnified Person, which consent shall not be
unreasonably withheld.

 

(e)                                  The
obligations set forth in this Section 5.08 shall survive the termination
of this Deposit Agreement and the succession or substitution of any person
indemnified hereby.

 

SECTION 5.09.                 Charges of Depositary.

 

The Company
agrees to pay the fees, reasonable expenses and out-of-pocket charges of the
Depositary and those of any Registrar only in accordance with agreements in
writing entered into between the Depositary and the Company from time to time.
The Depositary shall present its statement for such charges and expenses to the
Company once every three months. The charges and expenses of the Custodian are
for the sole account of the Depositary.

 

23

 

The following
charges shall be incurred by any party depositing or withdrawing Shares or by
any party surrendering American Depositary Shares or to whom American
Depositary Shares are issued (including, without limitation, issuance pursuant
to a stock dividend or stock split declared by the Company or an exchange of
stock regarding the Receipts or Deposited Securities or a distribution of
American Depositary Shares pursuant to Section 4.03 hereof), or by
Owners, whichever applicable:  (1) taxes and other governmental
charges, (2) such registration fees as may from time to time be in
effect for the registration of transfers of Shares generally on the Share
register of the Company (or the appointed agent of the Company for transfer and
registration of Shares) and applicable to transfers of Shares to the name of
the Depositary or its nominee or the Custodian or its nominee on the making of
deposits or withdrawals hereunder, (3) such cable, telex and facsimile
transmission expenses as are expressly provided in this Deposit Agreement, (4) such
expenses as are incurred by the Depositary in the conversion of foreign
currency pursuant to Section 4.05, (5) a fee of $5.00 or less per 100
American Depositary Shares (or portion thereof) for the delivery of American
Depositary Shares pursuant to Section 2.03, 4.03 or 4.04 and the
surrender of American Depositary Shares pursuant to Section 2.05 or
6.02, (6) a fee of $.02 or less per American Depositary Share (or portion
thereof) for any cash distribution made pursuant to the Deposit Agreement, (7) a
fee for the distribution of securities pursuant to Section 4.02, such fee
being in an amount equal to the fee for the issuance of American Depositary
Shares referred to above which would have been charged as a result of the
deposit of such securities (for purposes of this clause 7 treating all
such securities as if they were Shares) but which securities are instead
distributed by the Depositary to Owners, (8) in addition to any fee
charged under clause 6, a fee of $.02 or less per American Depositary Share (or
portion thereof) for depositary services, which will accrue on the last day of
each calendar year and which will be payable as provided in clause 9 below and (9) any
other charges payable by the Depositary, any of the Depositary’s agents,
including the Custodian, or the agents of the Depositary’s agents in connection
with the servicing of Shares or other Deposited Securities (which charge shall
be assessed against Owners as of the date or dates set by the Depositary in
accordance with Section 4.06 and shall be collected at the sole discretion
of the Depositary by billing such Owners for such charge or by deducting such
charge from one or more cash dividends or other cash distributions).

 

SECTION 5.10.                 Available
Information to the Commission.

 

 The
Company is subject to the periodic reporting requirements of the Securities
Exchange Act of 1934, and accordingly, is required to file certain reports with
the Commission. Such reports and other information may be inspected and
copied at the public reference facilities maintained by the Commission located
at the date hereof at 100 F Street, N.E., Washington, D.C. 20549.

 

SECTION 5.11.                 Exclusivity.

 

The Company
agrees not to appoint any other depositary for the issuance of American
Depositary Shares so long as The Bank of New York is acting as Depositary
hereunder, subject, however, to the rights of the Company under Section 5.04.

 

SECTION 5.12.                 List of
Restricted Securities Owners.

 

The Company
shall provide to the Depositary a list setting forth, to the actual knowledge
of the Company, those persons or entities who beneficially own Restricted
Securities as of the date hereof and the Company shall update that list on a
regular basis. The Company agrees to advise in writing each of the persons or
entities so listed that such Restricted Securities are ineligible for deposit
hereunder. The

 

24

 

Depositary may rely on such a list or
update but shall not be liable for any action or omission made in reliance
thereon.

 

ARTICLE VI

 

AMENDMENT AND
TERMINATION

 

SECTION 6.01.                 Amendment.

 

The form of
the Receipts and any provisions of this Deposit Agreement may at any time
and from time to time be amended by agreement between the Company and the
Depositary without the consent of Owners or Beneficial Owners in any respect
that they may deem necessary or desirable.

 

Any amendment
which shall impose or increase any fees or charges (other than taxes (including
without limitation stamp taxes) and other governmental charges, or which shall
otherwise prejudice any substantial existing right of Owners shall, however,
not become effective as to outstanding American Depositary Shares until the
expiration of thirty (30) days after notice of such amendment shall have been given
to the Owners of outstanding American Depositary Shares. Every Owner at the
time any such amendment so becomes effective, shall be deemed, by continuing to
hold American Depositary Shares to consent and agree to such amendment and to
be bound by the Deposit Agreement or the Receipts or both of them, as
applicable, as amended thereby. In no event shall any amendment impair the
right of the Owner of American Depositary Shares to surrender such American
Depositary Shares and receive therefor the Deposited Securities represented
thereby, except in order to comply with mandatory provisions of applicable law.

 

SECTION 6.02.                 Termination.

 

The Depositary
shall at any time at the direction of the Company (which shall be confirmed in
writing) terminate this Deposit Agreement by mailing notice of such termination
to the Owners of all American Depositary Shares then outstanding at least
thirty (30) days prior to the date fixed in such notice for such termination. The
Depositary may terminate this Deposit Agreement if at any time ninety (90)
days shall have expired after the Depositary shall have delivered to the
Company a written notice of its election to resign and a successor depositary
shall not have been appointed and accepted its appointment as provided in Section 5.04,
such termination to become effective by the Depositary mailing notice of such
termination to Owners of all American Depositary Shares then outstanding at
least thirty (30) days prior to the date fixed in such notice for such
termination. If any American Depositary Shares shall remain outstanding after
the date of termination of this Deposit Agreement, the Depositary thereafter
shall discontinue the registration of transfers of American Depositary Shares,
shall suspend the distribution of dividends to the Owners thereof, and shall
not give any further notices or perform any further acts under this
Deposit Agreement, except that the Depositary shall, in accordance with and
subject to the provisions of this Deposit Agreement, (a) continue to
collect dividends and other distributions pertaining to Deposited Securities, (b) sell
rights as provided in this Deposit Agreement and (c) continue to deliver
Deposited Securities, together with any dividends or other distributions
received with respect thereto and the net proceeds of the sale of any rights or
other property, in exchange for American Depositary Shares surrendered to the
Depositary. At any time after the expiration of one year from the date of
termination, the Depositary may sell the Deposited Securities then held
hereunder and may thereafter hold uninvested the net proceeds of any such
sale, together with any other cash then held by it hereunder, unsegregated and
without liability for interest, for the pro rata benefit of the Owners of
American Depositary Shares which have not theretofore been surrendered, such
Owners 

 

25

 

thereupon becoming general creditors of the
Depositary with respect to such net proceeds. After making such sale, the
Depositary shall be discharged from all obligations under this Deposit
Agreement, except to account for such net proceeds and other cash, after
deducting, in each case, the applicable fees and expenses of the Depositary and
applicable taxes or governmental charges and except as provided in Section 5.08.
Upon the termination of this Deposit Agreement, the Company shall be discharged
from all obligations under this Deposit Agreement except for its obligations to
the Depositary under Sections 5.08 and 5.09 hereof.

 

ARTICLE VII

 

MISCELLANEOUS

 

SECTION 7.01.                 Counterparts.

 

This Deposit
Agreement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which counterparts shall constitute one
and the same instrument. Copies of this Deposit Agreement shall be filed with
the Depositary and the Custodian and shall be open to inspection by any Owner
during business hours.

 

SECTION 7.02.                 No Third Party
Beneficiaries.

 

 This
Deposit Agreement is for the exclusive benefit of the parties hereto and shall
not be deemed to give any legal or equitable right, remedy or claim whatsoever
to any other person.

 

SECTION 7.03.                 Severability.

 

 In case
any one or more of the provisions contained in this Deposit Agreement or in the
Receipts should be or become invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained
herein or therein shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION 7.04.                 Owners as
Parties; Binding Effect.

 

 The
Owners from time to time shall be parties to this Deposit Agreement and shall
be bound by all of the terms and conditions hereof and of the Estatutos
and of the Receipts by acceptance of American Depositary Shares. Each Owner
agrees that, by accepting American Depositary Shares, such Owner shall hold
those American Depositary Shares subject to, and with the obligations of, the
provisions hereof, the Estatutos and the Shares; provided, however,
that the terms or conditions of the American Depositary Shares shall be
governed by this Deposit Agreement.

 

SECTION 7.05.                 Notices.

 

(a)                                  To
the Company. Any and all notices to be given to the Company shall be deemed
to have been duly given if personally delivered or sent by mail or air courier
or by cable, telex or facsimile transmission confirmed by letter, addressed to
the Company at Av. Mariano Otero No. 1249, Torre Pacífico, Piso 6, Col
Rinconada del Bosque, Guadalajara, Mexico, or to any other place to which the
Company may have transferred its principal office with notice to the
Depositary.

 

(b)                                 To
the Depositary. Any and all notices to be given to the Depositary shall be
deemed to have been duly given if in English and personally delivered or sent
by mail or air courier or by cable,

 

26

 

telex or facsimile transmission confirmed by
letter, addressed to The Bank of New York, 101 Barclay Street, New York, New
York 10286, Attention: American Depositary Receipt Administration, or to any
other place to which the Depositary may have transferred the Corporate
Trust Office with notice to the Company.

 

(c)                                   To
any Owner. Any and all notices to be given to any Owner shall be deemed to
have been duly given if personally delivered or sent by mail or air courier or
by cable, telex or facsimile transmission confirmed by letter, addressed to
such Owner at the address of such Owner as it appears on the transfer books of
the Depositary, or, if such Owner shall have filed with the Depositary a
written request that notices intended for such Owner be mailed to some other
address, at the address designated in such request.

 

(d)                                 General.
Delivery of a notice sent to the Company or the Depositary shall be deemed to
be effected when received. Delivery of a notice to an Owner by mail or air
courier or by cable, telex or facsimile transmission shall be deemed to be
effected at the time when a duly addressed letter containing such notice (or a
confirmation thereof in the case of a cable, telex or facsimile transmission)
is deposited, postage prepaid, in a post office letter box. The Depositary or
the Company may, however, act upon any cable, telex or facsimile transmission
received by it from the other or from any Owner, notwithstanding that such
cable, telex or facsimile transmission shall not subsequently be confirmed by
letter as aforesaid.

 

SECTION 7.06.                 Submission to
Jurisdiction; Appointment of Agent for Service of Process.

 

 The
Company hereby (i) irrevocably designates and appoints CT Corporation
System, 111 Eighth Avenue, New York, New York 10011, in the State of New York,
as the Company’s authorized agent upon which process may be served in any
suit or proceeding arising out of or relating to the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consents
and submits to the jurisdiction of any state or federal court in the State of
New York in which any such suit or proceeding may be instituted, and (iii) agrees
that service of process upon said authorized agent shall be deemed in every
respect effective service of process upon the Company in any such suit or
proceeding. The Company agrees to deliver, upon the execution and delivery of
this Deposit Agreement, a written acceptance by such agent of its appointment
as such agent. The Company further agrees to take any and all action, including
the filing of any and all such documents and instruments, as may be
necessary to continue such designation and appointment in full force and effect
for so long as any American Depositary Shares or Receipts remain outstanding or
this Agreement remains in force. In the event the Company fails to continue
such designation and appointment in full force and effect, the Company hereby
waives personal service of process upon it and consents that any such service
of process may be made by certified or registered mail, return receipt
requested, directed to the Company at its address last specified for notices
hereunder, and service so made shall be deemed completed five (5) days
after the same shall have been so mailed.

 

SECTION 7.07.                 Waiver of
Immunities.

 

To the extent
that the Company or any of its properties, assets or revenues may have or may hereafter
become entitled to, or have attributed to it, any right of immunity, on the
grounds of sovereignty or otherwise, from any legal action, suit or proceeding,
from the giving of any relief in any respect thereof, from setoff or
counterclaim, from the jurisdiction of any court, from service of process, from
attachment upon or prior to judgment, from attachment in aid of execution or
judgment, or from

 

27

 

execution of judgment, or other legal process
or proceeding for the giving of any relief or for the enforcement of any
judgment, in any jurisdiction in which proceedings may at any time be
commenced, with respect to its obligations, liabilities or any other matter
under or arising out of or in connection with the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or this Agreement, the
Company, to the fullest extent permitted by law, hereby irrevocably and
unconditionally waives, and agrees not to plead or claim, any such immunity and
consents to such relief and enforcement.

 

SECTION 7.08.                 Governing Law.

 

This Deposit
Agreement and the Receipts shall be interpreted in accordance with, and all
rights hereunder and thereunder and provisions hereof and thereof shall be
governed by, the laws of the State of New York.

 

SECTION 7.09.                 Headings.

 

Headings
contained herein are included for convenience only and are not to be used in
construing or interpreting any provision hereof.

 

SECTION 7.10.                 Compliance
with U.S. Securities Laws.

 

Notwithstanding
anything in this Deposit Agreement to the contrary, the Company and the
Depositary each agrees that it will not exercise any of their respective rights
under this Deposit Agreement to prevent the withdrawal or delivery of Deposited
Securities in a manner which would violate the U.S. securities laws, including,
but not limited to, Section I.A.(1) of the General Instructions to
the Form F-6 Registration Statement, as amended from time to time, under
the Securities Act of 1933.

 

IN WITNESS
WHEREOF, GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. de C.V. and THE BANK OF
NEW YORK have duly executed this Deposit Agreement as of the day and year first
above set forth and all Owners shall become parties hereto upon acceptance by
them of American Depositary Shares issued in accordance with the terms hereof.

 

	
   

  	
  GRUPO AEROPORTUARIO DEL

  
	
   

  	
  CENTRO NORTE, S.A.B. de C.V.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Rubén Gerardo López

  
	
   

  	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Víctor Humberto Bravo Martín

  
	
   

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK

  

 

28

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

EXHIBIT A

 

	
   

  	
  AMERICAN DEPOSITARY SHARES

  
	
   

  	
   

  
	
   

  	
  (Each American Depositary

  
	
   

  	
  Share represents eight (8) deposited
  Shares)

  
	
   

  	
  CUSIP:

  

 

THE BANK OF
NEW YORK

AMERICAN
DEPOSITARY RECEIPT

FOR SERIES B
SHARES

WITHOUT PAR
VALUE OF

GRUPO
AEROPORTUARIO DEL CENTRO NORTE, S.A.B. de C.V.

(INCORPORATED
UNDER THE LAWS OF MEXICO)

 

The Bank of
New York, as depositary (hereinafter called the “Depositary”), hereby certifies
that                       ,
or registered assigns, IS THE OWNER OF                         

 

AMERICAN
DEPOSITARY SHARES

 

representing deposited Series B shares,
without par value (herein called “Shares”), of Grupo Aeroportuario del Centro
Norte, S.A.B. de C.V., a corporation organized under the laws of the United
Mexican States (herein called the “Company”). At the date hereof, each American
Depositary Share represents eight (8) Shares deposited or subject to
deposit under the Deposit Agreement (as such term hereinafter defined) at the
principal Mexico City office of Bancomer, S.A. (herein called the “Custodian”).
The Depositary’s Corporate Trust Office is located at a different address than
its principal executive office. Its Corporate Trust Office is located at 101
Barclay Street, New York, N.Y. 10286, and its principal executive office is
located at One Wall Street, New York, N.Y. 10286.

 

THE DEPOSITARY’S
CORPORATE TRUST OFFICE ADDRESS IS

101 BARCLAY
STREET, NEW YORK, N.Y. 10286

 

29

 

1.                                       THE
DEPOSIT AGREEMENT.

 

This American
Depositary Receipt is one of an issue (herein called “Receipts”), all issued
and to be issued upon the terms and conditions set forth in the deposit
agreement, dated as of          ,
2006 (herein called the “Deposit Agreement”), by and among the Company, the
Depositary, and all Owners from time to time of American Depositary Shares
issued thereunder, each of whom by accepting American Depositary Shares agrees
to become a party thereto and become bound by all the terms and conditions
thereof. The Deposit Agreement sets forth the rights of Owners and the rights
and duties of the Depositary in respect of the Shares deposited thereunder and
any and all other securities, property and cash from time to time received in
respect of such Shares and held thereunder (such Shares, securities, property,
and cash are herein called “Deposited Securities”). Copies of the Deposit
Agreement are on file at the Depositary’s Corporate Trust Office in New York
City and at the office of the Custodian.

 

The statements
made on the face and reverse of this Receipt are summaries of certain provisions
of the Deposit Agreement and are qualified by and subject to the detailed
provisions of the Deposit Agreement, to which reference is hereby made. Capitalized
terms defined in the Deposit Agreement and not defined herein shall have the
meanings set forth in the Deposit Agreement.

 

2.                                       SURRENDER
OF RECEIPTS AND WITHDRAWAL OF DEPOSITED SECURITIES.

 

Upon surrender
at the Corporate Trust Office of the Depositary of American Depositary Shares
for the purpose of withdrawal of the Deposited Securities represented hereby,
and upon payment of the fee of the Depositary for the surrender of American
Depositary Shares as provided in this Receipt, and payment of all taxes and
governmental charges payable in connection with such surrender and withdrawal
of the Deposited Securities, and subject to the terms and conditions of the
Deposit Agreement the Estatutos and the Deposited Securities, the Owner
of those American Depositary Shares shall be entitled to delivery, to him or as
instructed, of the amount of Deposited Securities at the time represented by
those American Depositary Shares. Such delivery will be made, as hereinafter
provided, without unreasonable delay.

 

3.                                       TRANSFERS,
SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.

 

The transfer
of American Depositary Shares are registrable on the books of the Depositary at
any of its designated transfer offices upon (i) in the case of
certificated American Depositary Shares, surrender of the Receipt evidencing
those American Depositary Shares, by the Owner hereof in person or by a duly
authorized attorney, properly endorsed for transfer or accompanied by proper
instruments of transfer or (ii) in the case of uncertificated American
Depositary Shares, receipt from the Owner of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in
Section 2.10 of the Deposit Agreement), and, in either case, duly stamped
as may be required by the laws of the State of New York and of the United
States of America. Thereupon the Depositary shall deliver those American
Depositary Shares to or upon the order of the person entitled

 

30

 

hereto. This Receipt may be split into
other such Receipts, or may be combined with other such Receipts into one
Receipt, evidencing the same aggregate number of American Depositary Shares as
the Receipt or Receipts surrendered. The Depositary, upon surrender of a
Receipt for the purpose of exchanging for uncertificated American Depositary
Shares, shall cancel that Receipt and send the Owner a statement confirming
that the Owner is the owner of the same number of uncertificated American
Depositary Shares that the surrendered Receipt evidenced. The Depositary, upon
receipt of a proper instruction (including, for the avoidance of doubt,
instructions through DRS and Profile as provided in Section 2.10 of the
Deposit Agreement) from the Owner of uncertificated American Depositary Shares
for the purpose of exchanging for certificated American Depositary Shares,
shall execute and deliver to the Owner a Receipt evidencing the same number of
certificated American Depositary Shares. As a condition precedent to the
delivery, registration, registration of transfer, split-up, combination, or
surrender of any American Depositary Share or withdrawal of any Deposited
Securities, the Depositary, the Custodian, or Registrar may require (i) payment
from the Owner, the presentor of the Receipt or instruction for registration of
transfer or surrender of American Depositary Shares not evidenced by a Receipt
of a sum sufficient to reimburse it for any tax, duty or other governmental
charge payable with respect thereto (including any such tax, duty or charge
with respect to Shares being deposited, to the Receipts being issued or to
Deposited Securities being withdrawn) and any transfer or registration fees in
effect for the registration or registration of transfers of Shares generally on
the Share register of the Company (or the appointed agent of the Company for
transfer and registration of Shares); (ii) payment of any applicable fees
as herein provided; (iii) the production of proof satisfactory to it as to
the identity and genuineness of any signature; and (iv) compliance with
such reasonable regulations, if any, as the Depositary may establish consistent
with the provisions of the Deposit Agreement.

 

The delivery
of American Depositary Shares against deposits of Shares generally may be
suspended, or the delivery of American Depositary Shares against the deposit of
particular Shares may be withheld, or the registration of transfer of
American Depositary Shares in particular instances may be refused, or the
registration of transfer or surrender of outstanding American Depositary Shares
generally may be suspended, during any period when the transfer books of
the Depositary or the Share register of the Company are closed, or if any such
action is deemed necessary or advisable by the Depositary or the Company at any
time or from time to time because of any requirement of law or of any
government or governmental body or commission, or any securities exchange on
which the American Depositary Shares or Shares are listed, or under any
provision of the Receipts or of the Deposit Agreement, or for any other reason.
Notwithstanding the foregoing sentence or any other provision of the Deposit
Agreement or this Receipt to the contrary, Owners shall be entitled to withdraw
Deposited Securities, subject only to the conditions set forth in paragraph
I(A)(1) of the General Instructions (or any successor provisions thereto),
as in effect from time to time, to Form F-6 as prescribed by the
Commission under the Securities Act of 1933.

 

Without
limitation of the foregoing, the Depositary shall not knowingly accept for
deposit under the Deposit Agreement any Shares which would be required to be
registered under the provisions of the Securities Act of 1933 for public offer
and sale by the holder thereof in the United States (as defined in Regulation
S) unless a registration statement is in effect as to such Shares for such offer
and sale.

 

4.                                       LIABILITY
OF OWNER FOR TAXES.

 

Any tax, duty
or other governmental charge or expense payable by the Custodian, the
Depositary or the nominee or nominees of either with respect to this American
Depositary Share or as the registered holder of any Deposited Securities
underlying this American Depositary Share shall be payable by the

 

31

 

Owner hereof, who shall pay the amount
thereof to the Depositary. The Depositary may refuse to effect registration
of transfer of this American Depositary Share or any transfer and withdrawal of
Deposited Securities underlying this American Depositary Share until such
payment is made, and may withhold any cash dividends or other cash
distributions constituting Deposited Securities underlying this Receipt, or may sell
for the account of the Owner hereof any part or all of the other Deposited
Securities underlying this American Depositary Share, and may apply such
cash or the proceeds of any such sale in payment of any such tax, duty or other
governmental charge or expense (and any taxes and expenses arising or incurred
as a result of effecting any such sale), the Owner hereof remaining liable for
any deficiency.

 

5.                                       WARRANTIES
ON DEPOSIT OF SHARES.

 

Every person
depositing Shares under the Deposit Agreement shall be deemed thereby to
represent and warrant that such Shares are validly issued, fully paid,
non-assessable, and free of any preemptive rights of the holders of outstanding
Shares and that the person making such deposit is duly authorized so to do. Every
such person (other than the Company) shall also be deemed to represent that
such Shares are not, and American Depositary Shares and representing such
Shares would not be, restricted securities as defined under the Securities Laws
of the United States or securities owned by an affiliate (as defined in Rule 144
under the Securities Act of 1933) of the Company or which are subject to any
restrictions on transfer and sale under Mexican laws or the Estatutos or
a shareholder agreement. Such representations and warranties shall survive the
deposit of Shares and delivery or surrender of American Depositary Shares
therefor.

 

6.                                       FILING
PROOFS, CERTIFICATES, AND OTHER INFORMATION.

 

Any person
depositing Shares or any Owner may be required from time to time to file
with the Depositary or the Custodian such proof of citizenship, residence,
exchange control approval, legal or beneficial ownership or other information
relating to the registration on the books of the Company (or the appointed
agent of the Company for transfer and registration of Shares) of the Shares
presented for deposit, to execute and deliver to the Depositary or the
Custodian such certificates, and to make such representations and warranties,
as the Depositary may deem necessary or proper or as the Company may require
by written request to the Depositary. The Depositary may withhold the
delivery or registration of transfer of American Depositary Shares or the
distribution or sale of any dividend or other distribution or rights or of the
proceeds thereof or the delivery of any Deposited Securities underlying such
American Depositary Shares until the foregoing is accomplished to the
Depositary’s reasonable satisfaction.

 

7.                                       CHARGES
OF DEPOSITARY.

 

The Company
agrees to pay the fees, reasonable expenses and out-of-pocket charges of the
Depositary and those of any Registrar only in accordance with agreements in
writing entered into between the Depositary and the Company from time to time. The
Depositary shall present its statement for such charges and expenses to the
Company once every three months. The charges and expenses of the Custodian are
for the sole account of the Depositary.

 

The following
charges shall be incurred by any party depositing or withdrawing Shares or by
any party surrendering American Depositary Shares or to whom American
Depositary Shares are issued (including, without limitation, issuance pursuant
to a stock dividend or stock split declared by the Company or an exchange of
stock regarding the Receipts or Deposited Securities or a distribution of

 

32

 

American Depositary Shares pursuant to Section 4.03
of the Deposit Agreement), or by Owners, whichever applicable: (1) taxes
and other governmental charges, (2) such registration fees as may from
time to time be in effect for the registration of transfers of Shares generally
on the Share register of the Company (or the appointed agent of the Company for
transfer and registration of Shares) and applicable to transfers of Shares to
the name of the Depositary or its nominee or the Custodian or its nominee on
the making of deposits or withdrawals under the terms of the Deposit Agreement,
(3) such cable, telex and facsimile transmission expenses as are expressly
provided in the Deposit Agreement, (4) such expenses as are incurred by
the Depositary in the conversion of foreign currency pursuant to Section 4.05
of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American
Depositary Shares (or portion thereof) for delivery of American Depositary
Shares pursuant to Section 2.03, 4.03 or 4.04 of the Deposit Agreement and
the surrender of American Depositary Shares pursuant to Section 2.05 or
6.02 of the Deposit Agreement, (6) a fee of $.02 or less per American
Depositary Share (or portion thereof) for any cash distribution made pursuant
to the Deposit Agreement (7) a fee for the distribution of securities
pursuant to Section 4.02 of the Deposit Agreement, such fee being in an
amount equal to the fee for the issuance of American Depositary Shares referred
to above which would have been charged as a result of the deposit of such
securities (for purposes of this clause 7 treating all such securities as
if they were Shares), but which securities are instead distributed by the
Depositary to Owners (8) in addition to any fee charged under clause 6, a
fee of $.02 or less per American Depositary Share (or portion thereof) for
depositary services, which will accrue on the last day of each calendar year
and which will be payable as provided in clause 9 below and (9) any other
charges payable by the Depositary, any of the Depositary’s agents, including
the Custodian, or the agents of the Depositary’s agents in connection with the
servicing of Shares or other Deposited Securities (which charge shall be
assessed against Owners as of the date or dates set by the Depositary in
accordance with Section 4.06 of the Deposit Agreement and shall be
collected at the sole discretion of the Depositary by billing such Owners for
such charge or by deducting such charge from one or more cash dividends or
other cash distributions).

 

The
Depositary, subject to Article 8 hereof, may own and deal in any class of
securities of the Company and its affiliates and in Receipts.

 

8.                                       PRE-RELEASE
OF RECEIPTS.

 

Unless
requested in writing by the Company to cease doing so, the Depositary may,
notwithstanding Section 2.03 of the Deposit Agreement, deliver American
Depositary Shares prior to the receipt of Shares pursuant to Section 2.02
of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.05
of the Deposit Agreement, deliver Shares upon the surrender of American
Depositary Shares that have been Pre-Released, whether or not such cancellation
is prior to the termination of such Pre-Release or the Depositary knows that
such American Depositary Shares have been Pre-Released. The Depositary may receive
American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each
Pre-Release will be (a) preceded or accompanied by a written
representation and agreement from the person to whom American Depositary Shares
are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or its
customer, (i) owns the Shares or American Depositary Shares to be
remitted, as the case may be, (ii) assigns all beneficial right,
title and interest in such Shares or American Depositary Shares, as the case may be,
to the Depositary in its capacity as such and for the benefit of the Owners,
and (iii) will not take any action with respect to such Shares or American
Depositary Shares, as the case may be, that is inconsistent with the
transfer of beneficial ownership (including, without the consent of the
Depositary, disposing of such Shares or American Depositary Shares, as the case
may be, other than in satisfaction of such Pre-Release), (b) at all
times fully

 

33

 

collateralized with cash, U.S. government
securities or such other collateral as the Depositary determines, in good
faith, will provide substantially similar liquidity and security, (c) terminable
by the Depositary on not more than five (5) business days’ notice, and (d) subject
to such further indemnities and credit regulations as the Depositary deems
appropriate. The number of Shares not deposited but represented by American
Depositary Shares outstanding at any time as a result of Pre-Releases will not
normally exceed thirty percent (30%) of the Shares deposited hereunder; provided,
however, that the Depositary reserves the right to disregard such limit
from time to time as it deems reasonably appropriate, and may, with the prior
written consent of the Company, change such limit for purposes of general
application. The Depositary will also set U.S. dollar limits with respect to
Pre-Release transactions to be entered into hereunder with any particular
Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For
purposes of enabling the Depositary to fulfill its obligations to the Owners
under the Deposit Agreement, the collateral referred to in clause (b) above
shall be held by the Depositary as security for the performance of the
Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release
transaction, including the Pre-Releasee’s obligation to deliver Shares or
American Depositary Shares upon termination of a Pre-Release transaction (and
shall not, for the avoidance of doubt, constitute Deposited Securities
thereunder).

 

The Depositary
may retain for its own account any compensation received by it in connection
with the foregoing.

 

9.                                       TITLE
TO RECEIPTS.

 

It is a
condition of this Receipt and every successive Owner of this Receipt by
accepting or holding the same consents and agrees, that when properly endorsed
or accompanied by proper instruments of transfer, is transferable as
certificated registered securities under the laws of New York; American
Depositary Shares not evidenced by Receipts shall be transferable as
uncertificated registered securities under the laws of New York. The
Depositary, notwithstanding any notice to the contrary, may treat the
person in whose name this Receipt is registered on the books of the Depositary
as the absolute owner hereof for the purpose of determining the person entitled
to distribution of dividends or other distributions or to any notice provided
for in the Deposit Agreement or for all other purposes, and neither the
Depositary nor the Company shall have any obligations or be subject to any
liability under this Deposit Agreement to any holder of American Depositary
Shares unless such holder is the Owner thereof.

 

10.                                 VALIDITY
OF RECEIPT.

 

This Receipt
shall not be entitled to any benefits under the Deposit Agreement or be valid
or obligatory for any purpose unless this Receipt shall have been executed by
the Depositary by the manual or facsimile signature of a duly authorized
signatory of the Depositary and, if a Registrar shall have been appointed,
countersigned by the manual signature of a duly authorized officer of the
Registrar.

 

11.                                 REPORTS;
INSPECTION OF TRANSFER BOOKS.

 

The Company is
subject to the periodic reporting requirements of the Securities Exchange Act
of 1934 and, accordingly, files certain reports with the Commission. Such
reports will be available for inspection and copying by Owners and Beneficial
Owners at the public reference facilities maintained by the Commission located
at 100 F Street, N.E., Washington, D.C. 20549.

 

The Depositary
will make available for inspection by Owners at the Corporate Trust Office any

 

34

 

reports and communications received from the
Company which are both (a) received by the Depositary or the Custodian or
the nominee of either as the holder of the Deposited Securities and (b) made
generally available to the holders of such Deposited Securities by the Company.
The Depositary will also send to Owners copies of such reports when furnished
by the Company pursuant to the Deposit Agreement.

 

The Depositary
will keep books, at its Corporate Trust Office, for the registration of
American Depositary Shares and transfer of American Depositary Shares which at
all reasonable times shall be open for inspection by the Owners and the
Company, provided that such inspection shall not be for the purpose of
communicating with Owners in the interest of a business or object other than
the business of the Company or a matter related to the Deposit Agreement, the
American Depositary Shares or the Shares.

 

12.                                 DIVIDENDS
AND DISTRIBUTIONS.

 

Whenever the
Depositary receives any cash dividend or other cash distribution in respect of
any Deposited Securities, the Depositary will, if at the time of receipt
thereof any amounts received in a foreign currency can in the judgment of the
Depositary be converted on a reasonable basis into United States dollars
transferable to the United States, and subject to the Deposit Agreement, as
promptly as practicable convert such dividend or distribution into U.S. dollars
and will distribute as promptly as practicable the amount thus received (net of
the fees and expenses of the Depositary as provided in Article 7 hereof
and Section 5.09 of the Deposit Agreement) to the Owners entitled thereto;
provided, however, that in the event that the Company, the
Depositary or the Custodian is required to withhold and does withhold from any
cash dividend or other cash distribution in respect of any Deposited Securities
an amount on account of taxes, the amount distributed to the Owners of American
Depositary Shares representing such Deposited Securities shall be reduced
accordingly.

 

Subject to
applicable provisions of the Deposit Agreement, whenever the Depositary
receives any distribution other than a distribution described in Section 4.01,
4.03 or 4.04 of the Deposit Agreement, the Depositary will cause the securities
or property received by it to be distributed as promptly as practicable to the
Owners entitled thereto, in proportion to the number of American Depositary
Shares held by them, respectively, in any manner that the Depositary may deem
equitable and practicable for accomplishing such distribution; provided,
however, that if in the opinion of the Depositary such distribution
cannot be made proportionately among the Owners of Receipts entitled thereto,
or if for any other reason the Depositary deems such distribution not to be
feasible, the Depositary may adopt such method as it may deem
equitable and practicable for the purpose of effecting such distribution,
including the public or private sale of the securities or property thus
received, or any part thereof, and the net proceeds of any such sale will
be distributed by the Depositary to the Owners of Receipts entitled thereto as
in the case of a distribution received in cash.

 

If any
distribution consists of a dividend in, or free distribution of, Shares,
subject to the applicable provisions of the Deposit Agreement, the Depositary
may, and shall, if the Company shall so request, deliver promptly to the Owners
of outstanding American Depositary Shares entitled thereto, additional American
Depositary Shares representing the number of Shares received as such dividend
or distribution, subject to the terms and conditions of the Deposit Agreement
with respect to the deposit of Shares and the issuance of American Depositary
Shares evidenced by Receipts, including the withholding of any tax or other
governmental charge as provided in Section 4.11 of the Deposit Agreement
and the payment of the fees and expenses of the Depositary as provided in Article 7
hereof

 

35

 

and Section 5.09 of the Deposit Agreement.
The Depositary may withhold any such distribution if it has not received
satisfactory assurances from the Company that such distribution does not
require registration under the Securities Act of 1933 or is exempt from such
registration. In lieu of delivering fractional American Depositary Shares in
any such case, the Depositary will sell the amount of Shares represented by the
aggregate of such fractions and as promptly as practicable distribute the net
proceeds, all in the manner and subject to the conditions described in Section 4.02
of the Deposit Agreement. If additional American Depositary Shares are not so
distributed, each American Depositary Share shall thenceforth also represent
the additional Shares distributed upon the Deposited Securities represented
thereby.

 

In the event
that the Company shall offer or cause to be offered to the holders of any
Deposited Securities an option to elect to receive dividends in fully paid
Shares instead of cash, the Depositary and the Company agree to consult to
determine whether such option will be made available to the Owners and, if such
option is to be made available to such Owners, the procedures to be followed.

 

In the event
that the Depositary determines that any distribution in property (including Shares
and rights to subscribe therefor) is subject to any tax which the Depositary is
obligated to withhold, the Depositary may dispose of all or a portion of
such property (including Shares and rights to subscribe therefor) in such
amounts and in such manner as the Depositary deems necessary and practicable to
pay any such taxes, by public or private sale, and the Depositary shall
distribute the net proceeds of any such sale or the balance of any such
property after deduction of such taxes or charges to the Owners of Receipts
entitled thereto.

 

13.                                 RIGHTS.

 

In the event
that the Company shall offer or cause to be offered to the holders of any
Deposited Securities any rights to subscribe for additional Shares or any
rights of any other nature, the Depositary shall, after consultation with the
Company, have discretion as to the procedure to be followed in making such
rights available to any Owners or in disposing of such rights on behalf of any
Owners and making the net proceeds available in U.S. dollars to such Owners;
or, provided, however, that the Depositary will, if requested by
the Company take action as follows: (i) if at the time of the offering of
any rights the Depositary determines that it is lawful and feasible to make
such rights available to the Owners by means of warrants or otherwise, the
Depositary shall distribute as promptly as practicable to each Owner in
proportion to the number of American Depositary Shares representing such
Deposited Securities held by such Owner, warrants or other instruments therefor
in such form as it deems appropriate, but only pursuant to a rights agency
agreement to be entered into between the Company and the Depositary setting
forth the procedures, terms and conditions applicable to the particular
offering, or employ such other method, if any, as it may deem lawful and
feasible in order to facilitate the exercise, sale or transfer of rights by
such Owners; or (ii) if at the time of the offering of any rights the
Depositary determines that it is not lawful and feasible to make such rights
available to the Owners by means of warrants or otherwise, or if the rights
represented by such warrants or such other instruments are not exercised and
appear to be about to lapse, it will use its best efforts that are reasonable
under the circumstances to sell the rights, warrants or other instruments and
allocate the net proceeds of such sales for the account of such Owners
otherwise entitled to such rights, warrants or other instruments, upon an
averaged or other practical basis without regard to any distinctions among such
Owners because of exchange restrictions or the date of delivery of any American
Depositary Shares or otherwise.

 

The Depositary
will not offer rights to Owners unless both the rights and the securities to
which

 

36

 

such rights relate are either exempt from
registration under the Securities Act of 1933 with respect to a distribution to
all Owners or are registered under the provisions of such Act.

 

The Depositary
shall not be responsible for any failure to determine that it may be
lawful or feasible to make such rights available to Owners in general or any
Owner in particular, provided that the Depositary has not acted negligently or
in bad faith.

 

14.                                 CONVERSION
OF FOREIGN CURRENCY.

 

Whenever the
Depositary or the Custodian shall receive foreign currency, by way of dividends
or other distributions or the net proceeds from the sale of securities,
property or rights, and if at the time of the receipt thereof the foreign currency
so received can in the judgment of the Depositary be converted on a reasonable
basis into U.S. dollars and the resulting U.S. dollars transferred to the
United States, the Depositary shall, as promptly as practicable, convert or
cause to be converted, by sale or in any other manner that it may determine,
such foreign currency into U.S. dollars, and such U.S. dollars shall be
distributed, as promptly as practicable, to the Owners entitled thereto or, if
the Depositary shall have distributed any warrants or other instruments which
entitle the holders thereof to such Dollars, then to the holders of such
warrants and/or instruments upon surrender thereof for cancellation. Such
distribution may be made upon an averaged or other practicable basis
without regard to any distinctions among Owners on account of exchange
restrictions or otherwise and shall be net of any expenses of conversion into
U.S. dollars incurred by the Depositary as provided in Section 5.09 of the
Deposit Agreement.

 

If such
conversion or distribution can be effected only with the approval or license of
any government or agency thereof, the Depositary shall file as promptly as
practicable such application for approval or license, if any, as it may deem
desirable.

 

If at any time
the Depositary shall determine that in its judgment any foreign currency
received by the Depositary is not convertible on a reasonable basis into U.S.
dollars transferable to the United States, or if any approval or license of any
government or agency thereof which is required for such conversion is denied or
in the opinion of the Depositary is not obtainable, or if any such approval or
license is not obtained within a reasonable period as determined by the
Depositary, the Depositary may distribute the foreign currency (or an
appropriate document evidencing the right to receive such foreign currency)
received by the Depositary to, or in its discretion may hold such foreign
currency uninvested and without liability for interest thereon for the
respective accounts of, the Owners entitled to receive the same.

 

If any such
conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some of the Owners entitled thereto, the Depositary may in
its discretion make such conversion and distribution in U.S. dollars to the
extent permissible to the Owners entitled thereto and may distribute the
balance of the foreign currency received by the Depositary to, or hold such
balance uninvested and without liability for interest thereon for the
respective accounts of, the Owners entitled thereto.

 

15.                                 RECORD
DATES.

 

Whenever any
cash dividend or other cash distribution shall become payable or any
distribution other than cash shall be made, or whenever rights shall be issued
with respect to the Deposited Securities, or whenever the Depositary shall
receive notice of any meeting of holders of Shares or other

 

37

 

Deposited Securities, or whenever for any
reason the Depositary causes a change in the number of Shares that are
represented by each American Depositary Share, or whenever the Depositary shall
fix a record date, which date shall, to the extent practicable, be the same as
or as near as practicable to, the record date, if any, fixed by the Company
and, if different from the record date set by the Company, shall be set after
consultation with the Company, (a) for the determination of the Owners who
shall be (i) entitled to receive such dividend, distribution or rights or
the net proceeds of the sale thereof, (ii) entitled to give instructions
for the exercise of voting rights at any such meeting, or (iii) responsible
for any fee assessed by the Depositary pursuant to the Deposit Agreement or (b) on
or after which each American Depositary Share will represent the changed number
of Shares, subject to the provisions of the Deposit Agreement.

 

16.                                 VOTING
OF DEPOSITED SECURITIES.

 

Upon receipt
of notice of any meeting of holders of Shares or other Deposited Securities, if
requested in writing by the Company, the Depositary shall, as soon as
practicable thereafter, mail to the Owners of Receipts a notice, the form of
which notice shall be in the sole discretion of the Depositary, which shall
contain (a) such information as is contained in such notice of meeting, (b) a
statement that the Owners as of the close of business on a specified record
date will be entitled, subject to any applicable provision of Mexican law and
of the Estatutos, to instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the amount of Shares or other Deposited
Securities represented by their respective American Depositary Shares and (c) a
statement as to the manner in which such instructions may be given,
including an express indication that if no instruction is received, the
Depositary will deem the Owner to have instructed the Depositary to vote the
Shares represented by such Owner’s American Depositary Shares in the same
proportion that all other shares of capital stock of the Company are voted at
the relevant shareholders’ meeting. The Company shall use its best efforts to
notify The Bank of New York of upcoming shareholders’ meetings and request that
the Depositary mail a notice to Owners as provided in the preceding sentence. Upon
the written request of an Owner of American Depositary Shares on such record
date, received on or before the date established by the Depositary for such
purpose (the “Instruction Date”), the Depositary shall endeavor insofar as
practicable to vote or cause to be voted the amount of Shares or other
Deposited Securities represented by those American Depositary Shares in
accordance with the instructions set forth in such request. The Depositary
shall not vote or attempt to exercise the right to vote that attaches to the
Shares or other Deposited Securities, other than in accordance with such
instructions or deemed instructions. If no instructions are received by the
Depositary from an Owner with respect to any of the Deposited Securities
represented by that Owner’s American Depositary Shares on or before the date
established by the Depositary for such purpose, the Depositary shall deem such
Owner to have instructed the Depositary to vote such Shares on any question in
the same proportion that all other shares of capital stock of the Company are
voted on such question at the relevant shareholders’ meeting, and the
Depositary shall endeavor, insofar as practicable, to so vote or cause to be
voted such Shares.

 

17.                                 CHANGES
AFFECTING DEPOSITED SECURITIES.

 

Upon any
change in nominal value, change in par value, split-up, consolidation, or any
other reclassification of Deposited Securities, or upon any recapitalization,
reorganization, merger or consolidation, or sale of assets affecting the
Company or to which it is a party, any securities received by the Depositary or
the Custodian in exchange for or in conversion of or in respect of Deposited
Securities shall be treated as new Deposited Securities under the Deposit
Agreement, and American Depositary Shares shall thenceforth represent, in
addition to the existing Deposited Securities, the right to receive

 

38

 

the new Deposited Securities so received in
exchange or conversion, unless additional Receipts are delivered pursuant to
the following sentence. In any such case the Depositary may, with the approval
of the Company and shall, if the Company shall so request, execute and deliver
additional Receipts as in the case of a dividend in Shares, or call for the
surrender of outstanding Receipts to be exchanged for new Receipts specifically
describing such new Deposited Securities.

 

18.                                 LIABILITY
OF THE COMPANY AND DEPOSITARY.

 

Neither the
Depositary nor the Company, nor any of their respective directors, employees,
agents or affiliates shall incur any liability to any Owner if, by reason of
any provision of any present or future law of the United States, the United
Mexican States or any other country, or of any other governmental or regulatory
authority, or by reason of any provision, present or future, of the Estatutos,
or by reason of any act of God or war or other circumstances beyond its
control, the Depositary or the Company or any of their respective directors,
employees, agents or affiliates shall be prevented, delayed or forbidden from
or be subject to any civil or criminal penalty on account of doing or
performing any act or thing which by the terms of the Deposit Agreement it is
provided or contemplated shall be done or performed; nor shall the Depositary
or the Company or any of their respective directors, employees, agents or
affiliates incur any liability to any Owner by reason of any non-performance or
delay, caused as aforesaid, in performance of any act or thing which by the
terms of the Deposit Agreement it is provided or contemplated shall or may be
done or performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in the Deposit Agreement or the Estatutos. Where,
by the terms of a distribution pursuant to Section 4.01, 4.02 or 4.03 of
the Deposit Agreement, or an offering or distribution pursuant to Section 4.04
of the Deposit Agreement, such distribution or offering may not be made
available to Owners of Receipts, and the Depositary may not dispose of
such distribution or offering on behalf of such Owners and make the net
proceeds available to such Owners, then the Depositary shall not make such
distribution or offering, and shall allow any rights, if applicable, to lapse. Neither
the Company nor the Depositary assumes any obligation or shall be subject to
any liability under the Deposit Agreement to Owners, except that they agree to
perform their obligations specifically set forth in the Deposit Agreement
without negligence or bad faith. The Depositary shall not be subject to any
liability with respect to the validity or worth of the Deposited Securities. Neither
the Depositary nor the Company shall be under any obligation to appear in,
prosecute or defend any action, suit, or other proceeding in respect of any
Deposited Securities or in respect of the American Depositary Shares, which in
its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense and liability be furnished as often as may be
required, and the Custodian shall not be under any obligation whatsoever with
respect to such proceedings, the responsibility of the Custodian being solely
to the Depositary. Neither the Depositary nor the Company shall be liable for
any action or non-action by it in reliance upon the advice of or information
from legal counsel, accountants, any governmental authority, any person
presenting Shares for deposit, any Owner of a Receipt, or any other person
believed by it in good faith to be competent to give such advice or information.
The Depositary shall not be responsible for any failure to carry out any
instructions to vote any of the Deposited Securities, or for the manner in
which any such vote is cast or the effect of any such vote, provided that any
such action or non-action is in good faith. The Depositary shall not be liable
to Owners for any acts or omissions made by a successor depositary whether in
connection with a previous act or omission of the Depositary or in connection
with a matter arising wholly after the removal or resignation of the
Depositary, provided that, in connection with the issue out of which such
potential liability arises, the Depositary performed its obligations utilizing
its reasonable judgment in good faith while it acted as Depositary. No
disclaimer of liability under the Securities Act of 1933 is intended by any
provision of the Deposit Agreement.

 

39

 

19.                                 RESIGNATION
AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

 

The Depositary
may at any time resign as Depositary hereunder by written notice of its
election so to do delivered to the Company, such resignation to take effect
upon the appointment of a successor depositary and its acceptance of such
appointment as provided in the Deposit Agreement. The Depositary may at
any time be removed by the Company by 60 days’ prior written notice of such
removal, to become effective upon the later of (i) the 60th day after
delivery of the notice to the Depositary or (ii) the appointment of a
successor depositary and its acceptance of such appointment as provided in the
Deposit Agreement. Whenever the Depositary in its discretion determines that it
is in the best interest of the Owners of Receipts to do so, it may, after
consultation with the Company to the extent practicable, appoint a substitute
or additional Custodian.

 

20.                                 AMENDMENT.

 

The form of
the Receipts and any provisions of the Deposit Agreement may at any time
and from time to time be amended by agreement between the Company and the
Depositary in any respect that they may deem necessary or desirable. Any
amendment which shall impose or increase any fees or charges (other than taxes
(including without limitation stamp taxes) and other governmental charges, or
which shall otherwise prejudice any substantial existing right of Owners shall,
however, not become effective as to outstanding American Depositary Shares
until the expiration of thirty days after notice of such amendment shall have
been given to the Owners of outstanding American Depositary Shares. Every Owner
at the time any amendment so becomes effective shall be deemed, by continuing
to hold American Depositary Shares, to consent and agree to such amendment and
to be bound by the Deposit Agreement and the Receipts as amended thereby. In no
event shall any amendment impair the right of the Owner of American Depositary
Shares to surrender such American Depositary Shares and receive therefor the
Deposited Securities represented thereby except in order to comply with
mandatory provisions of applicable law.

 

21.                                 TERMINATION
OF DEPOSIT AGREEMENT.

 

The Depositary
at any time at the direction of the Company shall terminate the Deposit
Agreement by mailing notice of such termination to the Owners of all American
Depositary Shares then outstanding at least 30 days prior to the date fixed in
such notice for such termination. The Depositary may terminate the Deposit
Agreement if at any time 90 days shall have expired after the Depositary shall
have delivered to the Company a written notice of its election to resign and a
successor depositary shall not have been appointed and accepted its appointment
as provided in the Deposit Agreement, such termination to become effective by
the Depositary mailing notice of such termination to Owners of all American
Depositary Shares then outstanding at least thirty (30) days prior to the date
fixed in such notice for such termination. If any American Depositary Shares
shall remain outstanding after the date of termination of the Deposit
Agreement, the Depositary thereafter shall discontinue the registration of transfers
of American Depositary Shares, shall suspend the distribution of dividends to
the Owners thereof, and shall not give any further notices or perform any
further acts under this Deposit Agreement, except that the Depositary shall, in
accordance with and subject to the provisions of this Deposit Agreement, (a) continue
to collect dividends and other distributions pertaining to Deposited
Securities, (b) sell rights as provided in this Deposit Agreement and (c) continue
to deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of
any rights or other property, in exchange for American Depositary Shares
surrendered to the 

 

40

 

Depositary. At any time after the expiration
of one year from the date of termination, the Depositary may sell the
Deposited Securities then held under the Deposit Agreement and may thereafter
hold uninvested the net proceeds of any such sale, together with any other cash
then held by it thereunder, unsegregated and without liability for interest,
for the pro rata benefit of the Owners of American Depositary Shares which have
not theretofore been surrendered, such Owners thereupon becoming general creditors
of the Depositary with respect to such net proceeds. After making such sale,
the Depositary shall be discharged from all obligations under the Deposit
Agreement, except to account for such net proceeds and other cash, after
deducting, in each case, the applicable fees and expenses of the Depositary and
any applicable taxes or governmental charges and except as provided in Section 5.08
of the Deposit Agreement. Upon the termination of the Deposit Agreement, the
Company shall be discharged from all obligations under the Deposit Agreement
except for its obligations to the Depositary with respect to indemnification,
charges, and expenses.

 

22.                                  SUBMISSION
TO JURISDICTION; WAIVER OF IMMUNITIES.

 

In the Deposit
Agreement, the Company has (i) appointed CT Corporation System, 111 Eighth
Avenue, New York, New York 10011, in the State of New York, as the Company’s
authorized agent upon which process may be served in any suit or
proceeding arising out of or relating to the Shares or Deposited Securities,
the American Depositary Shares, the Receipts or this Agreement, (ii) consented
and submitted to the jurisdiction of any state or federal court in the State of
New York in which any such suit or proceeding may be instituted, and (iii) agreed
that service of process upon said authorized agent shall be deemed in every
respect effective service of process upon the Company in any such suit or
proceeding.

 

23.                                 DISCLOSURE
OF INTERESTS.

 

To the extent
that provisions of or governing any Deposited Securities, the Estatutos or
applicable law may require the disclosure of beneficial or other ownership
of Deposited Securities and other securities to the Company and provide for
blocking of Owners’ transfer and voting or other rights to enforce such
disclosure or limit such ownership, the Depositary shall use its best efforts
that are reasonable under the circumstances to comply with Company instructions
as to American Depositary Shares in respect of any such enforcement or
limitation. Owners shall comply with all such disclosure requirements and shall
cooperate with the Depositary’s compliance with such instructions and by their
holding of American Depositary Shares or any interest therein are deemed to
consent to any such limitation or blocking of rights.

 

24.                                 DTC
DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.

 

(a)                                  Notwithstanding
the provisions of Section 2.04, the parties acknowledge that the Direct
Registration System (“DRS”) and Profile Modification System (“Profile”) shall
apply to uncertificated American Depositary Shares upon acceptance thereof to
DRS by DTC. DRS is the system administered by DTC pursuant to which the
Depositary may register the ownership of uncertificated American
Depositary Shares, which ownership shall be evidenced by periodic statements
issued by the Depositary to the Owners entitled thereto. Profile is a required
feature of DRS which allows a DTC participant, claiming to act on behalf of an
Owner of American Depositary Shares, to direct the Depositary to register a
transfer of those American Depositary Shares to DTC or its nominee and to
deliver those American Depositary Shares to the DTC account of that DTC
participant without receipt by the 

 

41

 

Depositary of prior authorization from the
Owner to register such transfer.

 

(b)                                 In
connection with and in accordance with the arrangements and procedures relating
to DRS/Profile, the parties understand that the Depositary will not verify,
determine or otherwise ascertain that the DTC participant which is claiming to
be acting on behalf of an Owner in requesting a registration of transfer and
delivery as described in subsection (a) has the actual authority to
act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial
Code). For the avoidance of doubt, the provisions of Sections 5.03 and 5.08
shall apply to the matters arising from the use of the DRS. The parties
agree that the Depositary’s reliance on and compliance with instructions
received by the Depositary through the DRS/Profile System and in accordance
with this Deposit Agreement shall not constitute negligence or bad faith on the
part of the Depositary.

 

42Exhibit 10.4

 

FORM
OF SECOND AMENDMENT AGREEMENT TO THE PARTICIPATION AGREEMENT

 

SECOND AMENDMENT AGREEMENT
(HEREINAFTER “AGREEMENT”) TO THE PARTICIPATION AGREEMENT DATED JUNE 14,
2000, AMENDED ON DECEMBER 21, 2005 (HEREINAFTER “PARTICIPATION AGREEMENT”),
ENTERED INTO BY AND AMONG THE FEDERAL GOVERNMENT OF THE UNITED STATES OF MÉXICO
(HEREINAFTER “FEDERAL GOVERNMENT”), BY THE MINISTRY OF COMMUNICATIONS AND TRANSPORTATION (“SCT”),
NACIONAL FINANCIERA, S.N.C., DIRECCIÓN FIDUCIARIA IN ITS CAPACITY AS TRUSTEE UNDER
THE TRUST NUMBER 5111-3 (“NAFIN”), GRUPO AEROPORTUARIO DEL CENTRO NORTE,
S.A. DE C.V. (HEREINAFTER “CONTROLLING CORPORATION”), SERVICIOS
AEROPORTUARIOS DEL CENTRO NORTE, S.A. DE C.V. (HEREINAFTER “SERVICES
CORPORATION, SOCIEDAD DE SERVICIOS”), THE CONCESSIONARY CORPORATIONS,
SERVICIOS DE TECNOLOGÍA AEROPORTUARIA, S.A. DE C.V. (FORMERLY OPERADORA
MEXICANA DE AEROPUERTOS, S.A. DE C.V.) (HEREINAFTER “SETA” OR THE “STRATEGIC
PARTNER”) AEROINVEST, S.A. DE C.V. (FORMERLY CONSTRUCTORAS ICA, S.A. DE
C.V.) (HEREINAFTER “AEROINVEST”), AND AÉROPORTS DE PARIS MANAGEMENT,
S.A. (FORMERLY AÉROPORTS DE PARIS) (HEREINAFTER “ADPM”), WITH THE
APPEARANCE OF BANCO NACIONAL DE COMERCIO EXTERIOR, S.N.C., DIVISIÓN FIDUCIARIA
(HEREINAFTER “TRUSTEE”), ENTERED INTO BY THE FEDERAL GOVERNMENT THROUGH
THE SCT, REPRESENTED BY DR. AARON DYCHTER POLTOLAREK, NAFIN REPRESENTED BY RICARDO RANGEL FERNANDEZ MCGREGOR,
CONTROLLING CORPORATION REPRESENTED BY RUBEN LOPEZ BARRERA, THE SERVICES
CORPORATION REPRESENTED BY RUBEN LOPEZ BARRERA, THE STRATEGIC PARTNER
REPRESENTED BY LUIS ZARATE ROCHA, THE TRUSTEE REPRESENTED BY CARLOS FLORES
SALINAS, AEROINVEST REPRESENTED BY ALONSO QUINTANA KAWAGE, ADPM REPRESENTED BY
NICOLÁS CLAUDE, AND THE CONCESSIONARY CORPORATIONS, REPRESENTED BY RUBEN LOPEZ
BARRERA PURSUANT TO THE FOLLOWING DEFINITIONS, PRECEDENTS, REPRESENTATIONS AND
CLAUSES.

 

DEFINITIONS

 

Capitalized terms defined and used
in this Agreement shall have the meaning assigned to such terms herein, or
otherwise, in the Participation Agreement.

 

PRECEDENTS

 

1.               On June 14, 2000, a
Participation Agreement was executed, with the purpose of establishing rights
and obligations among others, of the Strategic Partner, the Federal Government,
Nafin, the Trustee, and Grupo Aeroportuario, in virtue of the in virtue of the
Bid Process and the selection of the Strategic Partner in the management of the
Assigned Airports

 

 

pursuant to
the General Guidelines for the Investment Opening in the Mexican Airport
System, the invitation to bid and the guidelines

 

2.               On December 21,
2005, an agreement was entered into with the purpose of modifying the Sections
2.5, 2.7 y 3.4.4, among other provisions of the Participation Agreement.

 

3.               Considering that
(i) Nafin has the intention of carrying out the Public Offering of the representative
shares of the capital stock of the Controlling Corporation,  of its property (the “Nafin Shares”)
in the Securities Market in Mexico and abroad (the “Public Offer”) pursuant
to clause 3.4.5. of the Participation Agreement, (ii) to carry out the
Public Offer it is necessary to follow the Securities Market Law and  other general dispositions issued by the
National Banking and Securities Commission, including those related to the
existence, integrations, and functioning of social organs of the Controlling
Corporation,  and (iii) as a result of
the total modification of the Controlling Corporation’s By-laws, approved by
the Ordinary and Extraordinary General Shareholder’s Meeting of the Controlling
Corporation of October 2, 2006, reflecting, among other things, the required
adequateness in accordance with the Securities Market Law, it is necessary to
modify certain clauses of the Participation Agreement, with the purpose of
making both agreements consistent with the terms of the amended by-laws of the
Controlling Corporation.

 

4.               With the purpose of
making more efficient the handling of the cash flows between the Controlling
Corporation and the airports, redistributing the risks and liabilities in
accordance with the different business segments, and with the guidelines and
implementation of a dividends policy 
favorable to the shareholders’ profit, it is necessary to (i) modify the
corporate and administrative composition of the corporations that
integrate  the Controlling Corporation,
in the items regarding the management and non regulated income,  and (ii) in consequence modify certain
clauses of the Participation Agreement (the “Corporate and Administrative
Restructure”).

 

5.               On August 11, 2006,
a Board Meeting of the Controlling Corporation was held, in which was approved
the carrying out of all necessary acts regarding the implementation of the
Public Offering and the Corporate and Administrative Restructure, among other
issues were approved.

 

REPRESENTATIONS

 

I.                               The
Federal Government, through the SCT, hereby represents that:

 

1.               It acknowledges having entered into on
June 14, 2000, the participation Agreement, as well as its Amendment Agreement
dated December 21, 2005.

 

 

2.               It acknowledges the need to modify the
Participation Agreement, with the purpose, among other things of (i) making it
consistent with the terms of the current by-laws of the Controlling
Corporation, and (ii) implementing the Corporate and Administrative
Restructure.

 

3.               Its representative,
as Undersecretary of Transportation, is duly authorized to execute this
Agreement in accordance with article 6, Section IX, of the SCT Internal
Regulation.

 

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

 

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

 

2.               Acknowledges
the need to modify the Participation Agreement, with the purpose, among other
things of (i) making it consistent with the terms of the current by-laws of the
Controlling Corporation, and (ii) implementing the Corporate and Administrative
Restructure.

 

3.               Its representative
is duly authorized to execute this Agreement on its behalf, as evidenced in
public deed number 101,352, granted on July 10, 2003, before Mr. José Ángel
Villalobos Magaña, Public Notary num. 9 of the Federal District, dully
registered in the Public Registry of Commerce of the Federal District, on July
16, 2003 under mercantile folio number 1275.

 

4.               Has received the
necessary instructions to execute this agreement by means of instruction notice
number          dated November         
2006, in terms of the Trust number 5111-3, entered into as of July 14 2000 (the
“Nafin Trust”).

 

III.                       The
Controlling Corporation, through its representative, hereby represents that:

 

1.               It is a corporation
duly organized under the laws of Mexico, as evidenced in public deed number
44,355, dated May 28, 1998, granted before Mr. Emiliano Zubiría Maqueo, Public
Notary number 25 of the Federal District, duly registered in the Public
Registry of Commerce of the Federal District under mercantile folio number
238749.

 

2.               Acknowledges having
entered into on June 14, 2000, the participation Agreement, as well as its
Amendment Agreement dated December 21, 2005.

 

 

3.               It acknowledges the need to modify the
Participation Agreement, with the purpose, among other things of (i) making it
consistent with the terms of the current by-laws of the Controlling
Corporation, and (ii) implementing the Corporate and Administrative
Restructure.

 

4.               With the entering,
following and execution of this Agreement, does not violate or fail to fulfill
(i) law, regulation or any other legal provision of (ii) its by-laws or any
other agreement that it is part of.

 

5.               Its representative
is duly authorized to execute this Agreement on its behalf, as evidenced in
public deed number 10,485, granted on February 6, 2003, before Mr. Jesús
Salazar Venegas, Public Notary num. 63 of Monterrey, Nuevo León, dully
registered in the Public Registry of Commerce of Monterrey, Nueco Leon, on
January 27, 2004 under mercantile folio number 238749.

 

IV.                       Each of the
Concessionary Corporations, represent it was duly organized as represented in
the Participation and that its representatives are duly authorized to execute
this Agreement.

 

V.                           The
Services Corporation, through its representative, hereby represents that:

 

1.               It is a corporation
duly organized under the laws of Mexico, as evidenced in public deed number
44,356, dated May 28, 1998, granted before Mr. Emiliano Zubiría Maqueo, Public
Notary number 25 of the Federal District, duly registered in the Public
Registry of Commerce of the Federal District under mercantile folio number
238750.

 

2.               Acknowledges having
entered into on June 14, 2000, the participation Agreement, as well as its
Amendment Agreement dated December 21, 2005.

 

3.               Acknowledges
the need to modify the Participation Agreement, with the purpose, among other
things of (i) making it consistent with the terms of the current by-laws of the
Controlling Corporation, and (ii) implementing the Corporate and Administrative
Restructure.

 

4.               With the entering,
following and execution of this Agreement, does not violate or fail to fulfill
(i) law, regulation or any other legal provision (ii) its by-laws or any other
agreement that it is part of.

 

5.               Its representative
is duly authorized to execute this Agreement on its behalf, as evidenced in
public deed number 10,486, granted on February 6, 2003, before Mr. Jesús
Salazar Venegas, Public Notary num. 63 of the Federal District.

 

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

 

 

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

 

2.               Acknowledges having
entered into on June 14, 2000, the participation Agreement, as well as its
Amendment Agreement dated December 21, 2005.

 

3.               Acknowledges
the need to modify the Participation Agreement, with the purpose, among other
things of (i) making it consistent with the terms of the current by-laws of the
Controlling Corporation, and (ii) implementing the Corporate and Administrative
Restructure.

 

4.               With the entering,
following and execution of this Agreement, does not violate or fail to fulfill
(i) law, regulation or any other legal provision (ii) its by-laws or any other
agreement that it is part of.

 

5.               Its representative
is duly authorized to execute this Agreement on its behalf, as evidenced in
public deed number 991, granted on December 20, 2005, before Public Notary num.
29 of Monterrey, Nuevo León.

 

VII.                   The Partners of
the Strategic Partner, through its representative, hereby represents that:

 

1.               Acknowledges
the need to modify the Participation Agreement, with the purpose, among other
things of (i) making it consistent with the terms of the current by-laws of the
Controlling Corporation, and (ii) implementing the Corporate and Administrative
Restructure.

 

2.               With the entering,
following and execution of this Agreement, does not violate or fail to fulfill
(i) law, regulation or any other legal provision (ii) its by-laws or any other
agreement that it is part of.

 

3.               Its representatives
are dully authorized to execute this Agreement, and such authority has not been
revoked or modified in any form or manner according with:

 

(a)                   Public deed number 69,898, dated
July 25, 2003, granted before Mr. Jorge Alfredo Domínguez Martínez, Public
Notary number 140 of the Federal District, , duly registered in the Public
Registry of Commerce of the Federal District on September 20, 20003 under
mercantile folio number 309414.

 

(b)                  Public deed number 112,480, dated
December 20, 2005, granted before Mr. Cecilio González Márquez, Public Notary
number 151 of

 

 

the Federal
District, and the power of attorney of the legal representative of ADPM.

 

VIII.              The
Trustee, through
its representative, hereby represents that:

 

1.               In terms of the
Organic Law, it is dully authorized to carry out trustee operations according
to its by-laws and the Credit Institutions Law.

 

2.               Appears to the
execution of this Agreement, with the purpose of knowing the reach of its
obligations as Trustee, under the Participation Agreement and manifest its
conformity to them.

 

3.               Its representative
is duly authorized to execute this Agreement on its behalf, as evidenced in
public deed number 32,541, granted on January 14, 1997, before Mr. Maximino
García Cueto, Public Notary num. 14 of the Federal District, dully registered
in the Public Registry of Commerce of the Federal District.

 

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

 

CLAUSES

 

FIRST.        In accordance with the Controlling Corporation
By-Laws and the Securities Market Law, the parties convene by entering this
Agreement to modify the definitions section of the Participation Agreement, the
foregoing terms, as well as any other reference made to such terms in the
Participation Agreement.

 

	
  “Audit Committee

  	
  the Audit Committee of the Controlling
  Corporation will be integrated according to its by-laws and to the Securities
  Market Law, and will have all the faculties and obligations foreseen in
  articles its by-laws and in articles 41, 42, 43 and others applicable of the
  Securities Market Law, regarding the vigilance of the management, direction
  and execution of the Corporation’s businesses.”

  
	
   

  	
   

  
	
  “Operations Committee

  	
  the Operations Committee will be the one
  that, the Board Director appoints, with its corresponding faculties and
  according to the Controlling Corporation by-Laws.”

  
	
   

  	
   

  
	
  “By-Laws

  	
  the by-laws of the Controlling Corporation
  approved by Ordinary and Extraordinary general Shareholder’s Assembly of
  October 2, 2006.”

  

 

 

SECOND. In terms of the By-Laws of the Controlling
Corporation and the Securities Market Law, the parties convene to modify in the
definitions chapter, the terms “Nominative and Compensations Committee”
for “Nominative Committee”, as well as any other reference made to such terms
in the Participation Agreement.

 

THIRD.     In terms
of the By-Laws of the Controlling Corporation ad the Securities Market Law, the
parties convene to modify section 2.8 of the Participation Agreement, to
be defined as following:

 

“2.8                          The
administration. The Board Members will be integrated, at all times for at least
11 (eleven) members, in the understanding that it should be integrated by an
impair number of members, at all times and at least 25% (twenty five percent)
should be independent members, in accordance with article 24 of the Securities
Market Law and other general regulations issued by the National Banking and
Securities Commission.

 

2.8.1 Participation
in the Board.  Every shareholder or
group of shareholders of the series “BB” owner of 10% (ten percent) of the
social stock, will be able to designate, in accordance with Article 450,
fraction I of the Securities Market Law, one member of the Board. The
shareholders of the Series “B” will have the right to designate 3 (three)
members with its corresponding alternates in terms with article 6 of the
Controlling Company’s by-laws. The appointments made by the minority of the
shareholders will not be revoked, unless otherwise done to all members.

 

2.8.2 Faculties of the
Board members designated by  shareholders of series “BB”.  The members of the Board designated by
shareholders of the  series “BB”, acting
unanimously, will have the exclusive faculty to (i) Present to the Board
Members the names of the candidates to be appointed as General Managers of the
Company; (ii) Propose the removal of the general Manager of the Company; (iii)
Designate and remove half of the first level managers according to the
Technical Assistance and technology Transfer Agreement referred in numeral 2(c)
of Article Sixth of the Controlling Company’s by-laws, as well the policies
that for such case determines the Board, in terms of numeral 6(j) of Article
Eighteenth of the by-laws; and iv) Propose the designation of at least one
member of each one of the Company’s Committees, in the understanding that the
independent requirements should be followed as well as any other provision
contemplated in the Securities Market Law.

 

2.8.2.1 Operations Committee. 
The Controlling Company, the Services Companies and the Concessionary
Companies jointly, may be managed by an Operations Committee, whose functioning
and integration will be determined by the Controlling Company’s Board Members, in
accordance with the Controlling Company’s By-Laws and the Securities Market
Law.

 

 

2.8.2.2 General Manager.  The
management, direction and business execution functions of the Controlling
Company and other legal entities controlled by it, will be responsibility of
the General Manager, subject to the strategies and, policies approved by the
Board, and the by-laws of the Controlling Company, especially article thirty
third and the Securities Market Law.”

 

FOURTH.                                        In terms of the
Corporate and Administrative Restructure, the parties agree to amend section
2.9 of the Participation Agreement to read as follows:

 

“2.9                          Acknowledgement
of the Obligations of Grupo Aeroportuario. The Strategic Partner declares
to have knowledge of the by-laws of the Controlling Company, as well as of the
by-laws of the Services Company, and of the Concessionary Companies and,
therefore, is familiarized with the mechanisms established in such instruments
for the decision tacking process within Grupo Aeroportuario related with the
functioning and operation, which oblige to be observed in all its terms.

 

As well, the
Strategic Partner declares to acknowledge the terms and conditions of the
Administrative Services Agreement and that according to this Agreement,
undertakes the obligation to provide to the Controlling Company the technical
assistance required in accordance with the Technical Assistance Agreement and
the Administrative Services Rendering Agreement. The foregoing will not be
understood as an adhesion on behalf of the Strategic Partner to the
Administrative Services Rendering Agreement.”

 

FIFTH. The parties agree that the amendments to the
Participation Agreement mentioned in Clauses First, Second and Third of this
Agreement, are subject to the condition subsequent that (i) the National
Banking and Securities Commission grant the authorization for the register of
Series “B” shares, representative of the social stock of the Company in the
Stock Exchange National Registry and the current Special Section of such
registry; and (ii) the public offer of such shares is issued in México through
the Mexican Stock Exchange and, as the case may be, in the United States of
America and any other country abroad in terms presented by the President in
paragraph III of the Agenda, in either case, no later than March 31, 2007.

 

SIXTH. Except for
the amendments to the Participation Agreement established in this Agreement,
the Participation Agreement and its first Amendment Agreement remains in full force,
in the understanding that any provisions of the Participation Agreement and its
first Amendment Agreement not amended herein will maintain their validity and
legal scopes. The parties acknowledge that the amendments established in this
Agreement do not constitute novation of the Participation agreement or its
first Amendment Agreement.

 

 

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

 

In witness whereof,
and being the parties aware of the validity and legal scopes of this Agreement,
this Agreement is executed on November     , 2006.

 

[The rest of this page was intentionally left
blank]

 

 

[Signature Page]

 

Amendment Agreement to the
Participation Agreement dated as of November   , 2006.

 

 

Federal Government, through the

Ministry of Communication and Transport

 

 

	
   

  	
   

  	
   

  
	
   

  	
  By: [AaronDychter
  Poltolarek]

  	
   

  
	
   

  	
  Sub secretary of Transport

  	
   

  

 

 

[Signature Page]

 

Amendment Agreement to the
Participation Agreement dated as of November   , 2006.

 

 

Nacional
Financiera, Sociedad

Nacional de
Crédito

División
Fiduciaria

 

 

	
   

  	
   

  	
   

  
	
   

  	
  By:
  [Ricardo Rangel Fernández Mcgregor]

  	
   

  
	
   

  	
  Legal Representative

  	
   

  
					

 

 

[Signature Page]

 

Amendment Agreement to the
Participation Agreement dated as of November   , 2006.

 

 

Grupo
Aeroportuario del

Centro
Norte, S.A. de C.V.

 

 

	
   

  	
   

  	
   

  
	
   

  	
  By: [Rubén
  López Barrera]

  	
   

  
	
   

  	
  Legal Representative

  	
   

  

 

 

[Signature Page]

 

Amendment Agreement to the
Participation Agreement dated as of November   , 2006.

 

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

 

 

	
   

  	
   

  	
   

  
	
   

  	
  By: [Rubén
  López Barrera]

  	
   

  
	
   

  	
  Legal Representative

  	
   

  

 

 

[Signature Page]

 

Amendment Agreement to the
Participation Agreement dated as of November   , 2006.

 

 

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

  	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By: [Rubén
  López Barrera]

  
	
  By: [Rubén López Barrera]

  	
   

  	
  Legal
  Representative

  
	
  Legal Representative

  	
   

  	
   

  
							

 

 

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

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By: [Rubén López Barrera]

  	
  By: [Rubén López Barrera]

  
	
  Legal Representative

  	
  Legal Representative

  
						

 

 

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

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By: [Rubén López Barrera]

  	
  By: [Rubén López Barrera]

  
	
  Legal Representative

  	
  Legal Representative

  
						

 

 

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

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By: [Rubén López Barrera]

  	
  By: [Rubén López Barrera]

  
	
  Legal Representative

  	
  Legal Representative

  
						

 

 

[Signature Page]

 

Amendment Agreement to the
Participation Agreement dated as of November   , 2006.

 

 

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

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By: [Rubén López Barrera]

  	
  By: [Rubén López Barrera]

  
	
  Legal Representative

  	
  Legal Representative

  
						

 

 

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

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

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: [Rubén López
  Barrera]

  	
   

  	
   

  	
  By: [Rubén López
  Barrera]

  	
   

  
	
   

  	
  Legal Representative

  	
   

  	
   

  	
  Legal Representative

  	
   

  

 

 

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

  
	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
  By: [Rubén López Barrera]

  
	
  Legal Representative

  

 

 

[Signature Page]

 

Amendment Agreement to the
Participation Agreement dated as of November   , 2006.

 

 

Servicios de
Tecnología

Aeroportuaria,
S.A. de C.V.

 

 

	
   

  	
   

  	
   

  
	
   

  	
  By: [Luis Zarate Rocha]

  	
   

  
	
   

  	
  Legal Representative

  	
   

  

 

 

[Signature Page]

 

Amendment Agreement to the
Participation Agreement dated as of November   , 2006.

 

 

Aeroinvest,
S.A. de C.V.

 

 

	
   

  	
   

  	
   

  
	
   

  	
  By: [Alonso Quintana Kawage]

  	
   

  
	
   

  	
  Legal Representative

  	
   

  

 

 

[Signature Page]

 

Amendment Agreement to the
Participation Agreement dated as of November   , 2006.

 

Aéroports de Paris Management, S.A.

 

 

	
   

  	
   

  	
   

  
	
   

  	
  By: [Nicolás Claude]

  	
   

  
	
   

  	
  Legal Representative

  	
   

  

 

 

[Signature Page]

 

Amendment Agreement to the
Participation Agreement dated as of November   , 2006.

 

 

Banco
Nacional de Comercio

Exterior,
S.N.C.

 

 

	
   

  	
   

  	
   

  
	
   

  	
  By:
  [Carlos Flores Salinas]

  	
   

  
	
   

  	
  Legal Representative

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