Document:

Exhibit 4.3

 

	 	“2009 – Year of Homage to Raúl SCALABRINI ORTIZ”

 

NOTICE

 

BUENOS AIRES, JANUARY 30, 2009

 

To

 

AEROPUERTOS ARGENTINA
2000 S A

 

Mr. Ernesto GUTIÉRREZ
CONTE

 

Honduras 5663
- 2o Floor

 

FEDERAL CAPITAL

 

The purpose of this
notice is to inform you about the issuance of Resolution No 9, dated on January 28, 2009, by the ORGANISMO REGULADOR
DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which provides as follows in Article 1: “To approve the Review of the Financial
Projection of Income and Expenses (FPIE) for the period 2006-2007, pursuant to the provisions of Paragraph 29 of Part Four of the
Memorandum of Agreement for Concession Contract Adjustment, ratified by Decree 1799/07, which states the need to balance the variables
included in the FINANCIAL PROJECTION OF INCOME AND EXPENSESS OF THE CONCESSION (FPIE) based on an average rate variation of THIRTY
FIVE PERCENT with 7/100 (35.7%), which will be applied to all International Charges except for the TELESCOPIC JET WAY USAGE FEE.
Likewise, it is necessary to fix the value of the DOMESTIC AIRPORT TERMINAL USAGE FEE to FOURTEEN PESOS WITH 50/100 ($14.50) for
First Category Airports and TEN PESOS WITH 15/100 ($10.15) for the rest of the Airports.” Article 2 of said Resolution provides
as follows: “To establish, pursuant to the provisions of Paragraph 29.4 of the Memorandum of Agreement for Concession Contract
Adjustment, ratified by Decree 1799/07, the convenience and pertinence of making such discounts to international aeronautical charges
so that the resulting charge is equal to the charge that would be obtained by applying a THIRTY PERCENT discount (30%) over the
fixed values in Annex II of the Memorandum of Agreement. Such discount shall be applied to those airlines that are up to date with
their payments, and all invoices issued by AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA shall specify the discount amount.”
Article 3 of the Resolution provides as follows: “Pursuant to the provisions of Article 2, and with the purposes of restoring
the balance of the FINANCIAL PROJECTION OF INCOME AND EXPENSESS OF THE CONCESSION (FPIE), a rebalancing shall be made, and an additional
increase shall be applied to the INTERNATIONAL AIRPORT TERMINAL USAGE FEE equal to US DOLLARS FOUR WITH 57/100 (USD4.57) and US
DOLLARS TWO WITH 5/100 (USD2.05) for the REGIONAL AIRPORT TERMINAL USAGE FEE.” Article 4 of the Resolution provides as follows:
 “Consequently, the ECONOMIC FINANCIAL REGULATION AND QUALITY CONTROL DEPARTMENT shall be instructed to provide for the modification
of the Rate Schedule, which entered in effect by ORSNA Resolution No. 53/98, based on the provisions of Articles 1, 2 and 3 of
the present resolution.”

 

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

 

     

    	 	“2009 – Year of Homage to Raúl SCALABRINI ORTIZ”

    

 

A
motion for reversal or a motion to appeal the review of the administrative act notified by these presents can be filed within the
term of TEN (10) and FIFTEEN (15) days respectively, as of the notification thereof, pursuant to the provisions of Articles 84
and 94 of the Regulations of Administrative Proceedings, Decree 1759/72 (as revised in 1991).

 

It is expressly stated
on the record that a duly certified copy of ORSNA Resolution No. 9/2009 is attached herewith, which has THIRTEEN (13) sheets of
paper with writing on both sides of the page.

 

You are hereby
duly notified.

 

	[Illegible signature]
	 
	ARIEL CHRISTIAN MAQUEZ
	 
	General Secretariat Unit
	 
	O.R.S.N.A.

 

	Signature: [illegible]	 
	 	 
	Clarification: Julieta Alonso
	 	 
	Date: 02/02/2009	Time: 06:10 p.m.

 

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

 

     

    	 	“2009 – Year of Homage to Raúl SCALABRINI ORTIZ”

    

 

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

 

BUENOS AIRES, JANUARY
28, 2009

 

Having
reviewed File N° 563/08 of the Registry of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), Decree N°
375, dated on April 24, 1997, ratified by Decree of Necessity and Urgency N° 842, dated on August 27, 1997, Decree N° 163,
dated on February 11, 1998, Decree No 1799, dated on December 4th. 2007, ORSNA Resolution No 111, dated on December 30,
2008, and,

 

WHEREAS:

 

The
abovementioned File deals with the Review of the Financial Projection of Income and Expenses
for the CONCESSION (FPIE), corresponding to the years 2006-2007.

 

Paragraph
24.1 of the Memorandum of Agreement for Concession Contract Adjustment, ratified by Decree No 1799/07 establishes the Financial
Projection of Income and Expenses (FPIE) for the Concession for the 2006-2028 period.

 

Said
projection is shown in Annex 5 of the Memorandum of Agreement and consists of a breakdown of revenues and expenditures related
to the rendering of the services subject to the concession, including the investment obligation and the balance of the mutual claims
between the NATIONAL STATE and the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA.

 

Paragraph
6.5 of Part Four of the Memorandum of Agreement states that ordinary and extraordinary reviews of the Financial
Projection of Income and Expenses for the concession (FPIE) shall be carried out when required by the circumstances.

 

Paragraphs
29.1 and 29.2 of the Memorandum of Agreement provide for an Annual Ordinary Review Mechanism of the Financial
Projection of Income and Expenses for the concession (FPIE), with the purpose of verifying and keeping the balance between
the variables of the aforementioned projection.

 

     

    	 	“2009 – Year of Homage to Raúl SCALABRINI ORTIZ”

    

 

Likewise,
Paragraph 29.4 states as follows: “At the moment of the first review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES FOR
THE CONCESSION (FPIE) the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) shall analyze the convenience and pertinence
of: a) promoting a charge reduction system of at least TWENTY-FIVE PERCENT (25%) for airline companies that offer new flights after
the aforementioned review with the purpose of boosting international flight offers to Argentina at the airports subject to the
Concession; b) apply such charge reduction in face of passenger traffic increase in excess of the contractual estimates, applying
a THREE PERCENT (3%) discount to international charges for airlines for each percentage point of growth in excess of the contractual
estimates, up to a maximum discount of FIFTEEN PERCENT (15%); propose a rate rebalancing system to guarantee the protection of
the domestic air navigation system user and of the systemic competitiveness of the navigation model with the following purposes:
i) promote domestic flights with reductions and/or removal of the domestic airport terminal usage fee; ii) reduce international
charges for Airlines by THIRTY PERCENT (30%) ; and iii) readjust international airport terminal usage fees.”

 

The
aforementioned mechanism was submitted to the MINISTRY OF TRANSPORTATION through ORSNA Resolution No 111/08, which states
the necessary methodology to achieve the rebalancing of the Financial Projection of Income
and Expenses for the concession (FPIE), in case of any substantial imbalances affecting such projection.

 

The
Concessionaire, through Note dated October 3, 2008 (Note AA2000-DIR-720/08), states the economic problems that, in their opinion,
were caused by acts of third parties which have resulted in a serious imbalance of the FINANCIAL PROJECTION OF INCOME AND EXPENSES
OF THE CONCESSION (FPIE), and asks the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) to analyze and apply different
measures to adapt the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) to the new circumstances.

 

     

    	 	“2009 – Year of Homage to Raúl SCALABRINI ORTIZ”

    

 

The
ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) considers that the circumstances affecting the airport market and
those circumstances related to local and international context make it necessary to analyze the review of the FINANCIAL PROJECTION
OF INCOME AND EXPENSES OF THE CONCESSION (FPIE).

 

The
price variation analysis related to the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) shows that since January
1, 2006 ─ effective date of the Memorandum of Agreement ─ to December 31, 2007, the Rate of Exchange increased by FOUR
PERCENT (4%), the Consumer Price Index (CPI) increased by NINETEEN (19%) PERCENT, the Wholesale Domestic Price Index (IPIM, as
per the acronym in Spanish) increased by TWENTY-THREE PERCENT (23%) and the Construction Cost Index (CCI) increased by FORTY-THREE
PERCENT (43%), a figure that is similar to the registered variation in the Salaries category, all of which are based on the data
provided by the INSTITUTO NACIONAL DE ESTADÍSTICAS Y CENSOS (INDEC).

 

The
price variations in our country have had a negative impact on the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION
(FPIE), and have affected to a lesser degree the indexes related to revenues, as compared to those related to expenditures (costs
and investments).

 

As the Memorandum of
Agreement for Concession Contract Adjustment, ratified by Decree 1799/07, affects the Review corresponding to years 2006 and 2007,
the First Review of the Projection shall be temporary in nature until Regulatory Accounting Procedures and Actions enable to perform
a complete analysis of the cost and income structure of the Concession, and such review shall focus on the investments made in
Group “A” of the NATIONAL AIRPORT SYSTEM (NAS) for the 2006-2007 period, whereas the review of the revenues and expenditures
of the concession is still ongoing.

 

It should be mentioned
that the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), through ORSNA Resolution No. 1/09, provided for the entry
in the Record of Investments of the amount of FIFTY-SEVEN MILLION EIGHT HUNDRED AND SIXTY-EIGHT THOUSAND FOUR HUNDRED AND FIFTY-SEVEN
PESOS WITH 16/100 (ARS57,868,457.16) for the 2006 period and the amount of SIXTY-NINE MILLION EIGHT HUNDRED AND NINETY-THREE THOUSAND
SIX HUNDRED AND FIFTY SEVEN PESOS WITH 93/100 (ARS69,893,657.93) for the 2007 period.

 

     

    	 	“2009 – Year of Homage to Raúl SCALABRINI ORTIZ”

    

 

As regards revenue-related
data, the information arising from the Company’s Balance Sheets, duly audited by PRICE & WATERHOUSE CO., was used as
basis for the review, making the corresponding consistency tests for both aeronautical and non-aeronautical revenues, with no significant
differences between the revenues entered in the Company’s Financial Statements and the consistency tests performed. Without
prejudice to the aforementioned, in case of differences resulting from the analysis of Regulatory Accounting, such differences
shall be assessed in the following review of charges.

 

As regards expenditures,
the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has adopted the criterion of the UNIT FOR THE RENEGOTIATION
AND ANALYSIS OF PUBLIC SERVICE CONTRACTS (UNIREN), which is based on working with the information included in the proposal until
all Regulatory Accounting Procedures have been drawn up, adjusting the pertinent data included in the Memorandum of Agreement by
the price variation indexes associated to each row of the Projection.

 

It should be mentioned
that the provided model addresses strictly economic aspects, and financial issues should be analyzed at the first ordinary meeting,
as the present review is only temporary in nature and is only intended to restore the impaired balance due to factors related to
price index variations.

 

By virtue of the aforementioned,
the circumstances related to payment defaults for the period or those circumstances related to the performance of the commitments
arising from the Specific Revenue Allocation (SRA) have not been analyzed. Such circumstances shall be analyzed at the proper time,
after the corresponding mechanisms (Regulatory Accounting, Trust) have been established and implemented.

 

     

    	 	“2009 – Year of Homage to Raúl SCALABRINI ORTIZ”

    

 

The necessary average
rate increase amounts to THIRTY-FIVE WITH 7/100 (35.7%), applicable to all aeronautical charges collected by AEROPUERTOS ARGENTINA
2000 SOCIEDAD ANÓNIMA, except for the telescopic jet way usage fee, which does not require an adjustment, based on the comparison
with identical services provided by other airports in the world.

 

In such sense, for the
purpose of future revenue calculation, given that the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE), as stated in Annex 5
of the Memorandum of Agreement, was performed taking into account a) an unchanged nominal exchange rate over the period under consideration,
and b) a zero rate of inflation for all and each of the years under consideration, no modifications have been made updating the
nominal exchange rate based on the most recent market data obtained.

 

On the other hand, as
regards the provisions of item 8.4 of the aforementioned Mechanism, the provisions of Paragraph 29.4 of the Memorandum of Agreement
shall be complied with, as stated in the preceding Clauses.

 

Based on the aforementioned,
the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA and the
representatives of the INTERNATIONAL AIR TRANSPORT ASSOCIATION (IATA) entered into an Agreement on September 19, 2008 to provide
for a discount on international charges, through credit notes to be applied from the month of September 2008 up to the end of the
review by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA).

 

As regards the criteria
to be considered for applying the discounts to airlines, the provisions of Article 6 of the aforementioned Agreement should be
complied with. This Article states as follows: “Discounts and credit notes shall not be granted to those airlines that are
not up to date with their payments (for these purposes, an airline shall not be considered in default if there are any judicial
claims related to Decrees 577/02 and 191/02 for accrued amounts prior to Decree 1799/07).”

 

Discounts shall be granted
in such a manner that once applied over the values included in the Rate Schedule they represent a THIRTY PERCENT (30%) discount
over the applicable values at the time of execution of the Memorandum of Agreement between the INTERNATIONAL AIR TRANSPORT ASSOCIATION
(IATA), the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) and AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA.

 

     

    	 	“2009 – Year of Homage to Raúl SCALABRINI ORTIZ”

    

 

Given the existing balance
between the variables of the Concession, this type of discount results in an imbalance of the economic equation, and thus it becomes
necessary to provide for a mechanism to implement this policy without affecting the normal financing of airport services.

 

The ORGANISMO REGULADOR
DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) made a comparison between the airport charges paid in different countries, the evolution
of which is subject to periodical follow-up.

 

This comparison shows
that in the case of airport charges paid by airport operators in international flights, the values are similar to the average value
paid in the countries that were used in the comparison. On the contrary, when analyzing the charges paid by international passengers,
they are way below the average charges paid in other airports.

 

In the case of the DOMESTIC
AIRPORT TERMINAL USAGE FEE, the disparity with the values charged in other countries is even more notorious, as the DOMESTIC AIRPORT
TERMINAL USAGE FEE charged in the REPUBLIC OF ARGENTINA is lower than TWO US DOLLARS (USD2.00) and the average for the selected
countries is FIFTEEN US DOLLARS (USD15).

 

Notwithstanding the observed
variations in most prices in the 1998-2008 period, which are reflected in a ONE HUNDRED AND SEVEN PERCENT (107%) increase of the
Consumer Price Index (CPI), a TWO HUNDRED AND FOURTEEN PERCENT (214%) increase of the Construction Cost Index (CCI), and a TWO
HUNDRED AND TWENTY-FIVE PERCENT (225%) increase of the Wholesale Domestic Price Index (IPIM, as per the acronym in Spanish), both
national and international Airport Terminal Usage Fees have kept the values established in the Concession Contract.

 

Likewise, taking into
account the price variations observed in the 1998-2008 period, and given that this variation affected the airports that are part
of Group “A” of the NATIONAL AIRPORT SYSTEM (NAS), a decision should be made to adjust these airport charges by the
same percentage.

 

     

    	 	“2009 – Year of Homage to Raúl SCALABRINI ORTIZ”

    

 

Based on the preceding
Clauses, a decision should be made as to the need to increase all International Charges by THIRTY FIVE PERCENT WITH 7/100 (35.7%),
except for the telescopic jet way usage fee, and fix the value of the DOMESTIC AIRPORT TERMINAL USAGE FEE to FOURTEEN PESOS WITH
50/100 (ARS14.50) for First Category Airports and TEN PESOS WITH 15/100 (ARS10.15) for the rest of the Airports.

 

The Memorandum of Agreement
for Concession Contract Adjustment, as legal instrument, provides for an annual periodic review mechanism intended to assess the
evolution of the different variables that are part of the projection and make the corresponding adjustments to guarantee the economic
efficiency of the Concession.

 

Such mechanism is part
of the modifications included in the Memorandum of Agreement of the Concession Contract, approved by Decree 163/98.

 

In this sense, the procedure
for the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSESS OF THE CONCESSION (FPIE) was added as a tool to defend the sustainability
of the Concession.

 

In this respect, it should
be mentioned that the dynamics of the Concession, in light of the provisions of the Memorandum of Agreement, make it necessary
to perform a periodic audit and review of the results of the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSESS OF THE
CONCESSION (FPIE), so any deviation, whether related to excess or shortage situations, shall be later corrected by the ORGANISMO
REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA).

 

Therefore, adjusting
the economic aspect of the Concession to achieve financial balance is a dynamic, ongoing task that requires permanent control and
correction of the different variables that are part of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE).

 

The ECONOMIC FINANCIAL
REGULATION AND QUALITY CONTROL DEPARTMENT (GREFyCC, as per the acronym in Spanish) and the LEGAL DEPARTMENT (GAJ, as per the acronym
in Spanish) have acted in exercise of their incumbent authority.

 

     

    	 	“2009 – Year of Homage to Raúl SCALABRINI ORTIZ”

    

 

The
ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has the corresponding authority to issue the present measure, pursuant
to the provisions of Section 3 of the National Law of Administrative Procedures No. 19 549 and other aforementioned regulations.

 

The
matter was discussed at a Meeting of the Board of Directors held on January 22, 2009 and the undersigned was authorized to issue
the present decision.

 

Therefore,

 

THE
BOARD OF DIRECTORS OF THE ORGANISMO REGULADOR

 

DEL
SISTEMA NACIONAL DE AEROPUERTOS

 

RESOLVES:

 

ARTICLE 1o.- To approve the Review
of the Financial Projection of Income and Expenses (FPIE) for the period 2006-2007, pursuant to the provisions of Paragraph 29
of Part Four of the Memorandum of Agreement for Concession Contract Adjustment, ratified by Decree 1799/07, which states the need
to balance the variables included in the FINANCIAL PROJECTION OF INCOME AND EXPENSESS OF THE CONCESSION (FPIE) based on an average
rate variation of THIRTY FIVE PERCENT with 7/100 (35.7%), which will be applied to all International Charges except for the TELESCOPIC
JET WAY USAGE FEE. Likewise, it is necessary to fix the value of the DOMESTIC AIRPORT TERMINAL USAGE FEE to FOURTEEN PESOS WITH
50/100 (ARS14.50) for First Category Airports and TEN PESOS WITH 15/100 (ARS10.15) for the rest of the Airports.

 

ARTICLE 2o.- To establish, pursuant
to the provisions of Paragraph 29.4 of the Memorandum of Agreement for Concession Contract Adjustment, ratified by Decree 1799/07,
the convenience and pertinence of making such discounts to international aeronautical charges so that the resulting charge is equal
to the charge that would be obtained by applying a THIRTY PERCENT discount (30%) over the fixed values in Annex II of the Memorandum
of Agreement. Such discount shall be applied to those airlines that are up to date with their payments, and all invoices issued
by AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA shall specify the discount amount.

 

     

    	 	“2009 – Year of Homage to Raúl SCALABRINI ORTIZ”

    

 

ARTICLE 3o.- Pursuant to the provisions
of Article 2, and with the purposes of restoring the balance of the FINANCIAL PROJECTION OF INCOME AND EXPENSESS OF THE CONCESSION
(FPIE), a rebalancing shall be made, and an additional increase shall be applied to the INTERNATIONAL AIRPORT TERMINAL USAGE FEE
equal to US DOLLARS FOUR WITH 57/100 (USD4.57) and US DOLLARS TWO WITH 5/100 (USD2.05) for the REGIONAL AIRPORT TERMINAL USAGE
FEE.

 

ARTICLE 4o.- Consequently, the ECONOMIC
FINANCIAL REGULATION AND QUALITY CONTROL DEPARTMENT shall be instructed to provide for the modification of the Rate Schedule, which
entered in effect by ORSNA Resolution No. 53/98, based on the provisions of Articles 1, 2 and 3 of the present resolution.

 

ARTICLE
5o.- Let these presents be filed and notified to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, the
DEPARTMENT OF TRANSPORTATION and the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND
SERVICES, enforced and filed.

 

ORSNA
RESOLUTION No 09

 

	[Illegible signature]
	 
	Brigadier General HORACIO A. ORIFICE
	 
	PRESIDENT
	 
	ORGANISMO REGULADOR DEL 
	 
	SISTEMA NACIONAL DE AEROPUERTOS 
	 
	ORSNAExhibit 4.4

	 	“2011 – Year of Decent Work, Health and Safety for Workers”

 

NOTICE

 

BUENOS AIRES, DECEMBER 21, 2011

 

To

AEROPUERTOS ARGENTINA
2000 S A

Mr. Ernesto GUTIÉRREZ
CONTE

Honduras 5663
- 2o Floor

FEDERAL CAPITAL

 

The
purpose of this notice is to inform you about the issuance of Resolution No 125, dated on December 21, 2011,
by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which provides as follows in Article 1: “To replace
Article 2 of Resolution No. 60, dated on October 14, 2010, issued by the ORGANISMO REGULADOR DELSISTEMA NACIONAL DE AEROPUERTOS
(ORSNA), which shall read as follows: “ARTICLE 2.- Pursuant to the provisions of Article 1 of ORSNA Resolution No. 60, dated
on October 14, 2010, a rebalancing of the variables in the FINANCIAL PROJECTION OF INCOME
AND EXPENSES OF THE CONCESSION (FPIE) is proposed, which shall be implemented through a rate variation of Regional and International
Airport Terminal Usage Fees of SIXTEEN PER CENT (16%) and SEVENTEEN PERCENT (17%), respectively, and a FIFTEEN PERCENT (15%) increase
in the Domestic Airport Terminal Usage Fee. Said variations are included in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF
THE CONCESSION (FPIE), which is hereby attached as ANNEX I to the present decision.” Article 2 of said Resolution provides
as follows: “To replace Article 5 of Resolution No. 60, dated on October 2010, issued by the ORGANISMO REGULADOR DEL SISTEMA
NACIONAL DE AEROPUERTOS (ORSNA), which shall read as follows: “To notify to the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT
AND SERVICES, by virtue of the provisions of Resolution N° 2000, dated December 19, 2005, issued by such Ministry, about the
new Rate Schedule intended to achieve a rebalancing of the variables contained in the FINANCIAL
PROJECTION OF INCOME AND EXPENSES for the CONCESSION (FPIE), through a rate variation of Regional and International Airport
Terminal Usage Fees of SIXTEEN PERCENT (16%) and SEVENTEEN PERCENT (17%), respectively, and a FIFTEEN PER CENT (15%) increase in
the Domestic Airport Terminal Usage Fee.”

 

It is expressly stated
on the record that a duly certified copy of ORSNA Resolution No. 125/2011 is attached herewith, which has SEVEN (7) sheets of paper
with writing on both sides of the page.

 

You are hereby
duly notified.

 

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

 

Signature: [illegible]

Clarification: Alonso,
Julieta

Date: 12/22/2011          Time:
12:05 p.m.

 

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

 

     

     

    

 

	 	“2011 – Year of Decent Work, Health and Safety for Workers”

 

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

 

BUENOS AIRES, DECEMBER 21, 2011

 

Having
reviewed File N° 69/2010 of the Registry of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), Decree N°
375, dated on April 24, 1997, ratified by Decree of Necessity and Urgency N° 842, dated on August 27, 1997; Decree N° 163,
dated on February 11, 1998; Decree No 1799, dated on December 4, 2007; Resolution No. 2000, dated on December 19, 2005, issued
by the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT AND SERVICES; ORSNA Resolutions No 111, dated on December 30, 2008;
No. 9, dated January 28, 2009; No. 10, dated on January 30, 2009 and No. 60, dated on October 14, 2010; and,

WHEREAS:

 

The
abovementioned File deals with the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES
for the CONCESSION (FPIE), as of December 31, 2009.

 

ORSNA
Resolution No. 60, dated on October 14, 2010 resolved: “To approve the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES
(FPIE) as of December 31, 2009, pursuant to the provisions of Paragraph 29 of Part Four of the Memorandum of Agreement for Concession
Contract Adjustment, ratified by Decree No 1799/07 (Article 1). 

 

Article
2 of the same Resolution provides as follows: “Pursuant to the provisions of the preceding Article, the rebalancing of the
variables in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE)
is proposed (...) Said balance was expressed in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE),
which is hereby attached as Annex I to the present decision.”

 

     

     

    

 

	 	“2011 – Year of Decent Work, Health and Safety for Workers”

 

Article
3 of the aforementioned Resolution provides as follows: “To keep the provisions of ORSNA Resolution No 10/09 related
to the convenience and relevance of applying discounts to international aeronautical charges so that the resulting fee is equivalent
to the one that would be obtained by applying a THIRTY PER CENT (30%) discount on the values provided for in Annex II of the Memorandum
of Agreement approved by Decree 1799/2007, applying said resolution to those airlines that have complied with all payments.”

 

Article
4 of said Resolution provided that the next review shall assess, by using the methodology described therein, the economic impact
of the discounts made to air operators, and the analysis of the related effectiveness in the framework of a punctual analysis of
the matter, taking into account the responsibility of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) in terms
of the application of paragraph 29.4 of the MEMORANDUM OF AGREEMENT.

 

Finally,
Article 5 of the aforementioned Resolutions resolved: “To promote the conveyance to the MINISTRY OF FEDERAL PLANNING, PUBLIC
INVESTMENT AND SERVICES (MPFIPyS, as per its acronym in Spanish) ─ by virtue of the provisions of Resolution N° 2000/05
issued by the MPFIPyS ─ of the Administrative Act Project intended to modify the current Rate Schedule, establishing the
rebalancing of the variables contained in the FINANCIAL PROJECTION OF INCOME AND EXPENSES
for the CONCESSION (FPIE) (...).”

 

Later,
the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) ─ aligned with federal policies promoted by the NATIONAL
GOVERNMENT to foster air-commercial activities and the internal interconnection of the national territory ─ revised the rate
increases proposed by ORSNA Resolution No. 60/2010, to limit the Domestic Airport Terminal Usage Fee to FIFTEEN PERCENT (15%),
both for First Category Airports and other airports that are part of the National Airport System (NAS), compensating such reduction
with an increase in the adjustment rate for International and Regional Airport Terminal Usage Fees.

 

     

     

    

 

	 	“2011 – Year of Decent Work, Health and Safety for Workers”

 

Based
on the need to rebalance the variables inherent to the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION, approved
by ORSNA Resolution No. 60/2010, it becomes necessary to reformulate the rate variations proposed in such measure.

 

In
this regard, the proposed increase for the Domestic Airport Terminal Usage Fee would be FIFTEEN PERCENT (15%) of the current values.

 

As
a result of the aforementioned, in order to keep the balance of the variables of the FINANCIAL PROJECTION OF INCOME AND EXPENSES
OF THE CONCESSION, it becomes necessary to modify the proposed values in ORSNA Resolution No. 60/2010 for International and Regional
Airport Terminal Usage Fees.

 

Therefore,
International and Regional Airport Terminal Usage Fees shall be subject to the following rate variations: SEVENTEEN PERCENT (17%)
and SIXTEEN PERCENT (16%), respectively.

 

As
regards the economic-financial model embodied in Annex I of Article 2 of ORSNA Resolution No. 60/2010, although no changes have
been made to the methodology or mathematical formulation thereof, it becomes necessary to adapt it to show the new proposed charges
in the Projection.

 

On
the other hand, it should be mentioned that any possible modification as regards the application of proposed increases shall be
assessed at the First Ordinary meeting held.

 

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

 

     

     

    

 

	 	“2011 – Year of Decent Work, Health and Safety for Workers”

 

The
ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has the corresponding authority to issue the present measure, pursuant
to the provisions of Section 3 of the National Law of Administrative Procedures No. 19 549, Decree No. 375 of April 24, 1997
and other aforementioned regulations.

 

The
matter was discussed at a Meeting of the Board of Directors held on December 21, 2011 and the undersigned was authorized to issue
the present decision.

 

Therefore,

 

THE
BOARD OF DIRECTORS OF THE ORGANISMO REGULADOR

 

DEL
SISTEMA NACIONAL DE AEROPUERTOS

 

RESOLVES:

 

ARTICLE 1o.-
To replace Article 2 of Resolution No. 60, dated on October 14, 2010, issued by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE
AEROPUERTOS (ORSNA), which shall read as follows: “ARTICLE 2.- Pursuant to the provisions of Article 1 of ORSNA Resolution
No. 60, dated on October 14, 2010, a rebalancing of the variables in the FINANCIAL PROJECTION
OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) is proposed, which shall be implemented through a rate variation of Regional
and International Airport Terminal Usage Fees of SIXTEEN PERCENT (16%) and SEVENTEEN PER CENT (17%), respectively, and a FIFTEEN
PERCENT (15%) increase in the Domestic Airport Terminal Usage Fee. Said variations are included in the FINANCIAL PROJECTION OF
INCOME AND EXPENSES OF THE CONCESSION (FPIE), which is hereby attached as ANNEX I to the present decision.”

 

ARTICLE 2o.-
To replace Article 5 of Resolution No. 60, dated on October 14, 2010, issued by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE
AEROPUERTOS (ORSNA), which shall read as follows: “To notify to the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT AND SERVICES,
by virtue of the provisions of Resolution N° 2000, dated December 19, 2005, issued by such Ministry, about the new Rate Schedule
intended to achieve a rebalancing of the variables contained in the FINANCIAL PROJECTION
OF INCOME AND EXPENSES for the CONCESSION (FPIE), through a rate variation of Regional and International Airport Terminal
Usage Fees of SIXTEEN PERCENT (16%) and SEVENTEEN PERCENT (17%), respectively, and a FIFTEEN PER CENT (15%) increase in the Domestic
Airport Terminal Usage Fee.”

  

     

     

    

 

	 	“2011 – Year of Decent Work, Health and Safety for Workers”

 

ARTICLE
3o.- Let these presents be filed and notified to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, the
SECRETARIAT OF TRANSPORTATION and the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS
AND SERVICES, enforced and filed.

 

ORSNA
RESOLUTION No 125

 

	 	[Illegible signature]
	 	MANUEL BALADRÓN
	 	PRESIDENT
	 	ORGANISMO REGULADOR DEL 
	 	SISTEMA NACIONAL DE AEROPUERTOS 
	 	O.R.S.N.A.

 

     

     

    

 

	 	“2011 – Year of Decent Work, Health and Safety for Workers”

 

ANNEX 1

 

	In thousands of AR$
    December 2009	1998-2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
	Aeronautical
    Revenues	 	576,504	566,599	513,846	649,547	1,020,822	1,059,477	1,098,254	1,137,901	1,177,955	1,219,301	1,261,001	1,303,875	1,347,555	1,392,025	1,437,265	1,483,258	1,529,981	1,577,410	1,625,521	1,674,287	1,724,515	1,776,251	220,547
	Local
    parking fee	 	3,172	2,886	2,645	2,652	2,606	2,702	2,801	2,902	3,005	3,110	3,216	3,326	3,437	3,551	3,666	3,783	3,903	4,024	4,146	4,271	4,399	4,531	563
	International
    parking fee	 	60,543	60,051	52,516	44,198	44,847	46,551	48,255	49,997	51,757	53,573	55,406	57,289	59,209	61,163	63,150	65,171	67,224	69,308	71,422	73,565	75,771	78,045	9,690
	Local
    landing fee	 	8,222	7,783	6,875	7,296	7,770	8,057	8,352	8,653	8,958	9,272	9,590	9,916	10,248	10,586	10,930	11,280	11,635	11,996	12,362	12,732	13,114	13,508	1,677
	International
    landing fee	 	165,710	156,151	141,144	122,858	144,104	149,580	155,055	160,652	166,307	172,145	178,032	184,085	190,252	196,530	202,918	209,411	216,008	222,704	229,496	236,381	243,473	250,777	31,138
	Local
    Airport Terminal usage fee	 	35,992	32,415	28,808	73,801	123,252	127,812	132,490	137,273	142,105	147,093	152,123	157,296	162,565	167,930	173,387	178,936	184,572	190,294	196,098	201,981	208,040	214,281	26,606
	Regional
    Airport Terminal usage fee	 	6,324	5,265	5,527	11,725	38,230	39,682	41,135	42,620	44,120	45,669	47,231	48,836	50,472	52,138	53,832	55,555	57,305	59,082	60,884	62,710	64,591	66,529	8,261
	International
    Airport Terminal usage fee	 	292,605	298,290	273,151	383,402	655,642	680,556	705,465	730,932	756,661	783,220	810,006	837,546	865,604	894,169	923,229	952,773	982,785	1,013,251	1,044,155	1,075,480	1,107,745	1,140,977	141,669
	Telescopic
    jet way usage fee	 	3,936	3,758	3,180	3,615	4,371	4,535	4,701	4,871	5,042	5,219	5,398	5,581	5,768	5,959	6,152	6,349	6,549	6,752	6,958	7,167	7,382	7,603	944
	Non-aeronautical
    Revenues	 	353,451	394,686	398,394	507,555	841,268	879,872	925,196	950,918	990,646	1,034,147	1,077,881	1,127,546	1,160,733	1,210,591	1,260,840	1,304,508	1,369,036	1,414,438	1,467,696	1,519,437	1,579,771	1,640,669	205,291
	Ground
    handling service	 	15,210	13,820	11,118	11,983	13,061	13,061	13,061	13,061	13,061	13,061	13,061	13,061	13,061	13,061	13,061	13,061	13,061	13,061	13,061	13,061	13,061	13,061	1,574
	Fuel	 	26,926	26,871	30,159	21,427	26,299	27,285	28,284	29,305	30,336	31,401	32,475	33,579	34,704	35,849	37,014	38,199	39,402	40,624	41,863	43,118	44,412	45,744	5,680
	Duty
    free shops	 	63,588	78,071	85,338	78,736	104,744	108,725	112,704	116,773	120,883	125,126	129,405	133,805	138,288	142.851	147,494	152,214	157,008	161,876	166,813	171,817	176,972	182,281	22,633
	Fiscal
    warehouses (variable license fee : EDCADASSA)	 	30,923	33,306	32,413	152,968	404,608	424,839	446,081	468,385	491,804	516,394	542,214	569,324	597,791	627,680	659,064	692,017	726,618	762,949	801,097	841,152	883,209	927,370	117,382
	Advertising	 	13,786	26,780	25,556	27,074	38,147	41,403	42,856	44,170	45,284	46,826	48,446	49,419	50,156	51,107	52,112	52,942	53,500	54,041	54,581	55,131	55,720	56,254	6,845
	Parking	 	37,343	40,210	44,010	47,562	62,268	64,602	66,967	69,384	71,827	74,348	76,891	79,505	82,168	84,880	87,638	90,443	93,292	96,184	99,117	102,091	105,154	108,308	13,448
	Catering	 	19,498	19,066	20,176	22,554	27,047	28,075	29,103	30,153	31,214	32,310	33,415	34,551	35,709	36,887	38,086	39,305	40,543	41,800	43,074	44,367	45,698	47,069	5,844
	Rent	 	39,607	36,176	34,793	35,714	39,484	42,853	44,357	45,718	46,870	48,466	50,143	51,150	51,913	52,898	53,938	54,797	55,374	55,934	56,493	57,063	57,672	58,225	7,085
	Counters
    & cute	 	8,625	8,362	7,363	6,693	9,227	9,573	9,923	10,282	10,644	11,017	11,394	11,781	12,176	12,578	12,987	13,402	13,824	14,253	14,688	15,128	15,582	16,050	1,993
	Coffee
    shops	 	13,386	25,983	18,273	18,252	24,112	19,675	28,814	21,132	21,876	22,643	23,418	33,974	25,025	25,851	26,691	27,545	42,197	29,294	30,187	31,093	32,026	32,986	4,096
	Services
    and stores	 	75,514	76,479	81,241	74,888	78,750	85,415	88,311	87,489	91,502	96,826	100,891	101,031	103,199	110,175	115,738	113,368	116,869	126,947	129,118	127,682	132,393	135,322	16,526
	Expense
    reimbursement	 	9,043	9,563	7,953	9,704	13,519	14,366	14,735	15,067	15,345	15,728	16,127	16,365	16,544	16,774	17,016	17,215	17,348	17,476	17,604	17,735	17,873	17,999	2,185
	Total
    Revenues	 	929,955	961,285	912,240	1,157,102	1,862,090	1,939,349	2,023,450	2,088,819	2,168,601	2,253,449	2,338,882	2,431,422	2,508,288	2,602,616	2,698,105	2,787,766	2,899,017	2,991,848	3,093,217	3,193,724	3,304,286	3,416,919	425,838
	TCA
    Expenses	 	0	0	0	-82,331	-208,720	-219,156	-230,114	-241,619	-253,700	-266,385	-279,705	-293,690	-308,374	-323,793	-339,983	-356,982	-374,831	-393,573	-413,251	-433,914	-455,610	-478,390	-60,552
	Personnel	 	-89,394	-106.502	-122,180	-143.361	-208,720	-210,285	-211,824	-213,353	-214,855	-216,364	-217,844	-219,325	-220,794	-222,252	-223,696	-225,128	-226,546	-227,951	-229,341	-230,717	-232,102	-233,494	-28,316
	Public
    services	 	-29,373	-32,.026	-31,404	-34,733	-37,405	-39,746	-40,769	-41,686	-42,457	-43,517	-44,621	-45,278	-45,773	-46,410	-47,079	-47,629	-47,997	-48,353	-48,707	-49,067	-49,451	-49,799	-6,045
	Maintenance	 	-123,381	-121,488	-108,632	-136,227	-177,247	-186,379	-191,512	-196,357	-200,765	-206,102	-211,579	-215,740	-219,425	-223,559	-227,810	-231,707	-235,045	-238,352	-241,654	-244,976	-248,412	-251,769	-30,758
	Insurance	 	-6,009	-5,057	-4,357	-4,594	-4,814	-5,362	-5,613	-5,843	-6,039	-6,313	-6,605	-6,781	-6,916	-7,091	-7,277	-7,432	-7,536	-7,638	-7,739	-7,843	-7,955	-8,057	-983
	Hired
    services	 	-39,015	-37,062	-29,057	-35,434	-50,516	-51,084	-51,645	-52,204	-52,756	-53,311	-53,858	-54,407	-54,954	-55,498	-56,039	-56,577	-57,112	-57,643	-58,171	-58,694	-59,222	-59,755	-7,268
	FIRE-fighting
    and medical services	 	-27,682	-32,355	-36,176	-39,678	-67,194	-69,239	-70,398	-71,486	-72,474	-73,645	-74,833	-75,745	-76,556	-77,451	-78,363	-79,200	-79,922	-80,635	-81,343	-82,051	-82,778	-83,488	-10,150
	Matrix	 	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	GATO	 	-13,949	-14,419	-13,684	-17,357	-37,256	-38,802	-40,484	-41,792	-43,389	-45,086	-46,795	-48,647	-50,185	-52,072	-53,983	-55,777	-58,002	-59,860	-61,888	-63,899	-66,111	-68,364	-8,520
	Other
    operation expenses	 	-80,319	-86,645	-57,542	-121,410	-113,501	-118,022	-119,955	-121,672	-123,103	-125,059	-127,079	-128,270	-129,162	-130,305	-131,502	-132,479	-133,130	-133,758	-134,382	-135,014	-135,687	-136,294	-16,502
	AEI
    (15% over total income}	 	-139,493	-144,193	-136,836	-173,565	-196,385	-204,533	-213,403	-220,297	-228,711	-237,659	-246,669	-256,429	-264,536	-274,484	-284,555	-294,011	-305,744	-315,534	-326,225	-336,825	-348,486	-360,364	-44,911
	Mutual
    claim interests	 	-27,395	-24,387	-21,587	-19,236	-15,993	-15,077	-14,096	-13,048	-12,742	-12,306	-11,873	-11,444	-11,019	-10,598	-10,180	-8,485	-6,789	-5,092	-3,394	-1,694	7	1,709	3,413
	Gross
    income	 	-37,198	-38.451	-36,490	-46,284	-74,484	-77,574	-80,938	-83,553	-86,744	-90,138	-93,555	-97,257	-100,332	-104,105	-107,924	-111,511	-115,961	-119,674	-123,729	-127,749	-132,171	-136,677	-17,034
	Financial
    transfer tax	 	-4,650	-4,806	-4,561	-5,786	-15,470	-15,951	- 16,398	-15,209	-16,001	-16,604	-16,713	-17,126	-17,745	-18,363	-18,832	-19,190	-19,839	-20,392	-21,002	-21,626	-22,245	-22,910	-2,823
	(Tax)
    Amortizations	 	-89,985	-87,275	-86,434	-66,238	-91,394	-122,818	-154,294	-159,966	-169,614	-175,440	-174,014	-169,998	-175,586	-181,159	-181,531	-179,132	-177,450	-178,584	-179,994	-182,599	-186,657	-196,751	0
	Total
    expenditures	 	-707,844	-734,668	-688,939	-926,234	-1,299,100	-1,374,027	-1,441,442	-1,478,086	-1,523,350	-1,567,930	-1,605,744	-1,640,138	-1,681,358	-1,727,140	-1,768,755	-1,805,239	-1,845,905	-1,887,038	-1,930,818	-1,976,668	-2,026,880	-2,084,403	-230,450
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Earnings
    before tax	 	222,111	226,617	223,300	230,868	562,990	565,322	582,008	610,733	645,251	685,519	733,138	791,283	826,931	875,476	929,350	982,527	1,053,111	1,104,811	1,162,399	1,217,055	1,277,406	1,332,516	195,389
	Income
    tax	 	3,345	-63,590	-75,082	-119,551	-197,047	-197,863	-203,703	-213,757	-225,838	-239,932	-256,598	-276,949	-289,426	-306,417	-325,272	-343,884	-368,589	-386,684	-406,839	-425,969	-447,092	-466,381	-68,386
	Earnings
    after tax	 	225,456	163,028	148,219	111,317	365,944	367,459	378,305	396,977	419,413	445,587	476,540	514,334	537,505	569,060	604,077	638,643	684,522	718,127	755,559	791,086	830,314	866,136	127,003
	EDCADASSA
    dividends	 	34,138	31,876	18,948	16,609	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(Tax)
    amortization adjustments 	 	89,985	87,275	86,434	66,238	91,394	122,818	154,294	159,966	169,614	175,440	174,014	169,998	175,586	181,159	181,531	179,132	177,450	178,584	179,987	182,599	186,657	196,751	0
	Mutual
    claim amortization	 	16,983	17,323	17,669	-101,463	-45,804	-49,069	-52,398	-15,284	-21,814	-21,633	-21,449	-21,260	-21,069	-20,873	-84,747	-84,806	-84,865	-84,926	-84,987	-85,051	-85,115	-85,180	-3,413
	Work
    capital variation	 	150,943	-103,464	-161,601	101,542	17,454	-63,234	-4,647	-8,210	16,941	3,366	-25,687	-8,253	8,009	2,619	-6,282	-10,225	1,125	562	1,361	2,300	-1,506	-1,043	-64,381
	Direct
    investment	 	-87,273	-99,909	-132,396	-179,202	-457,195	-444,998	-427,276	-105,090	-162,490	-174,123	-86,350	-53,816	-81,942	-88,457	-63,598	-25,426	-21,574	-19,942	-19,870	-23,605	-14,450	-12,195	0
	AEI
    allocated to Investments (2.5%)	 	-23,249	-24,032 	-22,806	-28,928	-32.731	-34,089	-35,567	-36.716-	-38,118-	-39,610-	-41,112-	-42,738	-44,089 -	-45,747 -	-47,426-	-49,002	-50,957	-52,589	-54,378	-56,138	-58,081	-60,061	-7,485
	Total
    Investment	 	-
    110,522	-
    123,942	-
    155,202	-
    208,129	-
    489,926	-479,087	-462,845	-141,806	-200,609	-213,733	-127,462	-96,554	-126,031	-134,204	-111,023	-74,428	-72,531	-72,531	-74,248	-79,743	-72,531	-72,256	-7,485
	Net
    fund flow	-1,472,761	430,232	96,129	-22,727	15,041	-28,208	-67,023	48,277	428,359	421,664	428,638	517,068	601,003	618,090	643,508	630,982	697,318	756,659	792,405	832,049	867,330	915,900	964,468	59,208

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]