Document:

Exhibit
10.2(b)

[Translation
for information purposes only]

 

 

 

 

NOTE 152/08 ISSUED BY ORSNA AND FINAL MEMORANDUM AGREEMENT BY AND

 BETWEEN AEROPUERTOS ARGENTINA S.A. AND THE ARGENTINE GOVERNMENT

 

 

     

     

    

 

“2008 - Year of Science
Teaching”

 

ORSNA – Organismo Regulador del Sistema
Nacional de Aeropuertos (National Airport System Regulating Institution)

 

ORSNA NOTE N° 152 – 08

REF: AA2000-DIR-088/08

BUENOS AIRES, FEBRUARY 12th, 2008

 

To the President of

AEROPUERTOS ARGENTINA 2000 S.A.

Mr. Julio Ernesto GUTIERREZ CONTE

PRESENT

 

I am pleased to write
to you in response to the query made through Note AA2000-DIR-088/08 in order to inform you that within the framework of the provisions
of the Concession Contract, the ORSNA must perform a yearly analysis of the financial projections of the Concession, based on the
data as of January 1st, 2006, taking into account projected income, operation costs and investment obligations, among
other items. In compliance with the Income and Expenses Financial Projection of the Concession, the ORSNA is entitled to make adjustments
to the specific allocation of incomes, aeronautical service charges and/or the company’s investment obligations, in order
to preserve the Economic-Financial balance of the Concession Contract. For such purpose, it shall use the following parameters,
which were previously established in the Contract Renegotiation between the UNIREN and the company AA2000 S.A., and which were ratified
by decree N° 1799/07.

 

A) From the analysis
of the aforementioned documentation of the Contract Renegotiation between the National State (UNIREN) and Aeropuertos Argentina
2000 S.A., based on the polynomial formulas used and weighting thereof, in the case of restated Incomes and Expenses for the period
1998-2005 the amount of (-) $857.693 millions was reached, at values corresponding to December 31st, 2005, equivalent
to an initial disbursement of the company.

 

B) The Income and
Expenses Financial Projection, which is included in Annex V of the Memorandum of Agreement, establishes a Net Flow of Funds
for each year (2006-2028), at values corresponding to December 31st, 2005, as described below:

 

	Year	 	Net Flow of Funds (in thousands of pesos)	 
	2006	 	 	67,007	 
	2007	 	 	92,709	 
	2008	 	 	81,050	 
	2009	 	 	30,672	 
	2010	 	 	31,614	 
	2011	 	 	138,883	 
	2012	 	 	198,990	 
	2013	 	 	228,696	 
	2014	 	 	210,184	 
	2015	 	 	211,220	 
	2016	 	 	260,170	 
	2017	 	 	307,013	 
	2018	 	 	309,988	 
	2019	 	 	320,638	 
	2020	 	 	282,518	 
	2021	 	 	315,935	 
	2022	 	 	348,995	 
	2023	 	 	363,252	 
	2024	 	 	380,852	 
	2025	 	 	394,789	 
	2026	 	 	417,704	 
	2027	 	 	440,562	 
	2028	 	 	23,783	 
	Total for the Period	 	 	5,457,222	 

 

    	 	 	 

     

    

 

Also, in order to preserve
the contractual economic-financial balance as is established in the Memorandum of Agreement, the Concession Contract provides for
an annual review, which will permit to correct any deviation that may occur between the considered variables.

 

Yours faithfully,

 

[There appears and illegible signature,
followed by a partially illegible seal corresponding to the PRESIDENT of the ORSNA]

 

[Below, there appears a seal that reads:]

Signature: [there appears an illegible signature

Clarification: Ana Lía De Oto

Date: February 13th, 2008

Time: 5.10 p.m.

 

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

 

    	 	 	 

     

    

 

Decree 1799/2007

 

The contract renegotiation Memorandum
of Agreement signed between the Public Service Contract Analysis and Renegotiation Unit and Aeropuertos Argentina 2000 S.A. is
hereby ratified.

 

Bs. As., December 4th, 2007

 

File N° S01:0052536/2004 of the Registry
of the MINISTRY OF ECONOMY AND PRODUCTION, its non consolidated additional case file N° S01:0314363/2006 of the same Registry,
and Laws N° 25,561, 25,790, 25,820, 25,972, 26,077 and 26,204, Decree N° 311 dated on July 3, 2003, Joint Resolution N°
188 of the MINISTRY OF ECONOMY AND PRODUCTION and N° 44 of the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES
dated on August 6th, 2003, Joint Resolution N°728 of the MINISTRY OF ECONOMY AND PRODUCTION and N° 1584 of the
MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES dated on September 12th, 2006, Resolutions of the HONORABLE
SENATE OF THE NATION (CD-2/07) and the HONORABLE CHAMBER OF DEPUTIES OF THE NATION (OD 1996), both dated on February 13th,
2007, having been reviewed, AND

 

WHEREAS:

 

Law N° 25,561 declared public emergency
in social, economic, administrative, financial and exchange matters, delegating to the NATIONAL EXECUTIVE POWER the powers to enact
measures aimed at solving the critical situation.

 

That the aforementioned rule provided for
the end of the convertibility regime that established a fixed Peso-US Dollar parity, and authorized the NATIONAL EXECUTIVE POWER
to renegotiate the concessionned public works and services contracts, which were in a critical situation due to the end of said
convertibility regime, making those contracts that used said regime as an adjustment mechanism, which was thus left without effect,
lose their reference point.

 

That said law established certain criteria
to be followed within the frame of the renegotiation process, such as the tariff impact on the economy competitiveness and on the
income distribution; the service quality and investment plans, when they are contemplated in contracts; the users’ interest
and the service availability; security of the systems involved; and company profitability.

 

    	 	 	 

     

    

 

That the provisions in Law N° 25,561
have been later ratified and extended through the passing of Laws N° 25,790, 25,820, 25,972, 26,077 and 26,204, as well as
through different regulatory and complementary rules.

 

That, in order to comply with the precepts
of the HONORABLE CONGRESS OF THE NATION, the contract renegotiation process has been developed up to the present with Licensee
Companies of public works and services.

 

That, in the course of said process, carried
out pursuant to the criteria established in Section 9 of Law 25,561, the NATIONAL STATE shall make sure that the public service
availability, safety and quality conditions are kept.

 

That the aforementioned process involves
the company AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANONIMA, a concessionaire of the EXPLOITATION, ADMINISTRATION AND OPERATION OF
GROUP “A” OF AIRPORTS, pursuant to the concession that was granted by means of Decree N 163, dated on February 11th,
1998.

 

That the contract renegotiation is regulated
by Decree N° 311, dated on July 3rd, 2003 and Joint Resolution N° 188 of the MINISTRY OF ECONOMY AND PRODUCTION
and N° 44 of the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES dated on August 6th, 2003.

 

That, in order to carry out the renegotiation
with the Service Provider Companies, Decree N° 311/03 provided for the creation of the PUBLIC SERVICE CONTRACT ANALYSIS AND
RENEGOTIATION UNIT (“UNIREN”) within the scope of the MINISTRIES OF ECONOMY AND PRODUCTION AND OF FEDERAL PLANNING,
PUBLIC INVESTMENTS AND SERVICES.

 

That the abovementioned Unit has been assigned
the missions, among others, to carry out the renegotiation process of the Public Services and Works Contracts, to sign full or
partial agreements with licensee companies of public services “ad referendum” of the NATIONAL EXECUTIVE POWER, to bring
forward ruling projects related to possible temporary price or tariff adjustments and/or segmentations thereof, and to contractual
clauses related to public services, as well as the mission to make any recommendation concerning public services and works contracts
and the operation of such services.

 

That, in relation to the concession granted
to the Company AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANONIMA, the PUBLIC SERVICE CONTRACT ANALYSIS AND RENEGOTIATION UNIT has analyzed
the contractual situation and taken the necessary steps to achieve a contractual renegotiation understanding.

 

    	 	 	 

     

    

 

That, within the frame of the aforementioned
renegotiation process, a Letter of Understanding was signed on July 20th, 2005 between said Unit and the Company AEROPUERTOS
ARGENTINA 2000 SOCIEDAD ANONIMA, which established the GUIDELINESS for the renegotiation of the CONCESSION CONTRACT for the EXPLOITATION,
ADMINISTRATION AND OPERATION OF GROUP “A” OF THE NATIONAL SYSTEM OF AIRPORTS, based on the guidelines set by the TRANSPORTATION
DEPARTMENT of the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES, as a member of the SECTORIAL COMMITTEE of the
PUBLIC SERVICE CONTRACT ANALYSIS AND RENEGOTIATION UNIT.

 

That, by virtue of the established guidelines
and as a result of the negotiations that were carried out, said Unit and the Company AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANONIMA
signed a LETTER OF UNDERSTANDING on June 16th, 2006 -which was replaced by a new LETTER OF UNDERSTANDING signed on August
23rd, 2006 - that included the points of agreement on the contract adjustment.

 

That this last instrument established the
terms and conditions of the contract renegotiation agreement to be entered into by the LICENSOR and the Company AEROPUERTOS ARGENTINA
2000 SOCIEDAD ANONIMA.

 

That the LETTER OF UNDERSTANDING was submitted
to a PUBLIC HEARING process called by Joint Resolution N° 728 of the MINISTRY OF ECONOMY AND PRODUCTION and N° 1584 of
the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES dated on September 12th, 2006.

 

That the PUBLIC HEARING permitted users
and consumers, as well as different social sectors and players, to participate and express their opinion; and these elements of
judgment were added by the PUBLIC SERVICE CONTRACT ANALYSIS AND RENEGOTIATION UNIT to the renegotiation analysis.

 

That as a result, said Unit deemed convenient
to modify aspects of the understanding that had been achieved before, as was stated in the PUBLIC HEARING Assessment Report attached
with the proceedings and published in the Internet page of the abovementioned Unit.

 

    	 	 	 

     

    

 

That the PUBLIC SERVICE CONTRACT ANALYSIS
AND RENEGOTIATION UNIT and the Company AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANONIMA found points of coincidence as regards the proposed
modifications after the PUBLIC HEARING had been held.

 

That said agreement was reflected on a
MEMORANDUM OF AGREEMENT proposal which, pursuant to the provisions of Decree N° 311/03, was signed by the Authorities of the
abovementioned Unit and the representatives of the Company AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANONIMA, after complying with the
usual procedures and “ad referendum” of the NATIONAL EXECUTIVE POWER.

 

That said MEMORANDUM OF AGREEMENT includes
the complete renegotiation of the CONCESSION CONTRACT for the EXPLOITATION, ADMINISTRATION AND OPERATION OF GROUP “A”
OF THE NATIONAL SYSTEM OF AIRPORTS, aimed at preserving the continuity and quality of the service rendered.

 

That the NATIONAL TREASURY has issued its
ruling, pursuant to the provisions of Section 8 of Decree N° 311/03, which included remarks aimed at achieving a better effectiveness
of the MEMORANDUM OF AGREEMENT, and did not contain any objection to the terms and conditions thereof.

 

That the ARGENTINE GENERAL ACCOUNTING OFFICE,
decentralized entity within the scope of the PRESIDENCY OF THE NATION, has taken proper action in accordance with the provisions
of Section 14 of Joint Resolution N° 188/03 of the MINISTRY OF ECONOMY AND PRODUCTION and N° 44/03 of the MINISTRY OF FEDERAL
PLANNING, PUBLIC INVESTMENTS AND SERVICES, and stated that no objections were raised as regards the procedure that had been carried
out.

 

That, in compliance with the applicable
regulations, the intervention of the HONORABLE CONGRESS OF THE NATION was requested in order to consider the MEMORANDUM OF AGREEMENT.

 

That the AGREEMENT proposal has been approved
by the HONORABLE CONGRESS OF THE NATION, by Resolutions of the HONORABLE SENATE OF THE NATION (CD-2/07) and the HONORABLE CHAMBER
OF DEPUTIES OF THE NATION (OD 1996), both dated on February 13th, 2007.

 

That the final MEMORANDUM OF AGREEMENT
was signed on April 3rd, 2007, adding the proposed adjustments by the NATIONAL TREASURY and the recommendations of the HONORABLE
CONGRESS OF THE NATION that were deemed feasible within the framework of the agreement achieved.

 

    	 	 	 

     

    

 

That, once the requirements set in the
applicable standards to the renegotiation process had been complied with, the Authorities of the PUBLIC SERVICE CONTRACT ANALYSIS
AND RENEGOTIATION UNIT and the legal representative of the Concessionaire Company signed the MEMORANDUM OF AGREEMENT that formalizes
the contractual renegotiation, ad referendum of the NATIONAL EXECUTIVE POWER.

 

That said AGREEMENT adds the proposed adjustments
by the NATIONAL TREASURY and the recommendations of the HONORABLE CONGRESS OF THE NATION that were deemed feasible within the framework
of the agreement achieved.

 

That the requirements set in the applicable
regulations have been complied with, which permits to start the ratification process of the agreements, which shall be carried
out by the NATIONAL EXECUTIVE POWER.

 

That, in such sense, the assessment performed
by the NATIONAL EXECUTIVE POWER merits the decision to ratify the MEMORANDUM OF AGREEMENT for the contract renegotiation subscribed
by the PUBLIC SERVICE CONTRACT ANALYSIS AND RENEGOTIATION UNIT and the Company AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANONIMA.

 

That, due to the change of the head of
the Ministry of Economy and Production through decree N° 910, dated on July 16th, of the current year, it has become
necessary to permit his intervention in these proceedings. Nevertheless - and for the purposes of avoiding delays that could
affect the present proceeding - a decision has been made to preserve the integrity of the text of the MEMORANDUM OF AGREEMENT duly
subscribed by the outgoing Minister.

 

That the NATIONAL OFFICE OF LEGAL AFFAIRS
of the MINISTRY OF ECONOMY AND PRODUCTION has taken proper action in accordance with the provisions of Section 9 of Decree N°
1142, dated on November 26th, 2003.

 

That the current measure is issued in exercise
of the powers granted by Section 99, subsection 1 of the NATIONAL CONSTITUTION, and pursuant to the provisions of Laws N° 25,561,
25,790, 25,820, 25,972, 26,077 and 26,204.

 

Therefore,

 

    	 	 	 

     

    

 

THE PRESIDENT OF THE ARGENTINEAN NATION

 

HEREBY DECREES:

 

Article 1° - The MEMORANDUM OF AGREEMENT
for the contract renegotiation signed by the PUBLIC SERVICE CONTRACT ANALYSIS AND RENEGOTIATION UNIT and the Company AEROPUERTOS
ARGENTINA 2000 SOCIEDAD ANONIMA on April 3rd, 2007, which is an integral part of the present measure attached as Annex
I herewith, is hereby ratified.

 

Article 2° — It is ordered that
notice be given to the BICAMERAL COMMITTEE of the HONORABLE CONGRESS OF THE NATION created FOR THE FOLLOW UP OF THESE MATTERS,
pursuant to the provisions of Section 20 of Law N° 25,561.

 

Article 3° — It is ordered that
notice be given to, timely publication be made and this is forwarded to the National Directorate of Official Records and closed
KIRCHNER. — Alberto A. Fernández. — Julio M. De Vido. — Miguel G. Peirano.

 

    	 	 	 

    
	 
Public Service Contract Analysis
 and Renegotiation Unit
	 	“2006 – Year in tribute of Ramón CARRILLO”

    

  

MEMORANDUM OF AGREEMENT 

 

LICENSE CONTRACT ADJUSTMENT

 

In Buenos Aires on April 3, 2007, within
the framework of the process for the renegotiation of public service contracts established by Laws N° 25,561, 25,790, 25,820,
25,972, 26,077 and 26,204 and its supplementary rule Decree N° 311/03, the MINISTER OF ECONOMY AND PRODUCTION, Licentiate Felisa
Josefina MICELI, and the MINISTER OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES, Architect Julio DE VIDO, as Presidents
of the PUBLIC SERVICE CONTRACT ANALYSIS AND RENEGOTIATION UNIT (“Unidad de Renegotiatión y Análisis de Contratos de Servicios
Públicos”- Uniren), on the one hand, and the Company AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, on the other hand,
represented by Mr. Gustavo Pablo LUPETTI, according to what is shown by the documentation attached in file CUDAP EXP-S01: 0052536/2004
pending, are present in order to sign this instrument, “ad referéndum” approval of what is herein agreed by the NATIONAL
EXECUTIVE POWER.

 

The parties state having reached an agreement
on the renegotiation of the LICENSE CONTRACT FOR THE EXPLOITATION, ADMINISTRATION AND OPERATION OF GROUP “A” OF THE
NATIONAL AIRPORT SYSTEM, established by this MEMORANDUM OF AGREEMENT pursuant the following considerations and terms.

 

FIRST PART

 

BACKGROUND AND CONSIDERATIONS

 

The NATIONAL EXECUTIVE POWER, by means
of the Administrative Decision N° 60 dated January 23, 1998, awarded the Consortium “AEROPUERTOS ARGENTINA 2000”
the license for the administration, exploitation and operation of the group of airports that are part of the National Airport System
which was called by Decree N° 375 of April 24, 1997.

 

Later,
by means of Decree N° 163 of February 13, 1998, the corresponding License Contract was approved. Said License Contract was
signed on February 9, 1998 between the NATIONAL STATE and the Consortium AEROPUERTOS ARGENTINA 2000, AEROPUERTOS ARGENTINA 2000
SOCIEDAD ANÓNIMA at present.

 

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Public Service Contract Analysis
 and Renegotiation Unit
	 	“2006 – Year in tribute of Ramón CARRILLO”

    

 

Due to the severe crisis that affected
the country at the end of 2001, the NATIONAL CONGRESS issued Law N° 25,561, which declared public emergency in social, economic,
administrative, financial and exchange matters until December 10, 2003, delegating on the NATIONAL EXECUTIVE POWER the necessary
powers to adopt the measures to avert the acute emergency situation and stipulating the renegotiation of public service contracts.

 

The provisions in Law N° 25,561 have
been later ratified and developed through the passing of Laws 25,790, 25,820, 25,972, 26,077 and 26,204, as well as through different
regulatory and complementary rules.

 

The renegotiation process of Public Services
and Works Contracts has been basically regulated and implemented in a first institutional stage through Decrees N° 293 of February
12, 2002 and N° 370 of February 22, 2002. And in a second stage, by Decree N° 311 of July 3, 2003 and Joint Resolution
N° 188 and N° 44 of the Ministries of ECONOMY AND PRODUCTION, and of FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES,
respectively, both dated August 6, 2003.

 

Decree N° 311/03 established that the
renegotiation process shall be carried out through the PUBLIC SERVICE CONTRACT ANALYSIS AND RENEGOTIATION UNIT (“UNIREN”)
presided by the Ministers of Economy and Production and of Federal Planning, Public Investments and Services.

 

UNIREN has been assigned the missions,
among others, to carry out the process of renegotiating the Public Services and Works Contracts, to sign agreements with licensee
companies of public services “ad referendum” of the NATIONAL EXECUTIVE POWER, to bring forward ruling projects related
to possible temporary price adjustments and to contractual clauses related to public services, as well as the mission to make any
recommendation concerning public services and works contracts and the operation of such services.

 

By means of the Joint Resolution of the
MINISTRY OF ECONOMY AND PRODUCTION N° 188/03 and of the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES N°
44/03, it has been established that UNIREN be formed additionally by a Public Service Contract Analysis and Renegotiation Sector
Committee (“Comité Sectorial de Renegociación y Análisis de Contratos de Servicios Públicos”) and by the Executive
Secretary of the Unit (“Secretario Ejecutivo de la Unidad”).

 

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Public Service Contract Analysis
 and Renegotiation Unit
	 	“2006 – Year in tribute of Ramón CARRILLO”

    

 

Said Committee is formed by State Secretaries
with specific authority in the sectors related to public services and/or public works contracts subject to renegotiation, and by
the Executive Secretary of the UNIREN.

 

Within the framework of said renegotiation
procedures, a Memorandum of Understanding was signed between the NATIONAL STATE and the company AA2000 on July 20, 2005, which
set forth the GUIDELINES for the renegotiation of the LICENSE CONTRACT for the EXPLOITATION, ADMINISTRATION AND OPERATION OF GROUP
“A” OF THE NATIONAL AIRPORT SYSTEM, basing on the guidelines established by the SECRETARIAT OF TRANSPORT.

 

ORSNA, a decentralized Controlling Entity
within the area of the SECRETARIAT OF TRANSPORT of the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES, pursuant
to the terms of Section 7° of Decree N° 311/03 and Section 13 of the Joint Resolution N° 188/03 and 44/03 of the Ministries
of ECONOMY AND PRODUCTION, and of FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES, carried out the analysis of the situation
and degree of fulfillment obtained by the LICENSE CONTRACT FOR THE EXPLOITATION, ADMINISTRATION AND OPERATION OF GROUP “A”
OF THE NATIONAL AIRPORT SYSTEM, and sent to UNIREN several reports on this respect.

 

The Executive Secretariat of UNIREN has
complied with the obligation of making the Report on the Fulfillment of the Contract set forth in Section 7 of the Joint Resolution
of the MINISTRY OF ECONOMY AND PRODUCTION N° 188/03 and the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES N°
44/03. This Report has been produced with the aim of presenting a fulfillment statement of the LICENSE CONTRACT FOR THE EXPLOITATION,
ADMINISTRATION AND OPERATION OF GROUP “A” OF THE NATIONAL AIRPORT SYSTEM to serve as background and basis of the renegotiation
process of the aforementioned contract, pursuant to the terms of Law N° 25,561 and subsequent and complementary rules.

 

Pursuant to the terms of the Memorandum
of Understanding dated July 20, 2005 regarding the implementation of a new management model that allows the NATIONAL STATE an adequate
direct control of the airport activity, both parties have agreed to introduce elements to allow the improvement of the regulation
and control systems of the LICENSE.

 

Pursuant to international standards on
the subject that impose income reinvestment in the activity, it was found sound, so as to make more efficient the allocation of
this kind of resources, to adjust the obligations of the LICENSEE by turning a percentage of the LICENSE income into equity subject
to specific allocation, for the investments that are necessary in infrastructure in the Airports of the National System. Moreover,
what has been established in Law N° 25,924, Decree N° 1152/04 and Decree N° 642/97 can also be applied.

 

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Public Service Contract Analysis
 and Renegotiation Unit
	 	“2006 – Year in tribute of Ramón CARRILLO”

    

 

Pursuant to the principles of Law N°
17,520, the parties find convenient forming a Fund for studies, control and regulation of the LICENSE, by means of the specific
allocation of income.

 

Moreover, it is herein determined that
according to the principles that guided the license process, it is necessary to promote the instrumentation of mechanisms that
allow to guarantee investment financing, both in licensed and not licensed airports, with the aim of obtaining the standards and
levels of service quality demanded by the rules in force on the subject and the international treaties in which the NATION is party
to.

 

Every time that in general terms the functions
of regulation and management of the LICENSE CONTRACT are substantially different and imply the intervention of authorities competent
on subjects of different nature, it is necessary to solve such differences regarding the assignment of said powers.

 

In this respect it is convenient to keep
within the area of ORSNA the regulation and control powers differentiated from the powers of the ENFORCEMENT AUTHORITY that shall
be assigned to the SECRETARIAT OF TRANSPORT of the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES as body with primary
competence on the subject of management of transport systems, among them infrastructure and airport services.

 

The fulfilled renegotiation process has
taken into account: a) the terms of Sections 8°, 9° and 10° of Law N° 25,561, Laws N° 25,790, 25,820, 25,972,
26,077 and 26,204 and Decree N° 311/03, as well as its regulatory and complementary rules; b) the provisions of the LICENSE
CONTRACT; c) the background and projections of the service of the LICENSE according to the reports and analysis on record; and
d) the conditions related to the economic and social situation of our country.

 

The renegotiation is based on rules and
procedures to find the equilibrium point in the contracts adjustment.

 

The discussions conducted with the Company
AEROPUERTOS ARGENTINA 2000 S.A. led to a first agreement expressed in a Memorandum of Understanding signed on June 16, 2006, which
was finally replaced by a new MEMORANDUM OF UNDERSTANDING signed on August 23, 2006.

 

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Public Service Contract Analysis
 and Renegotiation Unit
	 	“2006 – Year in tribute of Ramón CARRILLO”

    

 

This latter MEMORANDUM OF UNDERSTANDING
included the terms that were considered reasonable to adjust the conditions of the LICENSE CONTRACT, and to provide a complete
solution to the necessity declared in Decrees N° 1,535 of August 20, 2002, N° 1,227 of May 20, 2003 and N° 878 of October
8, 2003.

 

The aforementioned MEMORANDUM OF UNDERSTANDING
specified the conditions of the agreement to be entered into between the LICENSEE and the LICENSOR; in accordance with the requirements
set forth it was submitted to a process of PUBLIC HEARING called through Joint Resolution of the MINISTRY OF ECONOMY AND PRODUCTION
N° 728 and the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES N° 1,584 of September 12, 2006, published
by the Official Bulletin of the Argentine Republic N° 30,989 of September 13, 2006 and N° 30,990 of September 14, 2006,
and Provision N° 3 of September 21, 2006, published by the Official Bulletin of the Argentine Republic N° 30,996 of September
22, 2006 and N° 30,997 of September 25, 2006.

 

The PUBLIC HEARING was carried out on October
27, 2006 in the Town CARLOS SPEGAZZINI, District of EZEIZA, of the Province of Buenos Aires, in order to discuss the MEMORANDUM
OF UNDERSTANDING put forward for consideration by public opinion.

 

Many and diverse opinions and arguments
on behalf of different Actors were expressed because of the Hearing. Said opinions and arguments were dully analyzed by the UNIREN.

 

As a result of the evaluation of the opinions
obtained in the Hearing, UNIREN considered proper to modify certain partial aspects of the understanding previously agreed, as
it appears on the REPORT OF THE EVALUATION OF THE PUBLIC HEARING.

 

Considering that circumstances, another
negotiation instance was carried out with the Company AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA to analyze the proposed changes,
and an agreement was reached on the new understanding terms to be signed.

 

This instrument, which includes the terms
of the complete renegotiation carried out, results from said understanding, and establishes the adjustment conditions of the LICENSE
CONTRACT for the exploitation, administration and operation of Group “A” of the National Airport System, which was
approved by Decree N° 163 of February 13, 1998, Pursuant to the applicable law, the instrumented proposal was submitted to
the CONGRESS OF THE NATION (art, 4° Law N° 25,790) and, once it was passed, this MEMORANDUM OF AGREEMENT was signed “ad
referendum” of the decision of the NATIONAL EXECUTIVE POWER, in its capacity of GRANTOR of the licensed service object of
this agreement.

 

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Public Service Contract Analysis
 and Renegotiation Unit
	 	“2006 – Year in tribute of Ramón CARRILLO”

    

 

SECOND PART 

 

GLOSSARY

 

For construing effects, the terms used
in this MEMORANDUM OF AGREEMENT shall have the meaning given in the glossary that follows:

 

MEMORANDUM OF AGREEMENT or COMPLETE
CONTRACT RENEGOTIATION AGREEMENT or RENEGOTIATION AGREEMENT or AGREEMENT: It the present agreement entered into between the
representatives of the LICENSOR and the LICENSEE, which includes the terms and conditions of the adaptation of the LICENSE CONTRACT
in compliance with Laws N° 25,561, 25,790, 25,820, 25,972, 26,077 and 26,204 and Decree N° 311/03 and other applicable
rules.

 

AIRPORT: Airport authorized by the
appropriate authority as entrance and exit port, Defined ground or water area suitable for the arrival, exit and movement on surface
of aircrafts, permanently open to the public, on which there are buildings and air and service facilities to regularly assist aeronautical
activities, to allow aircrafts parking and to receive or send off passengers, cargo and mail, according to the terms of the Aeronautical
Code (Law N° 17,285) and the rules that modify and/or regulate it.

 

INTERNATIONAL AIRPORT: Airport used
for the operation of aircrafts to or from abroad, where customs, migrations, border sanitary, and related services are provided.

 

ENFORCEMENT AUTHORITY: As from the
approval of the MEMORANDUM OF AGREEMENT, it shall be the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES OF THE NATION,
through the SECRETARIAT OF TRANSPORT.

 

MEMORANDUM OF UNDERSTANDING: It
is the document signed between the UNIREN and the company AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA dated August 23, 2006, which
includes the terms and conditions for the adjustment of the LICENSE CONTRACT and which was subjected to a Public Hearing process.

 

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Public Service Contract Analysis
 and Renegotiation Unit
	 	“2006 – Year in tribute of Ramón CARRILLO”

    

 

CALCULATION OF TERMS: Unless this
MEMORANDUM OF AGREEMENT has expressed otherwise, the terms calculated in days shall be counted according to what has been set forth
in the rules in force applicable to the LICENSE.

 

LICENSOR: It is the ARGENTINE NATIONAL STATE.

 

LICENSEE: It is the company AEROPUERTOS
ARGENTINA 2000 SOCIEDAD ANÓNIMA (AA2000).

 

CONTRACT OR LICENSE CONTRACT OR LICENSE:
It refers to the instrument by means of which the NATIONAL STATE granted the LICENSE for the exploitation, administration and
operation of GROUP “A” of the NATIONAL AIRPORT SYSTEM, approved by Decree N° 163 of February 13,1998.

 

SETTLEMENT: It refers to the instrument
concluded on August 23, 2004, between the NATIONAL STATE, through the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES,
and the Government of the CITY OF BUENOS AIRES, as regards Jorge Newbery Airport.

 

TARIFF CHART: It is the detail of charges applied for
the rendering of aeronautical services.

 

NATIONAL AIRPORT SYSTEM IMPROVEMENT
TRUST or TRUST: It is a trust stipulated to respond to different investment needs and to adequate the infrastructure of the
airports that are part of the NATIONAL AIRPORT SYSTEM.

 

OFFER: It is the presentation made
by the company AA2000, by means of which it became the successful bidder.

 

AIR OPERATORS: They are the physical
or legal persons, public or private, national or foreign, who legally use an aircraft, on their own, even for non profit purposes,
pursuant to Chapter VIII of the Aeronautical Code.

 

ORSNA: It is the National Airport System Regulating Institution.

 

RENEGOTIATION GUIDELINES: They are
those that arise from the MEMORANDUM OF UNDERSTANDING signed between UNIREN and AA2000, on July 20, 2005, Moreover, it includes
those guidelines provided by the SECRETARIAT OF TRANSPORT for the renegotiation of the CONTRACT.

 

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INVESTMENT PLAN: They are the investment
provisions expressed both in physical and monetary terms that the LICENSEE promises to perform during the LICENSE period. The INVESTMENT
PLAN shall be determined by five-year periods and shall be approved, revised and controlled by ORSNA according to the guidelines
defined in this MEMORANDUM OF AGREEMENT.

 

MASTER PLAN: It is the document
that includes, as a general guideline, the foreseen evolution of each airport for the whole LICENSE period, taking into account
the demand of aeronautical and non aeronautical services, as well as the levels of satisfaction related to them according to international
and local rules and standards. The LICENSEE shall be responsible for the presentation of the plan, and ORSNA shall be in charge
of approving it, authorizing its modifications and verifying its fulfillment.

 

INCOME AND EXPENSES FINANCIAL PROJECTION:
It is the detail of income and expenses related to the rendering of the licensed services, including investment obligations.

 

BIDDING TERMS AND CONDITIONS: They
are the Bidding Terms and Conditions of the National and International Public Bid that gave rise to the CONTRACT.

 

AIPORT SECURITY POLICE (PSA, (as
per Spanish acronym)): It is a body dependent on the MINISTRY OF DOMESTIC AFFAIRS that is responsible for safeguarding
and guaranteeing domestic security within the airport jurisdictional area, pursuant to Law N° 26,102.

 

MUTUAL OR PENDING CLAIMS: They are
all the requirements, remedies or legal actions filed or brought by the LISENSOR OR LICENSEE, administratively or judicially, before
the MEMORANDUM OF UNDERSTANDING signed on August 23, 2006, on certain disagreed or questioned subjects, aspects or acts regarding
the development of the LICENSE CONTRACT, and which correspond to the period elapsed since the Act of Taking Possession by the LICENSEE
until the ratification of the RENEGOTIATION AGREEMENT.

 

TARIFF SYSTEM: It is the system contemplated by contract.

 

INVESTMENT REGISTRY: It is the Registry
where the performed works contemplated in the INVESTMENT PLAN and the amount in pesos for said works will be entered under signature
of the LICENSEE. This Registry shall be created under the scope of ORSNA.

 

REGULATORY ACCOUNTING SYSTEM: It
is a system of data collection, allocation and entry that unifies the methodology and the formats to be used by the company rendering
the regulated services at the moment of submitting the technical, accounting and economic information requested by the regulating
institution with respect to aeronautical and non aeronautical activities carried out by the LICENSEE within the framework of the
LICENSE CONTRACT.

 

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NATIONAL AIRPORT SYSTEM (SNA (as
per Spanish acronym)): It is the group of airports, specified in APPENDIX III of Decree N° 375/97 of the
NATIONAL EXECUTIVE POWER.

 

SLOT: It is the time allocated for landing and take off.

 

ACT OF TAKING POSESSION: It is the
moment after which the LICENSEE is responsible for the exploitation, administration and operation of GROUP “A” OF THE
NATIONAL AIRPORT SYSTEM, in accordance with the Bidding Terms and Conditions and its Appendixes.

 

ARGENTINE AUDIT OFFICE (“Sindicatura
General de la Nación”)(SIGEN (as per Spanish acronym)): It is the internal controlling
body of the NATIONAL EXECUTIVE POWER.

 

THIRD PART

 

SUSPENSION AND ABANDONMENT ON PART OF THE LINCENSEE AND THE
STATE. 

EVENTS OF CONTRACTUAL BREACH. EFFECTS.

 

1. SUSPENSION OF ACTIONS

 

1.1 The Licensee will hold in suspension
all the claims, remedies and legal actions filed or pending at the administrative, arbitral or judicial level in our country against
the NATIONAL STATE and/or its decentralized entities, whatever their cause may be, until the date established in the second clause,
paragraph 2.1. of these presents.

 

2. ABANDONMENT OF THE RIGHT OF ACTION AND OF THE ACTIONS

 

2.1. Within a term of 10 (TEN) days after
the ratification of this RENEGOTIATION AGREEMENT by the NATIONAL EXECUTIVE POWER, the LICENSEE shall dismiss all the claims, remedies
or legal actions filed or pending at the administrative, arbitral or judicial level in our country against the NATIONAL STATE and/or
its decentralized entities, whatever their cause may be. Such abandonment shall not imply the acknowledgment of the situation that
gave rise to the claim, remedy or legal action Specifically in the case of fines imposed and for which the LICENSEE started administrative
and/or judicial claims, abandonment thereof shall be done for the purposes of this renegotiation and this shall not imply that
the fines can be deemed legitimate.

 

The obligation undertaken by the LICENSEE
in this clause shall be performed by the passing of the time stipulated.

 

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The abandonment shall include the request that each party shall
bear its own costs.

 

2.2. In this regard, the LICENSEE shall
submit before ORSNA the instruments dully certified and legalized. The abandonment of the right of action and of the actions must
be expressly and completely stated on those instruments according to the terms established in the previous clause.

 

2.3. The NATIONAL STATE shall suspend the
application of this AGREEMENT in case the term fixed in subsection 2.1 concludes and the LICENSEE has not complied with the corresponding
abandonment. In such case, the NATIONAL STATE shall proceed to notify the LICENSEE to comply with the submission of the agreed
abandonment within a new term of 15 (FIFTEEN) days.

 

2.4. Once said term is due and in case
of noncompliance of the LICENSEE regarding the submission of the agreed abandonment, the NATIONAL STATE shall be able to denounce
this AGREEMENT for reasons attributable to the LICENSEE and to proceed to the revocation and lapsing of the LICENSE due to noncompliance
on part of the LICENSEE.

 

3. ACTIONS GROUNDED ON THE EFFECTS OF PUBLIC EMERGENCY

 

3.1. Apart from the suspensions and abandonment
established in the previous clauses, in case a presentation, claim, remedy or legal action is filed, regarding the LICENSE CONTRACT,
on part of the LICENSEE, at administrative, arbitral or judicial level in our country, grounded or related to the facts or measures
adopted because of the emergency established by Law N° 25,561, the NATIONAL STATE shall request the immediate retraction and
withdrawal of the claim made or the abandonment of said action, granting in this regard a term of 15 (FIFTEEN) days.

 

3.2. In the event that the term is due
and there has not been retraction or withdrawal of the claim, or the abandonment of the action filed, the NATIONAL STATE shall
be able to denounce this RENEGOTIATION AGREEMENT, for reasons attributable to the LICENSEE, and to proceed to the revocation or
lapsing of the LICENSE.

 

4. ACTIONS BEFORE FOREIGN COURTS

 

4.1. The LICENSEE declares, as an affidavit,
that neither AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA nor it shareholders have presented claims or filed legal actions against
the NATIONAL STATE, nor its institutions or entities, before any foreign court, regarding the differences existing between the
Parties, including the effects of the public emergency declared by Law N° 25,561 and its complementary rules.

 

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Before the ratification of the MEMORANDUM
OF AGREEMENT, the LICENSEE shall have to submit the aforementioned voluntary declaration, as affidavit, regarding its shareholders.
Failure to attach said instruments, shall impede the ratification of the AGREEMENT on part of the NATIONAL EXECUTIVE POWER.

 

4.2. Moreover, both the LICENSEE and its
shareholders undertake not to present claims or file legal actions for those circumstances before foreign courts in the future.
Furthermore, it being understood that the signature of this MEMORANDUM OF AGREEMENT satisfies the interests of the Parties.

 

4.3. According to what was established
in paragraphs 4.1 and 4.2, the LICENSEE has attached the proper instruments, with their authenticity and validity dully certified
and legalized, proving the abandonment of all rights and actions that the LICENSEE and its shareholders could assume to file claims
or legal actions before foreign courts.

 

5. SUMMARY PROCEEDINGS

 

5.1. Once the LICENSEE has submitted the
evidence contemplated in paragraphs 2.2 and 4.3, and once this AGREEMENT has been ratified by the NATIONAL EXECUTIVE POWER, ORSNA
shall have to desist the summary proceedings brought in File N° 106,736/02 “ORSNA vs. AEROPUERTOS ARGENTINA 2000 S.A.,
for execution proceedings” pending before the National Court in Administrative Federal Matters N°1, Secretariat N°1.

 

5.2. Costs shall be born by each of the
parties as appropriate. Under no circumstances neither the NATIONAL STATE nor ORSNA shall assume the eventual fees corresponding
to the defendant.

 

FOURTH PART

 

TERMS AND CONDITIONS INCLUDED IN THE AGREEMENT 

 

1. PROVISIONS

 

This AGREEMENT includes the terms and conditions
agreed between the LICENSOR and the LICENSEE to adjust the LICENSE for the exploitation, administration and operation of GROUP
“A” of the NATIONAL AIRPORT SYSTEM, approved by Decree N° 163 of February 13, 1998, pursuant to Law N° 25,561
and other rules related to the emergency, trying to preserve within the framework of said rules, the substantive principles and
aspects of Law N° 24,076 and the regulations derived from them.

 

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The provisions included in this AGREEMENT
have as direct background the MEMORANDUM OF UNDERSTANDING signed between the parties on August 23, 2006, and other background documents,
which was submitted to a Public Hearing in the Town CARLOS SPEGAZZINI, District of EZEIZA, of the Province of Buenos Aires on October
27, 2006. The conclusions of the Public Hearing were considered to establish the terms and conditions that form this AGREEMENT.

 

2. TYPE AND CONDITION OF THE AGREEMENT

 

The AGREEMENT shall be the COMPLETE RENEGOTIATION
of the LICENSE CONTRACT FOR THE EXPLOITATION, ADMINSTRATION AND OPERATION OF GROUP “A” OF THE NATIONAL AIRPORT SYSTEM,
pursuant to Laws N° 25,561, 25,790, 25,820, 25,972, 26,077 and 26,204 and Decree N° 311/03.

 

3. SERVICE QUALITY SYSTEM

 

In order to maintain the quality in the
rendering of the services of GROUP “A” of the NATIONAL AIRPORT SYSTEM, the LICENSEE shall have to adapt to the standards
detailed in APPENDIX I in this MEMORANDUM OF AGREEMENT and meet them.

 

4. TARIFF CHART

 

4.1. The value of the charges for the aeronautical
services to be collected by the LINCESEE and other official institutions with the power to do so are included in APPENDIX II of
this MEMORANDUM OF AGREEMENT, and they will come into force from the moment the COMPLETE CONTRACT RENEGOTIATION AGREEMENT becomes
effective. Moreover, the tariff system approved by Decrees N° 577/02 y 1,910/02 shall continue in force and the authorized beneficiaries
mentioned in said Decrees shall continue to be the same ones.

 

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4.2. The tariff chart in APPENDIX II includes
the maximum amounts that the LICENSEE and other official institutions with the power to do so can collect for the invoicing of
the services rendered to USERS and AIR OPERATORS.

 

4.3. The prices for non aeronautical services
can be freely established by the parties according to the provisions of the rules in force for the LICENSE. The LICENSEE will have
to submit to ORSNA, in the form of affidavit, the information requested by ORSNA according to the procedures already established
or to be established regarding the agreements entered into on this subject within 30 (THIRTY) days as of its execution.

 

4.4. For the purposes of the previous clause,
non aeronautical services are those rendered by the LICENSEE, on his own or through third parties, by virtue of the LICENSE CONTRACT
and which are not included in the tariff chart included in Appendix II. Based on the current progress of the concession, we can
provide the following list of services, for the purposes of illustration:

 

a) Activities related to aero-commercial
transportation. Some of them can be developed by the same airlines and include: keeping the aircraft in hangars, aircraft maintenance,
pilot training, exploitation of exclusive spaces for airlines, air cargo, ramp services, catering services, air-taxi services,
fuel plants for aircraft and lubricant plants for aircraft.

 

b) Commercial exploitation of the
airport. These are the activities that have an indirect relationship with the aero-commercial activity, and include: fiscal
deposits, duty free shops, cuisine related activities, pre and post air transportation services, vehicle rent, vehicle
parking lot, shops, banks and Exchange stores; pay phone-centers, telephony and communications, passenger services
(insurance, luggage keeping services, luggage protection services, tourist information, hotel room booking, etc ) and
advertising and promotion.

 

c) Secondary activities developed at the
Airport. These include those services that are rendered to companies operating inside the airport, and are the following ones:
cleaning services, private security services and building maintenance services.

 

5. SPECIFIC ALLOCATION OF INCOME
OF THE LICENSE

 

5.1. The LICENSEE shall have to specifically
allocate monthly an amount in pesos equivalent to 15% (FIFTEEN PERCENT) of the total income of the LICENSE.

 

5.2. The use of funds stated in 5.1 shall be carried out
according to APPENDIX III.

 

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5.3. The amounts included in this clause
shall be accrued as of January 1, 2006 as detailed in APPENDIX III, but its effects shall be contingent upon the ratification of
the MEMORANDUM OF AGRREMENT by the NATIONAL EXECUTIVE POWER. From that moment what was established in clause 17.1 of the LICENSE
CONTRACT shall no longer be in force.

 

5.4. Under the terms included in APPENDIX
III, ORSNA is requested to draw up the calculation procedures and methodology for the specific allocation set forth herein.

 

6. INVESTMENT PLAN

 

6.1. The INVESTMENT PLAN for the 2006-2028
period of the LICENSE is detailed in APPENDIX IV of this MEMORANDUM OF AGREEMENT. This PLAN shall have to be performed under the
exclusive responsibility of the LICENSEE.

 

6.2. The execution of the INVESTMENT PLAN
for the 2006-2010 period shall have to commence as of the signature of the MEMORANDUM OF AGREEMENT. Said plan is composed of: (i)
necessary works to meet the standards defined regarding security and service quality and (ii) works that, although necessary, were
pending performance on part of the LICENSEE for different reasons at the moment of the signature of this MEMORANDUM OF AGREEMENT.

 

Once the MEMORANDUM OF AGREEMENT enters
into force during or after 2006, the compliance with the investment commitments shall be evaluated in the first five-year period,
taking into account a postponement equivalent to the time calculated as of January 1, 2006.

 

6.3. The INVENSTMENT PLAN for the remaining
years of the LICENSE (2011 - 2028) will be determined through five-year plans. For that period the amount of planned investments
has been calculated given the relation between the committed investments and the aeronautical incomes set in the offer made by
the LICENSEE, complemented by the remaining amount of the necessary investments pending performance that are planned to be concluded
in 2015.

 

In the event that the extension established
in clause 26.3 of the FOURTH PART comes into effect, the revision of the Investment Plan included in APPENDIX IV shall have to
done.

 

6.4. The FIVE-YEAR INVESTMENT PLANS shall
be approved, revised and controlled by ORSNA basing on the investment amounts provided in the INCOME AND EXPENSES FINANCIAL PROJECTION
detailed in APPENDIX V, and according to the procedure established in the following Point 8.

 

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6.5. In the ordinary and extraordinary revisions
of the INCOME AND EXPENSES FINANCIAL PROJECTION the fulfillment of the investments shall be weighted taking into account what is
shown in the INVESTMENT REGISTRY of the LICENSE.

 

6.6. The investments foreseen in the FIVE-YEAR
INVESTMENT PLANS shall have to be aimed, in all cases, to cover the operative necessities and the capacity and demand growth, and
to meet the international standards of quality and security, within GROUP “A” of the NATIONAL AIRPORT SYSTEM, so as
to guarantee the fulfillment of airports first level categorization criteria according to the standards established by the INTERNATIONAL
CIVIL AVIATION ORGANIZATION (ICAO) and the INTERNATIONAL AIR TRANSPORT ASSOCIATION (IATA).

 

6.7. Upon approval on part of ORSNA, the
following works shall be included at the expense of the LICENSEE: i) Consulting Program for environmental liabilities final diagnosis;
ii) Remediation of environmental liabilities included in the consulting program; iii) The works planned to be performed inside
the airport premises of the Jorge Newbery Airport, within the framework of the SETTLEMENT between the NATIONAL STATE and the Government
of the CITY OF BUENOS AIRES of August 23, 2004. Under no circumstances the terms set forth in this clause can imply the obligation
for the LICENSEE of undertaking more commitments than those established pursuant to the application of the terms in clauses 6.1
and 6.3.

 

6.8. Within 180 (ONE HUNDRED AND EIGHTY)
days the parties shall define the form of participation of the LICENSEE with relation to the policies that the appropriate authorities
will set forth, specially the MINISTRY OF DOMESTIC AFFAIRS and the AIRPORT SECURITY POLICE, regarding the fight against crime,
drug-dealing and terrorism.

 

6.9. ORSNA shall verify that the
commitments assumed by the NATIONAL STATE in the Agreements signed with the Provincial and/or Municipal States shall not be
altered due to the transfer of some airport object of the LICENSE.

 

6.10. The LICENSEE shall not commence works
that are not authorized by ORSNA and included in the corresponding INVESTMENT PLAN.

 

6.11. ORSNA shall be able to revise the
schedule designed in the INVESTMENT PLAN and to request the LICENSEE to anticipate planned works for that purpose or to include
some not scheduled work, without modifying the equilibrium of the contractual variables. Under no circumstances the abovementioned
terms can imply the obligation of the LICENSEE of assuming more investment commitments than those contemplated for the annual period.
In this context, ORSNA shall decide which works will be substituted in the plan and postponed for another period.

 

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6.12. In order to guarantee the performance
of the works, the investment guarantee in force is no longer effective. Annually and before March 31 of every year, the LICENSEE
shall have to create an investment guarantee with a value equivalent to 50% (FIFTY PERCENT) of the works annually planned.

 

Upon ORSNA authorization this amount shall
be reduced proportionally based on the evolution shown in the INVESTMENT REGISTRY.

 

ORSNA shall have to decide on the requests
for guarantee reduction submitted by the LICENSEE within 30 (THIRTY) days after the request was made. The creation of this Guarantee
shall not be invoked by the LICENSEE to reduce or avoid full performance of all the obligations within the frame of the LICENSE
CONTRACT.

 

6.13. Pledge of securities or goods and/or
mortgages, as well as guarantee bonds shall be offered as guarantee to the satisfaction of ORSNA.

 

7. PROCEDURES FOR THE APPROVAL OF THE INVESTMENT PLAN

 

7.1. The LICENSEE shall have to submit FIVE-YEAR
INVESTMENT PLANS before ORSNA, setting as term to make such presentation January 31 of the year previous to year in which the five-year
period would come into force. Once the FIVE-YEAR INVESTMENT PLAN has been submitted, ORSNA shall have to issue a decision on the
matter within a term of 90 (NINETY) days.

 

7.2. In the event ORSNA makes remarks to
the submission made and once they have been notified to the LICENSEE, the LICENSEE shall have 30 (THIRTY) days to make the corresponding
modifications.

 

7.3. In the event ORSNA makes remarks and
the LICENSEE does not present the modifications in the term established in the previous paragraph, such modifications shall be
done by ORSNA and then notified to the LICENSEE during the following 30 (THIRTY) days. Without prejudice to the foregoing, such
negative shall be considered a breach; therefore, it shall be subject to the corresponding sanctions.

 

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7.4. ORSNA, within 90 (NINETY) days as of the signature of this MEMORANDUM OF AGREEMENT, shall develop a
methodology for the presentation of the FIVE-YEAR INVESTMENT PLAN, which must be notified to the LICENSEE by any reliable means.

 

8. INVESTMENT REGISTRY

 

8.1. The INVESTMENT REGISTRY is set up within
the scope of the ORSNA. The investment works performed contemplated in the INVESTMENT PLAN shall be entered in this registry under
the signature of the LICENSEE. The INVESTMENT REGISTRY will show the physical and economic evolution of the INVESTMENT PLAN performed
by the LICENSEE. Furthermore, the amounts corresponding to the different events for LICENSE termination shall be considered as
the base to liquidate the LICENSEE. ORSNA shall decide on the information that said INVESTMENT REGISTRY must include.

 

8.2. The LICENSEE shall have to provide all
the necessary documentation and any other data or report requested by the ORSNA on this regard for the implementation and updating
of the registry.

 

9. PROCEDURE FOR THE PERMISSION, CONTROL,
AUTHORIZATION AND APPROVAL OF WORKS

 

9.1. For any planned work in Group “A”
Airports of the National Airport System, the LICENSEE shall have to comply with the terms of the corresponding applicable procedure,
which shall be determined by ORSNA.

 

9.2. Within a term of 90 (NINETY) days as of
the signature of the MEMORANDUM OF AGREEMENT, ORSNA shall issue the specific rules for the authorization of the works. In order
to comply with the aspects related to aviation security, upon approval, ORSNA shall give notice to the Airport Security Police.

 

9.3. The rules provided for in the preceding
item shall contemplate the PSA intervention before approval of the works, so that, within a peremptory term fixed by it, the PSA
can issue an opinion based on its scope of expertise. The same criterion shall be used to assign spaces to state agencies.

 

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10. MASTER PLAN

 

10.1. Within 120 (ONE HUNDRED AND TWENTY) days
as of the moment the MEMORANDUM OF AGREEMENT becomes effective, the NATIONAL STATE in the scope of its exclusive powers shall establish
through ORSNA the planning parameters (Plans on the Use of the Soil) which the LICENSEE shall have to respect in the drawing up
of the corresponding MASTER PLANS.

 

10.2. Within the following 180 (ONE HUNDRED
AND EIGHTY) days, the LICENSEE shall attach the MASTER PLAN which has to include the effects and impacts of the provisions contemplated
in this AGREEMENT.

 

10.3. Within a term of 90 (NINETY) days as of
the signature of the MEMORANDUM OF AGREEMENT, ORSNA shall issue the specific rules for the authorization of the MASTER PLANS. In
order to guarantee the participation of the users, said rules must be informed to the ADVISORY COMMITTEE OF ORSNA before their
approval.

 

11. JORGE NEWBERY AIRPORT

 

11.1. The LICENSEE agrees to maintain the Jorge
Newbery Airport in its present location during the remaining time of the LICENSE, pursuant to the guidelines contemplated in the
SETTLEMENT entered into between the NATIONAL STATE, through the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES and
the Government of the CITY OF BUENOS AIRES on August 23, 2004.

 

11.2.
The LICENSEE shall request the Aeronautical Authority to analyze the possibility of deviating flights, when in its own discretion,
those flights were affected as regards security.

 

12. GOBERNADOR DR. HORACIO GUZMAN AIRPORT

 

12.1. The parties declare that the
reasons for not Taking Possession of the Gobernador Dr. Horacio Guzmán Airport of the Province of JUJUY, which at present is
part of the GROUP “A” of the NATIONAL AIRPORT SYSTEM, are not attributable to them.

 

12.2. The LICENSEE waives the right to start
any kind of administrative and/or judicial claim against the LICENSOR directly or indirectly deriving from such situation, and
expressly accepts the possible removal of said airport from Group “A” of the NATIONAL AIRPORT SYSTEM according to the
decision adopted by the provincial authorities.

 

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12.3. The NATIONAL STATE shall agree with
the Province of JUJUY the delivery of the said airport to the LICENSEE within a term of 6 (SIX) months from the signature of
this MEMORANDUM OF AGREEMENT. In that case, the additional income and expenses shall be included in the INCOME AND
EXPENSES FINANCIAL PROJECTION.

 

12.3.1. If the NATIONAL STATE does not reach
an agreement with the Province of JUJUY in the term contemplated in clause 12.3, ORSNA shall formalize the removal of the mentioned
airport from Group “A”, although it will remain in National Airport System.

 

12.4. The economic impact and the influence
of the terms of this clause shall be considered by ORSNA so that the contract is not altered.

 

13. ABN AMRO BANK N.V. TRUST CONTRACT

 

13.1. It is herein decided that the LICENSEE
shall have to reformulate the Trust Contract concluded with ABN AMRO BANK N.V., Argentine Branch on May 3, 2002, pursuant to the
terms contemplated in APPENDIX VI of this MEMORANDUM OF AGREEMENT.

 

Before AA2000 and the banking entity can sign
the necessary documents to comply with the provisions of this clause, the NATIONAL TREASURY shall intervene.

 

13.2. Under no circumstances can the
rights and obligations arising from said contract affect the compliance with the contractual obligations of the LICENSEE.
Moreover, they are ineffective against the NATIONAL STATE.

 

13.3. The LICENSEE shall have to regularize
its situation in a term of 90 (NINETY) days as of the moment this AGREEMENT enters into force. ORSNA shall extend this term provided
that the LICENSEE decides the complete redemption of the corporate notes issued until now by the LICENSEE within the next 12 (TWELVE)
months. This redemption shall not affect neither the fulfillment of point 5 of the FOURTH PART, nor the performance of the INVESTMENT
PLAN contemplated in APPENDIX V herein.

 

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14. MUTUAL CLAIMS BETWEEN THE LICENSOR AND THE LICENSEE

 

14.1. The claims on the LICENSE pending resolution
until the date of these presents, made by the LICENSOR and the LICENSEE, considered as MUTUAL CLAIMS, are included in APPENDIX
VII that is part of this AGREEMENT. A special procedure has been agreed for the resolution of those differences.

 

14.1.1. The parties have agreed on a procedure
for the definitive resolution of MUTUAL CLAIMS pursuant APPENDIX VII in view of the circumstances that affected the LICENSE CONTRACT
and taking into account the effects of the special situation of the industry. The LICENSOR and the LICENSEE shall expressly desist
to continue the MUTUAL CLAIMS at the administrative, arbitral or judicial level for the complete renegotiation of the LICENSE CONTRACT,
according to the terms and conditions contemplated in point 2 and 3 of the THIRD PART of this MEMORANDUM OF AGREEMENT.

 

14.1.2. From the application of the procedure
mentioned before there is a credit balance for the LICENSOR that shall be cancelled as follows:

 

		A.	The equivalent to 22.96% (TWENTY-TWO POINT NINETY-SIX PERCENT)
of the total credit balance for the LICENSOR shall be paid by means of the allocation of 7% (SEVEN PERCENT) of the International
Airport Income. The duration of this allocation is contemplated in the SUBAPPENDIX VII-A or until the amount mentioned in this
paragraph (a) has been paid, whichever occurs first.

 

		B.	The equivalent to 18.61% (EIGHTEEN POINT SIXTY-ONE PERCENT)
of the total credit balance for the LICENSOR shall be paid by means of the delivery to the LICENSOR of corporate notes convertible
in separated common shares by a total nominal amount equivalent to the amount that that percentage represents, according to what
has been detailed in SUBAPPENDIX VII-B.

 

		C.	The equivalent to 58.43% (FIFTY-EIGHT POINT FORTY-THREE
PERCENT) of the total credit balance for the LICENSOR shall be paid by means of the delivery to the LICENSOR of callable preferred
shares of AEROPUERTOS ARGENTINA 2000 S.A., convertible in separated common shares, according to what has been detailed in SUBAPPENDIX
VII-C.

 

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14.1.3. If the LICENSEE defaults in the payments
referred in this point and in SUBAPPENDIX VII-A, or fails to implement the repayment mechanisms contemplated pursuant point 1,
FIFTH PART, of this MEMORANDUM OF AGREEMENT, and APPENDIX III: “Fund Allocation”, SUBAPPENDIX III-A “National
Airport System Improvement Trust” (Part II. B. Trust property for settlement of Mutual Claims), APPENDIX VII: “Mutual
Claims” and SUBAPPENDIXES VII-A: “Repayment Mechanisms”, VII-B: “Negotiable Obligations that can be converted
into Common Shares” and VII-C: “Preferred Shares that can be Redeemed and Converted into Common Shares”, within
the terms specified and according to the requirements and conditions stipulated therein, the ENFORCEMENT AUTHORITY shall have the
right of leaving without effect the COMPLETE CONTRACT RENEGOTIATION AGREEMENT and considering the LICENSE as terminated, and this
measure shall have retroactive effect.

 

In the event of default in the payments mentioned,
AA200 shall automatically owe the NATIONAL STATE, without any previous notice on its behalf, the unpaid amount resulting from the
balance for mutual claims established in SUBAPPENDIX VII-A, plus the corresponding interests and compensations.

 

14.1.4. Under no circumstances can
AA2000 reduce the interest in common shares of the NATIONAL STATE by means of future issuances and/or capital restructuring.
The situation of NATIONAL STATE in said company shall not be modified pursuant to the provisions of paragraph 14.1.2. and
SUBAPPENDIX VII-A.

 

14.2.
In order to simplify the procedures contemplated in the Resolutions ORSNA N°161/99 and N°271/99 that include AFIP clarifications
of 05/27/99, File ORSNA N°756/98, the LICENSEE requests ORSNA to take the corresponding actions before the signature of the
AGREEMENT so that the International Air Station Usage Rate (TUAI, (as per Spanish acronym))
be taxed with 0% VAT (ZERO PERCENT). From the moment of the application of such tax on the TUAI, the applicable procedure pursuant
Resolution ORSNA N° 199/98 shall be left without effect. By means of this resolution, a claim filed by the LICENSEE was sustained
in order to compensate the effect of having declared the TUAI VAT-exempt with the license fee to be paid for expired semester.

 

15. ACTIVITIES OF THE LICENSEE
AS OPERATOR

 

15.1. The LICENSEE shall participate as airport
operator in airport projects different from GROUP “A” of the NATIONAL AIRPORT SYSTEM, and it shall have to request
previously the authorization of the ENFORCEMENT AUTHORITY for those projects.

 

15.2. Under no circumstances can the
participation as airport operator cause a decrease of the service quality, affect the income of the LICENSE, or actually or
potentially affect the fulfillment of the contract obligations of the LICENSEE stipulated in the LICENSE CONTRACT, in the
MEMORANDUM OF AGREEMENT and in others rules in force.

 

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16. TECHNICAL EXPERT

 

16.1. For the initial period of the LICENSE
consisting of 5 (FIVE) years (from the first Act of Taking Possession), Technical Expert is the one previously authorized in the
License.

  

After that, any private shareholder who maintains
for at least 5 (FIVE) years an ownership percentage of not less than 10% (TEN PERCENT) of the corporate capital in the LICENSEE
shall be considered Technical Expert.

 

16.2. The requirement of maintaining 10%
(TEN PERCENT) of the shares in the possession of at least one private shareholder who proves at least the aforementioned
seniority shall be kept until the termination of LICENSE Any substitution of all the private shareholders who qualified
as Technical Expert must be approved previously by the ORSNA.

 

16.3. The LICENSEE can not merge nor divide during the term of the
LICENSE CONTRACT.

 

17. USE AND AVAILAVILITY OF SPACES

 

17.1.
In case of registering violations to the use and availability of spaces in the airport premises, and to guarantee full use and
enjoyment pursuant the exploitation right within the framework of the LICENSE CONTRACT, the LICENSEE, with grounds, shall request
ORSNA to start legal actions for the eviction of the occupiers of the licensed public domain, pursuant to the procedure of Law
N° 17,091. This request shall be made if a prejudice in the airport public service quality or inconveniences for the continuous
and correct rendering of the service can be proved.

 

18. CONTRACTS TO BE CONCLUDED WITH THIRD
PARTIES WHICH INCLUDE NEW INFRASTRUCTURE WORKS

 

18.1. In order to encourage the execution of
new works in the airports and upon authorization of ORSNA, the LICENSEE shall stipulate in the contracts concluded with third parties
for the rendering of services that require investment in new works, that these contracts continue in force even in the event of
early termination of the LICENSE, and the LICENSOR and/or whoever it appoints in that case shall subrogate the rights and obligations
of the LICENSEE.

 

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18.2. The grant of the authorization contemplated
in the previous paragraph shall be a discretionary power of the Administration.

 

19. APRON OPERATIONS

 

19.1. The LICENSEE shall be responsible for
the control and coordination of the operations and activities on apron, under the supervision of the Aeronautical Authority responsible
for the operational security. All this, without prejudice of the control functions that correspond to the PSA.

 

20. SLOTS

 

20.1. The NATIONAL STATE through the SECRETARIAT
OF TRANSPORT undertakes to regulate in a term of 180 (ONE HUNDRED AND EIGHTY) days from the signature of this MEMORANDUM OF AGREEMENT
a procedure for slot allocation that guarantees objective criteria for distribution, efficient rendering of the service and optimal
use of the airport infrastructure. In order to collect and incorporate in the regulation the experience acquired on the subject,
the ARGENTINE AIR FORCE (“Fuerza Aérea Argentina”), ORSNA and the LICENSEE shall participate in the
discussion process. Furthermore, the CHAMBER OF AIRLINE COMPANIES OF THE ARGENTINE REPUBLIC (JURCA (as per Spanish abbreviation))
and the INTERNATIONAL AIR TRANSPORT ASSOCIATION (IATA) shall be invited to participate, by means of the appointment of one representative
for each entity, in representation of the airline companies.

 

21. PAYMENT OF AIRPORT CHARGES AND RESOURCES

 

21.1. LEASE income and the effective collection
of the airport charges are essential for the sustainability of the national airport service.

 

21.2. Within 180 (ONE HUNDRED AND EIGHTY)
days following the signature of this MEMORANDUM OF AGREEMENT, ORSNA shall issue the Regulation for the Approval and
Certification of the debts of the Air Operators. This term shall be extended by ORSNA, with grounds, for a period of 60
(SIXTY) running days.

 

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21.2.1. The LICENSEE shall be able to
request ORSNA to issue a Debt Certificate for default in payment of the airport charges on part of the AIR OPERATORS. In this
regard, the LICENSEE shall have to submit to ORSNA the accounting certification of the debt for airport charges
together with the written proof of the flight issued by the ARGENTINE AIR FORCE.

 

21.2.2. The regulation shall foresee the creation
of a common data base that shall be consulted at any time by the ORSNA, the ARGENTINE AIR FORCE and air operators.

 

21.3. After 90 (NINETY) days from the signature
of this MEMORANDUM OF AGREEMENT, ORSNA shall issue, in prior coordination with the corresponding governmental bodies, the regulation
that includes an appropriate procedure to guarantee the anticipated payment of the expenses deriving of the air operation (charges)
on part of those air operators who keep debts for that concept with the ARGENTINE AIR FORCE, other state institutions and the LICENSEE
during a time longer than 30 (THIRTY) days. This term shall be extended by ORSNA, with grounds, for a period of 60 (SIXTY) running
days. In order to guarantee the participation of the users, said regulation shall be informed to the ADVISORY COMMITTEE OF ORSNA
before its approval.

 

21.4. The regulation must guarantee the right
to intervene of all the interested parties and the due process.

 

22. PENALTIES SYSTEM

 

22.1. Within a term of 180 (ONE HUNDRED AND
EIGHTY) days from the signature of this MEMORANDUM OF AGREEMENT, ORSNA shall approve a Regulation on Airport Infractions and Penalties
applicable to all the persons that carry out activities in the airport. In order to guarantee the participation of the users, said
regulation shall be informed to the ADVISORY COMMITTEE OF ORSNA before its approval. All this, without prejudice of the specific
functions and powers that under the rules in force correspond to the PSA.

 

23. MEDICAL SERVICE

 

23.1. For the purpose of regulating the medical
assistance service rendered to the users and people who perform activities inside the airports that form part of GROUP “A”
of the NATIONAL AIRPORT SYSTEM, ORSNA shall issue the appropriate regulation that will determine the relations between the parties
and its financing within 180 (ONE HUNDRED AND EIGHTY) days after the signature of this MEMORANDUM OF AGREEMENT. In order to guarantee
the participation of the users, said regulation shall be informed to the ADVISORY COMMITTEE OF ORSNA before its approval.

 

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24. INCOME AND EXPENSES FINANCIAL PROJECTION

 

24.1. The INCOME AND EXPENSES FINANCIAL
PROJECTION of the LICENSE for the period 2006-2028 is detailed in APPENDIX V. This INCOME AND EXPENSES FINANCIAL PROJECTION
reflects the projection of all income, operational expenses, investment obligations of the LICENSE and repayment
mechanisms stipulated for the repayment of the balance of MUTUAL CLAIMS herein established. It has been prepared in
pesos.

 

The resulting amounts for sanctions for non-compliances
on part of the LICENSEE shall not be considered as expenses for the evaluation of the INCOME AND EXPENSES FINANCIAL PROJECTION.

 

25. REGULATORY ACCOUNTING SYSTEM

 

25.1. ORSNA shall be in charge of implementing a REGULATORY ACCOUNTING
SYSTEM.

 

25.2. In a term of 180 (ONE HUNDRED AND EIGHTY)
days from the signature of this
MEMORANDUM OF AGREEMENT, ORSNA shall issue the Regulation of the REGULATORY
ACCOUNTING SYSTEM. This term shall be extended by ORSNA, with grounds, for a period of 60
(SIXTY) running days. This Regulation shall include a regulatory accounting manual to define the
appropriate technical criteria compatible with the generally accepted accounting principles, so as to
have reliable information homogeneous with respect to the entries of the LICENSEE regarding
income, costs and expenses of the services and investments under the regulation, as well as
information on the demand for said services and investments under the regulation in a permanent
and standardized way. Furthermore, the content of the manual shall deal with the definition, uses,
assessment and treatment of assets, liabilities, earnings and investments, accounting structure of
the information and methodology of the accounting analysis related to the rendering of the services
under the regulation.

 

25.3. So as to comply with the terms stipulated
in the preceding paragraph 25.1, the LICENSEE shall provide ORSNA with the information with the degree of detail requested by the
institution for the REGULATORY ACCOUNTING SYSTEM application.

 

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26. PUBLIC OFFERING OF SHARES

 

26.1. From the moment the AGREEMENT becomes
effective, the LICENSEE is authorized to make public offering of the shares and to list shares on Buenos Aires Stock Exchange
and others stock exchanges of the country in compliance with the requisites provided by the National Securities Commission (“Comisión
Nacional de Valores”) and the rules in force on the subject, as
well as on other well-known markets. To that end, it must fulfill all the necessary formalities for the placement of a maximum
of 30% (THIRTY PERCENT) of its corporate capital within the following year, as of the moment the MEMORANDUM OF AGREEMENT becomes
effective.

 

26.2. At all times the public offering must
follow, implement and respect the principles, rights, obligations, duties and rules established by Decree N° 677/01, Public
Offering Transparency System.

 

26.3. Upon intervention of the Enforcement
Authority and authorization of the LICENSOR pursuant Clause V 2 of the original CONTRACT, the term of the LICENSE shall be extended
for a period of 10 (TEN) years at the moment the public offering of shares becomes effective.

 

27. INSURANCE POLICIES

 

27.1. The
minimum amount of insurance for general liability pursuant the terms of clause 18 of the LICENSE CONTRACT shall not be less than
$ 300,000,000 (THREE HUNDRED MILLION PESOS). This amount shall be kept constant during the whole term of the CONTRACT according
to the evolution of the international air station usage rate.

 

27.2. Within 30 (THIRTY) days from the signature
of the MEMORANDUM OF AGREEMENT the
LICENSEE shall prove before ORSNA the taking out of the policies pursuant the terms of
paragraph 27.1.

 

28. PERFORMANCE BOND

 

28.1. It is herein established that the
LICENSE CONTRACT guarantees apply to the performance of the obligations undertaken by the LICENSEE in the COMPLETE CONTRACT
RENEGOTIATION AGREEMENT.

 

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28.2. Pursuant to the terms established in
the LICENSE CONTRACT, the LICENSEE shall have to
maintain a performance bond. Said guarantee shall amount $ 30,000,000 (THIRTY MILLION
PESOS).

 

28.3. The amount established in paragraph 28.2
shall be kept constant during the whole term of
the LICENSE, basing on the registered evolution of the international air station usage rate.

 

28.4. The creation of this guarantee shall
not be invoked by the LICENSEE to reduce or avoid full performance of all the obligations within the framework of the LICENSE CONTRACT.

 

28.5. Pledge of securities or goods and/or
mortgages, as well as guarantee bonds shall be offered as guarantee to the satisfaction of ORSNA.

 

29. GUIDELINES AND MECHANISMS FOR THE REVISION
OF INCOME AND EXPENSES FINANCIAL PROJECTION

 

29.1. The INCOME AND EXPENSES PROJECTION included
in APPENDIX V of this MEMORANDUM, reflects the estimated income, operational expenses, investments and obligations of the LICENSE.
The purpose of the annual ordinary revision mechanism is to verify and preserve the equilibrium among the projection variables.

 

29.2. The REVISION
MECHANISM shall be carried out on March of each year, becoming operative as of April 1. The
fist revision shall be performed on March of 2008.

 

29.3. Within 90 (NINETY) days from the signature
of this MEMORANDUM OF AGREEMENT,
ORSNA shall refer for the approval of the SECRETARIAT OF TRANSPORT an administrative act
project which includes the mechanisms and procedures for the revision of the INCOME AND
EXPENSES FINANCIAL PROJECTION of the LICENSE and the guidelines and conditions for the
revision process. This regulation shall consider:

 

The percentage of specific allocation of income
and the relation between direct investments for account of the LICENSEE and its total income, of every year, In the event of modifications
between different periods, a representative discount rate shall be applied, which shall be established by ORSNA in the regulation.

 

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29.4. If the international passenger traffic
exceeds the forecasts considered in the Income and Expenses Financial Projection, the aforementioned procedure shall contemplate
that decreases shall be stipulated in the Annual Ordinary Revisions for an annual term in the rates to be paid by the air operators
for international flights. This decrease shall be applied until reaching an approximate maximum discount of 30% in relation to
the values actually in force, considering the maximum actual entries of the previous year and guaranteeing the equilibrium of the
contractual financial and economic equation. These discounts shall only be applicable to those air operators who have expressly
and directly declared their consent regarding the renegotiation, the tariff system and chart (without implying a necessary requisite
for the legal effect) within 30 days before the decree ratifying the Complete Renegotiation Agreement.

 

29.4. When the Income and Expenses Financial
Projection is carried out, the ORSNA shall analyze the convenience and suitability of the following actions:

 

a) Promote a rate decrease system of at least
25% for the airline companies that start to offer new flights after the aforementioned revision, with the purpose of stimulating
the growth of the number of international operations of airlines in Argentina  – in the licensed airports.

 

b) Extend the decrease in rates if the passenger
traffic exceeds the forecasts considered in the contract. For each percentage point of growth above the forecasts, a three-percentage-point
discount shall be applied to international rates of the airlines, with a maximum discount of 15%.

 

c) Propose a rate rebalancing system to guarantee
the protection of the user of the domestic aero-navigation system and the systemic competitiveness of the navigation model, with
the purpose of: i) promoting domestic transportation with discounts and/or elimination of the usage rate for the domestic air-station,
ii) reducing the international rates paid by the airlines, by a 30%; and iii) readjusting the usage rates for the international
air-station.

 

The provisions
of the present clause shall comply with the provisions of clauses 29.1, 29.2 and 29.3.

 

30. ESCROW

 

30.1. The LICENSEE shall be able to assign its
escrow income derived from the LICENSE in order to obtain the resources for the fulfillment of its obligations. This assignment
shall neither affect the specific allocation of income of the LICENSE stipulated in Appendix III of this MEMORANDUM, pursuant to
point 5 of said memorandum, nor affect the resources estimated for financing the Investment Plan detailed in Appendix IV of this
presents. If the escrow is constituted by means of a trust it shall remain in force even in the event of the early termination of
the LICENSE CONTRACT, as long as the allocation and destiny of the funds are audited by the NATIONAL STATE and/or the consulting
company hired for such purpose to the satisfaction of the NATIONAL STATE.

 

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30.2. Said escrow shall be previously authorized
through a grounded resolution by ORSNA, which shall also be responsible for auditing the use of funds.

 

30.3. Under no circumstances shall the aforementioned
escrow cause a reduction in service quality, neither shall it affect the fulfillment of the contractual obligations of the LICENSEE.
Moreover, it shall recognize the LICENSOR’S powers and prerogatives stipulated in the LICENSE CONTRACT and guarantee the
non-execution of rights or actions threatening the continuity of the airport public service.

 

30.4. The LICENSEE shall not have the right
to compensation for escrow investments before the end of the escrow. Upon the end of the escrow, the LICENSEE shall be paid the
corresponding compensation with the deduction of the amounts for which the income escrow became effective.

 

31. PROGRAM FOR THE DEFENSE AND INTEGRATION
OF PHYSICALLY CHALLENGED USERS

 

The LICENSEE shall have to implement a program
to provide all the airports under the license with the necessary resources and mechanisms for the proper movement of physically
challenged people inside Group “A” of the National Airport System. All of the foregoing shall be done in order to
provide and guarantee an appropriate service access. In this regard the LICENSEE, within 90 (NINETY) days from the signature
of this MEMORANDUM OF AGREEMENT, shall submit to ORSNA a schedule with a list of the proposed activities. ORSNA shall have a term
of 30 days as of the submission for its discussion and resolution. In order to obtain and include the specific problems of disabled
users, ORSNA shall request the ASSOCIATION IN DEFENSE OF THE DISABLED CONSUMER (“Asociación Civil en Defensa del
Consumidor Discapacitado”) (ADECODIS (as per Spanish abbreviation)) to make the corresponding remarks. The program
shall be approved by ORSNA before it becomes effective and it shall be commenced within 30 (THIRTY) days following its approval.

 

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FIFTH PART

 

1. NATIONAL AIRPORT SYSTEM IMPROVEMENT TRUST

 

1.1. By means of these presents we request the
SECRETARIAT OF TRANSPORT to implement the NATIONAL AIRPORT SYSTEM IMPROVEMENT TRUST pursuant the guidelines contemplated in SUBAPPENDIX
III-A herein within a term of 120 (ONE HUNDRED AND TWENTY) days from the moment the MEMORANDUM OF AGREEMENT enters into force.

 

SIXTH PART

 

COMPLETE CONTRACT RENEGOTIATION
AGREEMENT 

 

1. CONDITIONS

 

1.1. For the effect of the COMPLETE CONTRACT
RENEGOTIATION AGREEMENT the following conditions shall be complied with:

 

1.1.1. Fulfillment of the procedures contemplated
in Laws N° 25,561, 25,790, 25,820, 25,972, 26,077 and 26,204; the Decree N° 311/03 and the Joint Resolution N° 188/2003
and 44/2003 of the Ministries of ECONOMY AND PRODUCTION, and of FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES.

 

1.1.2. The presentation of the duly certified
and legalized instruments provided for in the THIRD PART of the present MEMORANDUM OF AGREEMENT.

 

1.1.3. The submission of the Policies and Performance
bonds to the satisfaction of ORSNA, pursuant to the terms of points 27 and 28 of the FOURTH PART of these presents.

 

1.1.4. The submission of the Minutes of the
Board of Directors and Shareholders’ Meeting of the LICENSEE which approve and authorize the signature of the AGREEMENT.

 

1.2. Upon compliance of those requirements,
the conditions to promote the issuance of the Decree of the National Executive Power that ratifies the COMPLETE CONTRACT RENEGOTATION
AGREEMENT shall be met. Once the Decree has been issued, the stipulations included in the AGREEMENT shall become effective.

 

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2. NON-FULFILLMENT

 

2.1. In case of non-fulfillment on part of
the LICENSEE in relation with the obligations undertaken under the MEMORANDUM OF AGREEMENT, it shall be subject to the corresponding
sanctions. In case there are no express provisions for such sanctions, ORSNA shall determine them pursuant to the terms of the
LICENSE AGREEMENT and the rules in force.

 

2.2. The sanctions applied for breach of the
CONTRACT shall be proportional to those stipulated
for similar situations in the rules in force.

 

3. PROCESSES IMPLEMENTATION AND FOLLOW-UP

 

3.1. UNIREN shall be in charge of giving impulse
to the procedures to ratify the present COMPLETE CONTRACT RENEGOTIATION AGREEMENT, and intervene in those requirements made by
the LICENSOR or LICENSEE in relation with their duties.

 

3.2. Upon ratification of the COMPLETE CONTRACT
RENEGOTIATION AGREEMENT by the National Executive Power, the SECRETARIAT OF TRANSPORT and ORSNA, within their powers, shall perform
the acts and develop the procedures necessary for the instrumentation, execution and fulfillment of the provisions herein included.

 

3.3. Within a term of 90 (NINETY) days from
the approval of the COMPLETE CONTRACT RENEGOTIATION AGREEMENT by the NATIONAL EXECUTIVE POWER, ORSNA shall issue the integrated
and amended text of the LICENSE CONTRACT, including the terms and conditions decided by said AGREEMENT. Moreover, it shall submit
the AGREEMENT for the approval by the NATIONAL EXECUTIVE POWER. In this regard, ORSNA shall make to the UNIREN and the LICENSEE
the consults and requirements that it considers as necessary.

 

3.4. The Parties agree that any controversy
related to the construal or execution of this MEMORANDUM OF AGREEMENT, 55the COMPLETE CONTRACT RENEGOTIATION AGREEMENT and the
LICENSE CONTRACT shall be filed and settled before the Federal Courts of the CITY OF BUENOS AIRES, expressly waiving any other
jurisdiction or venue that could correspond.

 

3.5. The LICENSEE undertakes not to promote
the issuance of preliminary injunctions in its favor or any other action against the NATIONAL STATE related to the LICENSE AGREEMENT
before any other courts than the ones established in the previous paragraph 3.4.

 

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3.6. In case this renegotiation is not approved,
all what has been herein agreed does not imply justifying delays, inefficiencies or non-fulfillments of the LICENSE rules on part
of any of the Parties before or after the signature of these presents. Moreover, it does not imply waiver or abandonment, on part
of the LICENSOR or LICENSEE, of the administrative or judicial actions which they consider to be entitled to for the actual non-fulfillments
or circumstances occurred before the date of this MEMORANDUM OF AGREEMENT.

 

4. ENFORCEMENT AUTHORITY

 

As from the approval of the MEMORANDUM OF AGREEMENT,
the ENFORCEMENT AUTHORITY of the CONTRACT shall be the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES OF THE NATION,
through the SECRETARIAT OF TRANSPORT. ORSNA shall have the function of Regulating and System Controlling Institution. The ENFORCEMENT
AUTHORITY shall promote the issuance of the corresponding administrative acts to determine the powers and the correct division
of the functions among the aforementioned institutions.

 

5. CONTRACTUAL PROVISIONS

 

The terms and conditions of the LICENSE CONTRACT
that have not been modified and do not oppose to this MEMORANDUM OF AGREEMENT are still into force.

 

In witness whereof, 3 (THREE) copies of the
same tenor and to only one effect are signed in the place and on the date stated in the heading.

 

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APPENDIX I

 

AIRPORT STANDARDS / SERVICE QUALITY

 

A. AIRPORT STANDARDS

 

As regards the design, building,
operation, administration, maintenance, renewal, improvements, building development, equipment, fittings and systems typical
of the airport activity, the applicable standards shall be the ones reasonably established by the National Airport System
Regulating Institution –  ORSNA –  according to the following guidelines:

 

		1.	They shall be materially analogous to the ones established
in the Airport Development Reference Manual of the IATA and by the ICAO, pursuant to the Chicago Convention of 1944 (appendixes
2.4, 6, 10, 11, 12, 14, 15, 16, 17, 18.).

 

		2.	Other airports located abroad shall be taken as reference,
based on their type, size and passenger traffic.

 

		3.	The equipment shall fulfill the standards of the equipment
quality tests carried out by the United States of America.

 

		4.	Consideration of the standards of Annex IX of the ICAO
(FACILITATION).

 

B. SERVICE QUALITY

 

The ORSNA shall carry out its own convenience
assessment and shall have the right to perform inspection activities in all the airports managed by the LICENSEE. The ORSNA does
not need to notify in advance the aspects that will be object to inspection. Such inspections shall be carried out with a minimum
frequency of a year for each airport with a passenger movement higher than 750,000 (SEVEN HUNDRED AND FIFTY THOUSAND).

 

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APPENDIX II

 

CHARGE SCHEDULE

 

Landing Fees

 

International Flights

  

	US$
    per ton	 	Airport
    Category	 
	Aircraft
    weight (tons)	 	I	 	 	II	 	 	III	 	 	IV	 
	5- 30 tons	 	 	4.62	 	 	 	2.75	 	 	 	1.65	 	 	 	1.65	 
	31- 80 tons	 	 	5.28	 	 	 	3.30	 	 	 	1.93	 	 	 	1.93	 
	81- 170 tons	 	 	6.49	 	 	 	3.96	 	 	 	 	 	 	 	 	 
	> 170 tons	 	 	7.19	 	 	 	 	 	 	 	 	 	 	 	 	 
	Minimum fee	 	 	20.00	 	 	 	10.00	 	 	 	6.00	 	 	 	6.00	 
	Surcharge
    for an operation out of the normal timetable	 	 	260.00	 	 	 	188.00	 	 	 	120.00	 	 	 	120.00	 
	Surcharge for night
    air field lighting	 	 	30	%	 	 	30	%	 	 	30	%	 	 	30	%

 

Domestic Flights

  

	US$
    per ton	 	Airport
    Category	 
	Aircraft weight (tons)	 	I	 	 	II	 	 	III	 	 	IV	 
	5- 30 tons	 	 	1.05	 	 	 	0.67	 	 	 	0.43	 	 	 	0.26	 
	31- 80 tons	 	 	1.14	 	 	 	0.76	 	 	 	0.52	 	 	 	-	 
	81- 170 tons	 	 	1.26	 	 	 	0.88	 	 	 	-	 	 	 	-	 
	> 170 tons	 	 	1.47	 	 	 	-	 	 	 	-	 	 	 	-	 
	Minimum fee	 	 	14.10	 	 	 	10.70	 	 	 	7.10	 	 	 	3.60	 
	Surcharge for an operation out of the normal timetable	 	 	260.00	 	 	 	188.00	 	 	 	120.00	 	 	 	68.00	 
	Surcharge for night air field lighting	 	 	30	%	 	 	50	%	 	 	30	%	 	 	30	%

 

This charge shall be paid by all commercial
aircrafts that render regular or non-regular services, and also by the private aviation sector in general, with the exception of
those smaller aircrafts that weigh less than 2 tons.

 

		•	Landing surcharge

 

International Flights

 

Rush-hour surcharge equal to a 50% of the landing
fee, which would only be applied to international flights that land in Jorge Newbery Airport in the following hours: from 6 to
10 am, and between 6.30 and 9.30 pm for all operations, from Monday to Friday.

 

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Domestic Flights

 

Rush-hour surcharge equal to a 50% of the landing
fee, which would only be applied to domestic flights that land only in Jorge Newbery Airport in the following hours: from 6 to
10 am, and between 6.30 and 9.30 pm for all operations, from Monday to Friday.

 

Aircraft Parking Fee

 

International Flights

  

	US$ per ton per hour or fraction	 	 Airport Category	 
	Aircraft weight (tons)	 	EZE/AEP	 	 	I	 	 	II	 	 	III	 	 	IV	 
	5- 80 tons	 	 	0.28	 	 	 	0.14	 	 	 	0.10	 	 	 	0.08	 	 	 	0.08	 
	81- 170 tons	 	 	0.39	 	 	 	0.16	 	 	 	0.11	 	 	 	0.09	 	 	 	-	 
	> 170 tons	 	 	0.80	 	 	 	0.18	 	 	 	0.12	 	 	 	-	 	 	 	-	 
	Minimum fee	 	 	6.00	 	 	 	4.00	 	 	 	2.00	 	 	 	2.00	 	 	 	2.00	 

 

EZE: Ministro Pistarini-Ezeiza

AEP: Jorge Newbery Airport

 

This charge shall be paid by all commercial
aircrafts that render regular or non-regular services, and also by the private aviation sector in general, with the exception of
those smaller aircrafts that weigh less than 2 tons.

 

There will be no free-parking time in any airport.

 

Charge for Ezeiza and Aeroparque for aircraft
parked only in an operative apron; for aircraft parked in a remote apron, the applicable charge shall be the one corresponding
to Category I.

 

Domestic Flights

  

	US$ per ton per hour or fraction	 	 Airport Category	 
	Aircraft weight (tons)	 	EZE/AEP	 	 	I	 	 	II	 	 	III	 	 	IV	 
	5- 80 tons	 	 	0.17	 	 	 	0.10	 	 	 	0.08	 	 	 	0.06	 	 	 	0.04	 
	81- 170 tons	 	 	0.23	 	 	 	0.13	 	 	 	0.10	 	 	 	0.08	 	 	 	-	 
	> 170 tons	 	 	0.30	 	 	 	0.17	 	 	 	0.12	 	 	 	-	 	 	 	-	 
	Minimum fee	 	 	7.90	 	 	 	5.20	 	 	 	3.30	 	 	 	2.40	 	 	 	1.50	 

 

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EZE: Ministro Pistarini-Ezeiza

AEP: Jorge Newbery Airport

 

This charge shall
be paid by all commercial aircrafts that render regular or non-regular services, and also by the private aviation sector in general,
with the exception of those smaller aircrafts that weigh less than 5 tons. These aircrafts
shall only pay this charge when parking time is higher than 15 days within a month.

 

There will be no free-parking time in any airport.

 

Charge for Ezeiza and Aeroparque for aircraft
parked only in an operative apron; for aircraft parked in a remote apron, the applicable charge shall be the one corresponding
to Category I.

 

Air Station Usage Fee

 

International Flights

  

	Per boarded passenger	 	Airport Category	 
	 	 	I	 	 	II	 	 	III	 	 	IV	 
	In effect from 01/01/1998	 	US$ 	18.00	 	 	US$ 	13.00	 	 	US$ 	13.00	 	 	US$ 	13.00	 

 

The following people shall not pay this fee:
small children, diplomats and in-transit passengers.

 

Passengers traveling in international flights
between the city of Buenos Aires and the Republic of Uruguay shall pay an amount equivalent to US$ 8.00 as air station usage fee.

 

Passenger traveling in regional flights, with
covered distances shorter than or equal to 300 km., shall pay an amount equivalent to US$ 8.00 as air station usage fee.

 

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For the purpose of exclusion of the application
of the Air Station Usage Fee, small children shall be those who are not yet three years of age, for domestic flights, and children
who have not turned two years of age yet, for international flights.

 

“In-transit passenger” is the one
who arrives at the airport, makes a stop-over and continues the trip in the same flight. This concept does not include the “passenger
in transfer”, who is the one that arrives at the airport and continues the trip an a different flight, and who shall pay
this fee.

 

Domestic Flights

  

	Per boarded passenger	 	Airport Category	 
	 	 	I	 	 	II	 	 	III	 	 	IV	 
	 	 	US$	5.0	 	 	US$	3.50	 	 	US$	3.50	 	 	US$	3.50	 

 

The following people shall not pay this fee:
small children, and in-transit passengers.

 

“In-transit passenger” is the one
who arrives at the airport, makes a stop-over and continues the trip in the same flight. This concept does not include the “passenger
in transfer”, who is the one that arrives at the airport and continues the trip an a different flight, and who shall pay
this fee.

 

Safety Fee

 

International Flights

 

US$ 2.50 fee per international boarded passenger.
The following people shall not pay this fee: small children, and in-transit passengers.

 

Domestic Flights

 

US$ 1.00 fee per domestic boarded passenger.
The following people shall not pay this fee: small children, and in-transit passengers.

 

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Single Airport Fee for Migration and Customs Services

 

International Flights

 

A US$ 10 Single Fee is applied per international boarded passenger.

 

Regional Flights 

 

Single Fee of US$ 6.

 

It shall be applied to international
passengers traveling in regional flights whose final destination is a foreign airport located at a distance shorter than 300
km in a straight line from the departing Argentinean aerodrome.

 

Telescopic Jet way Usage Fee

 

International Flights

 

	For each half an hour or fraction	 	Airports	 
	 	 	Ezeiza	 	 	Others	 
	Per aircraft	 	US$	50.00	 	 	US$	50.00	 

 

Domestic Flights

  

	For each half an hour or fraction	 	Airports	 
	 	 	Ezeiza	 	 	Others	 
	Per aircraft	 	US$	50.00	 	 	US$	50.00	 

 

In-Route Flight Protection Fee

 

International Flights

 

	Aircraft weight (MTOW)	 
	< 20 tons	US$ 0.03 x √P
	21-40 tons	US$ 0.04 x √P
	41-100 tons	US$ 0.05 x √P
	> 100 tons	US$ 0.055 x √P
	P: Aircraft Weight

 

Applicable to regular and non-regular transportation
aircraft, per covered kilometer and ton of weight.

 

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Domestic Flights

 

Aircraft weight in tons. (MTOW) Fee in US$ per ton. - Covered kilometers

Each ton x 0,0035 x covered kilometers = TPV (domestic)

 

Applicable to regular and non-regular
transportation aircrafts (passengers, cargo and mail), and to the private aviation sector in general, per covered kilometer
and ton of weight.

 

Landing Support Fee

 

International Flights

 

	Aircraft weight (MTOW)	 
	< 20 tons	US$ 0.20 / ton
	21-40 tons	US$ 0.40 / ton
	41-100 tons	US$ 0.60 / ton
	>100 tons	US$ 0.80 / ton

 

This Fee is cumulative per weight band. Example:
if an aircraft weighs 318 tons, the first 20 tons are calculated at US$ 0.20 each, the following 20 tons are calculated at US$
0.40 each, the next 60 tons are calculated at US$ 0.60, and the remaining 218 tons, at US$ 0.80 each.

 

This charge is only applicable in those airports
that have their own services and equipment to support landing tasks, that is to say: terminal radars and / or instrument approach
systems (ILS).

 

Domestic Flights

 

A fee equivalent to a 50% of the landing support
fee for international flights shall be applied, under the same applicability conditions.

 

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APPENDIX III

 

FUND ALLOCATION PURSUANT
TO CLAUSE FIVE

 

FIRST CATEGORY

 

•           11.25% Trust for Works of the National
Airport System (Pursuant to Sub-Appendix III A). A 30% (thirty per cent) shall be previously discounted from such funds, to be deposited
in an account payable to the ANSES.

 

SECOND CATEGORY

 

•           1,25% Fund for studies, control and
regulation of the LICENSE, which shall be administered and managed by the ORSNA.

 

•           2.5% Trust for Works of the GROUP “A”
of the National Airport System (Pursuant to Sub-Appendix III A).

 

The ORSNA and/ or the TRANSPORTATION DEPARTMENT
can instrument sub-accounts for the purpose of implementing the corresponding cash flow allocation.

 

Likewise, the ORSNA shall, within a period
of 120 (one hundred and twenty) working days after this MEMORANDUM OF AGREEMENT came into effect, establish a proceeding for the
calculation and oversight of the allocated amounts based on the provided elements, pursuant to the Regulatory Accounting System.

 

Such proceedings shall take into account the
treatment and method of payment of the accrued amounts from January, 2006 to the trust creation date, as well as the advanced payments
the LICENSEE could have made.

 

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SUB-APPENDIX
Ill-A

 

NATIONAL AIRPORT SYSTEM IMPROVEMENT TRUST

 

Terms and conditions

 

		I.	General terms and conditions for all property subject
to the National Airport System Improvement Trust.

 

Trustor: AEROPUERTOS ARGENTINA 2000 S.A.

 

Trustee: Banco
de la Nación Argentina.

 

Beneficiary: NATIONAL STATE.

 

Investments: the trustee shall only
invest the trust property in: (i) fixed term deposits in pesos or US dollars in Argentinean leading financial institutions; (ii)
private securities with public offer that have at least an international “AA” risk-scoring; and (iii) mutual funds
that invest the assets of the fund in fixed term deposits or private securities that have at least an international “AA”
risk-scoring.

 

Fiduciary accounts: they are the accounts
opened in the Banco de la Nación Argentina on behalf of the trust and to the order of the trustee. A fiduciary account shall be
opened for each property assigned in trust, pursuant to its terms and conditions.

 

Applicable Law: the trust shall be subject
to the Law in force in the Republic of Argentina.

 

Usual Clauses: the trust contract shall have the standard clauses
for this type of contracts, including the trustor and trustee’s statements and guaranties, the trustor and
trustee’s obligations, withdrawal and removal of the trustee, expenses, taxes, rendering of accounts and all provisions
covered by Law 24.441.

 

		II.	Special terms and conditions for all property subject
to the National Airport System Improvement Trust.

 

		A)	Trust
property for studies, control and regulation of the License.

 

		(i)	Usage of this trust property:
this trust property shall be used for studies, control and operation expenses of the ORSNA related to the regulation of the LICENSE,
in execution of its duties.

 

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		(ii)	Trust property:
the trustor shall transfer to the trustee, on a monthly basis, on fiduciary ownership, the right to receive the 1.25% of the total
income of AEROPUERTOS ARGENTINA 2000 S.A. The proceeds of the investments made by the trustee with the liquid funds and all rights,
interests and increases resulting from these, shall also be part of the trust property.

 

		(iii)	Beneficiary: the
ORSNA

 

		(iv)	Term: the property
shall be assigned in trust for 30 years, and this term shall be cancelled if the LICENSE is terminated for any reason.

 

		B)	Trust property for settlement of Mutual Claims.

 

		(i)	Usage of this trust property: the trust property
shall be used to pay the balance for MUTUAL CLAIMS to the benefit of the NATIONAL STATE, providing that such amount arises from
the documents related to the license contract renegotiation between AEROPUERTOS ARGENTINA 2000 S.A. and the NATIONAL STATE.

 

		(ii)	Value: the amount
to be settled with the trust property is of $ 195,000,000.

 

		(iii)	Trust property:
the Trustor shall transfer to the trustee, on fiduciary ownership, the right to get 7% of the income received by AEROPUERTOS ARGENTINA
2000 S.A. as international airport charges (charges in US dollars). The trustor shall transfer such amounts to the corresponding
fiduciary accounts. The proceeds of the investments made by the trustee with the liquid funds and all rights, interests and increases
resulting from these, shall also be part of the trust property.

 

		(iv)	Trust property administration:
the Trustee shall be responsible for the administration of the trust property (with the exclusive usage described in paragraph
(i) above), pursuant to the instructions given by the TRANSPORTATION DEPARTMENT.

 

		(v)	Compensatory interests:
the balance shall accrue a compensatory interest equivalent to an annual 2%, which shall be paid on a monthly basis over the unpaid
amounts. Payment date for the compensatory interests shall be the first working day of each month.

 

		(vi)	Capital repayment:
The capital shall be cancelled on a monthly basis on the first working day of each month, based on the available trust property
after paying the compensatory rights.

 

		(vii)	Beneficiary: NATIONAL
STATE

 

		(vii)	Beneficiary’s Responsibility: the funds
received by the beneficiary shall be used to execute works within the National Airport System. The creation of a secondary fund
to be used for not-licensed airports of the National Airport System shall be provided for.

 

		(viii)	Term: the trust term for this property shall
be extended until the total cancellation thereof and its interests.

 

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		C)	Trust Property to finance Works of the National
Airport System.

 

		(i)	Usage of this trust property: the trust property
shall be exclusively used to finance the infrastructure and service improvement works for the National Airport System.

 

		(ii)	Trust Property: the trustor shall transfer to
the trustee, on fiduciary ownership, the right to receive 11.25% of its total income. Such transfer shall be made on a monthly
basis. The trustor shall transfer such amounts to the corresponding fiduciary accounts. The proceeds of the investments made by
the trustee with the liquid funds and all rights, interests and increases resulting from these, shall also be part of the trust
property.

 

		(iii)	Term:
                                         the property shall be assigned in trust for a period no longer than 30 years. The property
                                         assigned in trust shall be cancelled if the LICENSE
                                         is terminated for any reason.

 

		(iv)	Trust property administration: the Trustee shall
be responsible for the administration of this trust property (with the exclusive usage described in paragraph (i) above), pursuant
to the instructions given by the NATIONAL TRANSPORTATION DEPARTMENT, previous report issued by the ORSNA (National Airport System
Regulating Institution). The trustor, acting as LICENSEE, shall be able to submit to the ORSNA (National Airport System Regulating
Institution) proposals to execute works, which, like the ones proposed by the Regulating Institution, shall be submitted to the
NATIONAL TRANSPORTATION DEPARTMENT, who shall decide the appropriate application of the trust resources.

 

		(v)	Beneficiaries: the trustor, acting as licensee
of the airports that make up “GROUP A” OF THE NATIONAL AIRPORT SYSTEM, the NATIONAL STATE in relation to the licensed
airports, ant the contractors that will execute the airport infrastructure and service improvement works.

 

		D)	Trust property to finance works in the airports
that make up “Group A” of the National Airport System.

 

		(i)	Usage of this trust property: the trust property
shall be exclusively used to finance works of the five-year investment plan at the airports that make up “GROUP A”
OF THE NATIONAL AIRPORT SYSTEM (pursuant to the terms defined in the license contract entered into between AEROPUERTOS ARGENTINA
2000 S.A. and the NATIONAL STATE) and works included in the new five-year investment plans.

 

		(ii)	Trust property: the trustor shall transfer to the
trustee in ownership the right to receive the 2.5% of its total income from the exploitation of the LICENSE services. Such transfer
shall be made on a monthly basis. The trustor shall transfer such amounts to the corresponding fiduciary accounts. The proceeds
of the investments made by the trustee with the liquid funds and all rights, interests and increases resulting from these, shall
also be part of the trust property.

 

		(iii)	Term:
                                         the property shall be assigned in trust for a period no longer than 30 years. The property
                                         assigned in trust shall be cancelled if the LICENSE is terminated for any reason.

 

		(iv)	Trust property administration: the trustee shall
be responsible for the trust property administration, in compliance with the instructions given by the ORSNA (National Airport
System Regulating Institution), with the exclusive usage provided for in paragraph (i).

 

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		(v)	Beneficiaries: the trustor, acting as licensee of
the airports that make up “GROUP A” OF THE NATIONAL AIRPORT SYSTEM, and the contractors who will execute the works
covered by the five-year investment plans.

 

		E)	Trust Property for airport works needed due to
possible specific rate charges.

 

		(i)	Usage: the trust property shall be exclusively used
to finance the airport infrastructure works specified by the provisions that gave origin to specific rate charges.

 

		(ii)	Trust Property: the trustor shall transfer to the
trustee, on fiduciary ownership, the amount equivalent to the 100% of the sums received as specific rate charges that might be
created in the future, minus collection expenses, Such transfer shall be carried out with the frequency established by the provision
that gave origin to specific rate charges. The trustor shall transfer such amounts to the corresponding fiduciary accounts. The
proceeds of the investments made by the trustee with the liquid funds and all rights, interests and increases resulting from these,
shall also be part of the trust property.

 

		(iii)	Term: the term for each trust property shall be
the one established by the provisions that gave origin to specific rate charges. In no case shall this term exceed the 30-year
period established by section c) of Article 4° of Law N° 24,441, or the term of effect of the LICENSE CONTRACT, whichever
takes place before.

 

		(iv)	Fiduciary Administration: the trustee shall be responsible
for the trust property administration, with the exclusive usage established by the provisions that gave origin to specific rate
charges.

 

		(v)	Beneficiaries: the people established by the provisions
that gave origin to specific rate charges.

 

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APPENDIX V

 

INCOME AND EXPENSES FINANCIAL PROJECTION
(2006-2028)

 

The INCOME AND EXPENSES FINANCIAL
PROJECTION (IEFP) of the LICENSE, for the period of January 2006 –  February 2028, has been made in Pesos, assuming: a)
a nominal exchange rate with no changes during the aforementioned period; b) an inflation rate equal to zero for all and each
of the years taken into account. The “results” sheet of the projection is added to this APPENDIX.

 

Below, we expose the main premises used
to develop the projection.

 

1. Income: to determine the income
projection of the LICENSE for the 2006-2028 period, we have used as source of information, the passenger traffic and movement curve
developed by the ORSNA. We have not considered any charge modification in the projection.

 

1.1. Aeronautical Income: This includes
income received as air station usage fee, parking fee, landing fee and telescopic jet way usage fee.

 

The following chart exposes the annual
increase percentages forecasted by the ORSNA for the aforementioned LICENSE period, discriminating between domestic and international
passengers.

 

 

Such projection forecasts that movements
will have the same evolution as the passenger traffic. The ORSNA forecasts a growth rate for the year 2006 of 9% for international
traffic (pax and aircraft movement) and 2.5% for domestic traffic (pax and aircraft movement). For the following years, these rates
tend to converge in an average value of around 3.5%.

 

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1.2. Commercial Income: To make
the commercial income projection, we used as basis the real commercial income for year 2005. Such income base was projected by
means of the evolution of linked variables and by applying correlation functions, which are detailed in the following chart:

 

	Concept	 	Linked variables	 	Correlation	 
	Ramp Services	 	Movements	 	 	80	%
	Fuel	 	Movements	 	 	100	%
	Tax Free Shop	 	International Passengers	 	 	100	%
	Publicity	 	Investment Plan (*)	 	 	100	%
	Parking	 	Total passengers	 	 	100	%
	Catering	 	International Passengers	 	 	100	%
	Rents	 	Investment Plan (*)	 	 	75	%
	Transportation	 	Total passengers	 	 	100	%
	Coffee shop	 	Total passengers	 	 	100	%
	Services and shops	 	Total passengers	 	 	100	%
	Reimbursement of expenses in public services	 	% of Expenses in public services	 	 	21	%

 

(*) This corresponds to the percentage of increase of the net
investment.

 

		Note:	Additionally to the projection by the linked variables,
we have taken into account income from payment for goodwill, for an annual average amount of around $ 5 million.

 

Likewise, we have adopted the following premises, as regards
the business line evolution:

 

a) Tax Free Shop: The current terms of the LICENSE shall
be kept until the end of the projection.

 

b) Ramp Services: The current terms of the LICENSE shall
be kept until the end of the projection.

 

c) Fiscal Deposits: The premise
considers that, from the second semester of 2009, the LICENSEE shall administer and exploit the 100% of the fiscal deposit activity
that is currently carried out by Edcadassa. The income from the business, which is assumed to increase to an annual rate of 5%,
has been exposed as commercial income from that date on.

 

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2. Operative Expenses:

 

As a basis for the projection, the expenses
presented by the LICENSEE in his/her tender for the year 2006 were used. The components of such cost structure are detailed below:

 

	(Figures in Thousands of Pesos)
	Personnel
	Electricity
	Gas
	Water
	Telephone
	Mail
	Maintenance and Repair
	Stationary and Office material
	Insurance policies
	Hired Services
	Fire-fighting and Medical Services
	Matrix
	Other Operation Expenses

 

Such expense structure is re-expressed based on the following
polynomial formula:

 

[52,59% variation of the salary indexes
+ 14,23% variation of the exchange rate + 33,18% variation of the Wholesale Internal Price Index].

 

By applying such formula we obtain a re-expressed
value of $194 million, to which we have added $22.3 million corresponding to the projected expenses related to the application
of the Gross Income Tax and $4.8 million, corresponding to the debit and credit tax (without tax deductions) and subtracting $11.9
million by way of Management fee, in excess of the resulting amount of 3% over income for this item.

 

This $209-million basis has been considered
as the level of operative expenses that the LICENSEE will have during 2006.

 

Such expense basis was projected to
the year 2006-2028 by means of linked variables and correlation functions that are considered appropriate for the current
license reality. Below, we expose such linked variables and the adopted correlation functions.

 

	Concept	 	Linked variables	 	Correlation	 
	Salaries	 	Fixed	 	 	 
	Public Services	 	Investment Plan (*)	 	 	55	%
	Maintenance	 	Total passengers	 	 	30	%
	 	 	Investment Plan (*)	 	 	35	%
	Hired Services	 	Total passengers	 	 	30	%
	Insurance policies	 	Investment Plan (*)	 	 	100	%
	Fire-fighting and Medical Services	 	Total passengers	 	 	20	%
	Other Operation Expenses	 	Investment Plan (*)	 	 	35	%
	Matrix	 	Total passengers	 	 	30	%

 

(*) This corresponds to the percentage
of increase of the net investment.

 

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The aforementioned linked variables and correlation
functions shall be considered for the purpose of future reviews.

 

3. Specific Allocation of the License Income:

 

The detailed provision in agreement with APPENDIX
III to the present LETTER OF UNDERSTANDING was taken into account.

 

4. Mutual Claim Agreement:

 

A net balance at the expense of the license
of $ 849.16 million and its repayment mechanisms were considered, according to the provisions of APPENDIX VII to the present LETTER
OF UNDERSTANDING.

 

5. Investments:

 

The INVESTMENT PLAN corresponding to the period
2006-2028 is composed by: (i) Works needed to comply with the defined standards on service safety and quality and (ii) works that
were also necessary, but were not being executed, and so have been rescheduled.

 

The INVESTMENT PLAN for the remaining years
of the LICENSE period (2011 - 2028) shall be determined through five-year investment plans. For this period, the foreseen investment
amount has been calculated as a function of the relation between committed investments and foreseen aeronautical incomes in the
tender submitted by the LICENSEE, complemented by the remaining investment amount of works that have not still been executed, and
which are scheduled to be finished in 2015.

 

Plan de Inversiones (2006-2028)

 

 

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6. (Tax) Amortizations: To make a projection
for the tax amortizations, we have assumed that: a) investments have an average useful life of 24 years, b) the property, plant
and equipment, pursuant to the provisions of the applicable standards, cannot be adjusted for inflation for tax purposes, and
c) 100% of the investments shall be amortized at the end of the license period.

 

7. Taxes:

 

It was assumed that the company is affected by
the following taxes:

 

		·	Income
tax –  Rate: 35%

 

		·	Minimum
expected income tax –   Rate: 1%

 

		·	Added
Value Tax –   Rate: 21% or 27%, depending on the concept.

 

		·	Gross
Income tax –   Rate: 4%

 

		·	Financial transfer tax –   Rate: 1.2%, of which 0.2% was considered
as payment to the account of income tax.

 

Additionally, it was considered that the suitability
of the contract is not affected by stamp tax.

 

As regards the Income Tax, the Financial Projection
of Incomes and Expenses considers the accumulated tax loss carry forward items.

 

In relation to the value added tax, the Financial
Projection of Incomes and Expenses considers that when the tax position has a favorable balance, the recovery process of such balance
shall take place in a period of 90 days.

 

8. Financing:

 

We should explain that, even when the Financial
Projection of Incomes and Expenses of the License has not been taken into account, the Licensee foresees that he will be able to
get financing for around US$ 400 million for the period 2006-2010, with the purpose of canceling the Negotiable Obligations issued
by the LICENSEE, and having a working capital.

 

Below, we have included a detail of the required
financing:

 

		a)	Third quarter 2006: Issuance of Series I for US$ 120 million
for a term of 7 years plus one year’s grace, and an annual rate of 12%

 

		b)	Third quarter 2006: Payment of the balance of the ON.

 

		c)	Issuance Series II, for a total amount of US$ 150 million,
for a term of 10 years, with 2 year’s grace and an annual interest rate of 8%

 

		d)	Issuance of other Series for US$ 1.30 million for a term
of 7 years plus one year’s grace, and an annual rate of 12%.

 

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APPENDIX VI

 

MODIFICATIONS TO BE INTRODUCED
IN THE TRUST CONTRACT ENTERED INTO BETWEEN AEROPUERTOS ARGENTINA 2000 S.A. AND ABN AMRO BANK N.V.,

ARGENTINA BRANCH

 

		III.-	“TRUST PROPERTY”

 

Replace the text of Paragraph 3.02 with the following
one:

“The Trustee accepts the fiduciary assignments
of the collection rights, acknowledging the powers and prerogatives of the Grantor established in the License Contract, and subject
to the fulfillment of the previous conditions established in clauses 5.01 and 5.02”.

 

		IV.-	“SCOPE OF THE FIDUCIARY ASSIGNMENT OF COLLECTION
RIGHTS”

 

Replace the text of Paragraph 4.01, subsection b) with the following
one:

“it shall not cause the Trustee or the
Beneficiaries to be subject to any responsibility or obligation corresponding to the Trustor by virtue of the License Contract,
the bidding terms and conditions and/ or any other applicable provision, contract, standard and/ or regulation, whether towards
the Users, the Grantor or any other party Exercise by the Trustee of any of the assigned collection rights is subordinated to the
complete fulfillment of the obligations undertaken by the Trustor towards the Grantor”.

 

		V.-	“NOTICE OF THE FIDUCIARY ASSIGNMENT –  PREVIOUS CONDITIONS”

 

5.01. The present document is subscribed subject
to the condition that the Trustee shall not exercise any right or action that jeopardizes the continuity of the airport public
service, or affects the financing of the National Airport System (NAS).

 

Change the documentation of the chapter clauses
henceforth, and in the concordances.

 

		VIII.-	“TRUSTOR’S STATEMENTS AND GUARANTEES”

 

Replace the text of Paragraph 8.01, subsection
c) with the following one:

“That the collection rights are free
of any encumbrance, However, the exercise of these rights is subject to the terms of the License Contract and the rules issued
as a consequence by the Enforcement Authority and/ or the political decisions of the Grantor on aeronautical and airport issues.”

 

		XI.-	“INDEMNITY”

 

Remove Paragraphs 11.04 and 11.05 of the agreement.

 

    	 	1

    
	  

	 	“2007 – Year Dedicated to Road Safety”

    

 

APPENDIX VII

 

ADDED MUTUAL CLAIMS

 

		1.	Introduction

 

The License Contract, pursuant to the provisions
of Decrees 163/98 and 1227/03, foresees rights and obligations both for the LICENSEE (AEROPUERTOS ARGENTINA 2000 S.A.) and for
the LICENSOR (NATIONAL STATE),

 

Given the special context the LICENSE has been
exposed to, during the license period there appeared circumstances that were beyond the parties’ control and which materially
altered the course of the LICENSE. In this sense, both the LICENSEE and the LICENSOR have made mutual claims to their contractual
counterpart, for the non-compliance of certain obligations established in the License Contract (hereinafter caller “MUTUAL
CLAIMS”).

 

		2.	Claims of the State that have been added

 

The following chart exposes the license fee
status, based on the payments made by the LICENSEE and the compensations approved by the ORSNA.

 

	In thousands
    of AR $	 	1998	 	 	1999	 	 	2000	 	 	2001	 	 	2002	 	 	2003	 	 	2004	 	 	2005	 	 	1998-2005	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Accrued license fee pursuant to contract	 	 	65.565	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	1.263.412	 
	Payments made by the licensee	 	 	-41.385	 	 	 	-92.858	 	 	 	-121.161	 	 	 	-5.000	 	 	 	-11.000	 	 	 	-58.080	 	 	 	-72.388	 	 	 	-36.701	 	 	 	-438.572	 
	Compensations approved by the ORSNA  	 	 	-24.180	 	 	 	-11.671	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	-35.851	 
	License fee Status	 	 	0	 	 	 	66.592	 	 	 	49.961	 	 	 	166.121	 	 	 	160.121	 	 	 	113.041	 	 	 	98.733	 	 	 	134.420	 	 	 	788.989	 

 

		3.	Claims of the LICENSEE that have been added

 

The following detail exposes the claims made
by the LICENSEE that are being considered in the present renegotiation, and with their corresponding valuation reported by the
ORSNA (Notes Na 910/05 and 107/06, File ORSNA N° 625/03):

 

	Claims with temporal imputation	 	 	 	 	 	 
	 	 	 	 	 	 	 
	1)	 	Air station Usage Fee (TUA) for flights shorter than 300km	 	$	1,185,077.00	 	 	 	 	 
	2)	 	VAT Fiscal Credit (INTERNATIONAL TUA)	 	$	32,802,575.85	 	 	 	 	 
	3)	 	Incremental cost for financing (negotiable Obligations)	 	$	86,971,688.48	 	 	 	 	 
	4)	 	Rendering of technical services in private aircraft by the FAA	 	$	889,405.09	 	 	 	 	 
	5)	 	Shops in Iguazú Airport	 	$	204,667.00	 	 	 	 	 
	6)	 	Technical services rendered in the Army’s hangars	 	$	7,126,860.80	 	 	 	 	 
	7)	 	AA2000’s right over airport incomes	 	$	25,823,027.00	 	 	$	155,003,301.22	 

 

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	 	“2007 – Year Dedicated to Road Safety”

    

 

	Claims without temporal imputation	 	 	 	 	 	 
	 	 	 	 	 	 	 
	1)	 	Situation related to the exploitation of spaces and shops	 	$	32,633,393.82	 	 	 	 	 
	2)	 	Decrease of Intercargo license fee	 	$	2,190,721.00	 	 	 	 	 
	3)	 	Equaling of the condition of in-transit passenger and passenger in transfer	 	$	34,690,772.00	 	 	 	 	 
	4)	 	National Aeronautical Police (PAN)	 	$	6,546,096.40	 	 	 	 	 
	5)	 	Food service rendering in a restaurant of the FAA (Argentine Air Force)	 	$	2,032,947.00	 	 	 	 	 
	6)	 	Financial debit and credit tax	 	$	17,726,105.00	 	 	 	 	 
	7)	 	Tax over paid interests and financial cost of corporate indebtedness	 	$	2,017,422.00	 	 	$	97,837,457.22	 

 

		4.	Claims of the LICENSEE that have not been added

 

4.1. Rejected. The following detail exposes
the claims made by the LICENSEE, which were rejected by the ORSNA:

 

	1) Dismantling of the NAS (National Airport System)	 	$	 3,631,767.00	 
	2) Unavailable spaces in San Rafael	 	 	Not Quantified	 
	3) Challenging of the REGUFA1	 	 	Not Quantified	 
	4) Assignment of rate flexibility (Decree 1409/99)	 	$	 9m454,878.00	 
	5) Wrongful information from AIP	 	 	Not Quantified	 
	6) Fee for extended time	 	 	Not Quantified	 
	7) Failure to apply effectively the New Rate Schedule	 	$	32,608,260	 
	8) Fire in EZE Airport	 	$	679,618	 
	9) Failure to define the environmental liabilities,
    urban plan, and existence of environmental problems	 	$	5,088,683	 
	10) Radar setting plan	 	 	Not quantified	 
	11) Force majeure due to international war	 	 	Not quantified	 
	12) Failure to implement regulatory policies (Open Skies)	 	$	7,259,274	 
	13) Omission in the enactment of the Airport
    Infractions and Penalties Regulations (AIPR)	 	 	Not Quantified	 
	14) Failure to update the calculation formula for the X Factor (adjustment factor)	 	 	Not Quantified	 

 

4.2. Waivers. The following detail
exposes the compensation items for past damages claimed by the LICENSEE, and waived by him in this conciliation instance, at
the moment when the RENEGOTIATION CONTRACT comes into effect:

 

	1) Inventory deficiencies	 	$	936,158.00	 
	2) Municipal Charges	 	$	9,517,841.00	 
	3) “EI Calafate” Airport	 	$	 1,680,946.00	 
	4) Space assignment of EDCADASSA	 	$	1,465,152.00	 
	5) Jujuy Airport	 	$	17,066,902.00	 
	6) Delay caused in the Taking of Possession in Salta	 	 	 	 
	7) INTERBAIRES space occupation	 	$	1,055,681.00	 
	8) Works in Iguazú Airport	 	$	410,000.00	 
	9) VAT of Domestic TUA	 	$	5,694,000.00	 
	10) Gross income over rates	 	$	49,345,252.85	 
	11) Minimum Expected	 	$	3,714,464.00	 

 

 

1 REGUFA: General
Regulations for Usage and Operation of the Airports that are part of the nacional Airport System

 

    	 	2

    
	  

	 	“2007 – Year Dedicated to Road Safety”

    

 

Income Tax

 

		5.	Methodology to determine the MUTUAL CLAIM balance

 

We have used the following methodology to determine
the amount differential for MUTUAL CLAIMS:

 

1) To
each of those amounts, the following items were subtracted: a) payments made by the LICENSEE, b) amounts compensated by the ORSNA
and c) claims made by the LICENSEE, which are added.

 

2) Each
year’s balances, obtained as a result of the procedure exposed in 1), were adjusted by CER2 (CPI3
between 1998 and 2001), plus an annual 2% interest rate, with the purpose of taking those values to 2005.

 

3) To
the obtained amount, according to the provisions of item 2), the claims that cannot be temporarily imputed were deducted.

 

		6.	Application of the methodology to determine the MUTUAL
CLAIM balance

 

1)

 

	In
    thousands of AR $	 	1998	 	 	1999	 	 	2000	 	 	2001	 	 	2002	 	 	2003	 	 	2004	 	 	2005	 	 	1998-05	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Accrued license fee pursuant
    to contract	 	 	65.565	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	1.263.412	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	a) Payments made by licensee	 	 	-41.385	 	 	 	-92.858	 	 	 	-121.161	 	 	 	-5.000	 	 	 	-11.000	 	 	 	-58.080	 	 	 	-72.388	 	 	 	-36.701	 	 	 	-438.572	 
	b) Compensations approved by the ORSNA  	 	 	-24.180	 	 	 	-11.671	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	-35.851	 
	c) Added Licensee’s Claims	 	 	-517	 	 	 	-1.021	 	 	 	-6.264	 	 	 	-22.885	 	 	 	-41.993	 	 	 	-30.152	 	 	 	-28.565	 	 	 	-23.606	 	 	 	-155.003	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Balance	 	 	-517	 	 	 	65.571	 	 	 	43.696	 	 	 	143.236	 	 	 	118.128	 	 	 	82.889	 	 	 	70.168	 	 	 	110.815	 	 	 	633.985	 

 

2)

 

	In thousands of AR $	 	1998	 	 	1999	 	 	2000	 	 	2001	 	 	2002	 	 	2003	 	 	2004	 	 	2005	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Balance	 	 	-517	 	 	 	65.571	 	 	 	43.696	 	 	 	143.236	 	 	 	118.128	 	 	 	82.889	 	 	 	70.168	 	 	 	110.815	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Accumulated balance	 	 	-517	 	 	 	65.049	 	 	 	109.483	 	 	 	253.946	 	 	 	373.538	 	 	 	574.181	 	 	 	674.779	 	 	 	837.283	 
	- Adjustment for CPI / CER	 	 	0	 	 	 	-322	 	 	 	-467	 	 	 	-2.848	 	 	 	109.079	 	 	 	18.927	 	 	 	37.980	 	 	 	92.322	 
	- Adjustment for capitalized interest	 	 	-5	 	 	 	1.061	 	 	 	1.693	 	 	 	4.313	 	 	 	8.675	 	 	 	11.503	 	 	 	13.710	 	 	 	17.394	 
	Accumulated balance after
    adjustment	 	 	-522	 	 	 	65.787	 	 	 	110.710	 	 	 	255.410	 	 	 	491.292	 	 	 	604.611	 	 	 	726.469	 	 	 	946.999	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Accumulated balance in December
    2005 after adjustments  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	946.999	 

 

 

2 CER: Reference Stabilizing Ratio
3 IPC: Consumer Price Index

 

    	 	3

    
	  

	 	“2007 – Year Dedicated to Road Safety”

    

 

3)

 

	Accumulated balance after adjustments as of 2005	 	 	946.999	 
	 	 	 	 	 
	Licensee’s Claims added without temporal imputation	 	 	-97.837	 
	 	 	 	 	 
	Mutual claims differential	 	 	849.161	 

 

Based on the preceding methodology, the amount
differential for MUTUAL CLAIMS, as of December 31st 2005, is $ 849.16 in favor of the LICENSOR.

 

    	 	4

    
	 

	 	“2007 – Year Dedicated to Road Safety”

    

 

MUTUAL CLAIMS

 

	In thousands of AR $	 	1998	 	 	1999	 	 	2000	 	 	2001	 	 	2002	 	 	2003	 	 	2004	 	 	2005	 	 	1998-2005	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Accrued license fee pursuant to contract	 	 	65.565	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	171.121	 	 	 	1.263.412	 
	Payments made by the licensee	 	 	-41.385	 	 	 	-92.858	 	 	 	-121.161	 	 	 	-5.000	 	 	 	-11.000	 	 	 	-58.080	 	 	 	-72.388	 	 	 	-36.701	 	 	 	-438.572	 
	Compensations approved by the ORSNA	 	 	-24.180	 	 	 	-11.671	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	-35.851	 
	License fee status	 	 	0	 	 	 	66.592	 	 	 	49.961	 	 	 	166.121	 	 	 	160.121	 	 	 	113.041	 	 	 	98.733	 	 	 	134.420	 	 	 	788.989	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Claims recognized by the ORSNA	 	 	-517	 	 	 	-1.021	 	 	 	-6.264	 	 	 	-22.885	 	 	 	-41.993	 	 	 	-30.152	 	 	 	-28.565	 	 	 	-23.606	 	 	 	-155.003	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mutual claims balance	 	 	-517	 	 	 	65.571	 	 	 	43.696	 	 	 	143.236	 	 	 	118.128	 	 	 	82.889	 	 	 	70.168	 	 	 	110.815	 	 	 	633.985	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Accumulated balance	 	 	-517	 	 	 	65.049	 	 	 	109.483	 	 	 	253.946	 	 	 	373.538	 	 	 	574.181	 	 	 	674.779	 	 	 	837.283	 	 	 	 	 
	- Adjustment for CP1/CER	 	 	0	 	 	 	-322	 	 	 	-467	 	 	 	-2.848	 	 	 	109.079	 	 	 	18.927	 	 	 	37.980	 	 	 	92.322	 	 	 	 	 
	- Adjustment for capitalized interest	 	 	-5	 	 	 	1.061	 	 	 	1.693	 	 	 	4.313	 	 	 	8.675	 	 	 	11.503	 	 	 	13.710	 	 	 	17.394	 	 	 	 	 
	Accumulated balance after
    adjustments	 	 	-522	 	 	 	65.787	 	 	 	110.710	 	 	 	255.410	 	 	 	491.292	 	 	 	604.611	 	 	 	726.469	 	 	 	946.999	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Accumulated balance as of December 2005 after adjustments	 	 	 	946.999	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Licensee's Claims added without temporal imputation	 	 	 	-97.837	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Diferential for MUTUAL CLAIMS	 	 	 	849.161	 	 	 	 	 

 

     

    
	  

	 	“2007 – Year Dedicated to Road Safety”

    

 

SUB-APPENDIX VII-A

 

REPAYMENT MECHANISMS

 

		1.	Introduction

 

The status of the MUTUAL CLAIMS between the
LICENSEE and the LICENSOR was determined taking into account the obligations undertaken by the LICENSOR and the LICENSEE

 

Based on the provisions of the “MUTUAL
CLAIMS” Appendix, the amounts difference for MUTUAL CLAIMS gives a credit balance to the NATIONAL STATE of $ 849.16 million.

 

		2.	Listing of payment mechanisms

 

We have agreed that the aforementioned balance
is to be cancelled by three mechanisms:

 

		·	Specific
allocation of an amount equal to the 7% of the international aeronautical income (“Specific allocation”), which shall
be used to cancel the 22.96% of the balance.

 

		·	Issuance
of Negotiable Obligations that can be converted into common shares, (“Negotiable Obligations”), which shall be used
to cancel the 18.61% of the balance.

 

		·	Issuance
of Preferred shares, that can be redeemed and converted, (“Preferred Shares”), which shall be used to cancel the 58.43%
of the balance.

 

		3.	Characteristics of payment mechanisms

 

		3.1.	Specific allocation

 

		Ø	Amount:
195 million

		Ø	%
over balance: 22.96%

		Ø	Interest
rate: 2% a year

		Ø	Interest
repayment: on a monthly basis, based on the accrued interest.

		Ø	Capital
repayment: on a monthly basis, based on the available flow, after repayment of interests.

		Ø	Estimated
period for capital repayment: 2006 to 2013 (7 years and 8 months)

 

		3.2.	Negotiable obligations

 

		Ø	Amount:
158 million

		Ø	%
over balance: 18.81%

		Ø	Interest
rate: 2% a year, to be capitalized up to the year 2013

		Ø	Interest
repayment: on an annual basis, based on the accrued interest.

		Ø	Capital
repayment: on an annual basis, by means of constant amortizations, equivalent to a 16.67% of the original capital.

		Ø	Period
for capital repayment: 2014 to 2019 (6 years)

 

    	 	1

    
	  

	 	“2007 – Year Dedicated to Road Safety”

    

 

		Ø	Conversion:
at nominal value for shares valued at public quotation price.

		Ø	Conversion
right: from the moment of issuance (year 2006).

 

		3.3.	Preferred
                                         shares

 

		Ø	Amount:
496.16 million

		Ø	%
over balance: 58.43%

		Ø	Dividends:
2% a year, paid in kind until 2019 and in cash afterwards.

		Ø	Potential
redemption period: 2020 ahead.

		Ø	Conversion:
at nominal value for shares valued at public quotation price.

 

		4.	Application of payment mechanisms

 

The following charts expose the application
of the aforementioned concepts, based on the figures included in the INCOME AND EXPENSES FINANCIAL PROJECTION.

 

		4.1.	Specific allocation

 

From the credit balance for the NATIONAL STATE
of $ 849.16 million, we have assumed that 22.96% thereof, which amounts to $195 million, will be cancelled by this instrument.

 

	In
    thousands of AR $	 	2006	 	 	2007	 	 	2008	 	 	2009	 	 	2010	 	 	2011	 	 	2012	 	 	2013	 
	Internacional aeronautical income	 	 	333.061	 	 	 	356.375	 	 	 	377.758	 	 	 	396.646	 	 	 	412.511	 	 	 	428.187	 	 	 	443.858	 	 	 	459.882	 
	% tp be applied	 	 	7,0	%	 	 	7,0	%	 	 	7,0	%	 	 	7,0	%	 	 	7,0	%	 	 	7,0	%	 	 	7,0	%	 	 	7,0	%
	Flor applied to the repayment
    mechanism  	 	 	23.314	 	 	 	24.946	 	 	 	26.443	 	 	 	27.765	 	 	 	28.876	 	 	 	29.973	 	 	 	31.070	 	 	 	32.192	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Paid Interests	 	 	3.900	 	 	 	3.512	 	 	 	3.083	 	 	 	2.616	 	 	 	2.113	 	 	 	1.578	 	 	 	1.010	 	 	 	408	 
	Paid capital	 	 	19.414	 	 	 	21.435	 	 	 	23.360	 	 	 	25.149	 	 	 	26.763	 	 	 	28.396	 	 	 	30.060	 	 	 	20.423	 
	Balance to be repaid	 	 	175.586	 	 	 	154.151	 	 	 	130.791	 	 	 	105.642	 	 	 	78.879	 	 	 	50.483	 	 	 	20.423	 	 	 	0	 

 

		4.2.	Negotiable obligations

 

From the credit balance for the NATIONAL STATE
of $ 849.16 million, we have assumed that 18.61% thereof, which amounts to $158 million, will be cancelled by this instrument.

 

	In
    thousands of AR $	 	2013	 	 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	2018	 	 	2019	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	% of capital
    to be amortized	 	 	 	 	 	 	16,7	%	 	 	16,7	%	 	 	16,7	%	 	 	16,7	%	 	 	16,7	%	 	 	16,7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Paid interests	 	 	 	 	 	 	3.702	 	 	 	3.085	 	 	 	2.468	 	 	 	1.851	 	 	 	1.234	 	 	 	617	 
	Paid capital	 	 	 	 	 	 	30.854	 	 	 	30.854	 	 	 	30.854	 	 	 	30.854	 	 	 	30.854	 	 	 	30.854	 
	Balance to be repaid	 	 	185.122	 	 	 	154.268	 	 	 	123.415	 	 	 	92.561	 	 	 	61.707	 	 	 	30.854	 	 	 	0	 

 

The balance to be repaid by 2013 corresponds
to the initial amount of AR $ 158 million, plus capitalized interests.

 

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	 	“2007 – Year Dedicated to Road Safety”

    

 

		4.3.	Preferred shares

 

From the credit balance for the NATIONAL STATE
of $ 849.16 million, we have assumed that 58.43% thereof, which amounts to $4996.16 million, will be cancelled by this instrument.

 

	In thousands
    of AR $	 	2019	 	 	2020	 	 	2021	 	 	2022	 	 	2023	 	 	2024	 	 	2025	 	 	2026	 	 	2027	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	% of shares
    to be redeemed	 	 	0	%	 	 	12,5	%	 	 	12,5	%	 	 	12,5	%	 	 	12,5	%	 	 	12,5	%	 	 	12,5	%	 	 	12,5	%	 	 	12,5	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Dividends	 	 	 	 	 	 	13.093	 	 	 	11.457 	 	 	 	9.820	 	 	 	8.183 	 	 	 	6.547 	 	 	 	4.910 	 	 	 	3.273 	 	 	 	1.637 	 
	Capital redemption	 	 	 	 	 	 	81.834	 	 	 	81.834	 	 	 	81.834	 	 	 	81.834	 	 	 	81.834	 	 	 	81.834	 	 	 	81.834	 	 	 	81.834	 
	Balance to be redeemed	 	 	654.674	 	 	 	572.840	 	 	 	491.005	 	 	 	409.171	 	 	 	327.337	 	 	 	245.503	 	 	 	163.668	 	 	 	81.834	 	 	 	0	 

 

The balance to be redeemed by 2019 corresponds
to the initial amount of AR $ 496. 16 million, plus capitalized interests.

 

    	 	3

    
	  

	 	“2007 – Year Dedicated to Road Safety”

    

 

SUB-APPENDIX VII-B

 

NEGOTIABLE OBLIGATIONS THAT CAN BE CONVERTED
INTO COMMON SHARES

(THE “CNO”)

 

Guidelines for Issuance

 

		(i)	Issuer: AEROPUERTOS ARGENTINA 2000 S.A.

 

		(ii)	Currency: Argentinean Pesos

 

		(iii)	Amount of issue: $ 158,000,000 (ONE HUNDRED AND
FIFTY EIGHT MILLION PESOS)

 

		(iv)	Nominal value: each CON shall have a nominal value
of $1 (ONE PESO).

 

		(v)	Price of subscription: 100 % of the nominal value.

 

		(vi)	Manner: the CON shall be issued as book-entry shares
and their registration shall be AEROPUERTOS ARGENTINA 2000 S.A.’s responsibility.

 

		(vii)	Date of issue: within 60 (SIXTY) days after the
approval of the MEMORANDUN OF AGREEMENT.

 

		(viii)	Placing method: the CON shall be placed in a private
manner to the NATIONAL STATE, that is to say, they shall not be included in the public offering system.

 

		(ix)	Manner of Subscription: the NATIONAL STATE shall subscribe the CONs with credit
balance in connection with MUTUAL CLAIMS, providing that such amount arises from the
documents related to the license contract renegotiation between AEROPUERTOS
ARGENTINA 2000 S.A. and the NATIONAL STATE.

 

		(x)	Compensatory interests: the CONs shall accrue compensatory interests at an annual 2%
rate, on the outstanding capital from the issue date.

 

		(xi)	Interest capitalization: accrued compensating interests shall be capitalized each semester
until the year 2013.

 

		(xii)	Payment of interests: accrued interests shall be paid by semester, starting in the year
2014
until their conversion or redemption.

 

		(xiii)	Interest in arrears: unpaid amounts shall accrue interests in arrears at an interest
rate equal
to 1.5 times the annual compensatory interest, for each day, from the due date until de total
payment. Notwithstanding the aforementioned, non fulfillment of two consecutive periods
shall enable the Holder to convert the unpaid capital and interest balances in common
shares of the issuer.

 

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		(xiv)	Capital cancellation: the CON capital shall be cancelled
on an annual basis, from the year 2014 and up to the year 2019, by constant amortizations equivalent to a 16.67% of the original
capital.

 

		(xv)	Votes: each CON shall represent a vote.

 

		(xvi)	Final due date: in the year 2019.

 

		(xvii)	Redemption: The CONs can be totally or partially redeemed before their due date, for their
nominal value plus the accrued interest.

 

		(xviii)	Payments of CNO: the amounts obtained from the payment of CNOs shall be used to
create a secondary Fund for the Trust for Strengthening the National Airport System.

 

		(xix)	Indirect Control Means: at the moment of issuance, a definition of the financial technical
relationships that permit the indirect control by the GRANTOR shall be taken into account.

 

		(xx)	Conversion limit: the CON holders shall only have the right to convert CONs in
AEROPUERTOS ARGENTINA 2000 S.A.’s common shares, up to the amount of common
shares that represents the 15% of the corporate capital of AEROPUERTOS ARGENTINA
2000 S.A., with the exception of the conversion due to unpaid balances.

 

		(xxi)	Calculation to make the conversion: the subscription price for AEROPUERTOS
ARGENTINA 2000 S.A.’s differentiated common shares to be subscribed with the
cancellation of CONs, shall be calculated based on the average quotation of
AEROPUERTOS ARGENTINA 2000 S.A.’s common shares at the Buenos Aires Stock
Exchange during the 5 (FIVE) stock exchange working days previous to the date of the
conversion notice sent by the NATIONAL STATE to AEROPUERTOS ARGENTINA 2000
S.A. If at that time there is no share quotation, the common share price shall be
determined by an acknowledged assessment firm appointed by the NATIONAL STATE at
the expense of the LICENSEE. The CONs to be cancelled in the subscription shall be
calculated at a nominal value plus the accrued interests up to the conversion notification
date. No common share fractions shall be issued in the conversion; instead, an adjustment
in cash shall be paid.

 

		(xxii)	Special right of the conversion: at the moment the NATIONAL STATE makes the
conversion option effective, no matter its origin, an agreement shall be signed with
AA2000’s shareholders, to guarantee the intangible nature of its division in common shares
arising from the conversion.

 

		(xxiii)	Range: The CONs shall be negotiable obligations that can be converted into differentiated
common shares issued by AEROPUERTOS ARGENTINA 2000 S.A. with a common
guaranty over AEROPUERTOS ARGENTINA 2000 S.A.’s equity, and they shall have the
same and proportional scoring as regards their payment right, as the other current and
future, non-subordinated and not-guaranteed shares of AEROPUERTOS ARGENTINA
2000 S.A. The CONs shall be considered negotiable obligations, pursuant to Law N°
23.576 (Negotiable Obligations Law), with its amendments. Pursuant to article 29 of Law N°
23.576, if AEROPUERTOS ARGENTINA 2000 S.A. at any time does not make the
corresponding payment for the CONs, the CON holder shall be entitled to bring enforcement proceedings to recover payment of such
amounts.

 

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		(xxiv)	Applicable Law: the CONs shall be ruled and construed by the Law of the Republic of
Argentina.

 

		(xxv)	Usual Clauses: the terms and issuance conditions of the CONs shall include standard
clauses for this type of operations, in relation with assumptions of non-fulfillment, the
issuer’s commitments, statements and guaranties, etc.

 

		(xxvi)	Public Offering Transparency: The public offering to be made shall, in all moments, comply
with, implement and abide by the principles, rights, obligations, duties and standards of
Decree N° 677/01, Regime of the Public Offering Transparency.

 

		(xxvii)	Option to Equate the Offer: Once the CON have been converted in common shares, and if
the National State decides to transfer them, it shall give the holders of Class A, B and C
shares of AEROPUERTOS ARGENTINA 2000 S.A. the option to acquire the shares for at
least the same value as the received offer. When the aforementioned shareholders do not
use the option or when there is no agreement upon the value of the shares, the National
State shall deem the option rejected and will be free to proceed with the initial transfer
process.

 

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SUB-APPENDIX Vll-C

 

PREFERRED SHARES THAT CAN BE
REDEEMED AND CONVERTED INTO

COMMON SHARES

 

Guidelines for Issuance

 

		(i)	Amount of issue: 496,161,413 (FOUR HUNDRED NINETY SIX MILLION, ONE HUNDRED
AND SIXTY ONE THOUSAND, FOUR HUNDRED AND THIRTEEN) shares at $1 (ONE
PESO) of nominal value.

 

		(ii)	Date of issue: within 60 (SIXTY) days after the approval of the MEMORANDUN OF
AGREEMENT.

 

		(iii)	Price of subscription: 100% of the nominal value.

 

		(iv)	Manner: preferred shares shall be book-entry shares
(uncertificated shares).

 

		(v)	Manner of Subscription: the NATIONAL STATE shall subscribe the preferred shares of
AEROPUERTOS ARGENTINA 2000 S.A. with credit balance in connection with MUTUAL
CLAIMS, providing that such amount arises from the documents related to the license contract
renegotiation between AEROPUERTOS ARGENTINA 2000 S.A. and the NATIONAL STATE.

 

		(vi)	Patrimonial Preference: the holders of preferred shares shall have the following patrimonial
preference rights:

 

		(a)	A single annual fixed dividend equivalent to a 2% of the
nominal value of the preferred shares paid in preferred shares (payment in kind). If the holders of preferred shares do not receive
the annual fixed dividend corresponding to a fiscal year in such a way, due to the fact that AEROPUERTOS ARGENTINA 2000 S.A. does
not have net and earned profits to pay the aforementioned annual fixed dividend, the unpaid amount of such annual fixed dividend
shall be paid in the subsequent fiscal years, provided that AEROPUERTOS ARGENTINA 2000 S.A. has enough net and earned profits
to do so. That is to say, the annual fixed dividend shall be “cumulative”.

 

		(b)	Payment preference in the liquidation rate.

 

		(vii)	Right to vote: they do not have right to vote, except
in the following circumstances, when they shall only have a vote per share: (i) total or partial capital repayment; (ii) for the
time of delay in the receipt of the benefits that make up its preference; iii) in the other cases covered by Law 19.550.

 

		(viii)	Voluntary redemption: AEROPUERTOS ARGENTINA 2000 S.A. can redeem the preferred
shares at any time, from the date of issue, at their nominal value plus accrued interests up
to the moment of redemption.

 

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		(ix)	Funds from redemption: the amounts obtained from the redemption of preferred shares
shall be used to create a secondary Fund for the Trust for Strengthening the National
Airport System.

 

		(x)	Conversion right: the NATIONAL STATE shall have the right to convert the preferred
shares into common shares, only from the year 2020, at a maximum annual rate of 12.5%
(TWELEVE POINT FIVE PERCENT) of the total initial amount of preferred shares held by
the NATIONAL STATE. The conversion right shall be subject to the condition precedent
that AEROPUERTOS ARGENTINA 2000 S.A. does not redeem the annual percentage
established before, and the National State shall only be able to convert the number or
preferred shares that AEROPUERTOS ARGENTINA 2000 S.A. has not redeemed each
year, as of the year 2020.

 

		(xi)	Calculation to make the conversion: the subscription price for AEROPUERTOS
ARGENTINA 2000 S.A.’s common shares to be subscribed with the cancellation of the
preferred shares, shall be calculated based on the average quotation of AEROPUERTOS
ARGENTINA 2000 S.A.’s common shares at the Buenos Aires Stock Exchange during the
5 (FIVE) stock exchange working days previous to the date of the conversion notice sent by
the NATIONAL STATE to AEROPUERTOS ARGENTINA 2000 S.A. If at that time there is
no share quotation, the common share price shall be determined by an acknowledged
assessment firm appointed by the NATIONAL STATE at the expense of the LICENSEE. No
common share fraction shall be issued in the conversion: instead, a cash adjustment shall
be paid if AEROPUERTOS ARGENTINA 2000 S.A. has net and earned profits.

 

		(xii)	Applicable Law: the preferred shares shall be ruled and construed by the Law of the
Republic of Argentina.

 

		(xiii)	Rights of the NATIONAL STATE: the NATIONAL STATE
shall have the following rights:

 

		(a)	Appointment of a member of the Supervisory Committee. From the date it becomes a
                                                                                   holder                                                                                    of preferred shares, the NATIONAL
                                                                                   STATE can appoint a regular member of the supervisory committee of AEROPUERTOS ARGENTINA
                                                                                   2000 S.A. and a deputy member.

 

		(b)	Appointment of a director. From the date it becomes a holder of preferred shares, the
                                                                 NATIONAL STATE can appoint a regular member of Board of Directors of AEROPUERTOS ARGENTINA 2000 S.A. and a deputy
                                                                 member.

The number of directors cannot be more
than 8 (EIGHT) members.

 

		(c)	Information right: The appointed director in representation of the NATIONAL STATE
shall have access to the corporate, accounting and technical information, with
permanent character.

 

		(xiv)	Special right of the conversion: at the moment the
NATIONAL STATE makes the conversion option effective, no matter ifs origin, an agreement shall be signed with AA2000’s shareholders,
to guarantee the intangible nature of its division in common shares arising from the conversion.

 

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		(xv)	Public Offering Transparency: The public offering to be made shall, in all moments,
comply with, implement and abide by the principles, rights, obligations, duties and
standards of Decree N° 677/01, Regime of the Public Offering Transparency.

 

		(xvi)	Option to Equate the Purchase Offer: If the National State decides to transfer the
preferred shares, it shall give the holders of Class A, B and C shares of
AEROPUERTOS ARGENTINA 2000 S.A. the option to acquire the shares for at least
the same value as the received offer. When the aforementioned shareholders do not
use the option or when there is no agreement upon the value of the shares, the
National State shall deem the option rejected and will be free to proceed with the initial
transfer process.

 

    	 	3Exhibit 10.3

 [Translation
for information purposes only] 

 

 

 CONCESSION AGREEMENT
FOR THE INTERNATIONAL AIRPORT OF BRASILIA, 

 DATED AS OF JUNE
14, 2012, BY AND BETWEEN CONCESSIONÁRIA DO AEROPORTO 

 DE BRASILIA S.A. AND AGÊNCIA NACIONAL DE
AVIAÇÃO CIVIL 

 

     

     

    

 

CONCESSION TO AMPLIFICATION, MAINTENANCE
AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

(ENGLISH TRANSLATION)

 

CONTRACT OF THE

BRASÍLIA

INTERNACIONAL

AIRPORT

CONCESSION

 

     

     

    

  

 

CONCESSION TO AMPLIFICATION, MAINTENANCE
AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

	SUMARY	 
	SUMARY	2
	 	 
	PRELIMINARY	5
	 	 
	CHAPTER I – INITIAL DISPOSITIONS	6
	 	 
	Section I - Definitions	6
	 	 
	Section II – the Applicable Legislation	10
	 	 
	Section III – The Applicable Interpretation	10
	 	 
	Section IV – The General Dispositions	11
	 	 
	Section V – The Annexes	11
	 	 
	CHAPTER II – THE OBJECT	12
	 	 
	Section I – Area	12
	 	 
	Section II – Contract Duration	12
	 	 
	Section III – Price of the Contract	13
	 	 
	Section IV – The Contribution to the System	13
	 	 
	Section V – The Stages to the Accomplishment of the Object	16
	 	 
	Subsection I – Stage I-A	16
	 	 
	Subsection II – Stage I-B	18
	 	 
	Subsection III – Stage I-C	19
	 	 
	Subsection IV – Stage II	19
	 	 
	Section VI – The properties that compound the Concession	20
	 	 
	Section VII – Public Power Constructions	20
	 	 
	CHAPTER III – THE RIGHTS AND DUTIES	22
	 	 
	Section I – The Concessionaire	22
	 	 
	Subsection I – The General Duties	22
	 	 
	Subsection II – The Rendering of Services	23
	 	 
	Subsection III – Operational Activities	24

 

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CONCESSION TO AMPLIFICATION, MAINTENANCE
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	Subsection IV – Information	24
	 	 
	Subsection V – Investments	25
	 	 
	Subsection VI – The Corporative Governance	26
	 	 
	Subsection VII – The Share Capital	27
	 	 
	Subsection VIII – The Responsibility	27
	 	 
	Subsection IX – The Insurances	28
	 	 
	Subsection X – Insurance of Contractual Execution	29
	 	 
	Section II – The Grantor	31
	 	 
	Section III – The User	33
	 	 
	CHAPTER IV – REMUNERATION OF THE CONCESSIONAIRE	33
	 	 
	Section I – The Revenue Tariffs	33
	 	 
	Section II – Non-Tariff	34
	 	 
	CHAPTER V – THE ALLOCATION OF RISKS	34
	 	 
	Section I – The Risks of the Grantor	35
	 	 
	Section II – The Risks of the Concessionaire	36
	 	 
	CHAPTER VI – THE ECONOMICAL-FINANCIAL STABILITY	38
	 	 
	Section I – Readjustment	38
	 	 
	Section II – The Revision of Concession Parameter	39
	 	 
	Section III – The Extraordinary Revision	40
	 	 
	CHAPTER VII – INSPECTION	42
	 	 
	CHAPTER VIII – THE PENALTIES	42
	 	 
	Section I – Admonition	43
	 	 
	Section II – The fine	43
	 	 
	Section III – The Suspension of the Right to Participate in Bids and to Contract with the Federal Public Administration	45
	 	 
	Section IV – The Sunset-Law	45

 

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CONCESSION TO AMPLIFICATION, MAINTENANCE
AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

	Section V – The Procedure to Exert the Penalties	45
	 	 
	Section VI - Precautionary Measures	46
	 	 
	CHAPTER IX – SUBCONTRACTING	46
	 	 
	CHAPTER X - THE TRANSFERENCE OF THE CONCESSION AND OF THE CONTROL OF THE SOCIETY	46
	 	 
	CHAPTER XI - THE USAGE OF THE SPACE IN THE AIRPORT COMPLEX	48
	 	 
	Section I – General Dispositions	48
	 	 
	Section II – The Areas and Operational Activities	49
	 	 
	CHAPTER XII – THE INTERVENTION	51
	 	 
	CHAPTER XIII – THE RESCISSION OF THE CONCESSION	52
	 	 
	Section I – The Advent of the Contractual Term	53
	 	 
	Section II – The expropriation for public and social interest	53
	 	 
	Section III – Sunset-Law	54
	 	 
	Section IV – The Rescission	55
	 	 
	Section V – The Voidance	55
	 	 
	Section VI – The Bankruptcy or the Extinction of the Concessionaire	56
	 	 
	CHAPTER XIV – THE REVERSIBLE PROPERTIES	56
	 	 
	CHAPTER XV – THE TRANSITORY DISPOSITIONS	56
	 	 
	CHAPTER XVI – FINAL DISPOSITIONS	57
	 	 
	Section I – Technical Documentation	57
	 	 
	Section II – Intellectual Property	57
	 	 
	Section III – Arbitration	57
	 	 
	Section IV – Court of Jurisdiction	59

 

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CONCESSION TO AMPLIFICATION, MAINTENANCE
AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

PRELIMINARY

 

Herein, in the present instrument in 6
(six) counterparts of identical contents and form, and to one effect, the Parties below sign, on one side the Grantor, the National
Civil Aviation Agency (ANAC), an indirect Federal Public Administration entity, submitted to the special autarchic regime, related
to the Secretary of Civil Aviation of the Presidency of Republic, here represented in accordance with its Internal Regime, and
on the other Inframerica Concessionária do Aeroporto de Brasília S.A., administrative headquarters in Aeroporto Internacional
de Brasília – Presidente Juscelino Kubitschek, Área Especial s/no, registered in CNPJ by number 15.559.082/0001-86,
represented in accordance with its Constitutive Acts by Mrs. Gerson de Mello Almada, brazilian, divorced, chemical engineer, bearer
of identity card RG number 4.408.755 SSP/SP, inscribed in the Individual Taxpayers Register (CPF/MF) under no 673.907.068-72,
domiciled in Municipality of Barueri, State of São Paulo, in Alameda Araguaia, no 3571, Centro Empresarial Tamboré,
and José Antunes Sobrinho, brazilian, married, civil engineer, bearer of identity card RG number 5.275.592-4 SSP/SC, inscribed
in the Individual Taxpayers Register (CPF/MF) under no 157.512.269-87, domiciled in street Tenente Silveira, no 94, 7o
floor, Municipality of Florianópolis, State of Santa Catarina (here, the Concessionaire), under the intervention of Inframerica
Participações S.A., administrative headquarters in Brasília-DF, Brazil, National Register of Corporate Taxpayer
number 15.428.969/0001-35, represented in accordance with the statement of its Social Statute by Gerson de Mello Almada, brazilian,
divorced, chemical engineer, bearer of identity card RG number 4.408.755 SSP/SP, inscribed in the Individual Taxpayers Register
(CPF/MF) under no 673.907.068-72, domiciled in Municipality of Barueri, State of São Paulo, in Alameda Araguaia, no
3571, Centro Empresarial Tamboré, and Wilson Vieira, brazilian, married, engineer, bearer of identity card RG number, inscribed
in the Individual Taxpayers Register (CPF/MF) under no 722.634.588-91, domiciled in Municipality of Barueri, State of São
Paulo, in Alameda Araguaia, no 3571, Centro Empresarial Tamboré (here, Private Shareholder) and of the Brazilian Company
in Airport Infrastructure – Infraero - a federal public company authorized by the Federal Law n. 5862, December 12th 1972,
with administrative headquarters in the Federal District, Brazil, CNPJ number 00.352.294/0001-10, represented in accordance with
its Social Statute by Antonio Gustavo Matos do Vale, brazilian, married, economist, bearer of identity card RG number MG-134816,
issued by SSP/MG, inscribed in the Individual Taxpayers Register (CPF/MF) under no 156.370.266-53, residing and domiciled
in SQS 113 block “A” apartment 301 – Asa Sul, Brasília/DF (here, Infraero) here agree in the present Contract,
the to accomplishment of the object here indicated, that will be ruled by the articles and conditions here stated and by the legislations
and regulatory norms in force.

 

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CONCESSION TO AMPLIFICATION, MAINTENANCE
AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

CHAPTER
I – INITIAL DISPOSITIONS

 

Section
I - Definitions

 

		1.1.	To the present Contract, and in no detriment to additional definitions here stated, the following
expressions are defined as such:

		1.1.1.	Private Shareholder: society of specific purpose, constituted under the Limited Liability Society
by the Adjudicator, in line with the Brazil’s legislation, with administrative headquarters in Brazil, to prevent the participation
in the Concessionaire and to celebrate the Agreement of the Shareholders with Infraero, by the means of the present Contract of
Concession;

		1.1.2.	Adjudicator: proponent (or bidder) granted of the bidding process.

		1.1.3.	Airports: International Airports that are the object of the present bidding process, including:

		1.1.3.1.	Brasilia Airport: Juscelino Kubitschek International Airport, located in Brasilia – in the
Federal District.

		1.1.3.2.	Campinas Airport: Viracopos International Airport, located in the municipality of Campinas, in
Sao Paulo State.

		1.1.3.3.	Guarulhos Airport: Governador Andre Franco Montoro International Airport, located in the Municipality
of Guarulhos, in Sao Paulo State.

		1.1.4.	ANAC: National Civil Aviation Agency, indirect entity of the Federal Public Administration, submitted
to the special autarchic regime, created by the Federal Law n. 11.182, in September 27th 2005;

		1.1.5.	Annex of Marginal Cash Flow: Annex that shows the methodology of the calculus to be used in the
recovery of the economical-financial stability of the contract, through the Extraordinary Review;

		1.1.6.	Annexes: documents mentioned in the Contract, attached at the end of the present contract and named
in conformity with its denominations;

		1.1.7.	Associated Companies: Societies submitted to the significant influence of the other society. There
is a significant influence whenever it detains or exercises the power to participate in the financial political decisions or operations
of the investee, without having to control it. It is presumed the significant influence whenever it holds an acquisition of 20%
(twenty per cent) or more of the available capital of the investee, without controlling it;

		1.1.8.	COMAER: Aeronautics Command, organ part of the Ministry of Defence Regimental Structure and subordinated
directly to the State Ministry of Defence;

		1.1.9.	Airport Complex: the Area of the Concession, characterized by the airport location described in
Annex 2 – Airport Exploration Plan (PEA), including the rights of ways, edifications and lands, as well as by the occupied
lands with operational and administrative facilities and to the economical exploration related to the Concession;

 

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CONCESSION TO AMPLIFICATION, MAINTENANCE
AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

		1.1.10.	Concession: means of delegation regulated by the Federal law n. 8.987, February 13th 1995, which
object is the public rendering of service to the amplification, maintenance and exploration of the airport infrastructure in the
Airport Complex;

		1.1.11.	Concessionaire: Society of Specific Purpose responsible for the execution of the Contract, composed
by a major participation of Private Shareholder and minor participation by Infraero;

		1.1.12.	Contract: The Contract of Concession celebrated between the Grantor and the Concessionaire including
the Annexes;

		1.1.13.	Contracts involving the cession of space in the Airport Complex: contracts celebrated by the Concessionaire
and third parties, renderer of services in the air transportation, auxiliary services to the air transportation or explorers of
other economical societies, and the ones subrogated by Infraero, involving cession of space in the Airport Complex, under the private
law.

		1.1.14.	Contribution to the System: the total value paid by the Concessionaire to the National Fund Civil
Aviation (FNAC), constituted by the Fixed Contribution and by the Variable Contribution (Encumbrance of the Concession), under
the terms of the Contract;

		1.1.15.	Fixed Contribution: annual amount to be paid as a consequence of the offer given in the Auction
object of the present Concession.

		1.1.16.	Variable Contribution: annual amount resultant from the rate of application on the total of the
Gross Revenue of the Concessionaire and its additional wholly owner subsidiaries.

		1.1.17.	Subsidiary: society of which the Control Company, directly or by other subsidiaries or associated
companies, is the holder of the rights of the partners that assure, permanently, the majority of the votes in the social deliberation
and the power to elect the majority of the administrators of the society, and uses effectively its power to direct the social activities
and orient the functioning of the organs of the society;

		1.1.18.	Control Company: the person or legal entity that:

		i.	is the holder of the rights of the partner that ensure, permanently, the majority of the votes
in the deliberation of the general assembly or meeting of the partners and the right to elect the majority of the administrators
of the society; and

		ii.	uses effectively its power to direct the social activities and orient the functioning of the organs
of the society;

 

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CONCESSION TO AMPLIFICATION, MAINTENANCE
AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

		1.1.19.	The Control of the Private Shareholder: holder of the minimum of 50% (fifty per cent) plus one
of the representatives share capital with rights to vote of the Private Shareholder or another criterion that might be regulated
by ANAC;

		1.1.20.	The Control of the Concessionaire: holder of minimum of 51% (fifty one per cent) of the representative
shares of the share capital with rights to vote of the Concessionaire or another criterion that might be regulated by ANAC.

		1.1.21.	DECEA: Department of the Airspace Control, central organ of the Brazilian Airspace System Control
SISCEAB), subordinated to the Ministry of Defence and to the Aeronautics Command;

		1.1.22.	Date of Efficacy: date when the suspending conditions of the efficacy of the contract is implemented
and which will initiate the term of the duration of the contract;

		1.1.23.	Air Companies: legal entities, national or foreign, authorized or not to execute the regular air
transportation of people and/or cargoes and parcels with lucrative ends;

		1.1.24.	Q Factor: factor of the quality of service, obtained before the evaluation of the fulfilment of
selected indicators of quality service, to be added to the tariff readjustments.

		1.1.25.	X Factor: Factor of productivity, to be added to the tariff readjustments, with the aim to share
the gains of productivity and the efficacy of the users;

		1.1.26.	Financial Backer: Financial Institutions responsible for the financing of the Concessionaire to
the accomplishment of the investments previously stated in the Airport Exploration Plan – PEA.

		1.1.27.	FNAC: Concessionaire to the National Fund Civil Aviation, of accounting nature, linked to the Secretary
of Civil Aviation of the Presidency of Republic, created by the Law n. 12.462, August 5th 2011, to the destination of the funds
of the civil aviation system;

		1.1.28.	Insurance of Contractual Execution: Guarantee to the compliance of the Contractual obligations
offered by the Concessionaire, and that it can be executed by ANAC, in the cases mentioned in the Contract;

		1.1.29.	Trigger Investment: It corresponds to the moment of the indicated time in the Infrastructure Management
Plan – PGI where the demand stated will give rise to the obligation to the Concessionaire initiate the investments to the
maintenance of the level of the service, stated, in conformity with the Minimum Parameters of Dimensions;

		1.1.30.	Infraero: Brazilian Company in Airport Infrastructure, federal public company which creation was
authorized by the Federal Law n. 5.862, December 12th 1972;

		1.1.31.	IQS: Indicators of Quality Service described in PEA and use it to periodically evaluate the quality
of the services rendered by the Concessionaire;

		1.1.32.	IPCA: Amplified Consumer Price Index, calculated by the Brazilian Institute of Geography and Statistics
(IBGE);

 

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CONCESSION TO AMPLIFICATION, MAINTENANCE
AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

		1.1.33.	Arrangement of the Service in Stage I – document emitted by ANAC as a condition to the Date
of Effectiveness of the Contract and to the other obligations of the Contract;

		1.1.34.	Related Parties: in relation to the Concessionaire and to the Private Shareholder, any control
person, associated company and its respective associated companies, as well as those considered under the Accountant Norms in force;

		1.1.35.	PEA: Airport Exploration Plan, Annex 02 to the contract, that details the object of the concession
and determines the obligations and conditions to the exploration of the Airport by the Concessionaire;

		1.1.36.	PGI: Infrastructure Management Plan, containing other plans of mandatory delivery by the Concessionaire;

		1.1.37.	Grantor: ANAC, under the article 8, XXIV, Law n 11.182, September 27th 2005;

		1.1.38.	Basic Project: project to be elaborated by the Concessionaire previously to the completion of the
works, of amplification in the airport, in compliance with the technical norms applicable, as well as the regulation in force in
the occasion;

		1.1.39.	As built Project: Project of the settlement as built, to be delivered after the completion of the
constructions, in line with the technical terms applicable, as well as the regulation in force in the occasion;

		1.1.40.	Non-Revenue Tariffs: alternative revenue, complementary or accessory, obtained by the Concessionaire
as a result of the economical activities in the Airport Complex and that are not remunerated by taxes.

		1.1.41.	Revenue Tariffs: revenues originated from the payment of the airport tax;

		1.1.42.	Remuneration: Revenue Tariffs and Non-Revenue Tariffs received by the Concessionaire due to the
exploration of the object of the Concession in conformity with the previous statements in PEA;

		1.1.43.	Revision of the Concession Parameter: a fortnight review with the aim to permit the determination
of the indicators of quality service and of the methodology of the calculus of X and Q factors to be inserted in the tax readjustment
by the following Revision of the Concession Parameter, and the determination of the Discount Tax to be applied in the Marginal
Cash flow, by also the following Revision of the Concession Parameter.

		1.1.44.	Extraordinary Review: Procedure to the recovery of the economical-financial stability in virtue
of the occurrence of events related to the risks supported exclusively by the Grantor;

		1.1.45.	Services: Services, object of the Concession, rendered by the Concessionaire to the users of the
Airport, as it is stated in PEA;

		1.1.46.	Tariff: the remuneration by the airport rendered services, under the terms of Annex 4 – Tariffs;

 

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		1.1.47.	Discount rate of Marginal Cash flow: Rate to which the flows of marginal expenses and revenues
are discounted in the Marginal Cash Flow, in conformity with content foreseen in Annex 5 – Marginal Cash Flow;

		1.1.48.	Terms of Provisory Acceptance and of Permission of the use of Assets: document signed by ANAC and
the Concessionaire, of which contains the written acceptance and definitive of the Concessionaire in relation to the description
of the state of conservation, operations and technical specifications of the properties mentioned in the Term of Provisory Acceptance
and the Permission of the use of Assets.

		1.1.49.	A term of definitive acceptance and permission to use asset: a document signed by ANAC and Concessionaire,
which contains the express and definitive acceptance of the Concessionaire as to the description of the state of conservation,
operation and technical specifications of the goods indicated in the provisional acceptance and permit of use of assets

		1.1.50.	TFAC: Tax of Civil Aviation Inspection, instituted by the Law n. 11.182/05;

		1.1.51.	URTA: reference Unit of the Airport Tax, corresponding to 1,000 (one thousand) times the maximum
value of the Domestic departure tax, not mentioning the incidental additions previewed in Annex 4 – Tax, in force on the
date of the collection of the applied fine; and

		1.1.52.	Users: all persons and legal entities that are the takers of the services rendered by the Concessionaire,
or by third parties recommended by the Concessionaire, in the Airport Complex.

 

Section
II – the Applicable Legislation

 

		1.2.	The Contract will be ruled and interpreted in line with the legislation in force in the Federative
Republic of Brazil.

		1.3.	The Concession will be ruled by the Contract and by the Federal laws n. 7.5.65 of December 19th
1986, n. 8.987, February 13th 1995, n. 9.491 of September 9th 1997, n. 11.182 of September 27th 2005, n. 12.462 August 5th 2011
in no detriment to other applicable valid norms, publicized by ANAC and by COMAER.

 

Section
III – The Applicable Interpretation

 

		1.4.	When divergence between the Contract and its Annexes, the Contract shall prevail.

		1.5.	When divergence between the content of the Annexes, it shall prevail the ones emitted by the Grantor.

		1.6.	When divergence between the contents emitted by the Grantor, it shall prevail the most recent to
the date.

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Section
IV – The General Dispositions

 

		1.7.	All reciprocal communications, related to the Contract, will be considered as reported, if delivered
by mail with Return Receipt (AR), or by the bearer, with the protocol of reception. In any of the cases, it shall always contain
the number of the Contract, the subject, the date of the reception and the name of the remittent.

		1.8.	The Concessionaire shall, within 15 (fifteen) days from the signature of the Contract, submit,
in written form, the names and respective professional position of the respective employees of representatives named to be responsible
for the management of the Contract, to whom the letters and notifications shall be addressed.

		1.8.1.	Any changes in the names and respective professional position of the respective employees of representatives
named to be responsible for the management of the Contract shall be communicated to the Grantor in no longer than 5(five) days
after the change is made.

		1.9.	When the rescission of any of the economic index indicated in the present Contract and by its Annexes,
it will be altered by the official index substitute or, not having it, by other indexes indicated by ANAC.

		1.10.	To the compliance with the articles in the present Contract and its Annexes, the accountable information
stated in item 3.1.41 will be adopted, in reference to the Concessionaire and, if the case, to its additional wholly owner subsidiaries.

 

Section
V – The Annexes

 

		1.11.	It is part of the present Contract, to all legal and contractual means, the following annexes:

		1.11.1.	Annex 1 – Term of Agreement of the Obligations of the Group Control

		1.11.2.	Annex 2 – Airport Exploration Plan (PEA) 1.11.3.Annex 3 –Public Power Constructions

		1.11.4.	Annex 4 - Tariffs

		1.11.5.	Annex 5 – Marginal Cash Flow

		1.11.6.	Annex 6 – Models and Minimum Conditions to the Contractual Bond

		1.11.7.	Annex 7 – Terms of Provisory Acceptance and of Permission to use the Assets

		1.11.8.	Annex 8 - Terms of Provisory Acceptance and of Permission
to use the Assets

		1.11.9.	Annex 9 – Operational Transference Plan

		1.11.10.	Annex 10 – Capacity of the Lane System

		1.11.11.	Annex 11 – X Factor

 

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CHAPTER
II – THE OBJECT

 

		2.1.	The object of the present contract is the Concession of the Public Services to the amplification,
maintenance and exploration of the airport infrastructure of the Airport Concession, to be implemented in three stages:

		2.1.1.	STAGE I-A- stage of the operations transference of Infraero Airport to the Concessionaire;

		2.1.2.	STAGE I –B – stage of the amplification of the Airport by the Concessionaire to adequate
the infrastructure and the improvement of the level of services; and

		2.1.3.	STAGE I-C – other stages of the amplification, maintenance and exploration of the Airport
to the sustenance of the level of service established in PEA, in accordance with stated in Subsection III – Stage II.

		2.1.4.	STAGE II – other stages of the amplification, maintenance and exploration of the Airport,
to the attendance of the Minimum Parameters of Dimensioning previously stated in PEA, in accordance with the stated in Subsection
III – Stage II.

		2.2.	It is not included in the object of the Concession the render of services in order to support and
guarantee the safety of the air navigation in air traffic area of the Airport. This attribution is exclusively of the Public Power,
as it is detailed in PEA.

 

Section
I – Area

 

		2.3.	The Airport is located in the area described in PEA, of which is entirely under the possession
of Infraero and that will be transferred to the Concessionaire at the same moment of the celebration of the present Contract, by
the Term of Provisory Acceptance and of Permission to Use the Assets.

		2.4.	The areas expropriated after the celebration of the present Contract will have their possession
transferred to the Concessionaire by an additional article in the Term of Definitive Acceptance and Permission to Use the Assets.

 

Section
II – Contract Duration

 

		2.5.	The contract duration shall extent to the period of 25 (twenty five) years to the Brasilia Airport,
always considered from its date of effectiveness.

		2.6.	The Contract can be prorogated for the maximum of 5 (five) years, all at once, in order to avoid
recovery of the economical-financial stability as a result of the Extraordinary Review, under the statements of the present Contract.

		2.7.	The Date of Efficacy adopted in the present contract is the one implemented under the following
suspending conditions:

 

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		2.7.1.	publication of the record of the Contract in Diario Oficial da Uniao; and

		2.7.2.	Issuing of the Stages to the Accomplishment of the Object of Stage I by ANAC, to be drawn up in
no longer than 30 (thirty) days from the publication of the record of the Contract in Diario Oficial da Uniao.

 

Section
III – Price of the Contract

 

		2.8	– The Price of the Contract, corresponding to the present value of the Revenue Tariff and
Non-Revenue Tariff estimated to all duration of the concession is of R$ 5,334,640 (five billion three hundred thirty four million
and six hundred and forty thousand reais);

		2.9.	The Price of the Contract has a mere indicative effect and it cannot be argued by any of the Parties
to request the recovery of the economical-financial stability of the Contract.

 

Section
IV – The Contribution to the System

 

		2.10.	The Concessionaire is obliged to pay to the Union, by making a deposit in FNAC, the annual installment
of the Fixed Contribution and the Variable Contribution, according to the values, percentages and conditions stated below.

		2.11.	The payment of the first installment of the Fixed Contribution will take place at the end of the
12th month of the contract from the Date of Efficacy of the Contract, and subsequent installments paid every 12 (twelve) months.

		2.12.	The Civil Aviation Secretary of the Presidency of Republic will indicate the procedure to be observed
to the effectiveness of the payment of the Fixed ad Variable Contributions.

		2.13.	The Fixed Contribution corresponds to the annual amount of R$ 180.045.300,00 (a hundred and eighty
millions, forty five thousands and three hundred reais), as a result of the offer given in the Auction object of the present Concession.

		2.13.1.	The annual amount of the Fixed Contribution corresponds to ratio of the value of the Fixed Contribution
by the duration of the contract.

		2.14.	The payment of the Variable Contribution will take place in the moment of the presentation of the
Financial Statements stated in item 3.2.42.2.

		2.15.	The Variable Contribution corresponds to the annual amount in R$ (reais) as a result of the application
of the rate of 2% (two per cent) on top of the total Gross Revenue of the Concessionaire and its additional wholly owner subsidiaries.

 

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		(i)	When the Annual Gross Revenue perceived by the Concessionaire and its additional wholly owner subsidiaries
are above the values below mentioned, the Variable Contribution on the excess revenues will be charged under the rate of 4.5% (four
point five per cent)

 

	YEAR	 	BSB
	2012	 	226.234
	2013	 	249.421
	2014	 	284.818
	2015	 	320.260
	2016	 	346.064
	2017	 	363.205
	2018	 	380.369
	2019	 	403.593
	2020	 	422.751
	2021	 	448.815
	2022	 	469.763
	2023	 	491.311
	2024	 	513.264
	2025	 	535.673
	2026	 	558.520
	2027	 	593.953
	2028	 	611.915
	2029	 	626.576
	2030	 	639.343
	2031	 	648.900
	2032	 	656.884
	2033	 	663.783
	2034	 	669.505
	2035	 	674.071
	2036	 	678.057
	2037	 	681.453

 

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AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

		2.15.2.	The value of the annual Gross Revenue listed in item 2.15.1 will be readjusted by the same rules
applicable to the Annual Fixed Contribution, in conformity with the items 2.17 and 2.18.

		2.15.3.	To this item, Gross Revenue is any revenue received by the Concessionaire and by additional wholly
owner subsidiaries as remuneration, in conformity with the present Call for Bid.

		2.15.4.	The calculus of the Variable Contribution will be done by the Concessionaire, based on the accountant
findings of the period, in conformity with the item 3.1.42.2.

		2.15.5.	It is given to the Grantor the possibility to disagree with the values indicated or paid by the
Concessionaire and request its correction and complementation, guaranteeing to the Concessionaire the rights of the due process
to full defense and contradictory.

		2.15.6.	To the auditing of the values, the Grantor will count on the support of large sized expert companies
of independent auditing and nationally and internationally well-known, with immaculate reputation to be appointed, contracted and
remunerated by the Concessionaire, holding ANAC the right of veto in the appointment given by the Concessionaire.

		2.15.7.	At the end of the administrative process to verify the facts, the complementation of the payments
can be given by the retention of the Tariff Tax, either by executing the bonds or by a specific charge.

		2.15.8.	When it is verified the existence of fraud in the payment of the Variable Contribution as a result
of any operations that seek to artificially reduce the base of calculus, the Grantor can use, up to its own choice, the support
of the auditing, contracted in conformity with the item 2.15.6, to check the values effectively collected, in no detriment to the
applicable penalties.

		2.16.	When the Concessionaire does not pay the Fixed and Variable Contributions on the maturity date,
it will be charged moratorium fine to date in 2% (two per cent) of the debt, plus moratorium interests in accordance with the Special
System for Settlement and Custody (SELIC), holding the Grantor the right to execute the bond of the Contract.

		2.17.	The annual value of the Fixed Contribution will be readjusted by the Amplified Consumer Price Index
calculated by the Brazilian Institute of Geography and Statistics – IBGE accumulated between the month of the occurrence
of the Public Auction Section and the Date of Effectiveness of the Contract, according to the following formula:

O1 = O0 x (IPCAt/IPCAt-1)

 

Where:

01 is the annual value of the Fixed Contribution
readjusted on the initial date of the Contribution payment;

 

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0Ois the annual value of the Fixed Contribution
by the price of the date of the occurrence of the Public Auction Section;

IPCAt/IPCAt-1 is the accumulated IPCA during
the period of the month where the Public Auction Section took place and the previous month to the initial Contribution payment.

		2.18.	After the first readjustment, the annual value of the Fixed Contribution will be yearly readjusted
by the Amplified Consumer Price Index calculated by the Brazilian Institute of Geography and Statistics – IBGE – in
accordance with the following formula:

Ot = Ot -1 x (IPCAt/IPCAt-1 )

where:

t – is the period of the time in
years;

Ot is the annual value readjusted of the
Fixed Contribution Ot-1 is the annual value of the Fixed Contribution in force;

IPCAt/IPCAt-1 is the accumulated variation
of IPCA in the period.

 

Section
V – The Stages to the Accomplishment of the Object

 

Subsection I – Stage I-A

 

		2.19.	After the implementation of the conditions of efficacy in line with the item 2.7. of the present
contract, it will initiate the Stage I-A, that contemplates the procedure of the operation transference of the Airport, in accordance
with the steps below, verified the specifications mentioned in Annex 9 – Operational Transference Plan.

		2.20.	Step 1 regards the presentation of the Operational Transference Plan – PTO. The Concessionaire
shall present to ANAC, in no longer than 10(ten) days after the Date of Efficacy of the Contract, the Operational Transference
Plan to the arrogation of all activities related to the Airport, containing all information demanded in Annex 9 – Operational
Transference Plan, of which will be analyzed by ANAC in no longer than 20 (twenty) days. When it is not approved, the Concessionaire
and ANAC will follow the same time limits of delivery and approval of a new plan.

		2.21.	Once approved the Operational Transference Plan by ANAC, it will initiate the Step 2, in conformity
with the statement detailed in Annex 9 – Operational Transference Plan – under the obligation of the Concessionaire
to execute the activities listed to this step, specially, to constitute a Transitory Committee, train and mobilize labor work and
pursue the necessary materials to initiate the arrogation of the Airport Activities.

		2.21.1.	The Step 2 of the Airport Transference will have a given period of 3 (three) months, from the date
of approval of the Operational transference Plan by ANAC.

 

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		2.21.2.	During all the period lasted in Step 2, it will be on Infraero to continue to execute the activities,
assisted by the representative of the Concessionaire, of which will have free access to all the Airport facilities, under the safety
norms in force.

		2.21.3.	The safekeeping of the existing properties and part of the Airport, as well as the expenses and
revenues affected over Airport activities related to Step 2 of the Transference, it will be of the Infraero responsibility, except
for the expenses of the Concessionaire referent to the obligations stated in item 2.21.

		2.21.4.	The Concessionaire shall notify all persons and legal entities that celebrate Contracts with Infraero
regarding the usage of the space in the Airport Complex, informing about the total sub-rogation to the Concessionaire, mentioning
that from the 1 (first) month that follows the end of Stage 2 the values resultant from the aforementioned contracts shall be paid
to the Concessionaire.

		2.21.5.	The Concessionaire shall notify the services renderer about the rescission of the contract from
the 1 (first) month that follows the end of Stage 2. The Concessionaire is responsible for the implementation of all necessary
measures for the rescission of the respective contracts.

		2.21.6.	During the Step 2 of the Stage I-A, the Infraero employees allocated to the Airport will continue
under the condition of Infraero’s employees and subordinated to the Infraero Board of Director, in conformity with the organizational
structure in force. The Concessionaire will not take any responsibility on the spending related to the employees. Infraero shall
only inform the labor and social security costs of the respective Airport to the Concessionaire.

		2.22.	Having finished the due period of time stated in the previous item regarding the Step 2, it is
on the Concessionaire to assume the effective operation of the Airport, by signing the Term of Definitive Acceptance and the Permission
of the Usage of the Assets of the Airport Facilities, stated in Annex 8 of the Contract, in observance to the application of the
Operational Transference Plan, leading to the initiation of Step 3 of the transference of airport activities, of which initial
duration of time is 3 (three) months, of that it can be postponed for no longer than 6 (six) months, under the condition of a previous
agreement between the Concessionaire and Infraero.

		2.22.1.	Infraero, by its representatives below mentioned, will keep track on the activities assumed by
the Concessionaire during all Step 3, giving support and necessary information.

		2.22.2.	All the spendings and revenues applied to the Airport Activities related to Step 3 will be of the
Concessionaire Responsibility.

 

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		2.22.3.	During the Step 3, of Stage I-A, Infraero’s employees who were allocated to the Airport will
continue under the condition of employees contracted by Infraero, but designated to work for the Concessionaire. Infraero shall
be reimbursed of all costs and labor and social expenses related to the allocated employees in the Airport, through the reimbursement
to be monthly paid by the Concessionaire in a period no longer than 10 (ten) days from the date of the presentation of the receipts
spent by Infraero.

		2.22.4.	After the end of Step 3,the Stage I-A will be considered concluded and the activities of maintenance
and exploration of the Airport to the concession totally transferred.

		2.23.	Additional revenues and expenses unduly attributed to the Concessionaire or to Infraero, either
by operational problems or by the absence of coincidences on the dates of detection, shall be object of value adjustment between
the Concessionaire and Infraero, within a period no longer than 30 (thirty) days from the presentation of the supporting documentations.

 

Subsection II – Stage I-B

 

		2.24.	Having implemented the conditions stated in item 2.7 of the present contract, it will initiate
the Stage I-B, that contemplates the activities of amplification of the Airport to the adequacy of the infrastructure and improvement
of the level of service, where the concessionaire within a period no longer than 90 (ninety) days shall:

		2.24.1.	submit the Basic Project of Investment of amplification and adequacy of the Airport facilities;
and

		2.24.2.	submit the time schedule of the investment performance to the approval of ANAC.

		2.25.	The Basic Project shall be elaborated in accordance with PEA, containing the necessary and sufficient
elements, with an adequate degree of precision, to characterize the works and services to be done, allowing the evaluation of the
applicable method and of the due time to the performance of the investment.

		2.26.	Within a period no longer than 30 (thirty) days, ANAC will analyze and approve the Basic Project
and might emit partial authorizations of construction during the period of analysis. The approval of the Basic Project by ANAC
does not exclude the necessity of its later changes to additional adequacy to the constant requirements in the body of the contract,
legislation and regulations of the sector. The recovery can only take place in the economical-financial stability in the situations
stated in Chapter V, Section I, of the present Contract.

 

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AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

		2.27.	Within a period no longer than 30 (thirty) days after the approval of the Basic Project, the Concessionaire
shall initiate the work to amplify the Airport, under the terms of the present Contract.

		2.28.	The Concessionaire shall submit to ANAC all modifications done in the Basic Contract, after its
initial approval, to the analysis and new approval of this Agency.

		2.29.	When the Basic Project is not approved, the Concessionaire will have the maximum due term to be
settled by ANAC to represent it, with necessary adequacies.

		2.30.	In a period no longer than 90 (ninety) days previous to the date intended by the Concessionaire
to the beginning of the operation of the Airport new structures, the Concessionaire shall submit the revision of the Book of Operations
with the addition to new Airport facilities, to the ANAC approval, in conformity with the specific regulatory in force, to the
airport certification.

		2.31.	Within a period no longer than 30 (thirty) days previous to the date intended by the Concessionaire
to the beginning of the operation, the Concessionaire shall deliver the Project As Built of the new facilities to ANAC, in order
to have it registered.

		2.32.	The Stage I-B will last within the maximum period accepted in PEA. The Concessionaire shall accomplish
entirely its obligations within the given period.

		2.33.	When delay might occur by the Grantor, the mentioned period will be added to the time given in
the previous item.

 

Subsection III – Stage I-C

 

		2.34.	After finishing the Stage I-B it will initiate the Stage 1-C, that contemplates the activities
of the amplification of the Airport and the adequacy of the infrastructure to the total recovery of the level of service to the
established in PEA.

		2.35.	During the Stage I- C the Concessionaire shall make the necessary investments to the fulfillment
of the demand staged in PGI in force with the level of service established in PEA to all Airport facilities.

 

Subsection IV – Stage II

 

		2.36.	After finishing Stages I-A, I-B and I-C of the Contract, it will initiate the Stage II, where the
Concessionaire shall comply entirely with the obligation to maintain the level of service established in PEA.

		2.37.	In every event of the Trigger Investment, the Concessionaire shall submit to ANAC, within no longer
than 90 (ninety) days, the Basic Project of the investments suitable to the maintenance of the level of service, stated in the
PGI in force.

 

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		2.38.	The dispositions mentioned from items 2.25 to 2.32 are applicable to all events of the Trigger
Investment.

		2.39.	During the Stage II, the Airport shall operate in conformity with the stated in the Contract, in
its Annexes, under the regulation and legislation in force.

 

Section
VI – The properties that compound the Concession

 

		2.40.	It compounds the concession the necessary properties to the rendering of Airport Exploration Service
already available by the Public Power and to be incorporated by the Concessionaire, under the terms of PEA.

		2.41.	The properties that compound the concession regard the following:

		2.41.1.	delivered by the Union, in conformity with the inventory mentioned in the Term of Definitive Acceptance
and the Permission to Use the Assets;

		2.41.2.	to be constructed by the Public Power, in conformity with Annex 3 – Public Power Work; and

		2.41.3.	acquired by the Concessionaire to the Airport Exploration.

		2.42.	The properties that compound the Concession will be considered bounded while necessary to the Airport
Exploration, in conformity with the up-date of the Service and the necessities derived from the Airport Complex.

		2.43.	The properties that compound the Concession resultant from the investments made by the Concessionaire
shall be depreciated and amortized within the duration of the Concession in accordance with the terms of the legislation in force.

		2.44.	In the last 5 (five) years of the validity of the Contract, any new investment made in properties
that compound the concession or acquisitions of new properties will depend on previous and written authorization of ANAC.

 

Section
VII – Public Power Constructions

 

		2.45.	The constructions and services listed in Annex 3 – Public Power Constructions are of Infraero’s
liability, that is responsible for promoting all necessary actions to the contract and complete execution of the respective contracts,
in accordance with the time schedule mentioned in the aforementioned Annex, paying the specific debts.

		2.46.	Delays in the celebration of the contract of which is the object of the present item or in its
execution that generates a non-compliance with any of the fixed dates in the time schedule mentioned in Annex 3 – Public
Power Work, do not free the Concessionaire from its duty to comply with the Contract.

 

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		2.47.	When Infraero does not celebrate the contracts under its responsibility within the pre- determined
period, the Concessionaire might, in order to guarantee the compliance of the Contract of Concession, contract a construction or
service listen in Annex 3 – Public Power Works in the market, in line with the articles in Law n. 8.666/1993 and complementary
regulation applicable to Infraero whenever it is suitable. When the Concessionaire effectively executes any work, Infraero shall
reimburse the Concessionaire in observance to the maximum value of the reimbursement established in Annex 3 – Public Power
Construction to each case and mentioned in item 2.52.

		2.48.	When Infraero celebrates the contracts under its responsibility, the Concessionaire might, at its
own criterion and at any given moment, request Infraero the compulsory subrogation by the Concessionaire as a contractor in the
contracts celebrated by Infraero.

		2.49.	In the case of compulsory subrogation to the Concessionaire of the contracts under Infraero’s
responsibility, it will be of the Concessionaire duty to decide on the maintenance, review or rescission of the subrogated contracts.

		2.49.1.	When the Concessionaire decides not to keep the subrogated contract, it will be of its own expenses,
with no rights whatsoever to be reimbursed, about all costs and encumbrances related to the anticipated extinction of the contract.
However, the Concessionaire will have the right to be reimbursed for the amount spent with the execution of the constructions that
have taken on, in observance to the item 2.52 and the previously amount fixed in Annex 3 – Public Power Works.

		2.49.2.	If, by any reason, the compulsory subrogation is not done within a period no longer than 30 (thirty)
days after the Concessionaire have requested to Infraero, the Concessionaire might contract a work or service, in observance to
the Law n. 8.666/1993 and complementary regulatory applicable to Infraero, upon reimbursement for the amount spent with the execution
of the constructions that have taken on, in observance to the item

		2.52.	Infraero shall pay all costs and encumbrances spent with the anticipated extinction of the contract.

		2.49.3.	When the Concessionaire keeps the subrogated contract, it will be reimbursed in the costs spent
with the contracted party under the statement and limits of the subrogated contract, but it will not hold any right to be reimbursed
by any means for the construction, services and costs added in virtue of the additional clauses in the contract or circumstances
of execution, observed the item 2.52.

		2.50.	When the Concessionaire chooses not to request the compulsory subrogation of the contracts celebrated
by Infraero, the Concessionaire will have the right to directly keep track on the execution of the aforementioned contracts, with
access to all detained information by the contracted party or by Infraero regarding the contract and its execution, monthly informing
to Infraero, the result of its analysis. The non-communication within the given period of time shall be interpreted as accepted
by the executed party.

 

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		2.51.	The reimbursement to be paid by Infraero under the terms of the present Section will be done within
a period of time no longer than 30 (thirty) days from the date of request by the Concessionaire, in observance to the following
conditions:

		2.51.1.	When the Concessionaire celebrates a new contract, under the terms of the items 2.47 the present
contract shall detain the same object mentioned in Annex 3 – Public Power Work and the maximum value limited to the amount
stated in the same annex.

		2.51.2.	Infraero shall reimburse only the value proportionally to the amount indicated in Annex 3 –
Public Power Works or in the new contract, whichever is the lowest, based on the percentage of the execution in the physical-financial
time schedule of the work effectively measured by Infraero.

		2.52.	When Infraero delays the payment of the reimbursement, the late payment shall be accrued monthly
by the IPCA to date.

		2.53.	The responsible for the execution of the constructions mentioned in Annex 3 – Public Power
Construction, either Infraero or the Concessionaire, shall submit the As built Project to ANAC within a period no longer than 30
days.

		2.54.	The Concessionaire can always request ANAC for assistance to mediate and solve conflicts with Infraero
resultant from the execution of constructions and services listed in Annex 3 – Public Power Works and of other contracts
under the responsibility of Infraero that interfere in the satisfactory execution of the Contract of Concession.

 

CHAPTER
III – THE RIGHTS AND DUTIES

 

		3.1.	The rights and duties of the Concessionaire during the period of the duration of the Concession
are as follow:

 

Section
I – The Concessionaire

 

Subsection I – The General Duties

 

		3.1.1.	comply and demand fully compliance of the Contract, in conformity with the legal dispositions and
regulations, and also the provisions of ANAC publicized at any given time;

		3.1.2.	satisfy the demands, recommendations or observations made by ANAC, in conformity with the fixed
period of time given in each case;

		3.1.3.	comply with the legal dispositions stated in the labor law, social security law, safety and occupational
health, related to its employees and outsourced;

 

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		3.1.4.	keep, during the execution of the Contract, in all applicable means, all the conditions of licensing
and qualifications demanded in the bid;

		3.1.5.	keep to all activities related to the execution of the engineering services, the regularity before
the Regional Committee of Engineering, Architecture and Agronomy – CREA, including the third parties contracted;

		3.1.6.	keep, in good working order, conservation and security, under its own costs, the necessary goods
to the rendering of Services the integrate the Concession, during the duration of the Contract;

		3.1.7.	take over entirely the Contracts that regard the cession of space in the Airport Concession, in
conformity with the hired conditions, upon total subrogation of the rights and duties;

		3.1.8.	adhere to educational campaigns, informative, operational and others, limited to the operated equipment
and area related to the Concession, in agreement and according to the directives of ANAC and COMAER.

		3.1.9.	Guarantee to its employees:

		3.1.9.1.	continuous investments in enablement, training and orientation; 3.1.9.2.settlement of the Joint
Commission of health and security, of which the framework of functioning and composition shall be agreed between the Concessionaire
and the airport labor union representation;

		3.1.9.3.	airport labor union representation in the work location, guaranteed the current necessary facilities
to its functioning in the airport;

		3.1.9.4.	maitenance of the same database of the Infraero’s employees. 3.1.10.observe, except for the
cases of contracting the rendering services by Infraero, the restrictions imposed to the third parties to each airport, in conformity
with the norms, decisions and agreement in force on the date of the publication of the call for Bid. When changes addressed to
the Concessionaire might occur, all decisions shall be made in accordance with the law in force.

 

Subsection II – The Rendering
of Services

 

		3.1.11.	assure the adequate rendering of service granted, in conformity with defined in article 5 of the
Federal Law n. 8.987/95, using all the means and resources that are at its disposal, including, and not limiting, to all investments
and future expansions, necessary to the maintenance of the quality service;

		3.1.12.	assure the adequate rendering of service granted, in conformity with the existing demand and in
agreement with the statement in PEA, according to the definitions and time limited in the aforementioned Annex;

		3.1.13	execute services and management programs, as well as offer training to its employees, seeking for
the improvement of the services and comfort to the users with the objective to answer PEA;

 

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		3.1.14.	meet and draw efforts to meet in an adequate way, the general public and the users, in special;

		3.1.15.	keep in-person and electronic customer service to the Users and an ombudsman to verify the complaints
regarding the execution of the contract of concession;

		3.1.16.	execute all services, controls and activities related to the Contract, with care and diligence,
applying the best technique applicable to each of the tasks developed;

		3.1.17.	submit to the approval of ANAC the proposals of improvement implementation of services and the
new technologies;

		3.1.18.	elaborate and implement schemes of services to emergencies that involve the users of the Airport,
in line with all circulars and norms related to the sector, making available human resources and the necessary materials;

 

Subsection III – Operational
Activities

 

		3.1.19.	obtain previous approval of ANAC to projects, plans and programs related to the amplification and
operation of the Airport;

		3.1.20.	provide all the necessary licenses to the execution of the airport construction, observed the conditionals
stated in the Previous Licenses and of Settlement obtained from the Grantor and the new demands of the Environmental Agencies in
result of the project adopted by the Concessionaire;

		3.1.21.	comply entirely with the environmental conditions and compensatory measures of the Previous Licenses,
the Settlement and the Airport Operation and with new demands requested by the Environmental agencies;

		3.1.22.	have ensured the capacity of the runaway by the competent authority, in conformity with Annex 10
- Capacity of the Runaway System;

		3.1.23.	inform previously the Users about the time schedule of the works to be initiated in the Airport
Complex, in order to assure the predictability about the infrastructure functioning;

 

Subsection IV – Information

 

		3.1.24	inform and clarify information requested by ANAC, guaranteeing its access, at any given time, in
all Airport facilities;

		3.1.25	make public to the population and users in general, whenever there is a change in the tax charged,
the new cost and the date within at least 30 (thirty) days before its enforcement, in conformity with the procedure previewed in
Annex 4 – Tariffs;

		3.1.26	submit reports containing information of the Concession, under the terms of the present Contract
and of the regulations emitted by ANAC and under the time period defined in such acts, in special, all information stated in PEA,
as well as the statistics of the traffic and the number of passengers listed within the period;

 

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		3.1.27	in no detriment to additional and future regulations emitted by ANAC, make available up-dated data
bank, in electronic base, able to generate report with information of the Concession, enabling ANAC to have a constant, unrestricted
and immediate access to the aforementioned data bank;

		3.1.28	keep ANAC informed about all and any facts that is not in conformity with the operation adequate
to the Airport, considering as such the non- compliance to the statements established in PEA or potential non-compliance with the
legal norms or regulations of the section;

		3.1.29	report in the written form to ANAC, within 24 (twenty four) hours, any occurrence or accident that
affect the security of the Airport, independently from verbal communication, of which, in this case, shall be made immediately;

		3.1.30	make available to ANAC all and any documents and information related to the Concession, including
contracts and agreements of any nature made with third parties, having the option to verify and to audit;

		3.1.31	inform ANAC about the financing conditions and of the legal means that ensures the execution of
the object of the Concession;

		3.1.32	inform ANAC about the changes in the financing conditions stated in item 3.1.30, as well as about
the agreement with any of new financing, of which is not permitted:

		3.1.32.1	the concession of loan, financing and/or any other means of transferring the resources to its shareholders
and/or Related Parties, except the transference of resources as a way of distributing dividends, interests on equity capital and/or
payments by the engagement of constructions and services celebrated in equal conditions of the market; and

		3.1.32.2	the loan granted, guarantee or any way to secure in favor of its Related Parties and/or third parties;

		3.1.33	Make public the contracts celebrated with the Related Parties, under the terms stated by ANAC.

 

Subsection V – Investments

 

		3.1.34	execute the investments and services of its responsibility, in accordance with the terms of PEA,
as well as observing the due date predetermined in the time schedule to invest;

		3.1.35	have all materials, equipment, accessories and human resources at its disposal that are necessary
to the perfect operation of the services granted;

		3.1.36	submit to ANAC the documents stated in PEA in order to detail the investment plan and/or the operational
actions necessary to the maintenance of the level of service;

 

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		3.1.37	make investment and/or operational actions necessary to keep the stability of the capacity of other
operational components of the Airport with the Passenger Terminal, in conformity with the stated in Annex 2-PEA;

		3.1.38	submit to the approval of ANAC the investments to be made to the operation of the new settlement
in the Airport;

		3.1.39	expropriate real properties that do not hold decree of declaration of public utility previously
publicized and in force when the event of the public auction section and indemnify the landlords. It is also demanded to request
the publication of the decrees to the Grantor and the necessary power of grantor, under the terms of article 29, VII of Law 8.987/95;

 

Subsection VI – The Corporative
Governance

 

		3.1.40	observe standard of corporative governance and adopt accounting and financial statements standardized;

		3.1.41	ensure the employees of the Concessionaire, under the terms of the Social Statute, the right to
appoint a member to the Council of the Concessionaire Administration;

		3.1.42	publicize, in line with the legislation, the financial statements and keep the accountant records
of all operations in conformity with the applicable legislation to the public corporations under the terms of Law 6.404/76 of the
Securities Commission regulation (CVM) and other incidental norms edited by ANAC;

		3.1.43	submit to ANAC:

		3.1.43.1	quarterly:

		i.	within a period no longer than 45 (forty five) days after the end of each quarter the analytical
monthly trial balance; and

		ii.	an affidavit of the Concessionaire containing the value of its social paid-in capital and the modifications
in the shareholder composition;

		3.1.43.2	yearly, until the due date 15(fifteen) of May of the following year: the accountant records, in
all mandatory forms, such as, Balance Sheet (BP), Income Statement (DFC), Statement of Changes in Stockholders’ Equity (DMPL),
Added Value Statement (DVA) with the respective explanatory observations and the Reports of the Board of Directors and of the Supervisory
and Administrative Boards, the Opinion of Independent Auditors, as well as the Trial Balance of the end of the financial year with
the modifications made and respective credits;

		3.1.43.3	When the Concessionaire constitutes an associate, the accounting statements stated in items 3.1.42.1
and 3.1.42.2 shall also be submitted individually to each associate constituted;

		3.1.43.4	The opinions of item 3.1.42.2 shall hold a specific chapter related to the value of the Variable
Contribution.

 

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		3.1.44	keep the inventory and the records of the returnable properties up-dated, in conformity with the
stated in the Contract and the regulation in force;

 

Subsection VII – The Share Capital

 

		3.1.45	The Concessionaire shall, in the duration of the contract, keep share capital subscribed and paid-in
of, at least, R$ 243.251.000,00 (two hundred and forty-three million, two hundred and fifty-one thousand reais), under no circumstances
will be allowed its reduction without previous and written authorization from ANAC:

		3.1.46	Pay-in the total amount of the minimum share capital under the pre- determined period of time to
the end of Stage I-B.

 

Subsection VIII – The Responsibility

 

		3.1.47	respond before ANAC and third parties, under the terms admitted in the legislation in force;

		3.1.48	respond for the possession, custodian, maintenance and surveillance of all properties that compound
the Concession, in accordance with the stated in the Contract and regulation in force, except for the item 2.21.3;

		3.1.49	compensate ANAC and other consenting and intervenient parties of all expenses resultant from the
legal impositions to the satisfaction of the obligations originally of the Concessionaire responsibility, including the labor claims
brought by the employees or third parties bounded to the Concessionaire;

		3.1.50	inform ANAC, immediately, when noticed or communicated of any legal claim or administrative procedure,
that might result in ANAC’s liability, or of the intervenient, including the terms and procedures deadlines, a well as draw
the best effort defending common interests, practicing all procedures acts appropriated with this aim;

		3.1.51	respond for the adequacies and quality of the investments made, as well as for the compliance with
the contractual obligations, regulatory and legal related to the time schedule, projects and settlements.

		3.1.51.1	the approval by ANAC of the time schedules, projects and settlements submitted do not exclude the
exclusive responsibility of the Concessionaire for the adequacy and quality of the investments made, as well as for the compliance
with the contractual obligations, regulatory and legal;

		3.1.52	respond before ANAC and third parties for the services sub-rendered;

		3.1.53	totally respond for potential indemnities owe to the holders of the contracts regarding the cession
of space in the Airport Complex when the Concessionaire gives reason for the mentioned indemnity;

 

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Subsection IX – The Insurances

 

		3.1.54	contract and keep valid, in the duration of the Concession, the insurance policy, with minimum
period of validity of 12 (twelve) months, that ensures the continuity and of the operations made in the Airport, adequate to cover:

		3.1.54.1	the losses caused to the civil constructions, equipment and machineries employed to the amplification
or reconstruction of the Airport, including losses derived from acts of god or force majeure, with a maximum limit of insurance
under the minimum equal to the value of the properties insured;

		3.1.54.2	the losses caused to chattels and real properties that compound the concession, under the terms
of the present contract, including losses resultant from the acts of god and force majeure, with a maximum limit of insurance under
the minimum equal to the value of the properties insured;

		3.1.54.3	material and pain and suffering damages to third parties, resultant from the works and activities
performed by the administrators, employees, representatives, or delegates of the Concessionaire, and that hold civil liability,
with maximum limit of guarantee the same of the best practice of the market to each sinister;

		3.1.55	submit to ANAC, before the initial STAGES I-A and I-B, and II and in the existence of a new cycle
of investments, the proof the insurance policies demanded in the present subsection and applicable to each of these stages are
in force;

		3.1.56	periodically up-date the insurance contracted, every 12 (twelve) months from the date of the initial
contract, including events or sinisters that are not covered by the insurance company in Brazil when the initial contract;

		3.1.57	inform ANAC, yearly, all the properties covered by the contracted insurance and how it is calculated
the maximum limit of the indemnity of the insurance policy to each sinister;

		3.1.58	respond for the comprehension or omissions resultant from the performance of the insurance, as
well as for the total payment of the franchising in case of sinister takes place;

		3.1.59	name ANAC as co-insured of all insurances, according to the characteristics, purpose and ownership
of the properties involved. The insurance policies might additionally name as the beneficiary, financial institution creditor of
the Concessionaire, as long as do not compromise the operation and the continuity of the rendering of service;

		3.1.60	track the records of the insurance policy of written authorization to the insurance company to
contract the reinsurance together with the international reinsurance companies, when it is the case;

 

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		3.1.61	send to ANAC, with a minimum period of 30(thirty) days of its maturity date, the proof that the
insurance policies have been renewed or will be unconditionally renewed before the maturity;

		3.1.62	in no detriment to stated in item 3.1.57, every modification in the contract of the insurance policy,
including those related to the cancelling, renewal, modification and replacement of any of the policies, shall be previously communicated
to ANAC;

		3.1.63	When the Concessionaire does not prove the renewal of the policies under the pre-determined period
stated in item 3.1.60, ANAC will be authorized to contract the insurances and charge the Concessionaire the total value of the
premium, in no detriment to other contractual sanctions applicable to the case;

		3.1.64	in the situation stated in item 3.1.63, the Concessionaire will remain responsible for the contractual
obligations, independently from the option of ANAC to the engagement or not of the insurances;

 

Subsection X – Insurance of
Contractual Execution

 

		3.1.65	offer Insurance of Contractual Execution in one of the following modalities, defined under its
own criterion, in order to ensure the accomplishment of the obligations stated in the present Contract:

		3.1.65.1	escrows, either in cash or federal public debt securities;

		3.1.65.2	insurance base of which policy shall observe, at minimum, the content of Annex 6 – Models
and Minimum Conditions to the Contractual Bond; or

		3.1.65.3	bank issued bonds, under the requirements of Annex 6 – Models and Minimum Conditions to the
Contractual Bond;

		3.1.66	maintain in force the Insurance of the Contractual Execution in values and pre-determined time
period established below, under any of the aforementioned conditions stated in the previous item, naming ANAC the beneficiary:

 

	Events of the Concession	 	Value
	During the Stage I-B of the Contract – from the signature of the Contract to the end of Stage I-B of the Contract.	 	
        R$ 266,732,000 (two hundred sixty-six
million and seven hundred and thirty two thousand reais); 

	 	 	 
	After  the  end  of  Stage  I-B  of  the  Contract: from the end of Stage I-B of the Contract to the end of the Contract.	 	
        R$ 133,366,000 (one hundred thirty
three million and three hundred sixty-six thousand reais); 

	 	 	 
	
        Trigger Investment: from the occurrence of one
of the events pre-determined in PGI as Trigger Investments.
	 	10% (ten per cent) of the value of the expected investments.
	 	 	 
	Rescission of the Contract: for the period of 24 (twenty-four) months after the end of the contract.	 	
        R$ 19,159,000 (nineteen million,
one hundred fifty nine thousand reais); 

 

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		3.1.67	keep the integrity of the Insurance of Contractual Execution in the duration of the Contract, in
line with the values abovementioned. Independently from previous notice of the overdue payment, it shall mandatorily:

		3.1.67.1	renew validity duration of the modalities that mature in the duration of the Contract, proving
the renewal to ANAC 30 (thirty) days before the due date;

		3.1.67.2	readjust periodically the Insurance of Contractual Execution, on the same date and by the same
formula applicable to the Fixed Contribution, completing the value that resulted from the application of the periodical readjustment
over the initial amount;

		3.1.67.3	reimburse the values that have possibly been used to the coverage of any of the payment obligations
covered by the Insurance of Contractual Execution in a period no longer than 30(thirty) days from the effective usage, independently
from the dispute/discussion, legal or administrative, of intentional wrong or recklessness;

		3.1.67.4	respond to the difference of values, when the Insurance of Contractual Execution is not sufficient
to cover the value of all payment obligations regarded by them. These payments can be charged by all legal means accepted; and

		3.1.67.5	submit to the previous approval of ANAC additional modifications in the content of the guarantee
letter or in the insurance base, as well as additional substitution of the Insurance of Contractual Execution by any of the modalities
admitted.

		3.1.68	The escrow in cash shall be done in deposit in a bank account to be given by ANAC.

		3.1.69	The escrow under federal public debt securities shall be given by debt securities emitted under
the book-entry form, upon the registration in centralized system of debt clean up and custody by the Brazil’s Central Bank
and evaluated by its economical values, in conformity with the Ministry of Finance.

		3.1.70	The guarantee letters and the insurance base policies shall have a minimum duration of 1 (one)
year, holding the Concessionaire the full responsibility to keep them plenty validity and uninterrupted in the duration of the
Concession. To this end, the Concessionaire will promote the necessaries renewals and up-dates.

		3.1.70.1	The contract of the insurance base shall be made with first line insurance and reinsurance company,
which means, those of which the rate of financial strength in national scale is above or equal to “Aa2.br”, “brAA”
or “A(bra)”, depending on what publicized by the credit rate agencies Moody ́s, Standard & Poors or Fitch,
respectively;

 

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		3.1.70.2	If it is chosen the contract of bank issued bonds, it shall: (i) be submitted the original document
(photocopies will no be accepted in any means), (ii) have its value indicated in Reais, (iii) name the Grantor as beneficiary,
(iv) be properly signed by the administrators of the guarantor financial institution and (v) pre-determine the abdication of the
benefit of privilege.

3.1.70.2.1
The contract of the insurance base shall be made with first line insurance and reinsurance company, which means, those of which
the rate of financial strength in national scale is above or equal to “Aa2.br”, “brAA” or “A(bra)”,
depending on what publicized by the credit rate agencies Moody ́s, Standard & Poors or Fitch, respectively;

		3.1.71	The insurance of Contractual Execution can be used under the following occurrences:

		3.1.71.1	when the Concessionaire does not accomplish the obligations pre- determined in PEA;

		3.1.71.2	when reversible properties are returned in no compliance with the demands stated in the Contract;

		3.1.71.3	when the Concessionaire does not proceed to the payment
of the fines received, under the statements of the Contract and regulations of ANAC; and

		3.1.71.4.	when the Concessionaire does not pay, in due time, other
indemnities or pecuniary obligations to the Grantor, as a result of the Contract, except for the taxes.

		3.1.71.5	when there is delay or defaults in any rights assured to
the employees of the Concessionaire, including the non-payment of the employer contribution to Infraprev.

		3.1.72	If, after having finished the pre-determined due date in the Contract, the Concessionaire still
remains with irregularities related to the Insurance of Contractual Execution, the Grantor is permitted to contract the Insurance
of Contractual Execution in place of and to the expenses of the Concessionaire, in no detriment to the penalties applicable.

 

Section
II – The Grantor

 

		3.2.	The rights and duties of the Grantor are:

		3.2.1.	ensure the accomplishment of the contractual obligations, preserving the rights of ANAC, of the
Concessionaire and of the Users;

		3.2.2.	regulate the render of services in the Airport, its operation and maintenance;

		3.2.3.	demand from the Concessionaire the strict obedience to the specifications and contractual norms;

 

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		3.2.4.	accomplish and make it accomplish the regulatory dispositions of the Concession;

		3.2.5.	investigate the good quality of the services, as well as receive and report manifestations and
complaints of the Users;

		3.2.6.	approve the projects, plans and time schedule related to the implementation of the Airport, as
well as demand the modifications that revel to be necessaries to PEA;

		3.2.7.	reject or waive any service in execution, that put at risk the public safety and third parties
properties;

		3.2.8.	at its own criterion, execute the inspections and auditing to verify the conditions of the facilities,
equipment, security and functioning of the Airport;

		3.2.9.	keep track and support with the best effort the Concessionaire in institutional actions with competent
sectors;

		3.2.10.	emit authorization to the Concessionaire to the use and/or access of the area of the Airport, and
to the properties related to the object of the Concession, through Annex 7 – Term of Provisory Acceptance and of Permission
to Use the Assts and through the Annex 8 – Term if Definitive Acceptance and of Permission to Use the Assets;

		3.2.11.	sign all necessary partnerships and agreements that are necessary to the execution of the object
of the present Concession, with public sectors, as an intervenient;

		3.2.12.	communicate the Concessionaire, immediately, when noticed or communicated of the legal claims or
administrative that might result in the Concessionaire’s liability, or of the intervenient, including the terms and procedures
deadlines, a well as draw the best effort defending common interests, practicing all procedures acts appropriated with this aim.
It is upon the Concessionaire to exercise any of the procedures aforementioned of third parties interventions;

		3.2.13.	Communicate the financial institution or the insurance company responsible for giving the Insurance
of Contractual Execution, as well as the financing entities of the Concessionaire, whenever there is an administrative procedure
to decree the intervention, expropriation for public and social interest or the sunset-law;

		3.2.14.	collaborate, in the limits of its institutional actuation, with the financing entities of the Concessionaire,
to contribute with the viability of the investment financing, in a way to turn possible the total execution of the object of the
Concession;

		3.2.15.	expropriate the real properties that received decrees of public utilities already publicized and
in force when the event of the public auction section, indemnify its landlords and make available the area of the Airport free
and non-bonded to the Concessionaire, without any encumbrances; and

 

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		3.2.16.	adopt any procedural instrument to the third party intervention.

 

Section
III – The User

 

		3.3.	The rights and duties of the Users are:

		3.3.1.	receive the adequate service within the parameters determined by ANAC;

		3.3.2.	receive from ANAC and the Concessionaire information related to the tariff value issues;

		3.3.3.	pay the tariffs and taxes, except for the situations determined under the law in force;

		3.3.4.	inform ANAC, the Concessionaire and the competent authorities the irregularities known by the user,
related to the service rendered; and

		3.3.5.	contribute to the preservation of the good conditions of the public properties from where it will
be rendered the services.

 

CHAPTER
IV – REMUNERATION OF THE CONCESSIONAIRE

 

		4.1.	The remuneration of the Concessionaire will be composed by 2(two) different installments of revenue:

		4.1.1.	Revenue Tariffs; and

		4.1.2.	Non- Tariffs

		4.2.	The Concessionaire is authorized to give in the fiduciary form to the Financial Backers, under
article 28-A of Law 8.987/95, the credits resultant from the Revenue Tariffs and Non-Tariff, with the aim to guarantee to the long
term loan agreement, up to the limit that does not compromise the operation and the continuity of the rendering of service.

 

Section
I – The Revenue Tariffs

 

		4.3.	The Revenue Tariffs will be constituted by the Tariffs, determined in Annex 4 – Tariffs,
collected by the Concessionaire, that is forbid to create any other chargeable tariff that is not predetermined in the aforementioned
annex, except for the situation stated in item 4.9 of this contract.

		4.4.	The Tariffs applicable by the Concessionaire will be limited to the maximum limit established in
Annex 4, in accordance with the rules of readjustment and of the Revision of the Concession Parameter mentioned in the body of
the contract and other applicable dispositions.

		4.5.	The Concessionaire can give discount in the Tariffs, based on objective parameters previously publicized,
such as the quality of the service, the time, day or season, in conformity with stated in Annex 4 – Tariffs.

 

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		4.6.	The discounts on the tariffs given shall be extended to any User that fulfils the conditions to
its fruition.

		4.7.	The discounts practiced by the Concessionaire in relation to the tariffs cannot be used as a reason
for the recovery of the economical-financial stability of the Contract.

		4.8.	The Concessionaire shall inform ANAC about the discount given, in no detriment to the statement
in the applicable regulation.

		4.9.	Any modifications in the structure of the tariff system of the Contract, resultant from the law
or ANAC’s new regulation, will be reflected in the present Contract.

		4.10.	The collection of the Tariffs will be done in accordance with the rules determined in Annex 4 –
Tariffs.

 

Section
II – Non-Tariff

 

		4.11.	The Concessionaire can explore the economical activities that generate Non- Tariff Revenues, as
it is stated in PEA, directly or through the celebration of contracts with third parties, under the private law.

		4.12.	The exploration of the economical activities that involves the utilization of the space in the
Airport Complex shall be in line with the regime determined in Chapter XI – The Utilization of the Space in the Airport Complex.

		4.13.	The Concessionaire can only exercise economical activities distinctive to the airport business,
generating Non-Tariff Revenues, within the Airport Complex, through the wholly owner subsidiaries, adopting separate accountant
to each of the activities explored by its wholly owner subsidiaries, according to the accountant norms in force, allowing ANAC
also to inspect this wholly owner subsidiaries whenever it sounds necessary.

		4.13.1.	It is forbidden the participation of the wholly owner subsidiaries of the Concessionaire in other
societies.

		4.14.	It is not permitted to the Concessionaire to celebrate contracts with its Related Parties or with
the Private Shareholder Related Parties, to explore economical activities that generates Non-Tariff revenues, in accordance with
the statement predetermined in PEA.

 

CHAPTER
V – THE ALLOCATION OF RISKS

 

		5.1.	The risks resultant form the execution of the Concession will be allocated to the Grantor and to
the Concessionaire, in accordance with the following dispositions:

 

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Section
I – The Risks of the Grantor

 

		5.2.	It constitutes risks taken exclusively on the Grantor’s, that might give rise to Extraordinary
Review, under the statements of the present contract:

		5.2.1	modifications in the Basic Plan by ANAC’s request or by other public entities, except if
such changes are resultant from the non-compliance with the Basic Project and the legislation in force or with information mentioned
in PEA;

		5.2.2	modifications in the specifications of the services as a result of new demands of security procedure
by ANAC’s request or as a result from the new legislation or Brazil’s public regulation;

		5.2.3	operational restriction resultant from public entities decision or omission, except if resultant
from attributed fact to the Concessionaire;

		5.2.4	delay in liberating the access to the local of the constructions or non- possibility of vesting
the possession by facts not imputable to the Concessionaire and that give rises to its prejudice;

		5.2.5	creation of tariff benefits by the Public Power;

		5.2.6	creation or extinction of the Airport Tax;

		5.2.7	changes in the tax law rising the costs of the construction, operational costs of maintenance costs
of the machineries, except the changes in the taxes on the income;

		5.2.8	occurrence of Acts of God or force majeure, except when the coverage can be contracted together
with the insurance companies institutions, in the Brazilian market, on the date of the event or when the policies in force cover
the event;

		5.2.9	existence of place or archeological properties in the Airport field, as well as the costs resultant
from the aforementioned event;

		5.2.10	the consequent obligations assumed by the Grantor, listed in Section II – Grantor of CHAPTER
III- THE RIGHTS AND DUTIES;

		5.2.11	delays resultant from the non-acquisition of authorizations, licenses and permission of the Federal
Public Administration organs mandatory to the construction or operation of the new settlements, except if resultant from imputable
fact to the Concessionaire.

		5.2.12	delays in the works resultant from the late acquisition of the environmental licenses when the
period of analysis of the environmental sector responsible for emitting the licenses takes more than the legislation, except if
resultant from imputable fact to the Concessionaire.

		5.2.13	costs related to the liabilities resultant from the labor relations previous to the date of the
transference of the working contract, either or not object of judicial claim, including all social security encumbrances, in observance
to the item 2.21.6

 

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		5.2.14	costs related to the fiscal liabilities, social securities, civil and others resultant from the
acts or previous fact to Step 3 of Stage I-A, except if resultant from acts of the Concessionaire related to the execution of Stage
I- B of the Contract; and

		5.2.15	costs related to the environmental liabilities with origin and that has yet been known to the date
of the publication of the Invitation to Auction of the Concession.

		5.2.15.1	Costs related to the confirmation of the existence of soil and groundwater contamination in the
area of the airport resultant fro the acts or fact previous to the Date of Efficacy of the Contract.

		5.3	The Concessionaire is exclusively and entirely responsible for any other risks related to the present
Concession, except for the ones expressly allocated to the Grantor in the Contract.

 

Section
II – The Risks of the Concessionaire

 

		5.4	In observance to the item 5.2., it is constituted risks exclusively borne by the Concessionaire:

		5.4.1	price increase in the input to the execution of the constructions, except those directly resultant
from the tax changes, under the terms of item 5.1.7;

		5.4.2	investments, costs or additional expenses resultant from the elevation of the operational costs
and of purchase or maintenances of the equipment;

		5.4.3	non-realization of the projected demand or its reduction by any reason, as well as if resultant
of the implementation of new airport infrastructures in or out the area of control of the Airport, except for the previous stated
in item 5.1.3;

		5.4.4	incorrect estimative of the costs of investments to be done by the Concessionaire;

		5.4.5	Investments, costs or additional expenses necessary to accomplish PEA or of any contractual obligations,
the level of the service mentioned in the quality of the rendering of services predetermined in the Contract;

		5.4.6	incorrect estimative of the time schedule of the investment execution;

		5.4.7	losses resultant from the fault in the security of the place of the execution of the works;

		5.4.8	geological situation of the Airport different from the stated to the execution of the works, except
for the statement determined in item 0;

		5.4.9	capital cost increase, including the results of the increase in the interest rates;

		5.4.10	variation of the rate of exchange;

		5.4.11	variation of the demand for services rendered in the Airport; 5.3.12.default of the Users in the
payment of the Tariffs;

 

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		5.3.13.	losses to third parties directly or indirectly caused by the Concessionaire or by any other person
or legal entity bonded to the Concessionaire, as a result of the construction or rendering of Services;

		5.3.14.	losses resultant from errors in the process of construction that give rise to reconstruct a part
of or the entire construction;

		5.3.15.	delays originated for not holding the authorizations, licenses and permission of the Federal Public
Administration demanded to the construction or operation of the new facilities, except resultant from imputable fact to the Federal
Public Administration;

		5.3.16.	modifications in the projects submitted to the Concessionaire that were not been requested by ANAC,
except for the statement determined in item 5.1.2;

		5.3.17.	technological modifications implemented by the Concessionaire and that were not requested by ANAC;

		5.3.18.	work stoppage by the employees contracted by the Concessionaire or by the Subcontracted parties
and contractor to the Concessionaire;

		5.3.19.	costs of third parties legal claim expenses against the Concessionaire or Subcontracted resultant
from the execution of the Concession, except for imputable facts to the Grantor and in observance to the statements determined
in items 5.1.13 and 5.1.14;

		5.3.20.	civil liability, administrative and criminal for environmental damages, except those resultant
directly from the Public Power constructions, mentioned in Annex 3 – Public Power Works and those stated in item 5.1.15;

		5.3.21.	impossibility of achievement of the capacities stated in Annex 11 – Capacity of the Runaway
System, when not resultant from the decision or omission of public entities;

		5.3.22.	occurrence of Acts of God and force majeure events when its coverage is accepted by security companies,
in the Brazilian market;

		5.3.23.	costs of casual rescission of celebrated contracts that involve the usage of space in the Airport
Complex that are in force at the beginning of Step 3 of Stage I-A; and

		5.3.24.	any other risks relative to the execution of the object of the Concession, that are not expressly
stated in item 5.1.

		5.5	The Concessionaire declares:

		5.5.1	to have full acknowledgement of the nature and depth of the risks assumed by the Concessionaire
in the Contract; and

		5.5.2	to have taken into consideration the aforementioned risks in the constitution of the Proposal and
signature of the Contract of Concession;

		5.6	The Concessionaire will not be entitled of the recovery of the economical-financial stability,
when any of the risks not expressly allocated to the Grantor, in special, the non-accomplishment of the demand projected by the
Concessionaire, take place.

 

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CHAPTER
VI – THE ECONOMICAL-FINANCIAL STABILITY

 

		6.1.	The economical-financial stability will be kept whenever the conditions of the Contracts are attended
and the allocation of risks in the present contract are respected.

		6.2.	The economical-financial stability of the contract will be preserved by mechanisms of readjustment
and of revision.

 

Section
I – Readjustment

 

		6.3.	The readjustment will fall into the Tariffs predetermined in Annex 4 – Tariffs that aim to
preserve the economical-financial stability agreed, except for the tariffs fixed in percentages.

		6.4.	When the emission of the Service Order in STAGE I the Tariffs previously state in Annex 4 –
Tariffs will be readjusted by the IPCA index, having as a reference the date when the Call for Bid was made public, in observance
to the following formula:

P1= P0x (IPCA1/IPCA0)

where:

P1 corresponds to the Tariffs readjusted
when the emission of the service order of STAGE I;

P0 corresponds to the Tariffs referent
to the date when the Call for Bid was made public;

IPCA1/IPCA0 correspond to the IPCA accumulated
in the period between the date of the publication of the Call for Bid and the emission of the STAGE I Service Order.

		6.5.	After the first readjustment, the previewed Tariffs in Annex 4 – Tariffs will be readjusted
yearly by IPCA index, taking as a reference the date of the last readjustment, in observance to the following formula:

Pt=At+Bt

for t=2, we have At= Pt-1× (IPCAt/IPCAt-1)×(1-Xt)
and Bt= At×(-Qt) for t>2, we have At= At-1× (IPCAt/IPCAt-1)×(1-Xt) and Bt= At×(-Qt)

where:

Pt corresponds to the Tariffs previously
stated in Annex 4 – Tariffs;

At is the component that embodies the inflation
index and the effects of X factor; Btis the component that embodies the effects of the Q factor;

IPCAt is the index referent to the IPCA
of the previous month from the readjustment; Xt is the factor of productivity to be defined, under the terms of the Contract, in
accordance with the methodology to be settled in the regulation of ANAC, previously submitted to the public discussion;

 

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Qt is the factor of quality of services,
in conformity with stated in Annex 2 – Airport Exploration Plan.

		6.5.1.	The Tariffs referent to the storage activity and wharfage will not be submitted to the application
of X and Q factors.

		6.6.	The X factor might affect either positively or negatively on the result of the yearly adjustment
depending on the evolution of the variables associated to the production and efficiency of the airport industry and/or of the Airport.

		6.7.	The settlement of the calculus methodology of x fact shall be guided by the observed gains and
potential of productivity of the airport industry relevant and/or of the Airport.

		6.8.	The data base used in the calculus of productivity might contain data related to the number of
passengers, landings, maximum weight limit to fly, number of employees, revenues, investments, operational costs amongst others.

		6.9.	The X factor of the above formula will be adopted in a differentiated way during the first years
of the Concession, in accordance with stated in Annex 11 – X Factor.

		6.10.	When the Revision of the Concession Parameters, the Quality Service Indicators, as well as the
methodology of calculus of Q factor, might be reviewed by ANAC, after the public hearing, in order to create incentives for improvement
of the quality service rendered, to be adopted in every tariff readjustment up to the next Revision of the Parameters of Concession.

		6.11.	The Q factor of the formula above will be adopted in a differentiated way during the first years
of the concession, in accordance with stated in PEA.

		6.12.	The Q factor might affect either positively or negatively on the result of the yearly adjustment
depending on the resulting performance of the Concessionaire in relation to the quality of the service.

		6.13.	The readjustment will be implemented, in conformity with the Contract, and homologated by ANAC
upon publication in Diário Oficial da União newspaper.

 

Section
II – The Revision of Concession Parameter

 

		6.14.	The Revision of Concession Parameters will be done in every period of 5 (five) years of the period
of concession.

		6.15.	The Revision of Concession Parameter aims to permit the determination of:

		6.15.1.	indicators of Service Quality

		6.15.2.	methodology of calculus of the X and Q factors; and

		6.15.3.	Discount Rate to be used in the Marginal Cash Flow.

		6.16.	The parameters mentioned in item 6.13.1 will be adopted up to the rescission of the subsequent
process of Revision of Concession Parameter.

 

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		6.17.	The first Revision of the Concession Parameter will initiate and conclude in the fifth year of
the concession, from the Date of Efficacy, and the followings in every period of 5 (five) years, initiating and finishing in the
fifth year of the each period, in a way to turn possible the accomplishment stated in item 6.16.

		6.18.	From the second process of Revision of Concession Parameter, of which will occur in the tenth year
of the concession period, ANAC, seeking to preserve the economical-financial stability of the Contract, will hold the prerogative
of adopting other parameters in addition to the ones mentioned in item 6.15, respecting the allocation of risks stated in the present
Contract.

		6.19.	The procedures relative to the Revision of Concession Parameters will be preceded by public discussion.

 

Section
III – The Extraordinary Revision

 

		6.20.	The procedures of Extraordinary Review aim the recovery of the economical- financial stability
of the Contract, in order to compensate the losses and gains of the Concessionaire, duly proved, in virtue of the occurrence of
events listed in CHAPTER V – Section I of the Contract, as long as it implicates in relevant modifications of the costs and
revenues of the Concessionaire.

		6.20.1.	In cases of Extraordinary Revision resultant from events related to the risks predicted in items
5.1.13 and 0, the Concessionaire shall submit to ANAC a request of revision instructed with documents that demonstrate the responsibility
of the grantor by the events, as well as prove the spending effectively made.

		6.21.	ANAC holds the prerogative to choose, within the measures listed bellows, individually or not,
how the recovery of the economical-financial stability will be implemented.

		6.21.1.	modification of the value of the tariffs;

		6.21.2.	modification of the duration of Concession;

		6.21.3.	modification of the contractual obligations of the Concessionaire; or

		6.21.4.	another means stated in common agreement between ANAC and Concessionaire, before previous approval
of the Secretary of Civil Aviation of the Presidency of Republic.

		6.22.	When choosing the measure to implement the recovery of the economical- financial stability, ANAC
shall take into account the periodicity and the amount of overdue payment and to-be under the Concessionaire responsibility, related
to the financing contracts celebrated to the execution work of the object of Concession.

		6.23.	In the recovery of the economical-financial stability of the Contract, it shall be mentioned, amongst
others, the following conditions:

 

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		6.23.1.	the economic gains resultant from new generating sources of Tariff Revenues that were not predicted
when the initial calculus of the maximum tariff, in observance to a reasonable and affordable tariff; and

		6.23.2.	the economic gains that are not directly resultant from the entrepreneurial efficiency, in situations
such as the reduction of taxes and legal charges and of new rules on the services, in line with the regulations by ANAC.

		6.24.	The procedure of Concession economical-financial stability recovery shall be concluded in a period
no longer than 90 (ninety) days, except the situations duly justified, in which the prorogation of the period is necessary.

		6.25.	The Extraordinary Revision will occur independently or when requested by the Concessionaire.

		6.26.	To the Extraordinary Revision, it shall be adopted the Annex 5 – Marginal Cash Flow, where
it is stated the procedures to the elaboration of the Marginal Cash Flow of each generating event of the economical-financial instability
of the Contract, in order to calculate the financial compensation that voids the positive or negative financial impacts of the
event that gave rise to the instability.

		6.27.	The Extraordinary Revision requested by the Concessionaire shall be instructed with:

		6.27.1.	technical report or expert opinion, that indicates the financial impact, verified or projected,
as a result of the event in the cash account of the Concessionaire in conformity with Annex 5 – Marginal Cash Flow; and

		6.27.2.	all documents necessary to the demonstration of the suitability of the action.

		6.28.	ANAC may request other documents, like specific economical opinions, elaborated by independent
entities contracted by the Concessionaire under the request of ANAC.

		6.29.	All costs with diligences and necessary studies to the plenty instruction of the request shall
be under the Concessionaire responsibility, though resultant from determinations by ANAC.

		6.30.	The procedure of Extraordinary Revision initiated by ANANC shall be object of communication to
the Concessionaire.

		6.31.	The lack of manifestation by the Concessionaire during the consigned period in the communication,
of which shall not be less than 30 (thirty) days, will be considered as an agreement of the subject of the proposal of ANAC’s
Extraordinary Revision.

		6.32.	When new investments or services requested by ANAC and not foreseen in the Contract, ANAC might
request to the Concessionaire, previously to the process of economical-financial stability recovery, the elaboration of the basic
project of works and services, considering that:

 

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		6.32.1.	the mentioned basic project shall contain all the necessary elements to the pricing of investment
and to the estimative of impact of the work over the Concessionaire revenues, in accordance with the best practices and market
criteria, everything in accordance with the technical norms and directives incidentally established by ANAC about the subject;
and

		6.32.2.	ANAC will set the limit value of the cost of projects and studies to be undertaken to the financial-economical
stability recovery.

 

CHAPTER
VII – INSPECTION

 

		7.1.	The inspection of the concession will be made by ANAC.

		7.2.	To the verification of the compliance of IQS by the Concessionaire, ANAC might request the support
of the technical service of expert companies of independent auditing, to be appointed, contracted and reimbursed by the Concessionaire,
holding ANAC the right of veto in the appointment given by the Concessionaire.

		7.3.	During the execution of the work, the persons/company appointed to inspect the Concessionaire will
have free access, at any given time, to the data related to the administration, accountant and technical, economical and financial
resources of the Concessionaire, as well as related to the construction, equipment and facilities part of bonded to the concession.

		7.4.	ANAC will exercise the inspection over the activities made in STAGES I-A, I-B and II of the Contract,
determining the execution of actions or the suspension of the activities that are being performed in disagreement with the terms
of PEA, in line with the statements foreseen in the Contract or with the legislation and regulations of the sector.

		7.5.	ANAC may at any time and under any circumstances, contact any sector of communication of the Concessionaire,
to verify the progress or solution of specific events.

		7.6.	It is on the Concessionary responsibility to pay the TFAC, in favor to ANAC, in accordance with
stated in the legislation in force.

 

CHAPTER
VIII – THE PENALTIES

 

		8.1.	The non-compliance with the Clauses of the present contract its Annexes, of the Call for Bid and
with the norms and regulations edited by ANAC will give rise to the application of the following penalties, in no detriment to
the others stated in legal dispositions and regulations of ANAC.

		8.1.1.	admonition;

		8.1.2.	fine;

 

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		8.1.3.	temporary suspension to participate in biddings to hold new concessions or authorizations to explore
the airport infrastructure, as well as impediment to contract with ANAC; and

		8.1.4.	Sunset-Law.

 

Section
I – Admonition

 

		8.2.	To minor offenses and non-repeat offense, the penalty imposed by ANAC to the Concessionaire might
be limited to the admonition, of which shall be in a written and formal form, and with reference to the necessary measures to the
correction of the non-compliance.

 

Section
II – The fine

 

		8.3.	The fine might be issued cumulatively to other sanctions foreseen in the Contract.

		8.4.	In no detriment to the regulations emitted by ANAC, the fine will be issued due to the non-accomplishment
or late accomplishment of the obligations stated below, in conformity with the maximum limits defined for each situation:

 

	Event or occurrence	 	Maximum limit of fine to be issued
	a) in the failure of providing ANAC with any documents or information relevant to the Concession, including the financings, investments, insurances, contracts and agreements of any nature made with third parties, as well as the modifications throughout the Concession;	 	1 URTA per day
	b)    non-contract
    or non-maintenance in force, during all the valid period of the Concession, of
    the insurance policy, with a minimum valid period of 12 (twelve) months, that guarantee the continuity and efficacy of the
    operations made in the Airport, that are sufficient to the coverage foreseen in the Contract of Concession;	 	100 URTA per day
	c)    non-contract
    or maintenance of the contractual execution bonds in disagreement with
    the obligations foreseen in the Contract;	 	100 URTA per day

 

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	d)     non-achievement
    of the standard established to each Indicator of
    Quality Service either for 2 consecutive periods  or  not;	 	50 URTA per occurrence
	e) having been made 3 admonitions to the Concessionary, either or not related to the same fact;	 	50 URTA per occurance
	f) decree of a sunset law of the Concession	 	25,000 URTA
	g)   non-collection
    in due time of any fine
    issued;	 	1 URTA per day
	h)  non-submission of the PGI  or  any  of  its revision in the due     time     foreseen in
    PEA;	 	10 URTA per day
	i) nonattendance of certain mandatory item of PGI or any of its periodical revisions;	 	10 URTA per missing item per day
	j)   non-implementation 
    of any  starting or conclusion of actions foreseen in
    PGI  or  in  any of its periodical revisions, in the due  period set in the mentioned
    documents;	 	1,000 URTA per occurrence and 10 URTA per overdue date
	k) non-submission of the PQS in the due time foreseen in PEA	 	10 URTA per day
	l) non- compliance with the delivery date of the  amplifications  foreseen  in  Stage  I-B  and the total attendance to PEA	 	10,000 URTA per occurrence and 100 URTA per overdue date

		8.5.	When the failure in the execution of other contractual obligations not mentioned in the previous
item, it will be considered the following maximum values of fine:

		8.5.1.	Failure or delay in the accomplishment of the continuous obligations: up to 100 (one hundred) URTA
per day of disobedience or delay;

		8.5.2.	Failure to attend the non-continuous obligations: up to 1,000 (one thousand) URTA per event.

		8.6.	The failure in the payment of the fine in the due date set will generate the application of interests
correspondent to the variation pro rata die of the SELIC index, from the date of the respective overdue date to the date of payment,
as well as the possibility of executing the Insurance of Contractual Execution.

 

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Section
III – The Suspension of the Right to Participate in Bids and to Contract with the Federal Public Administration

 

		8.7.	The suspension of the right to participate in the biddings and to contract with the Federal Public
Administration will take place in cases of repeated practices of contractual or regulatory contraventions, including those giving
rise to the applicability of sunset-law penalties in accordance with the terms in Chapter VIII of the present Contract, in addition
to the situations foreseen in the applicable legislation and regulations, giving a special attention to those state in art. 88
of Law n.8.666/1993.

		8.8.	A The penalty foreseen in the present chapter also applies to the control shareholder of the Concessionaire.
It is interpreted as the shareholder or group of shareholders those who/which detain the control of the Private Shareholder, and
cannot be applicable for a period over 2 years.

 

Section
IV – The Sunset-Law

 

		8.9.	A. The sunset-law penalty will be enforced in situations and in conformity with the procedure stated
in Chapter XIII of the present Contract.

 

Section
V – The Procedure to Exert the Penalties

 

		8.10.	The penalties shall be exerted upon justified decision from ANAC, ensured to the Concessionaire
the right to defense and the due process of law, under the term of the regulation in force, taking into account the following circumstances:

		8.10.1.	the nature and the seriousness of the offence;

		8.10.2.	the technical character and the norms of the render of service; 8.10.3.the damages resultant from
the offense to the service and to the users;

		8.10.4.	the advantages received by the Concessionaire as a result of the offence;

		8.10.5.	the proportionality between the gravity of the lack and depth of the sanction, including the number
of users affected;

		8.10.6.	the aggravating and mitigating general circumstances;

		8.10.7.	the record of the offences of the Concessionaire; and

		8.10.8.	the repeat offence of the Concessionaire in committing offence.

		8.11.	Having served the penalties imposed by ANAC does not withdraw the Concessionaire from accomplishing
the obligations and from the responsibilities foreseen in the Contract, as well as from indemnifying incidental losses and damages
caused to ANAC, to its employees, to the users or third parties, as a result of the activities related to the Concession.

 

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Section
VI - Precautionary Measures

 

		8.12.	The imposition of the penalties to the Concessionary does not withdraw the possibility of application
of the precautionary measures by ANAC, seeking to preserve the physical or patrimonial integrity of third parties, such as: detention,
interdiction of facilities, apprehension, embargo of constructions, as well as other measures foreseen in the legislation and regulation
of the sector.

 

CHAPTER
IX – SUBCONTRACTING

 

		9.1.	It is admitted the subcontracting of construction and services by the Concessionary.

		9.2.	The subcontracting of constructions and services do not withdraw the responsibility of the Concessionary
for the compliance with the contractual clauses, as well as with the legislation and regulation of the sector.

		9.3.	ANAC may prohibit contracts and any kind of agreement or adjustment that are not in line with the
conditions of the market, celebrated by the Concessionary with its Related Parties or with the Related Parties of the Private Shareholder.

 

CHAPTER
X - THE TRANSFERENCE OF THE CONCESSION AND OF THE CONTROL OF THE SOCIETY

 

		10.1.	During all the period of the Concession, the Concessionaire and the Private Shareholder cannot
make any changes, either directly or indirectly, in the respective control of the society nor transfer the Concession without previous
and written agreement of ANAC, under the penalty of sunset-law.

		10.2.	It will depend on previous approval of ANAC the scission, transformation, the incorporation, the
reduction of the concessionaire capital, in no detriment to the competencies of the Administrative Council for Economic Defense
– CADE – foreseen in law.

		10.3.	To the transference of the control of society or of the Concession, the Concessionaire shall submit
to ANAC the request indicating and proving the requirements of legal, fiscal, technical and economical qualification of legal entities
interested, necessary to the assumption of the Concession, as well as demonstrating the commitment to comply with all clauses of
the Contract.

		10.4.	ANAC will authorize or not the request of the Concessionaire through the act duly motivated.

 

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		10.5.	The Private Shareholder shall always keep the direct control of the Concessionaire, allowed to
alienate the shares of the Concessionaire to third parties, in accordance with the conditions established in items 10.7 and 0 of
the present Contract.

		10.5.1.	Regulation of ANAC will make available incidental modifications in the criterion of controlling
the concessionaire and might discipline the alienation of the shares of the Concessionaire through public offer in Stock Market.

		10.6.	Except for the Shareholder Agreement celebrated with Infraero, it is prohibited to the Private
Shareholder to celebrate any agreement with shareholders or equivalent adjustment related to the Concessionaire during all the
duration of the concession.

		10.7.	Within the first five (5) years of the Concession period, as of the effective date, the following
rules shall be observed:

		10.7.1.	The Private Shareholder shall hold, at minimum, 51% of the shares with the right to vote of the
Concessionaire. The alienation of the shares to third parties or to publicly offer shall not be permitted.

		10.7.2.	The modification in the shareholding structure of the Private Shareholder that does not implicate
the modification of the control of the society can only be made upon previous and written agreement of ANAC, in observance to the
item 10.4; and

		10.7.3.	The Private Shareholder shall not admit, as shareholder, any entity, its controllers, controlled,
associated companies, that are directly or indirectly shareholders of the Concessionaire of other Airports object of the Call for
Auction n. 2/2011.

		10.8.	After the course of the period of 5 (five) years foreseen in item 10.7, it will be observed the
following rules:

		10.8.1.	the entities, its controllers, controlled, associated companies or entities under common control,
that are directly or indirectly the shareholders of the Concessionaires of Airports object of the Call for Auction n. 2/2011, shall
only be admitted as shareholder of the Concessionaire upon previous and written agreement of ANAC.

		10.8.2.	in no detriment to the item 10.8.1, the modification in the shareholder composition of the Private
Shareholder that does not implicate modification in the control of society may be made without previous agreement of ANAC, upon
communication in up to 15 (fifteen) days after the change is made.

		10.8.3.	the shares of the Concessionaire may be transferred, independently from previous agreement of ANAC
in situations where there is no transference of Control.

		10.8.4.	in cases where there is transference of the Control of the Concessionaire, it will observed the
disposition in the Contract, in special the ones in items 10.3 and 10.4.

 

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		10.9.	ANAC may authorize the transference of the control of the Concessionaire to the Financial Backer
with the objective to promote its financial restructuring and ensure the continuity of the exploration of the object of the Concession,
under the conditions agreed, directly, between the SPE and the Financial Backer.

		10.10.	The transference of the control of the Concessionaire shall be formalized, in a written statement,
where the Financial Backer shall make the commitment to comply with the clauses of the Contract, in accordance with the art. 27
of Law n. 8.987, February 13th 1995.

		10.11.	For the transference ends, the Financial Backer shall fulfill the demands of financial good standing,
legal and fiscal regularities necessary to the assumption of service, upon the submission of necessary documents demanded by ANAC
at the time of the event.

		10.12.	The assumption of control of the Concessionaire by the Financial Backers or collateral provider
shall not change the obligations of the Concessionaire and of its Controller before ANAC.

 

CHAPTER
XI - THE USAGE OF THE SPACE IN THE AIRPORT COMPLEX

 

Section
I – General Dispositions

 

		11.1.	The Concessionaire may celebrate with third parties, service renderers of air transportation, air
transportation auxiliary services or explorers of other economical activities, contracts that involve the usage of space in the
Airport Complex, under the private law, in observance to the regulation in force, as well as:

		11.1.1.	the period of validity shall not be longer than the Contract of Concession;

		11.1.2.	the remuneration shall be freely agreed between the Concessionaire and the other contracting party;

		11.1.3.	the terms shall not compromise the security standards and the quality of the service offered;

		11.1.4.	it will not be permitted the exploration of activity or the publicity media that contravenes the
legislation in force, that is against the moral and good manners, of religious meaning or party political;

		11.1.5.	when anticipated the extinction of the Concession, including the sunset-law cases and expropriation for
public and social interest, the Grantor or the new operator of the Airport may, independently from indemnity, denounce the contracts
celebrated by the Concessionaire involving the usage of space related to the Concession, except if the celebration of the contract
was preceded by a written approval of ANAC in cases where the elevated amount of the investments to be made by the transferee justify
the maintenance even when the anticipated extinction of the Concession; and

 

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		11.1.6.	The concessionaire may, in conformity with the regulation of ANAC, celebrate with Air Companies:

		11.1.6.1.	contracts that give the right to construct, maintain or use, with exclusivity or priority, terminal
or parts of the terminal; or

		11.1.6.2.	other contracts related to the use of space in the Airport Complex, in order to assure a fair treatment
to different agents.

		11.1.7.	ANAC
                                         will have access, at any given time, to all contracts that the Concessionaire celebrate
                                         to formalize the usage of the space in the Airport Complex.

		11.2.	In all contracts that the Concessionaire celebrate to formalized the usage of space in the Airport
Complex with the objective of economical exploration shall contain the right of the third parties:

		11.2.1.	make available, at any time, as well as under the request of ANAC, the financial statements related
to the exploration made; and

		11.2.2.	adopt separated accountancy to each of the activities explored, in accordance with the accountant
norms in force.

		11.3.	The Concessionaire will assume all obligations and rights related to the contracts that regard
the usage of space in the Airport Complex that are subrogated by Infraero during Stage I-A.

		11.4.	The Concessionaire will make available space and time of the media and spots destined to the publicity
of the media in the Airport Complex to institutional publicity of public interest, without financial encumbrance to the Public
Power, under definition to be given by ANAC.

		11.4.1.	In the institutional areas destined to mandatory public services by the legislation and regulation
in force, the Concessionaire will give the space to the settlement of organs and Public Power entities without financial encumbrance,
except for the apportionment of the ordinary expenses of Airport Complex.

 

Section
II – The Areas and Operational Activities

 

		11.5.	It is considered Area and Operational Activities of the Airport Complex those essential to the
rendering of services of air transportation such as dispatches of aircrafts, passengers and luggage, auxiliary services of ramps,
loading and unloading of aircrafts, reception, dispatch of cargo and goods transported by aircrafts, fuel and lubricant supply,
amongst others that might be defined by ANAC.

 

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		11.6.	The remuneration by the usage of Area and Operational Activities for the realization of activities
peculiar to the service renderer of air transportation and of the auxiliary services to the air transport will be freely agreed
between the Concessionaire and the contracting parties. Any discriminatory and abusive practices shall be prohibited, under the
terms of the legislation in force and regulation of ANAC.

		11.6.1.	When conflicts take place, it shall preferably be resolved by direct agreements set between the
contracting parties;

		11.6.2.	It is upon ANAC criterion to set, administratively, conflicts of interests not- resolved by direct
agreements established between the parties;

		11.6.3.	To evaluate the observance stated in item 11.6, ANAC will monitor the prices practice by the Concessionaire
in Area and Operational Activities and observe the practices of the market, upon its own criterion the comparison of prices practiced
in other airports in Brazil and abroad and the analysis of costs related to the usage of Area and Operational Activities.

		11.6.4.	When the non-compliance of dispositions stated in item 11.6, ANAC shall, at any time, establish
the regularity of prices related to the usage of Area and Operational Activities through the maximum-tariffs, maximum revenue or
other method to be established in specific regulations after public discussion, situation in which the Concessionaire will not
be entitled to the economical-financial rebalancing of the contract.

		11.7.	It is assured the free access in order to the Air Companies or third parties actuate in the rendering
of auxiliary services to the air transportation, observed the regulation in force, as well as when the direct render of these services
by the Concessionaire. Any discriminatory and abusive practices shall be prohibited, under the terms of the legislation in force
and the regulations of ANAC.

		11.8.	When the lack of capacity to attend the request of new rendering of auxiliary services to air transportation,
the Concessionaire shall request ANAC the authorization to limit the number of renderers of these services in the Airport. It shall
be upon ANAC to delimit the minimum number of auxiliary service renderer, which might be differentiated according to the nature
of the service.

		11.8.1.	The limitation stated in the previous item shall be applied to accidental reduction on the number
of service renderers in activity in the Airport Complex, in observation to the directives fixed in regulation of ANAC.

		11.9.	To auxiliary services which complexity, cost or environmental impact turn unviable the division
and/or duplication of the correspondent infrastructure, becoming non- economical the rendering of service by more than one company,
the Concessionaire shall request authorization to ANAC to render these services exclusively.

 

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CHAPTER
XII – THE INTERVENTION

 

		12.1.	ANAC may, in no detriment to the applicable penalties and of applicable responsibilities, in an
exception situation, intervene in the Concession, in order to assure the adequacy in the rendering of services, as well as the
compliance by the Concessionary with the contractual, regulatory and legal norms to the case, when considering that such lack of
compliance affect substantially the capacity of the Concessionaire in the execution of services foreseen in the present Contract.

		12.2.	The intervention shall be decreed by ANAC, that will appoint the intervener, the duration of the
period, the objectives and limits of the measure.

		12.3.	In a period of 30 (thirty) days from the declaration of the intervention, ANAC shall settle the
competent administrative procedure to prove the determining clauses of the measure and verify the responsibilities, guaranteeing
to the Concessionaire the right of contradictory and full defense.

		12.4.	The administrative procedure shall be concluded in a period up to 180 (one hundred and eighty days),
under the penalty of considering the intervention invalid.

		12.5.	The intervention will be declared voided if proved that the legal and regulatory requirements were
not observed to its decreeing, situation in which the service and properties bonded to the Concession shall be returned immediately
to the Concessionaire, in no detriment to the income statement by the intervener and by the economical-financial stability recovery
of the contract to indemnities that might be called upon.

		12.6.	It is on the intervener to decide for the maintenance or not of the payments resultant form the
obligations contracted by the Concessionaire previously to the intervention, seeking for the necessity of continuity of the rendering
of service granted.

		12.7.	If the revenues of the Concession are not sufficient to cover the necessary expenses for the continuity
of the granted service, ANAC might execute the Insurance of Contractual Execution in order to obtain the desirable resources.

		12.8.	When the guarantee is not sufficient, the Concessionaire shall reimburse ANAC, in a period no longer
than 90 (ninety) days from the request to this end.

		12.9.	As a result of the intervention, it may be considered extinct the Concession, in obedience to the
following items:

 

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CHAPTER
XIII – THE RESCISSION OF THE CONCESSION

 

		13.1.	The Concession will be considered terminated, in observance to the specific legal norms, when:

		13.1.1.	terminates the duration of the contract;

		13.1.2.	expropriation for public and social interest;

		13.1.3.	sunset-law

		13.1.4.	rescission;

		13.1.5.	voidance;

		13.1.6.	bankruptcy or rescission of the concessionaire; or

		13.2.	In addition to the situations foreseen in item 13.1, the occurrence of Acts of God or force majeure,
regularly proved and preventive from the execution of the Contract, may give rise to the extinction of the concession.

		13.3.	In case of the rescission of the Concession, ANAC may:

		13.3.1.	assume the rendering or service granted, at the place and situation left;

		13.3.2.	occupy and use the places, facilities, equipment, materials and human resources employed in the
execution of the service, necessary to its continuity;

		13.3.3.	apply the penalties for each situation, mainly for the reversion of properties in disagreement
with Annex 8 – Term of Definitive Acceptance and of Permission to Use the Assets; and

		13.3.4.	detain and execute the contractual guarantees, to the reception of administrative fines and indemnity
of damages caused by the Concessionaire.

		13.4.	During the validity of the Contract, ANAC and third parties will be authorized to proceed with
studies and technical visits that aim to promote or give continuity to new bidding procedures.

		13.5.	Two years before the rescission of the duration of the Contract, the Concessionaire shall submit
to ANAC the technical and administrative documentation, as well as necessary operational advice.

		13.6.	At the end of the Concession, ANAC will inspect the Airport and write the Term of Definitive Acknowledgement
of its operation. After the signature of this Term, the Concessionaire shall transfer to the Union, or whichever the Union appoints,
the operation of the Airport.

		13.7.	Terminated the Concession, the equipment, facilities and other properties, rights and privileges
related to the service granted, under the terms of the law, shall automatically return to the Union, including those transferred
to the Concessionaire by ANAC according to the inventory that follows the Term of Definitive Acceptance.

 

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		13.8.	At the rescission of the Concession, the properties to be returned to the Union shall be free and
unattached from any encumbrances or duties.

		13.9.	In any of the situations of the Concession’s rescission, the Concessionaire shall elaborate
a complete inventory of all properties related to the Concession and deliver it to ANAC within the period requested.

 

Section
I – The Advent of the Contractual Term

 

		13.10.	The end of the duration of the contract will imply, of fully right, the extinction of the Concession.

		13.11.	The Concessionaire shall take all reasonable measures and cooperate in all possible means with
ANAC enabling the services object of Concession continue to be rendered uninterruptible, as well as prevent and mitigate any inconvenient
or risk to the health and security of the Users and ANAC’s employees.

		13.12.	Until 2 (two) years before the date of the rescission of Concession duration, the Concessionaire
shall submit a Program of Operational Demobilization to the approval of ANAC, in a period no longer than 6 (six) months.

		13.12.1.	In line with the term of the concession, the reversion of the properties related to the Concession
will be reverted to the Union, without any rights of indemnity to the Concessionaire.

 

Section
II – The expropriation for public and social interest

 

		13.13.	In order to attend the public interest, upon specific authorizing law, ANAC may retake the Concession,
after having ensured the previous payment of the indemnity composed by the following installments:

		13.13.1.	up-dated debt balance overdue and to-be of any financings contracted by the Concessionaire to the
investment stated in PEA, including principal and interests;

		13.13.2.	investments made with equity shareholders to the accomplishment of the contractual obligations
not yet amortized or depreciated; and

		13.13.3.	cost of demobilization, including the value of all duly charges and encumbrances resultant from
fines, rescissions and indemnities owed to the employees, suppliers and other third party creditors of the Concessionaire, at any
title.

		13.14.	The part of the indemnity, duly owed to the Concessionaire, corresponding to the debt of financings,
may be paid directly to the Financial Backers. The remaining amount shall be paid directly to the Concessionaire.

		13.15.	The fines, indemnities and any other due values by the Concessionaire will be discounted of the
predicted indemnity in cases of expropriation for public and social interest, up to the limit of the debt of the contracted financings
by the Concessionaire to comply with the obligations of the investment foreseen in the Contract.

 

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Section
III – Sunset-Law

 

		13.16.	The sunset-law of the Concession may be declared, under the situations numbered in Law n. 8.987,
February 13th 1995, and its modifications.

		13.17.	It is likely to have a decree of Sunset-Law the situations stated in art. 38, § 1, II, Law
n. 8.987/1995, the non-compliance with contractual, regulatory and legal obligations that might have great negative impact in the
adequate rendering of service granted, emphasizing the reiteration or the lingering of the following contractual non-compliances:

		13.17.1.	non-maintenance of the validity of the insurances demanded by the Contract;

		13.17.2.	non-maintenance of the integrity of the Contractual Insurance Execution, in accordance with stated
in the present contract; proved fraud in the calculus of the Variable Contribution payment, specially by the artificial reduction
of the calculus base, due to, within other hypotheses, the changes in the accountant data of the Concessionaire and to the contract
of prices artificially reduced with third parties; or

		13.18.	ANAC may promote the declaration of the Sunset-law of the Concession, that will be preceded of
the competent administrative procedure to the verification of partial or total non-compliance, ensuring to the Concessionaire the
right of full defense as well as the contradictory.

		13.19.	The submission of administrative procedure to the declaration of the Sunset- Law shall be preceded
of communication to the Concessionaire and to the Financial Backers, highlighting the non-compliance situation and giving reasonable
time, not least than 30 (thirty) days, to fix the irregularities.

		13.20.	Before the declaration of the Sunset-Law, ANAC will send a notification to the Financial Backers
for them to speak in a period not least than 30(thirty) days about the intention to assume the Concession.

		13.21.	The due indemnity to the Concessionaire in case of Sunset-Provision shall be restricted to the
investments bonded to Reversible Properties yet not amortized, discounting:

		13.21.1.	the losses caused by the Concessionaire as a result of the non-compliance with contractual obligations
and the due values by the Concessionaire to the Union and to ANAC;

		13.21.2.	contractual fines applicable to the Concessionaire that have not been paid upon the date of the
payment of the indemnity amount; and

 

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		13.21.3.	any values received by the Concessionaire as coverage to the insurances related to the events or
circumstances that gave rise to the declaration of Sunset-Provision.

		13.22.	The part of the indemnity, owe to the Concessionaire, corresponding to the debt of financings effectively
applied in investments in the Airport Complex, shall be directly paid to the Financial Backers, upon the criterion of the Grantor.
The remaining shall be paid directly to the Concessionaire.

		13.23.	The declaration of Sunset-Provision will also bring on:

		13.23.1.	the execution of the Insurance of Contractual Execution; and

		13.23.2.	the retention of occasional credits resultant from the Contract, upon the limit of the losses cased
to the Grantor.

		13.24.	The declaration of the Sunset-Provision shall not bring on, to the Grantor, any kind of responsibility
in relation to the encumbrance, duties, obligations or compromises with third parties assumed by the Concessionaire, clearly in
relation to the obligations of labor, tax and social security nature.

 

Section
IV – The Rescission

 

		13.25.	The contract of concession might be rescinded by the initiative of the concessionaire, in case
of non-compliance with the contractual norms by the Grantor, upon lawsuits specially brought to this end.

		13.26.	The Concessionaire shall only detach from the assumed obligations in the Contract, as well from
the continuity of the rendering of service, when the non- compliance from the Grantor, after the final legal decision that decree
the rescission of the Contract.

		13.27.	The due indemnity to the Concessionaire, in case of judicial rescission of the Contract by fault
of the Grantor, it will be equal to the expropriation for public and social interest and calculated under the form foreseen in
item 13.13 in the present Contract.

		13.28.	The Contract may also be rescinded by the agreement of the Parties that will share the spending
and expenses related.

 

Section
V – The Voidance

 

		13.29.	The Contract shall only be voided under the terms of law in observance to the principle of contradictory
and full defense.

		13.30.	When the Concessionaire does not give reason for the voidance, the due indemnity shall be equivalent
to the expropriation for public and social interest and calculated under the situation foreseen in item 13.13 of the present Contract.

		13.31.	When the Concessionaire gives rise to the voidance, the due indemnity shall be equivalent to the
situations stated in the Sunset-Provision.

 

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Section
VI – The Bankruptcy or the Extinction of the Concessionaire

 

		13.32.	Under the hypothesis of the extinction of the Contract for bankruptcy or extinction of the Concessionaire,
occasional indemnity to the Concessionaire shall be calculated and paid in conformity with the criteria foreseen to the sunset-provision
of the Concession, under items 13.20 and 13.21 of this Contract.

		13.33.	It will not be done the division of occasional net assets to the Concessionaire extinct between
its shareholders, before the payment of all obligations before ANAC, and without the emission of the term of inspection by ANAC,
attesting the situation of which the properties bonded to the Concessions are.

 

CHAPTER
XIV – THE REVERSIBLE PROPERTIES

 

		14.1.	With the advent of the term of the Contract of Concession, all properties and facilities bonded
to the Airport Exploration, under the terms of items 2.40 and 2.41 of the present Contract.

		14.2.	The reverted properties to the Union shall be under adequate conditions of conservation and functioning,
to allow the continuity of the services that were the object of the Concession, for a minimum additional period of 24 (twenty-four)
months, except for exceptional cases when the life span is less.

		14.2.1	The Concessionaire is obliged to keep the inventory up-dated with all the reversible properties
of the concession, containing information about its state of conservation, and make available, at any given time, to occasional
consultant and inspection of the Grantor.

		14.3.	The Concessionaire is obliged to request for authorization from the Grantor whenever it intends
to free from the properties considered reversible.

 

CHAPTER
XV – THE TRANSITORY DISPOSITIONS

 

		15.1.	After the signature of the Contract, the Concessionaire shall, within 18 months after the end of
Stage I-A, select Infraero’s employees that will be definitively transferred to the Concessionaire. These employees will
make the decision on whether or not will continue to work at Infraero or accept the transference to the Concessionaire.

		15.2.	The employees transferred to the Concessionaire under the terms foreseen in the previous item shall
be ensured by the following rights:

		15.2.1.	guaranteed employment for a period of 5 (five) years from the date of the transference limited
to the date December 31st 2018.

		15.2.2.	working conditions of the contract at minimum equivalent to the practiced by Infraero; and

 

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		15.2.3.	guarantee of maintenance of the bonding to Infraprev – Infraero Institute of Social Security.

		15.3.	The Concessionaire shall comply, upon formalization of Partnership of Adhesion with Infraprev,
all the obligations the sponsor of the Benefit Plan, under the same conditions practiced by Infraero, for the employees who accept
the transference to the Concessionaire. Any delay or non-compliance with the requirements aforementioned shall be sufficient to
the usage of the insurance in item 3.1.70.

 

CHAPTER
XVI – FINAL DISPOSITIONS

 

Section
I – Technical Documentation

 

		16.1	All the projects and technical documentation, related to the technical specifications foreseen
in the Contract an Annexes, shall be delivered to ANAC, in observance to the industrial property rights.

		16.2	The technical documentation submitted to the Concessionaire is of ANAC’s property, prohibited
the usage by the Concessionaire to other ends apart form the ones stated in the Contract. The Concessionaire shall keep rigorous
confidentiality about the documentation received,

 

Section
II – Intellectual Property

 

		16.3	The Concessionaire cedes, gratuitously, to the Grantor, all projects, plans, blueprints, documents,
systems and other properties, tangibles or intangibles, that show necessary to the performance of the functions that are on the
Grantor or to the exercise of the right that assist them, under the terms of the Contract, and that have been specifically acquired
or elaborated in the development of activities integrated in the Concession.

		16.4.	The rights of the intellectual property over the studies and projects elaborated to the specific
ends of integrated activities will be transmitted gratuitously to ANAC at the end of the Concession.

 

Section
III – Arbitration

 

		16.5.	Any litigation, controversies or disagreement related to the occasionally duly indemnities when
the extinction of the present contract, as well as related to the reverted properties, will be definitively resolved by arbitration,
in line with the Arbitration Regulation of the International Chamber of Commerce – CCI (herein, simply “Arbitration
Regulation”), observed the dispositions in the present item and Law n. 9.307, September 23rd 1996.

		16.6.	The arbitrage will be conduced by a Court of Arbitrage composed by 3 (three) arbitrator: 01 (one)
arbitrator appointed by ANAC, 01 (one) arbitrator appointed by the Concessionaire and the third arbitrator, who will preside the
Court of Arbitrage, will be appointed by the two arbitrators appointed by the Parties.

 

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CONCESSION TO AMPLIFICATION, MAINTENANCE
AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

		16.7.	When the assignment of the president of the Court of Arbitration does not take place in a period
of 30 (thirty) non-stoppable days, from the appointment of the second arbitrator, or when there is not an agreement in the choice,
the Court of Arbitrage shall proceed upon its own appointment, under the terms of the Arbitration Regulation.

		16.8.	The arbitrage shall take place in Brasilia, Brazil, in the Portuguese language. The Party that
wishes to produce proofs in a foreign language or name witness who do not speak Portuguese shall provide the necessary translation
or interpreter, whatever is the case.

		16.9.	It is elected the court of Legal Section of the Federal District of the Federal Justice exclusively
to:

		16.10.1	the request of preparatory measures before sending the arbitration case to the Court of Arbitrage,
as it is stated in Arbitration Regulation;

		16.10.2	the legal filling of voidance claim stated in art. 33, caput, Law n. 9.307/96; and

		16.10.3	judicial execution of the arbitration sentence

		16.11	The Parties agree, in the present contract, that any necessary urgent measure after the constitution
of the Arbitration Court, under the terms of the Arbitration Regulation, shall be only requested to the Arbitration Court.

		16.12	The submission to the arbitration, in line with the terms of this item, does not withdraw the Grantor
nor the Concessionaire from meeting the obligation to this contract, neither allows it the interruption of the activities related
to the concession, in observance to the time barring of this contract.

		16.13	In observance to this item, the parties may, under common agreement, elect another Arbitration
Chamber, with its respective regulation, to the solution of conflicts.

		16.14	The responsibility for the cost of the arbitration procedure shall be determined by the followings:

		16.14.1	The Party that request the arbitrage will be responsible for the costs to institute the arbitration
procedure, including the advance of the percentage of the legal service to the arbitrators;

		16.14.2	The costs and charges referent to occasional measures taken in the arbitration procedure will fall
upon the Party that requested the measure. When the measure is requested by the Court of Arbitration, both Parties will share the
costs and charges.

		16.14.3	The losing party in the arbitration procedure will assume all costs, reimbursing the prevailing
party for the expenses already assumed during the procedure; and

 

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CONCESSION TO AMPLIFICATION, MAINTENANCE
AND EXPLORATION OF THE INTERNACIONAL AIRPORT OF BRASILIA

 

		16.14.4	In case of partial up-holding of the case taken to the Arbitration Court, the costs shall be divided
between the Parties, if the opinion of the Court, in the ratio of each judicial fee.

 

Section
IV – Court of Jurisdiction

 

		17.1	It is here elected the Legal Section of the Federal District of the Federal Justice to settle any
controversies related to the present Contract, in observance to the item 16.5 of the present contract.

 

Therefore, fair and just and contracted,
the Parties sign this Agreement in initial procedure, that will be destined to each of the signatory parties, everything before
the witness below mentioned:

 

Place and date.

 

Grantor

 

Concessionaire

 

Private Shareholder

 

Infraero

 

Witnesses:

 

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