TABLE OF CONTENTS
Airport Review ........................................................................................................................ 1
Recommendations, Target Prices, and EBITDA Estimates..................................................... 3
Changes in Estimates ........................................................................................................... 8
ASUR.................................................................................................................................... 11
GAP ...................................................................................................................................... 19
OMA..................................................................................................................................... 25
Appendix A: Key Operating Metrics..................................................................................... 32
Appendix B: April 2009 Passenger Recap............................................................................. 33
ASUR ............................................................................................................................. 33
GAP............................................................................................................................... 33
OMA.............................................................................................................................. 34
Important Disclosures ............................................................................................................ 35