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Riviera Maya Airport

Project Teaser

April 2010

STRICTLY CONFIDENTIAL


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This presentation has been prepared by Secretaria de Comunicaciones y Transportes (SCT) and the Banco Nacional de Obras y Servicios Publicos, S.N.C (Banobras) solely for informationalpurposes and for the exclusive use of the party to whom Banobras and SCT delivers this presentation (together with its subsidiaries and affiliates, the Potential Investor). This presentationcontains selected information regarding a potential investment opportunity (the Transaction) in respect of the public tender offer for granding the concession to build, operate and transfer aninternational airport in the Riviera Maya region (the Project). Banobras has hired UBS Securities LLC ("UBS") as its exclusive financial advisor in connection with the analysis and evaluation of theTransaction. The sole purpose of this presentation is to assist recipients in deciding whether they wish to proceed with an investigation of a possible Transaction. This presentation is not intendedto form the basis of any investment decision or any decision to purchase any equity interests (or other interests), directly or indirectly, in the Projects. This presentation, and the informationcontemplated herein, does not constitute an offer to sell or a solicitation of an offer to purchase any securities in any jurisdiction.

SCT, Banobras and its advisor, UBS, do not make any representation or warranty, either express or implied, as to the accuracy, completeness, reasonableness or reliability of the informationcontained in this presentation. SCT and Banobras expressly disclaims any and all liability for any direct or consequential losses relating or resulting from the use of this presentation.

No person has been authorized to give any information or to make any representation concerning SCT and Banobras and its interests in the Projects described herein other than the informationcontained in this presentation, and if made or given, such information or representation must not be relied upon as having been authorized by SCT and Banobras. Under no circumstances is thispresentation to be construed as a prospectus, offering memorandum or advertisement. No representation is made regarding the legality of a participation by a Potential Investor in a potentialTransaction under applicable securities laws or other laws. The Potential Investor should not construe the contents of this presentation as legal, tax, accounting or investment advice or arecommendation of any kind. The Potential Investor should consult its own counsel, tax and financial advisors as to legal and related matters concerning any transaction described herein. Thispresentation does not purport to be all-inclusive or to contain all of the information that the Potential Investor may require. No investment, divestment or other financial decisions or actions shouldbe based on the information in this presentation.

This presentation and the information contained herein is highly confidential and has been prepared solely for the informational use of the Potential Investor. Distribution of this presentation toany person other than the Potential Investor and those persons retained to advise the Potential Investor, who agree to maintain the confidentiality of this material and be bound by the limitationsoutlined herein, is unauthorized. This material must not be copied, reproduced, distributed or passed to others at any time without the prior written consent of SCT and Banobras. By acceptingthe delivery of this presentation, you agree to the foregoing.

This presentation includes certain observations, assumptions, statements, estimates and projections as to future events and thus involves significant elements of subjective judgment and analysis.Such statements, estimates and projections reflect certain assumptions and anticipated results; such assumptions and results may or may not prove to be correct. Actual results may differ fromsuch statements, estimates and projections and such differences may be material. Such estimates and projections are inherently subject to a variety of risks and uncertainties that could causeactual results to differ materially from those projected. Such risks and uncertainties include general economic and business conditions, competition, changes in political, social and economicconditions, and possible changes in the regulatory structure, customer preferences and various other matters, many of which are beyond the control of SCT and Banobras, as applicable. Suchforward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and that may be incapable of being realized. There can be noassurances that actual events will not differ materially from those assumed or projected. In the event any of the assumptions used in this presentation do not prove to be true, results are likely tovary substantially from those discussed herein and such variations may be material. SCT and Banobras does not undertake to update or revise any of the observations, assumptions, projections orforward-looking statements contained herein or any other information contained herein, even if it becomes clear that they will not be realized or are otherwise inaccurate. The delivery of thispresentation shall not under any circumstances imply that there has been no change in the affairs of SCT and Banobras or that the information set forth herein is correct at any date subsequent tothe date of this presentation or the date at which the information was provided. The information contemplated in this presentation is in summary form and thus does not contain all relevant andmaterial information relating to the matters contemplated herein.

Disclaimer

Please do not contact Banobras and/or SCT directly. For any questions on the materials presented,please contact:

Latin American IBD

Jorge SilbersteinManaging Director

Tel: +(52) 55 [email protected]

Alejandro OrtegaManaging Director

Tel: +(52) 55 [email protected]

Infrastructure IBD Americas

Thomas OsborneManaging Director

Tel: +1 (212) [email protected]

Bruce CraneExecutive Director

Tel: +1 (212) [email protected]


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The Project

Air traffic activity has increased in the Riviera Maya region due to

the development of tourism

At the moment, Cancun International Airport is the only airportserving the Riviera Maya region

The future Riviera Maya Airport will provide the infrastructurerequired for continued touristic development in the Riviera Mayaregion

it is expected that passenger traffic at the future RivieraMaya Airport could reach up to 3 million passengers by year2015

international experience shows that airport proximity is keyto securing passengers at tourist destinations even whenthere are other airports relatively close by

# Airport/City2008 Terminal

Passengers (mm)

1 Mexico City 26.12 Cancn 12.6

3 Guadalajara 7.2

4 Monterrey 6.6

5 Tijuana 4.0

6 Toluca 3.9

7 Puerto Vallarta 3.3

8 Los Cabos 3.0

9 Hermosillo 1.3

10 Mrida 1.3

Source: 2008 Annual Reports, SCT

GeneralFeatures

Able to accommodate aircraft needed forlong haul intercontinental flights

Initial capacity to serve 3 million passengers Runway3,500m x 45m, concrete

pavement, with turning loops at each end

Two taxiway connections (180m x 23m), oneat each end of the apron (90 degrees tolongitudinal axis)

Regulation Current airport regulation(Mexican Airport Law and other applicablelaws and regulations )

Annexes 9, 14 Vol. I and 17 from theInternational Civil AviationOrganization (ICAO)

Regulation requirements for theconstruction, modification and operation ofaerodroms (CO DA-04/07)

Doc. 305-AN/177, ICAO Airport Development Reference

Manual, IATA

Landing Strip

Necessary Land toOperate the Airport

Master Plan Land

1,480 hectares

Project Introduction

Airport Features Total area is 1,480 hectares. 802 hectares are necessary to build a

runway and terminal

The Riviera Maya Airport project contemplates a 6.5 km accessroad which will be part of the Tulum-Coba highway

88% of the land is already owned by the Secretaria deComunicaciones y Transportes (SCT)

The remaining 12% of the land is still in the process of beingadjudicated to the SCT

Land

Federal Highway1 International Airport Maritime TerminalNote:1 Tulum Coba federal highway under construction and expected to be operative by 2011


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Tourism in Mexico and the Riviera Maya Region

Mexico is a major tourism destination worldwide

Mexico is the tenth largest recipient of tourism income worldwide and thelargest in Latin America

The Mexican tourism industry has grown steadily in recent years and itrepresents an important revenue source for the Mexican economy

In 2009, there was a slowdown in the sector due to the global economiccrisis and the H1N1 pandemic

2009E World Travel & Tourism Demand

2008 Air Arrivals of International Tourists

In 2008, Mexico received US$4.6bn of private investment in the tourism sector

the state of Quintana Roo received 34% of such private investment

As of December 2008, private investment in tourism grew nearly 54% year overyear in Quintana Roo

within the state, Riviera Maya received the most investment with 29%

Hotel Room Availability in Riviera Maya

Hotel occupancy in Riviera Maya on average has been higher compared toother major beach destinations in Mexico78% occupancy versus 62%(20012007)

Private Investment in Tourism in Riviera Maya

Tourist Income 2009E ($bn)

1 US 1,640.32 Japan 556.13 China 526.64 Germany 438.45 France 378.16 Spain 320.07 UK 307.28 Italy 281.09 Canada 176.810 Mexico 158.2

Source: World Travel & Tourism Counci l

Arrivals of Domestic and International Flights

In 2008, 43 million passengers arrived at Mexican airports, 33% of whichwere international passengers

Nearly 60% of international tourists arriving in Mexico visit abeach destination

Approximately 37% of international passengers arriving by air in Mexicovisit Cancun/Riviera Maya

Over the next few years, passenger traffic in the Cancun/Riviera Mayaregion is expected continue to increasing

Source: Sectur

Growth and Composition of Tourism in Mexico

Source: Sectur, Tercer Informe de Gobierno Federa|

Notes:1 As of June 2009, Tercer Informe de Gobierno Federal

By Destination By Origin

Source: World Travel & Tourism Counci l

Note:1 Composed of Ensenada, Monterrey y Mazatln, and others

Origin of Investment (MX$mm) (%)

Mexico 344 21.8

US 417 26.5

Spain 675 42.8

Singapore 140 8.9

Source: Sectur

Mexico

2.4%

Rest of the World97.6%

Cancun

36.6%

Mexico City

32.5%

Puerto Vallarta

7.5%

Nuevo Vallarta

5.9%

Cabo San Lucas

5.6%

Other

11.8% US

79.2%

Canada

4.5%

UK

1.4%

Spain

1.3%

France

0.9%

Others

14.0%

19 2123 24

2731

35 35

0

10

20

30

40

2001 2002 2003 2004 2005 2006 2007 2008

Rooms(000s)

40

50

60

70

80

90

OccupancyRate(%)

Rooms Occupancy Rate in Riviera Maya

Occupancy Rate in Mexico Beaches

36.4 39.9 40.4 40.6

63.6 60.1 59.6 59.4

0

50

100

2006 2007 2008 2009

(milliontourists,%)

International Domestic

153.7 153.3 153.5 95.9

75.6 77.7 77.0 75.8

24.4 22.3 23.0 24.2

0

25

50

75

100

2006 2007 2008 20091

(000sFlights,

%)

Domestic Flights International Flights

547 631 595 337

Note:1 As of June 2009, includes regular flights and charters


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Bidding Process Highlights

Objective Conduct an International public tender offer for the concession to build, operate, manage andexploit the Riviera Maya airport

Concession Grantor Secretara de Comunicaciones y TransportesConcession Period Concession period will be for 50 years (including construction)Bidder Obligations Demonstrate legal, technical and management capabilities, and ability to structure and finance the

transaction

Payment of project costs incurred, including but not limited to acquisition of land, technical studies,and government advisor fees

Acquire necessary permits, licenses and authorizations for the airport and related construction Comply with all project investment requirements, the airport development master plan and other

obligations stated in the concession including the construction of an access road

Furthermore, if the winner fails to build the airport or initiate operation within certain period oftime, it will lose the upfront payment equivalent to the acquisition of land, fees paid to thegovernment, and others

Preferred BiddingCriteria

Taking in consideration the views of the different government agencies and advisors, in principlethe preferred bidding criteria is to award the project to the party bidding the lowest aeronauticalcharges, subject to its fulfillment of all technical requirements

Operating Partner The Operating Partner (a recognized airport operator) does not need to have stake in the biddingconsortium, its role could be limited to exclusively to the operation and administration of the airportthrough an operating agreement

2009 2010

Activities 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Completion ofpreparatory studies(environmentaland meteorological)

Completion of technicalstudies for thebidding process

Tender rules review

Publication of tender rules

Registration of interested

parties

Bidding stage (Site visits,information meetings, etc.)

Qualification Approvals(CFC, CIPOC)

Bid Award

Critical Activity Activity to CompleteCompleted Activity

Tender Offer Highlights

Preliminary Timeline1

Note:1 Calendar subject to timeline change


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Contact Information

UBS Securities LLC299 Park AvenueNew York NY 10171

Tel. +1-212-821 3000

www.ubs.com

UBS Investment Bank is a business division of UBS AGUBS Securities LLC is a subsidiary of UBS AG

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