The MDI Mechanism MDI allows for a variable

The MDI Mechanism • MDI allows for a variable term of the concession, based on enplaned passenger revenues only (12. 2% of total revenues). • There is a maximum extension of 78 months. • Passenger Traffic risk of the concession is substancially mitigated.

The MDI Mechanism Offered by MOP • Chosen Option: Low traffic growth rate – 5. 0% growth rate for domestic passenger traffic. – 5. 5% growth rate for international passenger traffic. – Total guaranteed enplaned passenger revenues: UF 1, 190, 024 (calculated using a higher base year 2003 due to the September 11 th terrorist attacks). – Premium: UF 833, 017 (USD 22. 3 million)

The MDI Mechanism • This Agreement establishes a Revenue Distribution Mechanism (the MDI Mechanism): • The MDI Mechanism guarantees to the Concessionaire a present value of emplanement fee revenues (YTG) of UF 1. 190. 024 discounted @ 9. 5%. • The YTG is calculated by applying: – 5% annual growth rate to the domestic enplaned passenger revenues in year 2003 plus 6. 39% until the end of the original Concession. – 5. 5% annual growth rate to the international enplaned passenger revenues in year 2003 plus 9. 13% until the end of the original Concession • The Concession ends when the Guaranteed Emplanement Fee Revenues (YTG) are reached. • The cost of this Mechanism is UF 833. 017.

The MDI Mechanism Enplaned Pax. tariff. [UF] Option #1 Option #2 Io SCL has chosen the low traffic growth rate Total Guaranteed Revenues 2003 Original term of the concession (2013) t

The MDI Mechanism Enplaned Pax. tariff. [UF] Demand trend Case 1: The concession ends before the original term (equivalent to an annual traffic growth rate higher than 9. 4%) Io Total Guaranteed Revenues Equivalent to 9. 4% annual traffic growth rate 2003 Original term of the concession (2013) t

The MDI Mechanism Enplaned Pax. tariff. [UF] Demand trend Case 2: The concession ends after the original term (lower than 9. 4% annual traffic growth rate) Io Difference needed to complete the guaranteed revenues. Total Guaranteed Revenues Operational and Maintenance cost (agreed upon today) 2003 Original term of the concession (2013) t

The MDI Mechanism: Advantages & Benefits • Strong mitigation of traffic risk. • Provides financiability to the project. • Shareholder’s possibility of loosing equity is greatly diminished. • Extremely low probability of an ultimate loss.