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 11th 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 %. 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

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

t IoIo 2003 Demand trend The MDI Mechanism Enplaned Pax. tariff. [UF] Total Guaranteed Revenues Case 1: The concession ends before the original term (equivalent to an annual traffic growth rate higher than 9.4%) Original term of the concession (2013) Equivalent to 9.4% annual traffic growth rate

Original term of the concession (2013) Total Guaranteed Revenues Case 2: The concession ends after the original term (lower than 9.4% annual traffic growth rate) t IoIo 2003 Operational and Maintenance cost (agreed upon today) Difference needed to complete the guaranteed revenues. Demand trend The MDI Mechanism Enplaned Pax. tariff. [UF]

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.