1Q09 Highlights(1):    --  EBITDA(2) increased by 17.63% to Ps.685.76 million.   --  Total passenger traffic was down 3.30%.   --  Total revenues rose by 13.20%, mainly due to increases of 8.50% in       aeronautical revenues and 23.36% in non-aeronautical revenues.   --  Commercial revenues per passenger increased by 31.95% to Ps.60.62 per       passenger.   --  Operating profit increased by 21.57%.   --  EBITDA margin was 69.64% compared with 67.02% in 1Q08.     Passenger Traffic   

For the first quarter of 2009, total passenger traffic declined year-over-year by 3.30%. Domestic passenger traffic declined by 13.90% while international passenger traffic rose by 3.04%.

The 3.04% rise in international passenger traffic resulted mainly from an increase of 4.54% in international traffic at the Cancun airport. The 13.90% decline in domestic passenger traffic resulted mainly from declines of 24.05%, 16.44%, 6.54%, 21.96% and 27.85% at the Merida, Cancun, Veracruz, Villahermosa and Cozumel airports, respectively.

   Table I: Domestic Passengers (in thousands)       Airport            1Q08          1Q09        % Change   Cancun                785.1         656.0       (16.44)   Cozumel                23.7          17.1       (27.85)   Huatulco               64.8          83.0        28.09   Merida                314.7         239.0       (24.05)   Minatitlan             38.3          35.1        (8.36)   Oaxaca                130.9         137.1         4.74   Tapachula              61.1          57.2        (6.38)   Veracruz              221.8         207.3        (6.54)   Villahermosa          240.9         188.0       (21.96)           TOTAL       1,881.3       1,619.8       (13.90)    Note:  Passenger figures exclude transit and general aviation passengers.      Table II: International Passengers (in thousands)       Airport           1Q08          1Q09        % Change   Cancun             2,863.5       2,993.6         4.54   Cozumel              149.5         131.8       (11.84)   Huatulco              50.3          41.9       (16.70)   Merida                35.4          25.5       (27.97)   Minatitlan             1.0           0.9       (10.00)   Oaxaca                13.5          18.1        34.07   Tapachula              1.4           1.0       (28.57)   Veracruz              17.4          15.7        (9.77)   Villahermosa          12.5          11.5        (8.00)          TOTAL       3,144.5       3,240.0         3.04    Note:  Passenger figures exclude transit and general aviation passengers.     Table III: Total Passengers (in thousands)       Airport         1Q08          1Q09        % Change   Cancun             3,648.6       3,649.6         0.03   Cozumel              173.2         148.9       (14.03)   Huatulco             115.1         124.9         8.51   Merida               350.1         264.5       (24.45)   Minatitlan            39.3          36.0        (8.40)   Oaxaca               144.4         155.2         7.48   Tapachula             62.5          58.2        (6.88)   Veracruz             239.2         223.0        (6.77)   Villahermosa         253.4         199.5       (21.27)   TOTAL              5,025.8       4,859.8        (3.30)    Note:   Passenger figures exclude transit and general aviation passengers.    Consolidated Results for 1Q09   

Total revenues for 1Q09 increased year-over-year by 13.20% to Ps.984.7 million. This was mainly due to increases of:

   --  8.50% in revenues from aeronautical services, principally as a result       of an increase in rates, which more than offset the 3.30% decline in       passenger traffic; and   --  23.36% in revenues from non-aeronautical services, principally as a       result of the 26.73% rise in commercial revenues detailed below.  

ASUR classifies commercial revenues as those derived from the following activities: duty-free services, car rental, retail, banking and currency exchange, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lots.

Commercial revenues rose by 26.73% year-over-year during the quarter, mainly as a result of revenue increases in the following areas principally from the 32.9% depreciation in the peso as against the U.S. dollar since 1Q08, which has resulted in a positive impact as contracts with some concession holders are denominated in US dollars and converted into pesos at the prevailing rate:

   --  35.81% in duty-free stores;   --  20.39% in banking and currency exchange services;   --  33.71% in advertising;   --  8.81% in ground transportation;   --  25.14%  in retail operations;   --  33.46%  in car rental companies;   --  22.05% in food and beverage;   --  17.19% in teleservices; and   --  29.29% in other revenues.   

These increases were partially offset by a 3.45% decline in parking lot revenues.

   New Retail and Other Commercial Space           Business Name        Type                      Opening Date   Cancun   Watch my Watch             Gift shop                 September 2008    

Total operating costs and expenses for 1Q09 increased 4.87% year over year, primarily as a result of:

   --  a 4.13% increase in cost of services, mainly reflecting increases of       9.75% in personnel costs and 9.41% in maintenance costs, which more       than offset declines of 17.83% in energy and 17.81% in insurance       costs, among others. The increase in personnel costs reflects the       personnel reorganization implemented in 2Q08, while higher maintenance       costs reflect the expiration of warranties on documented baggage       equipment.    --  a 6.18% increase in depreciation and amortization, resulting from the       depreciation of new investments in fixed assets and improvements made       to concession assets; and    --  a 2.75% increase in concession fees paid to the Mexican government,        mainly due to higher revenues (a factor in the calculation of the       fee).    --  A 17.64% increase in the technical assistance fee paid to ITA,       reflecting an increase in EBITDA for the quarter (a factor in the       calculation of the fee).   

These increases were partially offset by a 7.17% decline in administrative expenses.

Operating margin for the quarter increased to 53.56% from 49.87% in 1Q08. This was mainly the result of the 13.20% increase in revenues, which more than offset the 4.87% increase in costs during the period.

Following the changes in Mexican tax law that took effect January 1, 2008, which established a new flat rate business tax ("Impuesto Empresarial a Tasa Unica", or "IETU") and eliminated the asset tax, the Company evaluated and reviewed its deferred assets and liabilities position under Mexican Financial Reporting Standards.

During 1Q09, the ASUR subsidiaries that pay IETU made provisional tax payments of Ps.75.6 million.

During the quarter, ASUR recognized asset taxes for a total of Ps.9.5 million under the line item Provision for Asset Tax, and which are not expected to be recovered.

Net income for 1Q09 declined 2.94% to Ps.341.73 million from Ps.352.07 million in 1Q08. Earnings per common share for the quarter were Ps.1.1391, or earnings per ADS (EPADS) of US$0.8049 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.1736, or EPADS of US$0.8293, for the same period last year.

   Table IV: Summary of Consolidated Results for 1Q09                                    1Q08       1Q09       % Change    Total Revenues                 869,890    984,692       13.20   Aeronautical Services          594,715    645,242        8.50   Non-Aeronautical Services      275,175    339,450       23.36            Commercial Revenues   235,629    298,620       26.73   Operating Profit               433,848    527,435       21.57   Operating Margin %               49.87%     53.56%       7.39   EBITDA                         582,963    685,759       17.63   EBITDA Margin %                  67.02%     69.64%       3.92   Net Income                     352,076    341,728       (2.94)   Earnings per Share              1.1736     1.1391       (2.94)   Earnings per ADS in US         $0.8293     0.8049       (2.94)    Note:  U.S. dollar figures are calculated at the exchange rate of US$1 =   Ps.14.1517.      Table V: Commercial Revenues per Passenger for 1Q09                                        1Q08     1Q09      % Change    Total Passengers ('000)             5,129    4,926       (3.96)   Total Commercial Revenues         235,629  298,620       26.73      Commercial revenues       from direct operations (1)     44,335   55,095       24.27      Commercial revenues excluding       direct operations             191,294  243,525       27.30    Total Commercial Revenue per    Passenger                          45.94    60.62       31.95      Commercial revenue      from direct operations per    passenger (1)                       8.64    11.18       29.40      Commercial revenue per       passenger (excluding direct       operations)                     37.30    49.44       32.55    Note: For purposes of this table, approximately 102,900 and 66,800 transit         and general aviation passengers are included for 1Q08 and 1Q09,         respectively.     (1)  Revenues from direct commercial operations represent the Company's         operation of convenience stores in airports, which opened in May         2007, as well as the direct sale of advertising space by the         Company, which started in August 2006.      Table VI:  Operating Costs and Expenses for 1Q09                                        1Q08      1Q09     % Change    Cost of Services                   182,757  190,306       4.13   Administrative                      29,991   27,842      (7.17)   Technical Assistance                30,681   36,093      17.64   Concession Fees                     43,497   44,692       2.75   Depreciation and Amortization      149,115  158,324       6.18                              TOTAL   436,042  457,258       4.87        Note:   Figures in nominal pesos.     Tariff Regulation   

The Mexican Ministry of Communications and Transportation regulates the majority of ASUR's activities by setting maximum rates, which represent the rates for the maximum possible revenues allowed per traffic unit at each airport.

ASUR's regulated revenues for 1Q09 were Ps.756.28 million, resulting in an annual average tariff per workload unit of Ps.151.94. ASUR's regulated revenues accounted for approximately 76.80% of total income for the period.

The Mexican Ministry of Communications and Transportation reviews compliance with the maximum rates on an annual basis at the close of each year.

ASUR received approval from the Ministry of Communications and Transportation for the Master Development Programs for the years 2009 through 2023 and the applicable efficiency factor applicable and the maximum tariffs per work load unit for the years 2009 through 2013 for each of its concessions. One work load unit equals one passenger or 100 kg (220 pounds) of cargo.

   Master Development Programs   Expressed in millions of constant pesos as of December 31, 2008         Airport       2009-2013*     2014-2018**     2019-2023**   Cancun              2,413.7***      1,207.5****       793.9   Cozumel               117.6           121.5            89.6   Huatulco              343.4            71.9            48.1   Merida                304.2           125.5            82.5   Minatitlan             59.5            59.8            36.7   Oaxaca                309.4            67.1            85.1   Tapachula              60.1            42.0            20.5   Veracruz              792.8           136.5           170.1   Villahermosa          332.3           257.3            56.1    *     Committed investment   **    Indicative investment   ***   As of December 31, 2008, ASUR has invested Ps. 1,054.8 million         (which is included in the investment commitments for this period         shown above)   ****  As of December 31, 2008, ASUR has invested Ps.