CORPORACION AMERICA AIRPORTS S.A.

The company operates airports in Argentina. On December 29, 2009, the company, as trustor, and Banco Nación, as trustee, established the Development Trust. This trust manages and allocates funds transferred by the company under the Specific Allocation of Revenue and Allocated Revenues from the Mutual Claim Settlement Procedure. The Secretary of Transportation and ORSNA also consented to the Development Trust. The trust established several funds: "Trust Fund to Study, Control and Regulate the Concession," "Trust Fund for the Payment of the Unpaid Amounts Arising from Mutual Claims," "Trust Fund for Funding Infrastructure works of the Argentine National Airport System," "Trust Fund for Funding Infrastructure Works in airports under the AA2000 Concession Agreement," and "Trust Fund for Infrastructure Airport Works Derived from Potential Charges and Tariff Increases for Specific Allocations." The term for most of these trust funds is up to 30 years and they terminate if the concession ends, except for the "Trust Fund for Infrastructure Airport Works Derived from Potential Charges and Tariff Increases for Specific Allocations," which has a duration set by its creating regulations. ORSNA calculates the monthly amounts the company transfers to Banco Nación, following ORSNA Resolution No. 64/2008, dated August 7, 2008. The company is not required to make additional capital contributions to these trust funds. If the funds are insufficient for reasons not related to the company, the Argentine Government will cover the commitments. In addition to airports under the AA2000 Concession Agreement, the company also operates the Neuquén Airport and the Bahía Blanca Airport in Argentina.