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Grupo Aeroportuario del Centro Norte, S.A.B de C.V. 11 July 2008

Company News Alert

Significant decline in common stock price

Common SELL Grupo Aeroportuario del Centro Norte S.A.B. de C.V.’s (OMAB) common stock price has declined
Direct access
significantly toprevious
since our the full report
update reportfree of charge
reflecting at
investor concerns of poor levels of passenger
Stock http://www.iirgroup.com/researchoracle/viewreport/show/20286
traffic at OMAB’s airports during June 2008. As a result, we are likely to lower our estimates and target
price significantly when we revalue the company in our next full update report. Hence, although the
Ticker: OMAB.MX current price levels do not support a SELL rating, we are downgrading the OMAB common stock from a
HOLD to a SELL.
Target price: MXN27.80 .
Current price: MXN20.76
Price change since (20.6%)
last report We will reassess the common stock in our next update report.

ADR SELL As we are likely to reduce our estimates significantly in our next update report, we downgrade the ADR
from a BUY to a SELL rating.

Ticker: OMAB
Target price: US$22.69
Current price: US$16.14
Price change since (19.7%) We will reassess the ADR (1 ADR = 8 common shares) in our next update report.
last report

Analyst: Mayuresh Kelkar

Editor: Matthew Bridle
Global Research Director:
Satish Betadpur, CFA
Next news due:
2Q 08 results, 25 July 2008
Investment horizon – short term actionable trading strategies
This report addresses the needs of strategic investors with a long term investment horizon of 6-12 months. If
this report is provided to you by your broker under the Global Settlement, you may now also access (free of
charge) the short term trading outlook that we publish from time to time for this issuer, looking at the coming
5-30 days for readers with a shorter trading horizon. These are available on-line only at
www.researchoracle.com.

In our previous 1Q 08 update report, dated 05 June 2008, we rated the OMAB common stock a HOLD,
with a target price of MXN27.80, representing a potential upside of 6%. Since then, the GAP common
stock price has declined 20.6% to close at MXN20.76 on 10 July 2008. OMAB’s common stock
declined primarily due to investor concerns regarding lower than expected passenger traffic at its
airports in June 2008. OMAB reported a modest 3.1% y-o-y growth in total passenger traffic to 1.2 mn
in June 2008, reflecting a 3.5% y-o-y growth in domestic passengers to 1.0 mn and a 1.2% y-o-y
decline in international passengers to 0.6 mn.

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