Signing of the Concession Contract

Once the concession was appointed to Corporación América, private company Terminal Aeroportuaria de Guayaquil S.A. (TAGSA) is created in order to operate and manage Guayaquil's Airport. The concession contract was signed on February 27, 2004 between TAGSA and the Autoridad Aeroportuaria de Guayaquil (AAG) – a Foundation of the Very Illustrious Municipality of Guayaquil for a term of 15 years and 6 months. Later on the year 2007 an addendum was signed to extend this term to July 2024.

Obligations of TAGSA

Investing approximately $90 million in the first 30 months and contributing with 50.25% of gross income during the period of the concession, to be deposited to the "Fiduciary Fund for the Development of Guayaquil's New International Airport" constituted to that effecto by the AAG.

Airport fees are regulated by the concession agreement and shall only be increased on a yearly basis as per the consumer index price as a resulta of the weighed sum of 80% of USA's inflation and 20% of Ecuador's inflation.

The concessionaire has the responsability of maintaining operations 24/7 for airport facilities and infrastructure, which include: runway, taxiways, passenger and cargo airplane platforms, security equipment, passenger security control, passenger and cargo terminal services, ramp services, fire prevention, medical services, vehicle parking services, among others.

Air traffic control services are under the direction of the Dirección General de Aviación Civil (DGAC), state entity which controls and provides air traffic services in the country. TAGSA provides DGAC with facilities and equipment for the performance of its obligations.