OMAB

Business Context and Reporting Period

Company: Central North Airport Group (Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., or OMA)
Reporting Period: September 2010 (reported October 7, 2010)
Business Overview: OMA operates 13 international airports in nine states of central and northern Mexico, including major hubs in Monterrey and tourist destinations like Acapulco and Mazatlán. The company also operates commercial areas and a hotel within Terminal 2 of the Mexico City airport.

Key Financial and Operational Metrics

Passenger Traffic (September 2010 vs. September 2009):

• Total Traffic: Increased 2.7%
• Domestic Traffic: Increased 1.5%
• International Traffic: Increased 10.8%
• Traffic Composition: 96.6% commercial aviation; 3.4% general aviation

Flight Operations (September 2010 vs. September 2009):

• Total Operations: Decreased 4.6%
• Domestic Flights: Decreased 7.5%
• International Flights: Increased 18.9%

Financial Data: The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity for this period.

Material Changes and Operational Drivers

Positive Drivers:

• Monterrey: Growth driven by routes to Cancún, Mexico City, Houston, Atlanta, and Dallas.
• Chihuahua: Growth on routes to Mexico City and Guadalajara.
• Ciudad Juárez: Benefited from the Guadalajara route and general aviation.
• San Luis Potosí: Significant international growth due to traffic to Dallas.

Negative Drivers:

• Airline Suspension: Domestic traffic decreased significantly at Torreón, Mazatlán, Acapulco, and Reynosa due to the suspension of operations by Grupo Mexicana airlines on August 28, 2010.
• Zacatecas: International traffic declined primarily due to the suspension of the route to Chicago by Mexicana de Aviación.

Outlook, Risks, and Management Commentary

Forward-Looking Statements: The filing contains forward-looking information based on current expectations. Management cautions that actual results may differ materially due to risks and uncertainties beyond OMA's control.
Risk Factors: Specific risks are referenced in the company's most recent annual report filed on Form 20-F under the caption "Risk Factors."
Contingencies: The suspension of Grupo Mexicana operations is a material operational contingency affecting specific airports and routes.

Key Facts for Investor Verification

• Verify the financial impact of the 2.7% passenger traffic increase on revenue, given the simultaneous 4.6% decrease in total flight operations.
• Assess the long-term revenue implications of Grupo Mexicana's suspension of operations on August 28, 2010, particularly for airports in Torreón, Mazatlán, Acapulco, Reynosa, and Zacatecas.
• Confirm the sustainability of the 10.8% international traffic growth, which was driven by specific routes to the United States (Houston, Atlanta, Dallas).
• Review the Form 20-F "Risk Factors" section for detailed disclosures regarding airline dependencies and operational risks.