AI Airports International Limited (“AI”) is regulated under the Collective Investments Funds (Jersey) Law 1988, as amended. By virtue of AI’s regulation, a licensed independent Adminstrator is normally required to be appointed to deal with the administrative aspects of AI’s activities on a daily basis. BA Fund Services Jersey Limited (formerly called LFAS Fund Administration (Jersey) Limited) were appointed on the 27th January 2009 to provide administration services to AI. The Adminstrator’s services to AI are limited, and do not include certain services normally provided by a licensed administrator, such as maintaining financial records, banking administration, accounting and calculation of AI’s Net Asset Value (“NAV”). The Adminstrator’s current engagement terms reflect the limits of its services. The Company through its Executive Management Team (the “EMT”) is able to provide these services with the appropriate technical skill and speed of response necessary to meet AI’s needs. The Company’s NAV is calculated by the EMT under International Accounting Standards on the basis of valuations provided by AI’s investment banker, Goldman Sachs. This calculation is independently reviewed by AI’s Audit and Risk Committee (“ARC”) and is subject to independent statutory audit by BDO Alto Limited, AI’s appointed auditor.

AI is aware that the delegation of any duties normally assumed by the Adminstrator must be subject to and in accordance with the Jersey Financial Services Commission‘s Policy Statement and Guidance Notes on Outsourcing . Pursuant to these guidance principles, AI has established a robust corporate governance framework with an appropriate committee structure for the disposal of AI’s assets and the repayment of capital to its shareholders, as instructed by the shareholders in general meetings.

Furthermore, AI’s ARC meets regularly in Jersey to review the matters dealt with by the EMT. In particular, all banking documentation and monthly management accounts are sent to AI’s Jersey office for review by the members of the ARC. AI’s independent statutory auditors regularly attend meetings and minutes are maintained in Jersey . The Jersey resident directors of AI, Richard Boléat and George Baird, are independent of the EMT. Richard Boléat acts as compliance officer, money laundering reporting officer and money laundering compliance officer.