dear shareholders:

We have been implementing a series of initiatives and projects to reinforce the foundations that guarantee our sustained growth, maintaining our position as the leading airport group in Mexico and the Americas.

The year 2008 will be remembered all over the world as one of the most difficult in recent economic history; in particular, the increase in oil prices—and consequently in jet fuel prices—in the early part of the year led to airline bankruptcies in Mexico and internationally, and created serious concerns in the rest of the industry. Despite this, ASUR was once again able to increase passenger traffic, and in general terms achieved positive financial results, notwithstanding a downward trend in the final quarter of the year.

After growing by 17.9% in 2007, the number of passengers transported by the nine airports we operate (excluding transit and general aviation passengers) increased again by 9.3% in 2008, exceeding even our own expectations. Our international market grew by 11.3% and our domestic market by 6.9%, and we reached an annual total of almost 18 million passengers.

The company’s total revenues were up by 13.7% and our operating margin rose by 18.7%.

Service quality, attention to the specific needs of our passengers and smooth-running airport operations helped us to achieve an increase in commercial revenues per passenger of 11.44%. Overall, commercial revenues were up 21.5% compared with the previous year.

Our profit per share in 2008 was 3.5 pesos, which is the best result in the history of the company.

These are just some of the key figures that show we had a good year in the face of adverse circumstances. We are now stronger and better prepared to tackle the challenges of the year 2009, which we expect to be much more difficult than 2008.

The current economic crisis has affected most nations around the world, and Mexico is no exception; the Mexican peso devalued considerably in the final months of 2008, which has pushed up operating costs in our airports but also reinforces the incentives to travel to our tourist destinations. Our company is on solid financial ground, but we are aware that the global financial crisis will last until the year 2010.

Among other investments during the year, we acquired 130 hectares of land in the Bahías de Huatulco area from the Mexican Fund for Tourism (FONATUR), thereby assuming a commitment to build 450 hotel rooms. We intend to enter into partnership agreements with third parties to comply with these terms. We are not attempting to change the company’s core business, but we do expect to strengthen operations in one of our airports.

During 2009, we will begin operations on the second runway under construction at Cancún Airport, which we started in December 2005. The runway will be 2,800 meters long and 45 meters wide, and the project includes an entirely new, 93-meter-tall control tower, as well as a 900-meter taxiway that connects the two runways and is being built over a bridge to avoid disrupting the main access road to the airport.

The investment will significantly increase the airport’s operating capacity and will allow considerable improvements in terms of slot assignments during peak hours. This will represent a major benefit for the airlines, which will enjoy a greater degree of flexibility in choosing what time they want to carry out their landing and takeoff operations.

During 2009, we also celebrate the first 10 years of the company’s history. Over this period, we have improved the service we provide our clients, contributed to the personal development of our staff and overcome a series of challenging situations.

We believe that we have a role to play in the growth of the regions where we operate and must contribute to sustainable social development.

Unfortunately, the performance of our shares during 2008 was not so positive: in Mexico City, their value fell by 38.9%, and the price of our ADS (American Depositary Share) in New York decreased by 36.6%.

Ensuring service quality and operations safety, making timely decisions for expansion projects, controlling operating costs and expenses prudently, making a contribution to society while respecting the environment, and promoting training and human development for our employees are just some of the basic principles that govern our day-to-day activities and that serve as the foundation for our growth and development as a company, while creating value for our shareholders.

I would like to thank all of ASUR’s employees for their dedication, our clients for giving us the opportunity to serve them and our shareholders for their continued support during 2008.

Fernando Chico Pardo
Chief Executive Officer and Chairman of the Board