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Grupo Aeroportuario del Pacifico, S.A.B de C.V. 10 July 2008

Company News Alert

Significant decline in stock price

Common SELL Grupo Aeroportuario del Pacifico S.A.B. de C.V.’s (GAP) common stock price has declined significantly
Direct
since accessupdate
our previous to thereport
fullgiven
report free
investor of charge
concerns regardingatpoor levels of passenger traffic at
Stock http://www.iirgroup.com/researchoracle/viewreport/show/20271
GAP’s airports during June 2008. As a result, we are likely to lower our estimates and target price
when we revalue the company in our next full update report. Therefore, we are downgrading the GAP
Ticker: GAPB.MX common stock from a HOLD to a SELL.
.
Target price: MXN39.14
Current price: MXN27.31

Price change since

(26.7%) We will reassess the common stock in our next update report.
last report

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

Ticker: PAC
Target price: US$39.93
US$26.42
Current price:
Price change since We will reassess the ADR (1 ADR = 10 common shares) in our next update report.
(26.7%)
last report

Analyst: Mayuresh Kelkar

Editor: Matthew Bridle
Global Research Director:
Satish Betadpur, CFA
Next news due:
2Q 08 results, 28 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 04 June 2008, we rated the GAP common stock a HOLD,
with a target price of MXN39.14, representing a potential upside of 5%. Since then, the GAP common
stock price has declined 26.7% to close at MXN27.31 on 09 July 2008. A significant part of this
decline was recorded in one single day. The common stock declined 11.7% on 09 July 2008, which we
believe reflects investor concerns regarding declining levels of passenger traffic at its airports in June
2008. GAP reported a 4.8% y-o-y decline in total passenger traffic to 1.8 mn in June 2008, reflecting a
5.4% y-o-y decline in domestic passengers to 1.2 mn compounded by a 3.5% y-o-y decline to 0.6 mn in
international passengers. A decline in traffic at GAP’s airports is primarily attributable to fewer
passengers flown by airlines like Avolar, Aeromexico and Aviacsa.

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