Corporación America Airports S A : January 2021 Presentation

INVESTOR PRESENTATION

January 2021

Disclaimer

This presentation has been prepared and issued by Corporación América Airports S.A. ("CAAP", "Corporación América Airports" or the "Company") solely for your information. By attending the meeting and viewing this presentation, you agree to be bound by the following limitations. For the avoidance of doubt, references to the Company shall be deemed to include any successor thereto.

This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any common shares or any other securities of the Company, nor shall it or any part of it, nor the fact of its distribution, form part of or be relied on in connection with any contract or investment decision relating thereto. This presentation does not constitute a recommendation regarding the securities of the Company.

This document and its contents are confidential and may not be further copied, distributed or passed on, directly or indirectly, to any other person or published or reproduced directly or indirectly, in whole or in part, by any medium or in any form for any purpose.

Neither this document nor any part or copy of it may be taken or transmitted into or distributed in or into, directly or indirectly, the United States, its territories or possessions or Canada. Any failure to comply with these restrictions may constitute a violation of US or Canadian securities laws, respectively. The distribution of this document in jurisdictions other than U.S. or Canada may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

This document is not an offer of securities for sale in the United States or elsewhere. The Company's common shares have not been registered under the United States Securities Act of 1933 (the "Securities Act") and may not be offered or sold in the United States unless they are registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The information in this presentation has not been legally verified by the Company, its advisers or any other person and may be subject to updating, completion, revision and amendment and such information may change materially. This presentation speaks at the date hereof. No representation or warranty, express or implied, is or will be made by or on behalf of the Company, its advisers or any of their respective directors, officers or employees, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and any reliance you place on them will be at your sole risk. In particular the market data has been obtained by the Company from third party sources. Whilst the Company has compiled and extracted the market data, it can provide no assurances of the accuracy and completeness of such information and take no responsibility for such data. The Company is under no obligation to update or keep current the information contained in this presentation and any opinions expressed in it are subject to change without notice. None of the Company, its advisers or any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

Statements, beliefs and opinions contained in this presentation, particularly those regarding the possible or assumed future or other performance of the Company, industry growth or other trend projections, are or may be forward looking statements, beliefs or opinions and reflect the Company's current expectations and projections about future events and are subject to risks and uncertainties that may cause actual results to differ materially. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. These risks and uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. As a result, there can be no assurance that projected results or developments will be attained and you are cautioned not to place undue reliance on such forward-looking statements. The Company, its advisers and each of their respective directors, officers and employees disclaim any obligation to update the Company's view of such risks and uncertainties or to publicly announce the result of any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law.

By attending the presentation to which this document relates you will be taken to have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this notice, including, without limitation, the obligation to keep this presentation and its contents confidential and (ii) you will not at any time have any discussion, correspondence or contact concerning the information in this presentation with any of the directors or employees of the Company or its subsidiaries nor with any of its suppliers, customers or partners without the prior written consent of the Company.

Corporación América Airports At-a-Glance

Company's Highlights

• Largest private airport operator in the world by number of airports(1)

• Diversified airport portfolio with presence across 7 countries

99,60 87,59 6,48 5,37 4,26 3,15 2 04 1,93 0,82

89,71 8,60

76,59 5,48 4,37 3,26 2,15 1 04 0,93

79,82 8,71 7,60

65,59 4,48 3,37 2,26 1,15 0 04

69,93 8,82 7,71 6,60

54,59 3,48 2,37 1,26 0,15

59 04 8,93 7,82 6,71 5,60

43,59 2,48 1,37 0,26 49,15 8 04 7,93 6,82 5,71 4,60

32,59 1,48 0,37 39,26 8,15 7 04 6,93 5,82 4,71 3,60

21,59 0,48 29,37 8,26 7,15 6 04 5,93 4,82 3,71 2,60

10,59 19,48 8,37 7,26 6,15 5 04 4,93 3,82 2,71 1,60 9,0 95 8,48 7,37 6,26 5,15 4 04 3,93 2,82 1,71 0'-6

Passenger Growth				Breakdown by Country
(mm)						(2019)
			81,3	84,2		4%
		76,6				4%
71,0	71,8				5%
		63,3
				3%
						23%	51%
						20,1
						10%
2015	2016 2017 2018	2019 Sep-19	Sep-20

• ~22 year history with strong track record

• Well positioned to continue global expansion strategy

• Deep operating and M&A know-how, driving a

successful business model

Note:

1. Largest private airport operator in terms of number of airports (52). Based on companies' information, companies' filings and websites as of December 31, 2019. Private airport operator stands for those companies which have private investors as main shareholders.
2. ECOGAL (Ecuador) and Aeropuertos Andinos del Peru ("AAP", Peru) are shown as investments in associates for purposes of the Company's financial results.
3. Excluding hyperinflation accounting in Argentina ("IAS29"). See earnings report for further information.

Revenue Evolution (ex-IAS 29)(2)(3)	Breakdown by Country
(US$mm)											(2019)
2000,0
	1575		1538	1584						8%
1500,0	1366
					1208				7%
	1187
1000,0																				8%
											490		7%
500,0												61%
																				9%
-
	2015 2016 2017		2018			2019 Sep-19Sep-20
				Aeronautical Rev.					Commercial Rev.
				Construction Serv. Rev.					Other Rev.

Argentina Italy Brazil Uruguay Ecuador Armenia

Corporación América Airports

Business Highlights

Ownership and Corporate Structure

17.8%

Public Shareholders

Corporación América

Airports S.A.

(Luxembourg)(1)

Airport Operating Companies

Argentina	Italy	Brazil	Uruguay	Armenia	Ecuador	Peru
37 airports	2 airports	2 airports	2 airports	2 airports	2 airports	5 airports

1. CAAP's ownership through intermediate sub-holding companies.
2. CAAP has control over Toscana Aeroporti, with indirect ownership of 46.7% (CAAP holds 75% of Corporación América Italia, which in turn has a 62% ownership of TA)

Track Record of Acquiring, Developing and Extending Airport Concessions

World's Largest Private Airport Operator in Terms of Number of Airports

1998	2003	2004	2008	2011	2014-15	2018	2020
AA2000 airport	Carrasco	Guayaquil	Acquires Punta del	Concessions in Peru,	Acquires an interest in	Extends	Extends AA2000
network - includes	Airport - largest	Airport	Este Airport	Brazil and Ecuador	Florence and Pisa	Guayaquil Airport	concession
largest airports in	in Uruguay				airports, and a controlling	concession
Argentina					interest in Brasilia and
					Natal airports

~22 Year Track Record

2001	2002	2007	2008	2012	2014	2017	2019
Neuquén Airport	Zvartnots	Incorporates Shirak	Bahia Blanca	Brasilia Airport	Extends	Incorporates El	Extends Punta
	Airport	Airport in Armenia	Airport		Carrasco Airport	Palomar Airport to	del Este Airport
		Extends Guayaquil			concession	AA2000	concession
		Airport concession

Most airports were awarded through public tender or gov. negotiations. Also, CAAP has acquired airports from third parties, as is the case of Florence and Pisa airports in Italy, and Punta del Este Airport in Uruguay

Market Leader

(% of Passenger Traffic)

Well-Positioned Diversified Airport Portfolio

ARGENTINA >90%

Airports(1)37

Passengers 43.4mm

Revenue (3)	$960.1mm
Adj. EBITDA(4)	$269.5mm

ECUADOR

Airports(2)2

Passengers(2)4.5mm

Revenue$109.6mm

Adj. EBITDA

$25.3mm

PERU

Airports(2)5

Passengers(2) 3.6mm

CAAP
Airports(1)(2)	52	ARMENIA	>90%
Passengers(2)	84.2m
Revenue (3)	$1,584mm	Airports	2
Adj. EBITDA (3,4)	$449.3mm	Passengers	3.2mm
		Revenue	$133.5mm
		Adj. EBITDA	$51.8mm
		BRAZIL
		Airports	2
		Passengers	19.1mm
		Revenue	$116.6mm
		Adj. EBITDA (4)	$20.5mm

		URUGUAY	>90%	ITALY
	Airports	2			Airports	2
	Passengers	2.2mm			Passengers	8.2mm
	Revenue	$117.8mm			Revenue	$145.6mm
	Adj. EBITDA	$56.4mm			Adj. EBITDA (4)	$36.3mm

Note: Financial and operating figures for the fiscal year ended December 31, 2019

1. Including Termas de Rio Hondo Airport, which is operated by AA2000 but not yet included in the concession.
2. The Company reports Aeropuertos Ecológicos de Galapagos (ECOGAL) and Aeropuertos Andinos del Peru (AAP) as investments in associates. Nevertheless, their operational information is included above (number of airports and passengers).
3. Excluding IAS 29
4. Adj. EBITDA excludes a one-time item in Argentina of $23.1mn, a one-time item in Brazil of $42.8mn and a one-time item in Italy of $2.1mn . Peru & Unallocated EBITDA amounts to ($10.4)mn.

Track Record of State-of-the-Art Investment Programs

Ezeiza Airport - Argentina

Track Record of State-of-the-Art Investment Programs

Montevideo Airport - Uruguay

Track Record of State-of-the-Art Investment Programs

Brasilia Airport - Brazil

Track Record of State-of-the-Art Investment Programs

Brasilia Airport - Brazil

Weighted concession life of 17 years & Growth opportunities from new acquisitions

Overview of Existing Concessions Terms

(Remaining Life in Years, as of December 31th, 2020)

27

17	18	18
		16

13 12

8

						
CAAP		Argentina(2)	Italy	Brazil	Ecuador(3)	Uruguay(4)	Armenia(5)	Peru
		Weighted Average Remaining Life(1)	Countries with Successful Concession Extensions

Source: Company information.

1. Weighted by 2019 passenger traffic and CAAP's ownership stake in all the concessions within the country.
2. AA2000 concession was extended for 10 years in December 2020.
3. Guayaquil's concession was extended for 5 years in July 2018.
4. Puerta del Sur's concession was extended for 10 years in September 2014. Punta del Este's concession was extended for 14 years in April 2019.
5. Concession allows for indefinite 5-year period extensions.

Growing inorganically through selective acquisitions while keeping a disciplined approach:

• Regions where we are currently present
• Invest in new infrastructure to serve unattended demand
• Concessions with potential to develop new routes
• Potential to increase connecting traffic / hub strategy
• Opportunities to expand commercial space
• Explore other sources of revenues (advertising, car parking, VIP lounges, real estate)
• Leveraging our expertise and solid balance sheet

AA2000 10-year

Concession Extension

10-year Extension of the AA2000 Concession

• On November 30, 2020, AA2000 signed an agreement with ORSNA to extend the AA2000 Concession, as provided for under the existing concession agreement.
• Extends AA2000 Concession by 10 years between 2028 to 2038
• Strengthens long-term sustainability of the concession
• AA2000 in numbers
• • 35 airport network in Argentina
  • +90% of commercial traffic in Argentina
  • 41 million passengers in 2019 (50% of CAAP's total traffic)
• Approved by Presidential Decree on December 17, 2020

CAAP's CEO Mr. Martín Eurnekian, CAAP's Honorary Chairman Mr. Eduardo Eurnekian, and President of Argentina Dr. Alberto Fernandez, together with members of Ministry of Transport and ORSNA

Key terms of the AA2000 Concession

• Preserves economic equilibrium (16.45% IRR in real terms, unlevered) until 2038
• Establishes a CAPEX program for expansion projects of approx. $500 M, in two phases:
• • Phase 1: approximately $336 M to occur preferably in 2022 and 2023
  • Phase 2: annual investments of approx. $41 M between 2024 and 2027, for a total of approx. $164 M
• Investments between 2028 and 2038 to be defined based on operational needs of AA2000 taking into consideration the economic equilibrium of the concession
• Enables CAPEX of approx. $2.5 B (VAT included) to be invested across the national airport system until 2038
• • Includes AA2000 capex program plus investments to be made with funds invested in the development trusts managed by the ORSNA
• Outstanding obligations of approx. $77 M in connection with:
• • Conclusion of works suspended due to the pandemic by December 2021
  • Payment of outstanding amounts to capex suppliers
  • Settlement of VAT amounts related to the trust fund

AA2000 Concession Regulatory Model

Economic equilibrium = 16.45% IRR in real terms, unlevered

Expressed in thousand of AR$ as of December 2019:

In thousands of AR$ as of 2019	1998-2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038
Aeronautical Revenues		7,937,416	7,869,066	7,174,261	9,027,434	11,343,939	9,253,634	9,235,204	9,971,526	11,856,052	11,533,314	15,993,376	16,566,110	20,536,962	22,393,542	8,407,620	18,913,897	25,628,611	32,059,101	40,447,177	50,051,137	58,620,491	66,555,121	71,832,796	76,980,501	78,809,559	80,664,101	82,543,224	84,445,927	86,371,103	88,317,543	90,283,926	92,268,823	7,930,051
Local parking fee		43,672	40,086	36,936	36,856	37,297	28,167	21,636	20,116	16,986	17,294	15,683	49,807	39,241	18,962	5,451	6,940	7,220	6,773	6,843	7,154	7,648	7,833	7,574	7,600	7,430	7,262	7,096	6,932	6,771	6,611	6,454	6,299	505
International parking fee		833,569	834,010	733,217	614,268	551,867	469,971	432,247	423,562	526,187	516,581	626,582	614,520	752,907	736,141	273,754	577,797	721,798	915,932	1,164,977	1,450,404	1,699,714	1,935,661	2,098,454	2,251,401	2,304,357	2,358,032	2,412,397	2,467,423	2,523,077	2,579,323	2,636,122	2,693,431	226,824
Local landing fee		113,199	108,092	95,989	101,403	92,222	68,418	58,726	52,669	51,783	47,914	35,734	32,414	25,389	15,189	4,283	5,453	5,673	5,321	5,377	5,621	6,009	6,155	5,951	5,971	5,838	5,706	5,575	5,447	5,320	5,195	5,071	4,949	397
International landing fee		2,281,528	2,168,662	1,970,637	1,707,485	1,575,671	1,267,214	1,129,920	1,148,932	1,299,353	1,177,489	1,533,034	1,449,428	1,928,471	2,004,597	703,939	1,485,764	1,856,053	2,355,253	2,995,656	3,729,610	4,370,693	4,977,414	5,396,025	5,789,316	5,925,490	6,063,510	6,203,306	6,344,801	6,487,911	6,632,544	6,778,599	6,925,966	743,059
Domestic airport terminal usage fee		495,549	450,190	402,208	1,025,688	1,045,469	832,761	845,375	894,084	841,572	791,870	723,188	1,632,864	1,400,698	1,077,872	613,391	781,000	2,979,142	3,322,143	3,899,675	4,551,715	5,301,491	5,836,161	6,008,888	6,359,929	6,528,502	6,700,045	6,874,500	7,051,805	7,231,885	7,414,657	7,600,027	7,787,892	655,847
Regional airport terminal usage fee		87,073	73,118	77,171	162,957	433,534	213,663	189,731	199,106	223,846	154,809	215,852	306,066	339,473	323,807	119,119	280,996	351,028	445,439	566,556	705,366	826,611	941,358	1,020,528	1,094,910	1,120,664	1,146,767	1,173,206	1,199,967	1,227,032	1,254,386	1,282,009	1,309,880	110,310
International airport terminal usage fee		4,028,642	4,142,720	3,813,709	5,328,539	7,558,403	6,288,005	6,411,894	7,230,395	8,896,325	8,827,358	12,843,302	12,481,011	16,050,782	18,216,974	6,687,684	15,775,946	19,707,698	25,008,241	31,808,093	39,601,266	46,408,326	52,850,538	57,295,376	61,471,374	62,917,278	64,382,780	65,867,144	67,369,552	68,889,107	70,424,827	71,975,645	73,540,406	6,193,110
Telescopic jet way usage fee		54,185	52,190	44,395	50,236	49,478	85,436	145,675	2,661	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
													1.26	1.41	1.62	1.05	1.53	1.67	1.60	1.77	1.93	2.06	2.15	2.19	2.23	2.21	2.19	2.17	2.15	2.13	2.10	2.08	2.05
Non-aeronautical Revenues		4,866,378	5,481,491	5,562,332	7,054,022	9,743,610	9,598,263	9,163,024	9,240,478	11,105,229	12,040,572	13,993,553	13,157,886	14,541,559	13,831,772	8,028,046	12,343,102	15,343,306	19,976,771	22,897,329	25,884,751	28,412,750	30,993,041	32,754,784	34,460,031	35,600,199	36,785,124	38,017,199	39,297,482	40,628,402	42,012,548	43,452,684	44,951,766	5,458,179
Ground handling service		209,419	191,952	155,452	166,671	103,583	90,873	163,798	256,875	291,070	283,094	317,541	303,959	361,332	367,595	146,400	267,450	340,752	389,542	450,843	515,944	566,585	618,612	644,352	677,996	694,638	711,690	729,161	747,063	765,405	784,200	803,457	823,188	99,234
Fuel		370,717	373,186	421,083	297,800	289,111	272,643	222,999	217,729	230,468	204,082	212,504	225,301	330,587	358,532	142,790	290,372	389,853	459,628	550,041	649,323	728,987	812,662	854,929	910,728	938,672	967,475	997,163	1,027,765	1,059,309	1,091,822	1,125,336	1,159,881	139,821
Duty-free shop		875,498	1,084,276	1,191,484	1,094,275	1,395,260	1,515,265	1,381,697	1,449,010	1,667,403	1,851,749	1,697,847	1,558,682	1,506,055	1,352,003	309,602	787,122	1,206,550	1,929,711	2,539,390	3,259,510	3,842,830	4,521,785	4,962,499	5,400,072	5,637,564	5,890,531	6,160,381	6,447,297	6,752,669	7,078,014	7,424,988	7,795,397	942,831
Fiscal warehouses (variable license fee : EDCADASSA)		425,768	462,585	452,575	2,125,975	4,298,552	4,195,631	3,871,326	3,869,423	5,150,493	5,622,897	7,347,989	6,639,102	7,733,312	7,205,575	5,869,817	7,741,636	8,734,456	9,917,834	10,856,008	11,615,929	12,266,421	12,867,475	13,407,909	13,877,186	14,362,887	14,865,589	15,385,884	15,924,390	16,481,744	17,058,605	17,655,656	18,273,604	2,279,945
Advertising		189,806	371,926	356,815	376,270	284,867	307,015	232,063	222,218	255,276	306,932	299,507	341,640	327,018	429,773	208,099	369,411	464,330	526,658	604,357	686,172	749,311	813,816	845,562	886,953	907,363	928,245	949,609	971,465	993,827	1,016,705	1,040,111	1,064,058	128,270
Parking		514,149	558,441	614,468	661,018	717,429	751,805	844,878	889,359	854,274	1,014,205	1,033,366	1,112,158	984,380	851,120	210,657	514,060	828,210	1,171,729	1,402,219	1,655,319	1,858,408	2,071,719	2,179,472	2,321,720	2,392,957	2,466,384	2,542,069	2,620,083	2,700,496	2,783,383	2,868,820	2,956,886	356,447
Catering		268,446	264,765	281,671	313,427	328,436	329,844	343,533	375,063	425,473	421,527	475,831	496,811	517,426	501,820	123,415	300,766	398,951	530,425	684,712	856,704	980,718	1,130,645	1,239,677	1,344,017	1,396,823	1,451,705	1,508,742	1,568,021	1,629,628	1,693,656	1,760,200	1,829,358	222,731
Rent		545,320	502,419	485,777	496,348	389,038	323,870	313,419	311,197	359,973	356,598	445,374	300,381	401,276	384,148	100,252	207,482	451,984	513,524	537,772	562,858	589,092	609,683	617,606	626,119	635,267	645,103	655,683	666,927	678,878	691,586	705,100	719,475	87,019
Counters & cute		118,750	116,134	102,799	93,023	121,074	126,717	114,651	114,886	147,048	128,436	148,761	164,984	202,638	206,134	72,492	147,417	197,921	233,345	279,246	329,649	370,094	412,574	434,032	462,360	476,547	491,169	506,242	521,778	537,792	554,298	571,313	588,851	70,985
Coffee shops		184,297	360,853	255,120	253,672	299,211	278,552	269,218	281,843	316,124	359,018	373,069	427,868	391,635	292,248	89,896	182,810	269,984	350,135	419,010	494,641	555,328	619,070	651,268	693,775	715,062	737,003	759,619	782,931	806,960	831,729	857,259	883,575	106,029
Services and stores		1,039,697	1,062,142	1,134,046	1,040,670	1,329,930	1,264,359	1,180,507	986,394	1,269,581	1,273,696	1,466,911	1,402,492	1,581,402	1,651,404	663,322	1,348,904	1,811,033	2,135,167	2,555,175	3,016,383	3,386,458	3,775,162	3,971,514	4,230,724	4,360,533	4,494,335	4,632,252	4,774,411	4,920,943	5,071,983	5,227,670	5,388,146	646,578
Expense reimbursement		124,510	132,813	111,040	134,873	187,120	141,689	224,935	266,482	138,046	218,336	174,854	184,506	204,499	231,420	91,304	185,672	249,283	293,899	351,711	415,195	466,135	519,638	546,665	582,345	600,213	618,630	637,614	657,182	677,351	698,141	719,571	741,660	89,406
Other projects																			1,525,175	1,666,846	1,827,124	2,052,385	2,220,200	2,399,297	2,446,036	2,481,674	2,517,267	2,552,779	2,588,170	2,623,400	2,658,426	2,693,203	2,727,686	288,885

	Total de ingresos		12,803,794	13,350,558	12,736,593	16,081,456	21,087,550	18,851,897	18,398,228	19,212,003	22,961,281	23,573,886	29,986,929	29,723,996	35,078,520	36,225,314	16,435,667	31,256,999	40,971,917	52,035,872	63,344,507	75,935,888	87,033,241	97,548,162	104,587,579	111,440,532	114,409,758	117,449,225	120,560,423	123,743,409	126,999,505	130,330,090	133,736,611	137,220,589	13,388,230
	TCA Expenses		0	0	0	-734,904	-1,488,221	-1,545,415	-1,580,348	-1,880,246	-2,153,609	-2,254,500	-2,770,204	-2,920,510	-3,013,672	-2,942,958	-2,397,397	-3,161,901	-3,567,396	-4,050,721	-4,433,897	-4,744,270	-5,009,949	-5,255,437	-5,476,165	-5,667,831	-5,866,205	-6,071,522	-6,284,026	-6,503,966	-6,731,605	-6,967,211	-7,211,064	-7,463,451	-931,193
	Personnel		-1,230,791	-1,479,121	-1,700,948	-1,993,614	-1,848,487	-1,879,529	-1,847,303	-2,661,979	-2,723,037	-2,241,768	-2,249,816	-2,218,526	-4,107,377	-4,388,217	-4,388,217	-4,479,969	-4,628,620	-4,988,491	-5,133,278	-5,291,077	-5,458,565	-5,587,197	-5,660,494	-5,737,656	-5,815,491	-5,894,000	-5,973,181	-6,053,035	-6,133,561	-6,214,755	-6,296,615	-6,379,137	-770,568
	Public services		-404,415	-444,788	-438,456	-482,718	-475,385	-491,382	-454,177	-496,026	-445,799	-485,927	-584,317	-586,146	-811,936	-856,055	-527,525	-754,440	-877,854	-995,303	-1,096,727	-1,202,882	-1,292,375	-1,376,076	-1,419,146	-1,471,672	-1,505,705	-1,540,448	-1,575,912	-1,612,112	-1,649,060	-1,686,770	-1,725,254	-1,764,527	-213,059
	Maintenance		-1,698,736	-1,687,254	-1,516,711	-1,893,293	-1,680,056	-1,607,813	-1,874,256	-1,946,219	-2,216,337	-2,349,201	-2,735,003	-2,653,078	-4,063,211	-3,993,622	-2,182,320	-3,089,811	-3,565,663	-4,166,072	-4,591,197	-5,048,098	-5,465,852	-5,840,601	-6,040,677	-6,276,495	-6,454,568	-6,637,098	-6,824,179	-7,015,907	-7,212,376	-7,413,684	-7,619,925	-7,831,198	-946,743
	Insurance		-82,739	-70,238	-60,831	-63,851	-74,020	-53,894	-34,625	-51,777	-53,458	-56,005	-57,331	-67,460	-64,505	-74,828	-67,345	-70,161	-74,817	-86,451	-91,470	-97,093	-103,240	-108,106	-110,942	-113,967	-117,059	-120,220	-123,450	-126,750	-130,123	-133,568	-137,087	-140,680	-17,028
	Hired services		-537,164	-514,720	-405,691	-493,058	-480,938	-368,439	-316,253	-261,487	-200,880	-181,857	-195,009	-180,790	-641,824	-571,674	-172,779	-351,355	-471,728	-556,157	-665,558	-785,691	-882,086	-983,334	-1,034,479	-1,101,996	-1,135,808	-1,170,660	-1,206,584	-1,243,613	-1,281,781	-1,321,123	-1,361,675	-1,403,475	-169,186
	Fire-fighting and medical services		-381,134	-449,361	-503,505	-551,578	-527,395	-520,800	-515,964	-839,343	-746,543	-755,073	-978,774	-877,920	-896,003	-707,536	-608,797	-740,786	-802,050	-856,596	-900,632	-944,619	-980,052	-1,012,001	-1,027,893	-1,046,989	-1,059,130	-1,071,384	-1,083,752	-1,096,235	-1,108,833	-1,121,547	-1,134,378	-1,147,326	-138,421
	Matrix		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	GATO		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	Other operating expenses		-1,105,846	-1,203,351	-802,339	-1,745,794	-1,171,053	-1,326,971	-1,897,026	-3,422,883	-3,450,234	-536,922	-644,852	-602,861	-1,089,567	-1,247,199	-1,003,932	-1,024,923	-1,058,931	-1,141,262	-1,174,386	-1,210,487	-1,248,805	-1,278,233	-1,295,002	-1,312,655	-1,330,462	-1,348,423	-1,366,538	-1,384,807	-1,403,230	-1,421,806	-1,440,533	-1,459,413	-176,290
	AEI (15% over total income}		-1,919,529	-1,998,498	-1,911,127	-2,387,810	-3,064,149	-2,814,746	-2,719,005	-2,838,269	-3,408,529	-3,500,938	-4,469,909	-4,429,286	-5,229,416	-5,396,898	-2,465,350	-4,660,699	-6,108,395	-7,761,296	-9,448,919	-11,328,104	-12,985,066	-14,554,279	-15,606,137	-16,628,728	-17,071,432	-17,524,589	-17,988,421	-18,462,934	-18,948,323	-19,444,792	-19,952,556	-20,471,839	-1,994,824
	2012 Project Bank (PB)	No								0	0	0	0	0	0	0
	Additional WORKS	No								0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	Mutual claim interests (included in the redeemed value)	Reexpression	0	0	0	-121,471	-24,534	-163,166	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	Gross income		-541,528	-520,324	-481,215	-633,030	-860,020	-818,700	-857,745	-969,224	-1,182,798	-1,202,877	-1,190,799	-1,221,835	-1,464,796	-1,410,374	-708,778	-1,347,940	-1,766,890	-2,244,016	-2,731,695	-3,274,690	-3,753,257	-4,206,707	-4,510,278	-4,805,807	-4,933,853	-5,064,929	-5,199,097	-5,336,362	-5,476,779	-5,620,408	-5,767,312	-5,917,557	-577,360
	Financial transfer tax		-140,263	-132,207	-129,395	-153,461	-262,825	-299,443	-233,403	-223,583	-245,264	-263,287	-330,851	-360,224	-272,370	-343,897	-200,000	-304,638	-375,544	-466,701	-557,355	-657,218	-745,218	-828,394	-883,838	-938,189	-963,366	-989,154	-1,015,568	-1,042,611	-1,070,294	-1,098,632	-1,127,638	-1,157,326	-116,734
	(Tax) Amortizations		-1,238,932	-1,212,103	-1,206,783	-920,581	-917,063	-839,131	-921,644	-1,065,957	-965,555	-795,491	-965,651	-1,191,678	-1,483,886	-1,935,054	-4,580,024	-4,693,780	-4,994,338	-5,654,531	-5,832,911	-6,027,459	-6,239,799	-6,472,326	-2,108,007	-2,108,007	-2,108,007	-2,108,007	-2,108,007	-2,108,007	-2,108,007	-2,108,007	-2,108,007	-2,108,007	0
	Total expenditures		-9,281,077	-9,711,965	-9,157,002	-12,175,163	-12,874,146	-12,729,429	-13,251,749	-16,656,994	-17,792,043	-14,623,847	-17,172,516	-17,310,314	-23,138,564	-23,868,310	-19,302,463	-24,680,404	-28,292,227	-32,967,597	-36,658,026	-40,611,689	-44,164,265	-47,502,690	-45,173,059	-47,209,993	-48,361,087	-49,540,433	-50,748,716	-51,986,339	-53,253,972	-54,552,303	-55,882,045	-57,243,936	-6,051,405
	Earnings before tax		3,522,718	3,638,593	3,579,592	3,906,293	8,213,403	6,122,468	5,146,478	2,555,010	5,169,238	8,950,039	12,814,413	12,413,682	11,939,956	12,357,005	-2,866,797	6,576,595	12,679,690	19,068,276	26,686,481	35,324,198	42,868,976	50,045,472	59,414,521	64,230,539	66,048,671	67,908,791	69,811,707	71,757,070	73,745,533	75,777,787	77,854,566	79,976,653	7,336,825
	Income tax		-1,232,951	-1,273,507	-1,252,857	-1,367,202	-2,874,691	-2,142,864	-1,801,267	-894,253	-1,809,233	-3,132,514	-4,485,045	-4,344,789	-3,581,987	-3,707,101	0	-1,972,979	-3,169,922	-4,767,069	-6,671,620	-8,831,050	-10,717,244	-12,511,368	-14,853,630	-16,057,635	-16,512,168	-16,977,198	-17,452,927	-17,939,267	-18,436,383	-18,944,447	-19,463,641	-19,994,163	-1,834,206
	Earnings after tax		2,289,766	2,365,085	2,326,734	2,539,090	5,338,712	3,979,604	3,345,211	1,660,756	3,360,005	5,817,526	8,329,369	8,068,894	8,357,969	8,649,903	-2,866,797	4,603,617	9,509,767	14,301,207	20,014,860	26,493,149	32,151,732	37,534,104	44,560,890	48,172,904	49,536,503	50,931,594	52,358,780	53,817,802	55,309,150	56,833,340	58,390,924	59,982,490	5,502,619
	Other Companies		470,016	442,708	264,549	230,834	68,743	33,604	43,794	-31,020	3,094	20,529	25,981	22,974	26,911	61,818	0	0	0
	(Tax) amortization adjustments		1,238,932	1,212,103	1,206,783	920,581	917,063	839,131	921,644	1,065,957	965,555	795,491	965,651	1,191,678	1,483,886	1,935,054	4,580,024	4,693,780	4,994,338	5,654,531	5,832,911	6,027,459	6,239,799	6,472,326	2,108,007	2,108,007	2,108,007	2,108,007	2,108,007	2,108,007	2,108,007	2,108,007	2,108,007	2,108,007	0
	Mutual claim amortization (including inflation adjustment)	Reexpression	0	0	0	-1,282,672	-762,307	-1,723,649	0	0	0	0	0	0	0	0	0	0	-6,524,959	0	0	0	0	0	0
	Work capital variation		2,078,216	-1,436,934	-2,256,251	-1,411,241	1,318,754	-3,160,815	1,490,542	1,285,107	2,145,428	2,124,692	3,558,523	852,512	-3,094,303	2,301,845	0	0	0	0	0	0	0	0	0
	Direct investments 2006 - 2019 (including PB)		-1,521,687	-1,721,448	-2,261,900	-2,422,506	-5,310,595	-6,406,697	-5,498,962	-3,810,482	-2,799,547	-2,779,638	-3,391,999	-5,290,992	-6,759,135	-16,492,245
	Direct investments 2020 - 2021																-2,881,232	-1,252,682
	PB Investments 2020 - 2021																-805,244	-1,101,797	-19,250
	Investments 2022 - 2023																		-4,919,155	-9,907,665
	Investments 2024- 2027																				-2,498,528	-2,530,336	-2,549,300	-2,559,029	0
	Additional investments												0	-503,344	-816,591	-930,471	-656,624	-622,771	-5,544	-1,248,188	-1,552,158	-1,900,746	-2,205,431	-2,493,524	-2,691,936	-2,878,597	-2,943,061	-3,008,403	-3,074,590	-3,141,585	-3,209,349	-3,277,837	-3,347,002	-3,416,791	-518,187
	AEI allocated to Investments (2.5%)	2,012	0	0	0	0	0	-2,288	-629,169	-166,453	-51,034	-90,671	-1,337,197	-369,476	-160,023	-673,605	-808,814	-257,364	-9,616	-1,430,508	-1,713,224	-2,028,008	-2,305,442	-536,062	-565,870	-595,437	-608,377	-621,700	-635,422	-649,541	-664,071	-679,028	-694,425	-710,280	-144,029
	Investment made with mutual claim debt																		-394,236
	Total Investments		-1,521,687	-1,721,448	-2,261,900	-2,422,506	-5,310,595	-6,408,985	-6,128,131	-3,976,935	-2,850,580	-2,870,310	-4,729,196	-6,163,812	-7,735,749	-18,096,321	-5,151,914	-3,234,614	-5,347,801	-13,362,324	-5,763,909	-6,459,090	-7,060,173	-5,588,614	-3,257,806	-3,474,034	-3,551,438	-3,630,103	-3,710,012	-3,791,126	-3,873,420	-3,956,865	-4,041,427	-4,127,071	-662,216
	Net fund flow	-20,447,499	4,555,242	861,514	-720,084	-1,425,914	1,570,371	-6,438,822	302,229	170,318	3,674,534	5,978,600	9,487,526	4,341,721	-801,262	-4,474,096	-2,629,873	6,320,147	3,035,197	8,799,885	21,797,086	28,089,526	33,636,800	38,953,878	43,976,961	47,402,314	48,701,449	50,031,197	51,392,197	52,784,224	54,207,808	55,663,510	57,151,929	58,673,706	4,984,432
			Pursuant to the provisions of the Memorandum of Agreement, the present fund flow represents a conceptual exercise and does not involve a review of the Memorandum of Agreement for Contract Renegotiation (Decree 1799/07).

The ORSNA must annually review the PFIE in order to verify and preserve the economic equilibrium.

• Variables that might be adjusted to reach equilibrium are:
• • fees charged for aeronautical services (passenger use fees and aircraft landing and parking fees),
  • the concession fee and,
  • investments commitments

2006-2017: actual numbers

2018-2020: estimated numbers - pending revision

2021-2038: ORSNA's projection

COVID-19 impact &

Mitigation Plan

COVID-19 Impact on CAAP's operations: Pax & Cargo trends

Travel activity impacted by travel restrictions and global decline in travel due to COVID-19

• Italy & Ecuador restarted commercial operations 1st week of June, Uruguay 1st week of July, Armenia on September 12th with certain requirements
• In Argentina, foreigners from neighboring countries are allowed to enter the country starting 1st week of November.
• Passenger traffic showed steady monthly improvements from the lows of April

	Passenger Traffic (YoY % Change)			Cargo volume (YoY % Change)1
	abr-20	may-20jun-20jul-20ago-20sep-20	oct-20nov-20dec-20		abr-20may-20jun-20	jul-20ago-20sep-20oct-20	nov-20dec-20
-60%					-38%
					-41%	-40%	-41%	-40%
-70%					-43%
			-69%
-80%				-77%	-48%		-46%
				-81%
-90%			-84%		-53%
		-89%			-54%	-53%
			-93%		-58%	-56%
-100%			-97%
-98%	-98%			-59%
					-63%

(1) benefitted from extraordinary movements Uruguay in April and May, 2020

COVID-19 Impact on CAAP's operations: 3Q20 results & Mitigation Plan

3Q20 Results

Passenger Traffic	2.6 M
Up 5x from 2Q20, but
	down 88.7% YoY

Revenues Ex-IFRIC12	$76 M
	Up 45% from 2Q20 &
	down 76.4% YoY
Beat Cost Reduction Goal(2)	-48% YoY
Adj. EBITDA(3)	-$19 M
Vs -$33 M in 2Q20 &
	$125 M in 3Q19
Cash & Equivalents	$180 M

1. All figures shown in this presentation excl. IAS29, unless otherwise noted; 2) Cash operating costs & expenses excl. $23.1M bad debt charge in 3Q19; 3) Adjusted EBITDA excl. impairment of intangible assets and bad debt charges in 3Q19

Made significant strides to mitigate Covid-19 impact:

• Executed a comprehensive action plan to ensure health and safety of employees and passengers
• Quick response to protect CAAP's financial position, streamlined cost structure, exceeding cost reduction targets in both 2Q and 3Q20
• Successful execution of debt refinancing in most countries to extend maturity profile and protect liquidity
• Completed 10-year Extension in Argentina and re- equilibrium request in Brazil for 2020
• Moving forward with compensation requests in Brazil for 2021, in Ecuador and Uruguay.

Action Plan to Mitigate Impact from Covid-19

• Cost control and cash preservation• Near-term negotiations with regulatory bodies &

Advancing on Action Plan to Mitigate from ImpactgovernmentF om Covidsupport-19

• Achieved 48% YoY reduction1 in cash operating costs and expenses in 3Q20, excluding concession fees and construction costs, following the 51% YoY reductionachieved in 2Q20
• Reduced maintenance expenses through the revision of maintenance contracts across countries
• Benefitted from the depreciation of main currencies against the US dollar, which more than offset increase in certain cost lines due to the restart of operations in some markets

• In Argentina obtained government assistance for wages from April to December 2020.
• In Brazil, regulator approved deferral of variable and fixed annual concession fee payments to December. Also, obtained the refinancing of 50% of the annual concession fee payment.
• Italy: regulator approved deferral of semi-annual concession fee payment to January 2021, originally due July 2020 (calculation based on actual number of passengers in 2020). Company also obtained a government subsidy for marketing support and is seeking additional compensation under 2021 Italian budget law.

1 Excluding the $23.1M bad debt charge in 3Q19

Action Plan to Mitigate Impact from Covid-19

• Review of concession re-equilibrium with regulators

Advancing on Action Plan to Mitigate from Impact From Covid-19

• Obtained 10-yearextension of the AA2000 Concession. Single till regulatory model, preserving the economic equilibrium (16.45% IRR, real, unlevered) until 2038
• Closed re-equilibrium for Brasilia (R$ 190M) and Natal (R$ 20M) airports for 2020. Starting re- equilibrium request for 2021 onwards.
• Advancing on the request to obtain compensation for the impact of Covid-19 in Ecuador for 2020.
• Continue working on the review of the concession contract in Uruguay.
• Single till system in Armenia & dual-till system in Italy guarantee compensation for the impact of the Covid-19 crisis.

Health and safety protocols implemented successfully across all operations

• Ezeiza, Brasilia, Guayaquil, Carrasco, Arequipa and Galapagos airports obtained ACI's Airport Health Accreditation (AHA)
• • ACI's Airport Health Accreditation recognizes the commitment to health and welfare of passengers, airport staff and the public, by supporting airports assessing the new health measures and procedures introduced as a result of the pandemic
• Pisa and Florence airports also implemented safety protocols and were the first in Italy to be independently certified
• All remaining CAAP airports operating under new safety and health protocols to minimize risk of infection and regain consumer confidence to travel

Historic Results &

Financial debt profile

Historical Revenues and EBITDA

Historical Revenues (ex- IAS29)

(US$mm)				1,575	1,538	1,584	3
				1,366					3		5
					250
					229	361
1,187			6	771
6	165										2
178
		522		555	540	486	275
460														368	390
																	1
				674		767	765	734			102
543				563	198
																	188
2 0 1 5		2 0 1 6		2 0 1 7	2 0 1 8	2 0 1 9		S E P - 1 9			S E P - 2 0
			Aeronautical Rev.			Commercial Rev.				Construction Rev.			Other Rev.

EBITDA (ex-IAS29)

Revenue by Country ex-IFRIC12 and IAS29(1)

(2019)

10%

8%

9%

52%

10%

11%

EBITDA by Country ex-IAS29

(US$mm)	(2019)

		461,6	481,6	451,6				-2%
	427,2			357,9526			9%
276,6				36,7%			5%
35,4%	34,7%	36,6%
				38,4%		11%
27,3%
					32
							3%	61%
						8,3%	8%
2015	2016	2017	2018	2019	Sep-19	Sep-20
	EBITDA	EBITDA margin exIFRIC	Columna2

1. Excludes IFRIC 12 revenues during the period for a total of US$78.6 mm distributed as follows: US$58.9mm in Argentina, US$4.1mm in Italy, US$6.9mm in Uruguay, US$1.5mm in Armenia and US$7.3mn in Ecuador.

Financial Debt Overview

Debt Breakdown

(Sep 30, 2020)

		Bank and
		financial
51%	US$1.2bn(1) 49%	borrowings
Notes

Currency mix

(Sep 30, 2020)

15% 1%

		US dollars
	US$1.2bn(1)	BR Reals
18%	Euro
	66%	AR Pesos

• Cash position of $180 M at September 30, 2020, and $73 M in T-Bills and Time deposits.
• Achieved operating cash flow break even levels in Argentina, Uruguay, Ecuador and Armenia
• Debt held at subsidiary level
• Net debt to LTM Adjusted EBITDA ratio (1) of 7.4x at September 30, 2020, impacted by decline in adjusted EBITDA.

Improved Liquidity Position and Debt Maturity

Profile

Pro-FormaDebt Maturity Profile (interest and principal payments)

Debt service as if covenant waivers and Italy had been granted before September 30th.

Excludes new financing obtained subsequent to quarter end

(September 30, 2020; US$ Million)(2)

820

				292
57	123	151		149
	4Q20	1H21	1H21	2022	2023	2024 and
1. As of September 30 2020, the Company had a cash balance of US$180.2M and net debt of $1,016.8M.		thereafter

2. The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.

• During 2Q20 deferred $126 M of principal and interest payments in Argentina and Uruguay
• During 3Q20, closed a $40 M dollar-linked local bond at a 0% interest rate with a 2-yearmaturity in Argentina
• In Nov-20, closed a SACE-guaranteed financing of 85M Euro in Italy, with a 6-year final maturity and a 2-year grace period
• In Dec-20, deferred a total of $36M of debt service in Armenia (3 semi-annualpayment dates)

Management team & Board of Directors

Highly Experienced Management Team and Seasoned Board of Directors

Management Team

CEO

M. Eurnekian

Chief Internal

Auditor

CFO

Head of Business

Head of European

Local CEOs

Head of Legal

Chief Compliance

Development

Business Development

R. Francos

A. Zenarruza

Officer

E. Perissé

R. Naldi

Argentina

Armenia

Brazil

Ecuador

Italy

Peru

Uruguay

D. Ketchibachian

M. Wende

J. Arruda

A. Córdova

R. Naldi

R. Díaz

D. Arrosa

Finance and M&A

Accounting, Planning

Manager

and Tax Manager

J. Arruda

R. Galante

Board of Directors

			Carlo Alberto	Valerie
			Montagna
	Martín		Pechon
Eurnekian			I
		NI		I
Máximo				NI Non-Independent
Bomchil	NI				Independent
Chairman				I
	Daniel	NI		I
	Marx			NI
				David

Roderick	Arendt
H. McGeoch

Board Level Committees

1. Executive Committee:
   Oversees operations and acts on behalf of the board during on-demand activities
2. Acquisitions and Business Development Committee:
   Assists with recommendations on acquisitions and business development
3. Audit Committee:
   Assists the board in fulfilling its oversight responsibility related to the integrity of the financial statements, the systems of internal accounting and financial controls

Committed Controlling Shareholder

∙ Corporación America group has ~50 years of history

• Started in the textile industry in the 80's, and has continuously grown and diversified its business portfolio
• In the 90's became one of the leading media conglomerates in Argentina

∙ Currently Corporación America is mainly focused on its airports, energy, infrastructure and financial industries

• Proven capabilities to invest in diverse
  

geographies and complex businesses, and flexibility to quickly adapt to new challenges

Airports

Agribusiness Technology Services Infrastructure Energy

IR Contact

Gimena Albanesi

Email:[e-mail]

Phone: [phone]