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    Jay Singh • Citigroup

    Jay Singh's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership

    Jay Singh's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership • Q4 2024

    Question

    Jay Singh from Citigroup Inc. asked about the long-term possibility of the Mexican government extending airport concessions beyond 2048 and inquired about GAP's stance on other potential investments in the Caribbean.

    Answer

    Executive Raul Musalem confirmed that the airport law includes a clause for a potential 50-year extension, subject to direct negotiation with the federal government, though the conditions are not yet clear. Regarding other investments, he stated that GAP is continuously analyzing various non-public projects, maintaining a focus on opportunities that create shareholder value.

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    Jay Singh's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership • Q3 2024

    Question

    Jay Singh from Citigroup, on behalf of Stephen Trent, asked about GAP's appetite for further acquisitions in the cargo and customs sector and whether the weaker Mexican peso has affected U.S.-originated travel.

    Answer

    Executive Raul Musalem confirmed that GAP is actively exploring further opportunities in logistics and cargo, viewing its recent acquisition as a growth platform. He mentioned potential projects at airports like Bajio and Tijuana. Regarding the currency, Musalem stated that it is too soon to observe any significant change in U.S. tourism trends resulting from the peso's recent movement against the dollar.

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    Jay Singh's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership

    Jay Singh's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership • Q4 2024

    Question

    Jay Singh inquired about Volaris's long-term capital deployment strategy, specifically the potential for share buybacks or dividends after the GTF engine issues are resolved. He also asked if the company had noticed any disruptions in remittances from the U.S.

    Answer

    Chief Financial Officer Jaime Pous explained that while legal limitations currently prevent shareholder returns, the negative retained earnings figure restricting them has been substantially reduced, making it a potential future strategic tool. Airline Executive Vice President Holger Blankenstein stated that the company has not observed any reduction in remittances but has noted some travel hesitancy in the cross-border market during low seasons.

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    Jay Singh's questions to Corporacion America Airports SA (CAAP) leadership

    Jay Singh's questions to Corporacion America Airports SA (CAAP) leadership • Q3 2024

    Question

    Jay Singh of Citigroup, on behalf of Stephen Trent, questioned the opportunities CAAP sees to extend the duration of its concession assets, such as AA2000 in Argentina or others across its portfolio.

    Answer

    CEO Martin Francisco Eurnekian explained that in Armenia, a major CapEx proposal is being negotiated with the government, where contract duration is a key lever to enable the investment. For Argentina, he noted that any potential extension is contingent on the outcome of the current regulatory contract review and the options available to rebalance the concession's IRR.

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