To finalize, I'd like to reaffirm that we have a proven and strong business model which is based on operating the best and most convenient network for intra-Latin America travel from our hub of the Americas, leveraging Panama's advantageous geographic position with the region's lowest unit cost for a full service carrier, best on time performance and strongest balance sheet.

Aug 5, 2021 / CEO / receipt, needs a key / Pedro Gelón, CEO | earnings call 2021-08-05 | transcript ab8ddccb-2f48-4fb7-88d1-7feabc60d724 | chars 5949-6326 | segment 5

Going forward, we assume ongoing vaccination efforts will have a positive effect on COVID-19 infection rates in the region, which we expect will lead to the relaxation of travel restrictions and a faster demand recovery, supporting the capacity deployment for the second half of the year.

Aug 5, 2021 / CEO / receipt, needs a key / Pedro Gelón, CEO | earnings call 2021-08-05 | transcript ab8ddccb-2f48-4fb7-88d1-7feabc60d724 | chars 4001-4289 | segment 3

As you may remember, in our last earnings call, we discussed two diverging themes happening in Latin America. On the one hand, some countries, including Panama, were experiencing a downward trend in infection rate, which led to fewer travel restrictions and an improved demand environment. On the other hand, several other countries continued to struggle with the virus, which led many of them to re-impose air travel restrictions and or new health requirements, affecting demand for international travel.

Aug 5, 2021 / CEO / receipt, needs a key / Pedro Gelón, CEO | earnings call 2021-08-05 | transcript ab8ddccb-2f48-4fb7-88d1-7feabc60d724 | chars 2711-3216 | segment 2

Due to the increase in COVID-19 cases, several countries have maintained and in some cases increased travel restrictions, which has affected our ability to ring state capacity.

Aug 5, 2021 / CEO / receipt, needs a key / Pedro Gelón, CEO | earnings call 2021-08-05 | transcript ab8ddccb-2f48-4fb7-88d1-7feabc60d724 | chars 3262-3438 | segment 3